Source: http://docplayer.net/1454562-Insights-challenges-for-captives-facing-the-strategic.html
Timestamp: 2017-02-27 22:51:51
Document Index: 304913799

Matched Legal Cases: ['art 1', 'art 2', 'art 3', 'art 4', 'art 5', 'art 6']

insights challenges for captives Facing the strategic - PDF
Download "insights challenges for captives Facing the strategic"
1 insights captives ISSUE 2010 Facing the strategic challenges for captives Also in this issue: The economic and regulatory challenges for captives, 2010 and beyond Questions captive owners should be asking about Solvency II Quantitative Risk Analysis a fresh look at the strategy for captives Here to help your world.2 In this issue 3 Welcome 4 The economic and regulatory challenges for captives, 2010 and beyond 6 Solvency II: Questions captive owners should be asking about Solvency II 8 Quantitative Risk Analysis: Taking a fresh look at your captive strategy 12 Loss Portfolio Transfers: Exit strategy for captives 16 Collateral Toolkit: Securing collateral in today s economy 20 International regulation: Is your direct captive insurance program aligned with local licensing and premium tax requirements? 23 insights 10 Welcome to this edition of insights which focuses on the economic and regulatory changes affecting captives in the European insurance market. Within this issue, we are aiming to provide European risk managers and treasurers with some valuable information on the pressures they may face over the next few years, which may affect the way they structure their captive insurance programs in the future. We also aim to provide some thoughts and ideas that risk managers could discuss with their treasurer, insurer, broker and captive manager, to ensure they are prepared for future challenges and to make well informed decisions on the way they retain their own risk and implement their risk management strategy in a changing world. We hope you find this issue informative and helpful. Kind Regards, Dr. Paul Wöhrmann Head of Captive Services Zurich Global Corporate Dr. Paul Wöhrmann Paul is responsible for overseeing Captive related business within Zurich for Global Corporate. 34 The economic and regulatory challenges for captives, 2010 and beyond It is well known that the economic downturn has affected virtually all companies globally, and although several European economies have shown some signs of a recovery, there still remains real uncertainty and in particular in the way that companies raise capital. The captive industry is naturally worried as it tends to write comparatively less diversified portfolios and does not maintain the same level of governance, infrastructure and expertise as mainstream insurers. Naturally, captives have not escaped the impact of the economic downturn. Whilst many of their parent companies may not have their first requirement for refinancing until 2011 or later, parent companies and captives are witnessing reduced amounts of available credit as well as a significant rise in borrowing margins, making it a much more challenging environment to raise money in the markets. These pressures are leading to a greater focus by parent companies on their captives investment activities as well as the need to explore the option to withdraw much needed capital from the captive that may be better deployed elsewhere within their overall business. Additionally, these pressures are also impacting some captives ease in providing collateral, particularly in the form of letters of credit to their fronting insurers and are at the minimum leading to rising costs. Simultaneously, the effects of Solvency II are reaching captives domiciles and have the potential of adding additional pressure and cost for parent companies in the running of their captives and the structuring of their programs. Solvency II is set to become the new regulatory framework for the European insurance industry in and many of the leading insurers are busy creating their own internal models in preparation for implementation. The captive industry is naturally worried as it tends to underwrite comparatively less diversified portfolios and does not maintain the same level of governance infrastructure and expertise as mainstream insurers. The consequences may be the need for more economic capital, changes in investment strategy as well as increased reporting, disclosure and modelling requirements. 45 insights 10 However, such consequences are largely dependent upon the way Solvency II is adopted across captive domiciles for which there is still a great deal of uncertainty. Meanwhile, on a global level there continues to be evolving and increasingly complex legal, regulatory and licencing requirements as well as foreign premium tax payment rules that apply to insurers when they are procuring global insurance coverage. Companies and their captives continually need to ensure that their global insurance coverage is not in breach of a particular country s insurance licensing and premium tax regime. This combination of the impact of the economic downturn on the prioritisation of credit, the uncertainty of the outcome of Solvency II on the captive industry and changing regulatory and licencing landscape associated with global insurance programs add more complexity to the decisions of the risk manager and treasurer. 56 Solvency II Questions captive owners should be asking about Solvency II Solvency II is likely to be implemented throughout the European Union (EU) towards the end of 2012, or in early 2013, unless there is further delay to the roll-out. 67 Significant questions remain about the final shape of the legislation, including the extent to which it will be adopted beyond the EU and its ultimate impact on captives. In considering the likely impact of Solvency II on their insurance arrangements, captive owners should think about asking a number of questions: insights 10 Top Tips Domicile Will my captive s domicile country adopt Solvency II as an EU member? As a non EU member will it seek equivalence or should I consider moving domicile to avoid the need to comply? Cost and capital What is the cost impact of adopting (or not adopting) Solvency II? Consideration should be given to operating costs and internal rates of return on any additional capital you may require. Your captive manager may also be able to advise you on the likely cost impact. Does my captive match the Solvency II definition of a captive and if not what impact will this have? The current drafting of the Directive includes a captive definition that is very limited. The existing definition would exclude any insurance undertaking with third party beneficiaries. This could be interpreted as precluding a captive from writing any liability business where the claimant was not part of the parent group, the consequence could be that a captive would not be able to rely on light touch implementation and would have to comply as though it were a commercial insurer. Does my approach to running my captive need to change? Are there aspects of the captive operations and approach that may need to be revisited such as inter company loans of assets and retention of historic liabilities with associated reserving risk. Which of the assumptions in the original business case for the captive will need to be revisited in light of the answers to the questions listed above? Whilst the legislation is still far from finalised, captive owners should be mindful of the need to understand the impact on their arrangements to allow sufficient time to revisit the business case for the captive and implement any necessary changes. Some captive owners are engaging with their professional bodies to lobby the EU to ensure that the final legislation does not unduly impact captives; this means taking the time to understand the proposal in enough detail to be able to quantify its impact. 