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Major strategic processes of the insurance company, as the definition of trade policies, reinsurance and asset liability management, should be revised to integrate the dimensions of risk and solvency in the decision-making process. Moreover, the ORSA should enable continued compliance with regulatory requirements in terms of own funds.
Insurance regulatory law is the body of statutory law, administrative regulations and jurisprudence that governs and regulates the insurance industry and those engaged in the business of insurance. Insurance regulatory law is primarily enforced through regulations, rules and directives by state insurance departments