78 Quantitative Risk Analysis Taking a fresh look at your captive strategy 89 insights 10 With Solvency II on the horizon, reduced investment returns and a shortage of corporate capital, it may be time to take a fresh look at the strategy for your captive. A Quantitative Risk Analysis (QRA) can help determine a more efficient insurance structure based on your risk appetite and use of corporate capital. A QRA is an essential tool for any risk manager wishing to better understand and quantify the risks within their captive. What is a QRA? A QRA is a tailor-made actuarial study of the insurance risks within a company. It provides risk insight regarding expected losses and related volatilities. In other words a QRA helps to quantify and predict a company s insurance risk and is an essential tool for any risk manager wishing to better understand and quantify the risks within their captive. Ultimately a company can better understand and mitigate their risk and improve decisions on how to finance that risk. 910 A Quantitative Risk Analysis (QRA) can help determine a more efficient insurance structure based on your risk appetite and use of corporate capital. What are the goals and benefits of a QRA? Assists with determining the optimised retention level for your company. Provides a quantitative understanding of the insurance risks in your company. Gives a forecast of expected losses and quantifies the volatility at various confidence levels. Helps to deal with the uncertainty of potential loss scenarios. Allows scenario testing by simulating alternative captive structures such as different per occurrence limit and aggregates. Improves insurance structure in relation to your specific risk appetite and capital restrictions. Helps to decide the feasibility of a captive as a risk financing vehicle for your company. 1011 Optimum retention level A QRA helps determine the optimal retention level to minimise total cost of risk insights 10 Costs Total cost of risk Risk retention cost Optimal retention Risk transfer cost (insurance premiums, interest, etc.) Retention level Aim of a QRA Top Tips Some key questions to ask your insurer, broker and/or captive manager. How can I minimise the cost of risk financing of my company? For example, could I release capital and letter of credit pressure by means of a loss portfolio transfer? How could I create greater diversification in my captive? For example, could a cross class aggregate approach provide diversification benefit? Do I fully understand the insurance risks my company or captive is exposed to? How much capital do I need in my captive? 1112 Loss Portfolio Transfers Exit strategy for captives Large corporations and their risk management strategies evolve over time and at some stage in the lifecycle of a captive, the owners of a captive company might look upon an exit strategy. Regardless of the route to exit (see diagrams on page 14), one of the attributes of an insurance or reinsurance company is that from the moment a risk has been assumed, the company is active until all financial and regulatory obligations are totally extinguished. Funding will be required for the life of the company unless a way to transfer the financial obligations has been agreed. Loss portfolio transfers (LPTs) are one way of achieving this. Each LPT is tailor-made and the proposed solution that provides the best fit will largely depend on the captive owners motivations. 1213 insights 10 Main benefits of LPTs usually include: collateral restructuring: possible release of security through an insurance arrangement representing substantial cost reductions to the captive/ parent company improvement of solvency particularly in the case of long-tail classes reduction in potential unpredictable volatility: transfer of significant remaining aggregates instead of uncertain IBNR (incurred but not reported) / IBNER (incurred but not enough reported) for a guaranteed cost possible cash flow benefits for the captive/parent, depending on the level of reserves established for the liabilities shareholder value enhancement: removing a company s old liabilities from the books at gross level, achieves more than just reducing the net risk. It can improve the company s image, enhance its shareholders value and increase its ability to issue debt. It can also maximise the use of capital administrative savings. Prime candidates who can benefit from LPTs would include: large manufacturing, or headcount intensive businesses long-tail risk exposures: typically Public/Products Liability, Motor and Employer s Liability but other classes of business can be considered preferably established captives with a minimum of three to five years operations. LPTs often require extended due diligence. Talk with your insurer as early as possible and they will be able to offer expertise and guidance through the available options and relevant process. Engage with all other relevant parties as early as possible. Relevant fields to consider may include Tax, Accounting, Legal, and Regulatory. When looking at the economics of all available options, take into consideration all associated indirect costs relating to the running of the captive. Typical examples may include annual management costs, cost of historical collateral in place with fronting insurers and the need for cash injection to satisfy regulatory requirements or tax implications. Top Tips 1314 Typical types of LPTs Before After Commutation Insurance policies Insurance policies Fronting Insurer Fronting Insurer Collateral Collateral Captive Captive Transfer Liabilities Before After Novation Insurance policies Insurance policies Fronting Insurer Fronting Insurer Collateral Collateral Captive Captive Reinsurer Transfer Liabilities Before After Insurance policies Insurance policies Fronting Insurer Fronting Insurer Collateral Collateral Captive Reinsurer Captive Transfer Liabilities 1415 A Commutation is where the fronting insurers agrees to assume the captive s remaining historical liabilities relating to the exposures and underwriting years which they fronted for historically. The Commutation may release the historical collateral retained by the fronting insurer. A Novation is where a reinsurer agrees to assume the captive s remaining historical liabilities relating to the exposures and underwriting years which another insurance company fronted for and therefore become their reinsurer instead of the captive. A new reinsurer can also agree to assume the captive s remaining historical liabilities relating to the exposures and underwriting years, which either a third party insurance company fronted for or when the captive issued direct policies. Commutation Novation insights 10 1516 Collateral Toolkit Securing collateral in today s economy Securing collateral in today s economy can not only tie up valuable lines of credit, but has proven more difficult to obtain and costly. As banks continue to raise requirements, it becomes harder for corporates (parent companies) to acquire letters of credit (LOCs) and when LOCs are approved, the associated fees have also escalated. Parental Guarantees, Performance Bonds, Insurance Trusts/ Security Interest Agreements and Cash Options, represent in today s market a cost-effective way to keep corporates and/or captives from having to rely solely on LOCs to provide collateral. Parental Guarantees Corporates can provide Parental Guarantees in order to guarantee the performance of their captive reinsurance obligations to their insurer. The parent company s liability only arises if its captive cannot meet the obligations as defined under the reinsurance contract. The benefits of Parental Guarantees are: they do not carry direct costs they are easy to use and quick to execute. Parental Guarantees Insurance policies obligations Fronting Insurer Captive The captive s parent company issues a Deed of Indemnity to the fronting insurer Beneficiary Parent Company Under the Deed, the parent company guarantees the performance of the captive s obligations under the reinsurance contract 1617 Performance Bonds A Performance Bond is a guarantee provided by a surety provider and guarantees the captive s obligations due to the fronting insurer under the reinsurance contract. The Performance Bond is a tri-partite agreement whereby one party (the surety) guarantees to another party (the owner) that a third party (the principal) will perform the contract. The general obligations of the surety are set out in a bond, which is an accessory instrument to the contract, creating a secondary obligation. The underlying contract guarantees the terms and conditions of the principal s performance. The benefits of Performance Bonds are: not usually cash backed and lower direct costs compared with cash backed letter of credit Performance Bonds Surety provider obtains deed of indemnity from parent company Insurance policies pays surety premium Fronting Insurer Performance Bond Provider obligations Surety provider issues captive Performance Bond Captive insights 10 reduce burden on banking credit lines Performance Bonds are short tail (typically one to three years). Pledged Assets With Pledged Assets, the pledgor deposits assets into a collateral account which is pledged to a beneficiary for a set duration. The pledgee acts according to fiduciary or contractual obligations over the collateral, and pays away claims in the event of default or trigger events. The pledgee holds and administers assets, which can be comprised of cash, fixed deposits and/or eligible securities. The benefits of a Deed of Pledge are: lower direct set-up costs compared with cash backed letter of credit assets in the pledged account usually remain on the books of the pledgor; as restricted assets and therefore part of current assets the pledgor may earn investment income on the pledged funds no renewals or yearly negotiations (deed of pledge is evergreen). Pledged Assets Deed of Charge between beneficiary and pledgor* Pledgor Insurance policies obligations Fronting Insurer Beneficiary Tripartite Collateral Agreement Deed of Pledge Pledgor deposit assets in pledged account *Only for the Tripartite Deed of Pledge Arrangement Captive Pledgee holds and administers deposited assets Pledgee 1718 Insurance Trust (where applicable in some jurisdictions) With the Insurance Trust, the grantor deposits assets into a collateral account which is pledged to a beneficiary for a set duration. The trustee or collateral agent (depending on jurisdiction) acts according to fiduciary or contractual obligations over the collateral, and pays away claims in the event of default or trigger events. The custodian holds and administers assets, which can be comprised of either cash, fixed deposits and/or eligible securities. Security Interest Agreement (where applicable in some jurisdictions) A Security Interest Agreement is a tripartite agreement between the insurer, the captive and the investment manager and gives the insurer a charge over a proportion of the captive s existing investment portfolio entitling the insurer to seize and sell assets to discharge a bad debt falling under the reinsurance contract. The benefits of Insurance Trust and Security Interest Agreement are: lower direct set-up costs compared with cash backed letter of credit The Insurance Trust (where applicable in some jurisdictions) Deed of Charge between beneficiary and grantor* Grantor Insurance policies obligations Fronting Insurer Beneficiary The Security Interest Agreement (where applicable in some jurisdictions) Custodian/trustee holds and administers deposited assets Tripartite Collateral Agreement Trust Agreement Custodian / Trustee Grantor deposit assets in collateral account /trust *Only for the Tripartite Custodian Agreement Arrangement Captive the trust frees up available credit for the corporation and/or captive assets in the trust usually remain on the books of the grantor, Insurance policies Fronting Insurer obligations Captive as restricted assets and therefore part of current assets the depositor may earn investment income on the funds Asset investment to (subject to insurer s approval) held on trust no renewals or yearly negotiations (trust is evergreen) trust can be adjusted and can be depleting, i.e. funds can be used to pay reinsurance recoveries. Asset management (subject to insurer approval) Investment Portfolio Investment Manager 1819 The Cash on Deposit Insurance policies Fronting Insurer obligations Captive insights 10 Grantor deposit Cash in Current Deposit Account Beneficiary Beneficiary deposit Cash in segregated Deposit Account Cash Options With the Cash on Deposit option the money is deposited in the form of currency, such as banknotes. The grantor deposits the cash into a current deposit account with the beneficiary and the beneficiary holds onto the cash as collateral. In some instances, the beneficiary might be able to invest the cash in interest bearing instruments and able to give the accrued interest back to the grantor. The benefits of Cash Options are: no fees and no early withdrawal penalties no minimum duration requirements easy to use and quick to execute Cash Deposit allows mid-term adjustments and can be used to pay reinsurance recoveries accrued interest transferable to the depositor. Talk with your insurer as early as possible to find out what alternatives are available as part of their collateral toolkit as this may differ by fronting insurer. Engage early with the relevant internal stakeholder within your company as some alternatives can take longer to set up and need to be authorised and signed off by the Finance Director and Board Members. When looking at the cost benefits of the various alternatives, consider also other aspects such as the effects on the company balance sheet, cash flow and investment strategy. Consider the nature and tail of the exposure to be secured and how this may affect the collateral options available. Consider the term duration and life time cycle of the alternative and its flexibility versus the length of the policy period and exposure to be secured (adjustment mid term and withdrawal). Top Tips Weight the certainty of the purchasing cost of these alternatives versus the impact on Cash Flow and Current Assets. 1920 20 International regulation Is your direct captive insurance program aligned with local licensing and premium tax requirements?21 insights 10 Whilst the majority of captives worldwide are reinsurance captives, a significant proportion of the captive market place is also occupied by direct insurance captives. This has been particularly evident with multinational companies with strong presence in Europe who have taken advantage of the Freedom of Services (FOS) legislation. Whereas a reinsurance captive assumes a defined share of its group s risk from the fronting insurer in return for a reinsurance premium, a direct insurance captive fulfils the same role as a direct insurer. This means that a direct insurance captive will be subject to many of the same complex legal, regulatory and licensing requirements as a fronting insurer. Fundamentally, foreign premium taxes must be paid according to the relevant laws of each country. Consequently, captive owners should be aware of the additional jurisdictional insurance licensing requirements and possible obligations they may have relating to a direct captive insurance company in each concerned territory. For instance, whilst direct insurance captives may have a licence to write insurance business under the FOS legislation, there are other considerations to take into account as demonstrated in the following examples:...a direct insurance captive will be subject to many of the same complex legal, regulatory and licensing requirements as a fronting insurer. 2122 Spain Consorcio de Compensación de Seguros (Insurance compensation consortium) A UK parented direct writing captive may decide to use a fronting insurer to issue a separate policy in Spain instead of using their FOS licence due to the implications of not paying tax on time. In Spain the Consorcio de Compensación de Seguros provides insurance coverage for natural perils and terrorism by paying the calculated amount of tax. Naturally this generates a tax, the Consorcio tax, which is compulsory for all property and bodily injury risks located in Spain. This tax must be paid within 30 days of policy inception or the Consorcio will not cover the extraordinary risk and deny the payment of loss. France GAREAT (French terrorism reinsurance pool) A newly formed direct writing captive may have intended to use its new FOS licence to cover its property risk in France, but instead decided to use a fronting insurer to issue a separate property policy. This may be necessary if the parent company needs terrorism included within their coverage. In such a case their FOS solution (for France) will need to be discontinued as their captive will not belong to GAREAT. This means that they will require an appropriate fronting insurer that is a member of GAREAT to enable them to access the pool. 2223 There are other examples of accessing government funds (e.g. the Norwegian National Natural Perils Fund) as well as different considerations such as the provision of specialised cover (e.g. Environmental Impairment Liability coverage), which may need a local insurer with the appropriate licenses to issue a local insurance policy. insights 10 Consequently, as local legislation and regulation continues to change, it may be worth re-visiting the goals of your direct writing captive. To obtain clarity, engage with your insurer to understand the increasing complexity of regulatory licensing and foreign premium tax requirements (such as the US FET Tax) and the impact it may have on your overall insurance program. Top Tips Key questions to ask your insurer: Is my insurance coverage compliant with applicable insurance regulation? Are my premiums allocated fairly and reasonably to every exposure? Are my foreign premium taxes recorded and paid correctly? Is my coverage valid and will my claims be paid? What would it cost for a fronting insurer to issue my local insurance policies? How does this compare to running a direct insurance captive? Have I considered the operational and reputational risk of a non compliant insurance program? 2324 How to contact us: If you would like to find out more about captives, speak with your usual Zurich contact or your broker. Here to help your world A02 (09/10) ZCA The information in this publication was compiled from sources believed to be reliable for informational purposes only. All sample policies and procedures herein should serve as a guideline, which you can use to create your own policies and procedures. We trust that you will customize these samples to reflect your own operations and believe that these samples may serve as a helpful platform for this endeavour. Any and all information contained herein is not intended to constitute legal advice and accordingly, you should consult with your own attorneys when developing programs and policies. Moreover, Zurich reminds you that this cannot be assumed to contain every acceptable safety and compliance procedure or that additional procedure might not be appropriate under the circumstances. This is also intended as a general description of certain types of services available to qualified customers. Zurich does not guarantee any particular outcome and there may be conditions on your premises or within your organization, which may not be apparent to us. You are in the best position to understand your business and your organization and to take steps to minimize risk, and we wish to assist you by providing the information and tools to help you assess your changing risk environment. Risk engineering services are provided by Zurich Services Corporation. Zurich is a trading name for companies within the Zurich Financial Services Group. Zurich is a provider of insurance and related services through subsidiaries within the Zurich Financial Services Group including: In the United States: Zurich American Insurance Company, 1400 American Lane, Schaumburg, Illinois In Canada: Zurich Insurance Company Ltd, 400 University Avenue, Toronto, Ontario M5G 1S9 Outside the US and Canada: (i) Zurich Insurance Plc, Zurich House, Ballsbridge Park, Dublin 4, Ireland; (ii) Zurich Insurance Company, Mythenquai 2, 8002 Zürich, Switzerland; (iii) Zurich Australian Insurance Limited, 5 Blue Street, North Sydney, NSW 2060, Australia; and (iv) further legal entities, as may be required by local jurisdiction. The insurance policy is the contract that specifically and fully describes the insurance coverage provided. Similar documents
Zurich Captive Services Help take care of your people and business together Zurich Captive Services Release the true value of your captive Captives have long helped large multinational companies to finance More information Manage Risk Worldwide
Manage Risk Worldwide Zurich International Programs Corporate customers 2 At Zurich, we re proud of our ability to help protect businesses that operate internationally. For nearly 40 years, we have built More information ZURICH MULTINATIONAL INSURANCE APPLICATION
ZURICH MULTINATIONAL INSURANCE APPLICATION Helping you take control in a constantly changing regulatory world Corporate Customer ZURICH MIA BROADENING HORIZONS Zurich Multinational Insurance Application More information Best Estimate of the Technical Provisions
Best Estimate of the Technical Provisions FSI Regional Seminar for Supervisors in Africa on Risk Based Supervision Mombasa, Kenya, 14-17 September 2010 Leigh McMahon BA FIAA GAICD Senior Manager, Diversified More information Position paper on. Treatment of captives in SOLVENCY II
Position paper on Treatment of captives in SOLVENCY II 1 INTRODUCTION...3 2 NATURE AND RATIONALE OF CAPTIVES...3 2.1 Captive Objectives...3 3 THE SOLVENCY II OBJECTIVES...5 EU OBJECTIVE 1: Improve protection More information Insurance Guidance Note No. 14 System of Governance - Insurance Transition to Governance Requirements established under the Solvency II Directive
Insurance Guidance Note No. 14 Transition to Governance Requirements established under the Solvency II Directive Date of Paper : 31 December 2013 Version Number : V1.00 Table of Contents General governance More information By Seth Gillston, with commentary from Tom Kim
M&A Risk Management: Collateral Liabilities and Solutions By Seth Gillston, with commentary from Tom Kim M&A Risk Management: Collateral Liabilities and Solutions Seth Gillston with commentary from Tom More information ZURICH MULTINATIONAL INSURANCE APPLICATION
ZURICH MULTINATIONAL INSURANCE APPLICATION Helping you take control in a constantly changing regulatory world Broker ZURICH MIA BROADENING HORIZONS Zurich Multinational Insurance Application (Zurich MIA) More information marine insurance and risk management
marine insurance and risk management Helping you transport your goods safely, on time and on budget Corporate customers 2 Helping meet your transportation needs Globalization has made our world smaller More information What we are seeing is sustained growth and increasing interest by corporates in adopting and enhancing a captive strategy.
30 NATURAL RESOURCES MARKET REVIEW 2015 What we are seeing is sustained growth and increasing interest by corporates in adopting and enhancing a captive strategy. NATURAL RESOURCES MARKET REVIEW 2015 31 More information Risk Management Programme Guidelines
Risk Management Programme Guidelines Submissions are invited on these draft Reserve Bank risk management programme guidelines for non-bank deposit takers. Submissions should be made by 29 June 2009 and More information Guide to buying professional indemnity insurance
Guide to buying professional indemnity insurance The Law Society has collaborated with the British Insurance Brokers Association and Association of British Insurers to provide you with this Guide to Buying More information Life Insurance Contracts
Compiled AASB Standard AASB 1038 Life Insurance Contracts This compiled Standard applies to annual reporting periods beginning on or after 1 January 2011 but before 1 January 2013. Early application is More information Schroders Schroder Global Blend Fund
Schroders Schroder Global Blend Fund Product Disclosure Statement Issued 27 October 2014 Contact details Schroder Investment Management Australia Limited (ABN 22 000 443 274) (AFSL No: 226 473) Registered More information LICENSING POLICY OF THE WORKCOVER AUTHORITY FOR SELF-INSURERS AND GROUP SELF INSURERS LICENSED UNDER SECTION 211 OF THE WORKERS COMPENSATION ACT, 1987
LICENSING POLICY OF THE WORKCOVER AUTHORITY FOR SELF-INSURERS AND GROUP SELF INSURERS LICENSED UNDER SECTION 211 OF THE WORKERS COMPENSATION ACT, 1987 Self-insurance relieves an employer or corporate group More information Planning your future.
Planning your future. Preserving your wealth. We live in a world whose main constant is change. 2 Introduction Introduction 3 Structuring your wealth in a changing world. We live in a world whose main More information For Smart Insurance Solutions Choose Coverforce
For Smart Insurance Solutions Choose Coverforce Our Capability Issue Date 1st October 2012 A different company Creating smart insurance solutions for clients is what we do. Our determination to genuinely More information THE INSURANCE BUSINESS (SOLVENCY) RULES 2015
THE INSURANCE BUSINESS (SOLVENCY) RULES 2015 Table of Contents Part 1 Introduction... 2 Part 2 Capital Adequacy... 4 Part 3 MCR... 7 Part 4 PCR... 10 Part 5 - Internal Model... 23 Part 6 Valuation... 34 More information PROPERTY CASUALTY INSURANCE REGULATION IN THE UNITED KINGDOM. Richard Spiller, Esq. 011 44 171 556 4541. Introduction
PROPERTY CASUALTY INSURANCE REGULATION IN THE UNITED KINGDOM This article considers: Richard Spiller, Esq. 011 44 171 556 4541 Introduction 1. What activities by an overseas insurer amount to the carrying More information CONSTRUCTIVE V IEW SURETY BONDS HOW THEY CAN AID THE CASH FLOW OF YOUR BUSINESS
CONSTRUCTIVE V IEW JLT S CONSTRUCTION INSURANCE WHITE PAPER JULY 2014 SURETY BONDS HOW THEY CAN AID THE CASH FLOW OF YOUR BUSINESS Overview Surety Bonds offer an alternative to bank guarantees for the More information Code of Practice - Risk Management Including With Regard To Debtors
Code of Practice - Risk Management Including With Regard To Debtors The Code of Practice was first approved by the Minister of Finance on the 5 th July 2010, with this updated version approved by the Minister More information ZURICH FLEET INTELLIGENCE
ZURICH FLEET INTELLIGENCE Enabling safer, more efficient and environmentally friendly fleets Corporate customers ZURICH FLEET INTELLIGENCE: Enabling safer, more efficient and environmentally friendly fleets More information RISK MANAGEMENt AND INtERNAL CONtROL
RISK MANAGEMENt AND INtERNAL CONtROL Overview 02-09 Internal control the Board meets regularly throughout the year and has adopted a schedule of matters which are required to be brought to it for decision. More information COMMERCIAL LENDING POLICY DEVELOPMENT GUIDE Minimum Considerations
DRAFT FOR COMMENT Additional Tools: COMMERCIAL LENDING POLICY DEVELOPMENT GUIDE Minimum Considerations Class 2 Institutions April 2013 This document is also available in French. COMMERCIAL CREDIT POLICY More information INSURANCE COMPANY MANAGEMENT IN IRELAND
INSURANCE COMPANY MANAGEMENT IN IRELAND June 2009 CONTENTS SECTION 1 INTRODUCTION 2 SECTION 2 CAPTIVE MANAGEMENT SERVICES 4 SECTION 3 IRELAND AS A CENTRE FOR CAPTIVE INSURANCE COMPANIES 8 SECTION 4 WILLIS More information Life Insurance Business
Accounting Standard AASB 1038 November 1998 Life Insurance Business Issued by the Australian Accounting Standards Board Obtaining a Copy of this Accounting Standard Copies of this Standard are available More information Insurance Commission of Western Australia ANNUAL REPORT 2011. Insurance Commission of Western Australia. Key performance indicators 2011
ANNUAL REPORT 164 Insurance Commission of Western Australia Key performance indicators ANNUAL REPORT 165 CERTIFICATION OF KEY PERFORMANCE INDICATORS We hereby certify that the Key Performance Indicators More information Directors and Officers Liability Insurance Guidance and Advice for Risk Managers
Directors and Officers Liability Insurance Guidance and Advice for Risk Managers The insurance market has responded to recent corporate failures by requiring more information from organisations seeking More information LIQUIDITY RISK MANAGEMENT GUIDELINE
LIQUIDITY RISK MANAGEMENT GUIDELINE April 2009 Table of Contents Preamble... 3 Introduction... 4 Scope... 5 Coming into effect and updating... 6 1. Liquidity risk... 7 2. Sound and prudent liquidity risk More information Companies turning to Trade Credit Insurance in an unpredictable and debt-laden world
Companies turning to Trade Credit Insurance in an unpredictable and debt-laden world Companies turning to Trade Credit Insurance in an unpredictable and debt-laden world On the heels of a period of financial More information Life Insurance Contracts
Compiled Accounting Standard AASB 1038 Life Insurance Contracts This compilation was prepared on 23 September taking into account amendments made up to and including 15 September 2005. Prepared by the More information RIT Capital Partners plc Shareholder Disclosure Document January 2015
RIT Capital Partners plc Shareholder Disclosure Document January 2015 This document is intended to provide shareholders with specific information required by the FCA and ESMA in accordance with the Alternative More information Fair Value Measurement
Indian Accounting Standard (Ind AS) 113 Fair Value Measurement (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type More information The Scottish Investment Trust PLC
The Scottish Investment Trust PLC INVESTOR DISCLOSURE DOCUMENT This document is issued by SIT Savings Limited (the Manager ) as alternative investment fund manager for The Scottish Investment Trust PLC More information 16 LC 37 2118ER A BILL TO BE ENTITLED AN ACT BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
Senate Bill 347 By: Senator Bethel of the 54th A BILL TO BE ENTITLED AN ACT 1 2 3 4 5 6 To amend Title 33 of the Official Code of Georgia Annotated, relating to insurance, so as to provide for extensive More information Suggested Standards for Product Designers, Managers and Distributors. June 2013. Edition 3.0
Suggested Standards for Product Designers, Managers and Distributors June 2013 Edition 3.0 FOREWORD Edition 1.0 of the European Life Settlement Association (ELSA) Code of Practice (the Code) was introduced More information Actuarial services that enhance performance. Insurance PRECISE. PROVEN. PERFORMANCE.
Actuarial services that enhance performance Insurance PRECISE. PROVEN. PERFORMANCE. Today s challenges, tomorrow s opportunities In today s ever changing insurance market, companies face more stringent More information for Analysing Listed Private Equity Companies
8 Steps for Analysing Listed Private Equity Companies Important Notice This document is for information only and does not constitute a recommendation or solicitation to subscribe or purchase any products. More information Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010
Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Contents Independent Auditors' Report 2 Financial Statements Balance Sheet 3 Statement of Operations and Unappropriated More information Terms of Business. Murray & Spelman Ltd. Name: T/A Murray # Spelman Insurance & Finance. Name & Contact Details:
Terms of Business Murray & Spelman Ltd T/A Murray # Spelman Insurance & Finance Name & Contact Details: Name: Mr. Michael Culhane (Managing Director) Telephone Number: 091759500 Company Murray & Spelman More information Guidance Notes on Setting up an International Insurance Company in Saint Lucia
St. Lucia entered the international financial services industry in mid-2001. Since the launch, there has emerged a niche area for this new model jurisdiction in international insurance. The legislation More information Employee Benefits Panel, October 6, 2015 PROFESSION INNOVATION DIVERSITY
Employee Benefits Panel, October 6, 2015 PROFESSION INNOVATION DIVERSITY Moderator and Speakers Sabrina Hartusch: Global Head of Insurance, Triumph, Switzerland; president of SIRM Paolo Marini: Global More information Cross Border Solutions
Allianz Insurance plc Cross Border Solutions Your guide to cross border solutions with Allianz For intermediary use only ALLIANZ The world from your doorstep Territories covered Allianz & AGCS Offices More information 2 COMMENCEMENT DATE 5 3 DEFINITIONS 5 4 MATERIALITY 8. 5 DOCUMENTATION 9 5.1 Requirement for a Report 9 5.2 Content of a Report 9
PROFESSIONAL STANDARD 300 VALUATIONS OF GENERAL INSURANCE CLAIMS INDEX 1 INTRODUCTION 3 1.1 Application 3 1.2 Classification 3 1.3 Background 3 1.4 Purpose 4 1.5 Previous versions 4 1.6 Legislation and More information Magellan Global Fund. Product Disclosure Statement 16 June 2014. Contents. Contact Details ARSN 126 366 961 APIR MGE0001AU
Magellan Global Fund ARSN 126 366 961 APIR MGE0001AU Product Disclosure Statement 16 June 2014 Issued by Magellan Asset Management Limited ABN 31 120 593 946, AFS Licence No. 304 301 Contents 1. About More information STUDENT LOAN INFORMATION
STUDENT LOAN INFORMATION 1. Data of the creditor Creditor Address Activity licence Telephone number E-mail Fax number Web address Membership in associations Supervisory authority Swedbank AS, registered More information Client Asset Requirements. Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007
Client Asset Requirements Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 Instructions Paper November 2007 1 Contents 1 Contents 2 Introduction 1 2.1 Scope More information REINSURANCE RISK MANAGEMENT GUIDELINE
REINSURANCE RISK MANAGEMENT GUIDELINE Initial publication: April 2010 Update: July 2013 Table of Contents Preamble... 2 Introduction... 3 Scope... 5 Coming into effect and updating... 6 1. Reinsurance More information Standard Life Assurance Limited OCTOBER 2013. Principles and Practices of Financial Management for the UK Smoothed Managed With Profits Fund
Standard Life Assurance Limited OCTOBER 2013 Principles and Practices of Financial Management for the UK Smoothed Managed With Profits Fund Preface... 2 Background to the Principles and Practices of Financial More information Guidance Note: Stress Testing Class 2 Credit Unions. November, 2013. Ce document est également disponible en français
Guidance Note: Stress Testing Class 2 Credit Unions November, 2013 Ce document est également disponible en français This Guidance Note is for use by all Class 2 credit unions with assets in excess of $1 More information Prudential Practice Guide
Prudential Practice Guide LPG 240 Life Insurance Risk and Life Reinsurance Management March 2007 www.apra.gov.au Australian Prudential Regulation Authority Disclaimer and copyright This prudential practice More information Feasibility Study for a EU Pension Fund for Researchers. European Commission Research Directorate-General
Feasibility Study for a EU Pension Fund for Researchers European Commission Research Directorate-General Executive Summary n RTD/DirC/C4/2009/026879 1 Executive Summary This report covers the main results More information THE REINSURANCE PRINCIPLES
THE REINSURANCE PRINCIPLES Contents 1. Concepts of Insurance and Reinsurance 2. Functions of Reinsurance 3. Types & structures of Reinsurance 4. Introduction to Pricing 5. Introduction to Portfolio Strategy More information Act on Insurance. The National Council of the Slovak Republic has adopted the following Act: SECTION I PART ONE GENERAL PROVISIONS
Act on Insurance Full wording of Act No 8/2008 Coll. of 28 November 2007 on Insurance and on amendments and supplements to certain laws, as amended by Act No 270/2008 Coll., Act No 552/2008 Coll., Act More information Separately managed accounts
FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENTS AND QUALIFIED INVESTORS ONLY - NOT FOR RETAIL USE OR DISTRIBUTION Separately managed accounts A J.P. Morgan Global Liquidity solution Separately managed More information NATIONAL INSURANCE BROKERS ASSOCIATION OF AUSTRALIA (NIBA) Submission to WorkCover Western Australia. Legislative Review 2013
NATIONAL INSURANCE BROKERS ASSOCIATION OF AUSTRALIA (NIBA) ABOUT NIBA Submission to WorkCover Western Australia Legislative Review 2013 February 2014 NIBA is the peak body of the insurance broking profession More information Directors & Officers dedicated worldwide protection. A guide to Zurich s Side A policy
Directors & Officers dedicated worldwide protection A guide to Zurich s Side A policy Global insurance protection for your corporate leaders Corporate leaders have increasingly become targets of regulatory More information Insurance management services
Insurance management services Global vision, local view About us Heritage Insurance Management is the leading independent insurance manager in the European time zone. We are part of the Heritage Group, More information Australian Accounting Standards Board (AASB)
FACT SHEET September 2011 1023 General Insurance Contracts (This fact sheet is based on the standard as at 1 January 2011.) Important note: This standard is an Australian specific standard with no international More information Excess Professional Indemnity. Policy document
Excess Professional Indemnity Policy document Contents A warm welcome to Zurich 3 Your Excess Professional Indemnity policy 3 Section 1 Definitions 5 Section 2 The Cover 5 Section 3 Provisions 6 Section More information Key performance indicators
The information included in the following sheets of this Excel file forms an integral part of the Aegon press release on the Q2 results 2013 as published on August 8, 2013. Cautionary note regarding non-ifrs More information As of July 1, 2013. Risk Management and Administration
Risk Management Risk Control The ORIX Group allocates management resources by taking into account Group-wide risk preference based on management strategies and the strategy of individual business units. More information Self Managed Super Funds Take charge
Self Managed Super Funds Take charge Gain control of your financial future with a Self-Managed Super Fund (SMSF) About Markiewicz & Co. Markiewicz & Co. is one of Australia s leading full service investment More information Business-critical Insurance
Business-critical Insurance Identifying those insurances that support the business and its strategy Guide 2015 Contents Introduction... 4 Categories of insurance... 5 Determining which insurance covers More information Employers Liability Insurance
Employers Liability Insurance Policy Zurich Global Corporate UK Contents Welcome to Zurich Global Corporate UK 3 Employers Liability Policy 4 Law applicable to the contract 4 Extensions 5 Exclusions 7 More information Schroders Schroder Fixed Income Fund
Schroders Schroder Fixed Income Fund Product Disclosure Statement Issued 31 March 2015 Contact details Schroder Investment Management Australia Limited (ABN 22 000 443 274) (AFSL No: 226 473) Registered More information SECTION III. Definitions have been included in these instructions to assist insurers with the preparation of their filings.
SECTION III Definitions have been included in these instructions to assist insurers with the preparation of their filings. This section is not a complete set of insurance and insurance accounting definitions More information PRIME MINISTER A NEW MEDICAL INDEMNITY INSURANCE FRAMEWORK
PRIME MINISTER A NEW MEDICAL INDEMNITY INSURANCE FRAMEWORK Today I am announcing the Government s package of measures to address rising medical indemnity insurance premiums and ensure a viable and ongoing More information Society of Actuaries in Ireland
Society of Actuaries in Ireland Information and Assistance Note LA-1: Actuaries involved in the Own Risk & Solvency Assessment (ORSA) under Solvency II Life Assurance and Life Reinsurance Business Issued More information Principal risks and uncertainties
Principal risks and uncertainties Our risk management approach We have a well-established risk management methodology which we use throughout the business to allow us to identify and manage the principal More information Financial Planning Growing a better future
To make an appointment with a Financial Planner: Go to hsbc.com.au/financialplanning Visit in branch Call 1300 308 008 All testimonials listed in this brochure are sourced from Sue, an HSBC financial planning More information British Virgin Islands Insurance Companies
British Virgin Islands Insurance Companies Foreword This memorandum has been prepared for the assistance of those who are considering the formation of insurance companies in the British Virgin Islands. More information Section N: Cambridge University Endowment Fund: Reports and financial statements to 30 June 2013. Cambridge University Endowment Fund
Section N: Cambridge University Endowment Fund: Reports and financial statements to 30 June 2013 Cambridge University Endowment Fund Reports and financial statements 30 June 2013 IMPORTANT NOTICE The Cambridge More information Below is a general overview of Captives with particular information regarding Labuan International and Business Financial Centre (Labuan IBFC).
LABUAN CAPTIVES Below is a general overview of Captives with particular information regarding Labuan International and Business Financial Centre (Labuan IBFC). Kensington Trust Labuan Limited is a licensed More information Employers Liability. Policy document
Employers Liability Policy document Contents A warm welcome to Zurich 3 Your Employers Liability policy 3 The cover 5 Exclusions 6 Conditions 6 Our complaints procedure 7 2 A warm welcome to Zurich Thank More information Minnesota Workers' Compensation Assigned Risk Plan. Financial Statements Together with Independent Auditors' Report
Minnesota Workers' Compensation Assigned Risk Plan Financial Statements Together with Independent Auditors' Report December 31, 2012 CONTENTS Page INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS: Balance More information Product Disclosure Statement
Product Disclosure Statement BT Wholesale Core Global Share Fund Issued 24 July 2015 Contents 1 About BT Investment Management (Fund Services) Limited 2 How the BT Wholesale Core Global Share Fund works More information Response to Department of Justice and Equality consultation on Legislation on Periodic Payment Orders
Response to Department of Justice and Equality consultation on Legislation on Periodic Payment Orders September 2014 A. Introduction A1 A2 A3 The Society of Actuaries in Ireland ( Society ) is the professional More information UK Healthcare Team RISK AND INSURANCE SOLUTIONS FOR THE HEALTHCARE INDUSTRY
UK Healthcare Team RISK AND INSURANCE SOLUTIONS FOR THE HEALTHCARE INDUSTRY Healthcare providers need a strategic partner with an in-depth understanding of the complexities of the healthcare industry. More information BONDING AMAN UNION. November 21 st, 2012. Daniel Stausberg. Atradius Re
BONDING AMAN UNION November 21 st, 2012 Daniel Stausberg Atradius Re 0 Bonds Presentation - Agenda Introduction 1 - Overview Global Bonding Market 2 - Products 3 - Characteristics 4 - Atradius Re s expertise More information The Rent-A-Captive Alternative
The Rent-A-Captive Alternative This brochure is made available for informational purposes only in support of the insurance relationship between FM Global and its clients. This information does not change More information CETERA INVESTMENT SERVICES LLC (SEC I.D. No. 8-31826) STATEMENT OF FINANCIAL CONDITION AS OF JUNE 30, 2015 (UNAUDITED)
CETERA INVESTMENT SERVICES LLC (SEC I.D. No. 8-31826) STATEMENT OF FINANCIAL CONDITION AS OF JUNE 30, 2015 (UNAUDITED) CETERA INVESTMENT SERVICES LLC STATEMENT OF FINANCIAL CONDITION AS OF JUNE 30, 2015 More information Claims Paying Ability / Financial Strength Rating Methodology for Insurance Companies
Claims Paying Ability / Financial Strength Rating Methodology for Insurance Companies CRAF s Claims Paying Ability (CPA) / Financial Strength Rating (FSR) is an opinion on an insurance company s financial More information Charity Professional & Trustees Liability Insurance
Charity Professional & Trustees Liability Insurance Proposal Form 1. All questions must be answered giving full and complete answers. 2. Please ensure that this Proposal Form is Signed and Dated. 3. All More information Corporate Insurance Solutions Ltd BUSINESS INSURANCE CONSULTANTS
Terms of Business This Agreement is between You our client or potential client and Corporate Insurance Solutions Ltd and applies to all work that we carry out on your behalf. Corporate Insurance Solutions More information FIDUCIAN TECHNOLOGY FUND
PRODUCT DISCLOSURE STATEMENT FIDUCIAN TECHNOLOGY FUND ARSN 093 544 337 2 MARCH 2015 This Product Disclosure Statement (PDS) provides a summary of significant information about the Fiducian Technology Fund More information Insurance management policy and guidelines. for general government sector, September 2007
Insurance management policy and guidelines for general government sector September 2007 i Contents 1. Introduction... 2 2. Identifying risk is the first step... 2 3. What is risk?... 2 4. Insurance is More information Excess Directors and Officers Liability. Policy document
Excess Directors and Officers Liability Policy document Contents A warm welcome to Zurich 3 Your Excess Directors and Officers Liability policy 4 Section 1 Agreement with underlying policies 7 Section More information Attachment Probability The attachment probability is the likelihood a cat bond will suffer some losses over the course of a one-year period.
ILS Glossary Attachment Probability The attachment probability is the likelihood a cat bond will suffer some losses over the course of a one-year period. Basis Risk Basis risk is the difference between More information BEGINNERS GUIDE TO YOUR GUIDE TO CREDIT INSURANCE
BEGINNERS GUIDE TO YOUR GUIDE TO CREDIT INSURANCE CONTENTS Chapter 1 The Basics 2 What is Credit Insurance? Why is Credit Insurance so Important? Who is Credit Insurance Suitable For? Chapter 2 Benefits More information NOVEMBER 2010 (REVISED)
CENTRAL BANK OF CYPRUS BANKING SUPERVISION AND REGULATION DIVISION DIRECTIVE TO BANKS ON THE COMPUTATION OF PRUDENTIAL LIQUIDITY IN ALL CURRENCIES NOVEMBER 2010 (REVISED) DIRECTIVE TO BANKS ON THE COMPUTATION More information Professional Direct Insurance Ockford Mill Ockford Road Godalming GU7 1RH. Terms and Conditions of Business Agreement. Our Service
Professional Direct Insurance Ockford Mill Ockford Road Godalming GU7 1RH Terms and Conditions of Business Agreement This document is important and sets out the basis upon which we will carry on our business More information STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED
This document is issued by Standard Life Investments Property Income Trust Limited (the "Company") and is made available by Standard Life Investments (Corporate Funds) Limited (the AIFM ) solely in order More information Controls and accounting policies
Controls and accounting policies Controls and procedures Management s responsibility for financial information contained in this Annual Report is described on page 92. In addition, the Bank s Audit and More information 2012 Checklist for Completing and Submitting Non-Life Insurance Applications under the European Communities (Non-Life Insurance) Framework
2012 Checklist for Completing and Submitting Non-Life Insurance Applications under the European Communities (Non-Life Insurance) Framework Regulations, 1994 Applicant Central Bank of Ireland Checklist More information Captive Strategies: Enhancing Value and Ensuring Compliance
Captive Strategies: Enhancing Value and Ensuring Compliance The Benefits of Diversification and the Need for Compliance Owners of captive insurance entities recognize the value that a captive can bring More information Tax risk management strategy
Vodafone Group Plc has a tax strategy focused on the following 6 key areas: Integrity in compliance and reporting Enhancing shareholder value Business partnering Influencing tax policy Developing our people More information Consolidated and Separate Financial Statements
Compiled Accounting Standard AASB 127 Consolidated and Separate Financial Statements This compiled Standard applies to annual reporting periods beginning on or after 1 July 2007. Early application is permitted. More information Growing numbers of publicly traded companies, large and
Captive Insurance Companies: A Growing Alternative Method of Risk Financing PHILLIP ENGLAND, ISAAC E. DRUKER, AND R. MARK KEENAN The authors explain how a captive insurer can serve as a funding or financing More information The Family Office Guide. A practical guide to the regulatory issues on setting up and running a family office in the UK
The Family Office Guide A practical guide to the regulatory issues on setting up and running a family office in the UK About Taylor Wessing Taylor Wessing is a leading international law firm in Europe, More information 2017 © DocPlayer.net Privacy Policy | Terms of Service | Feedback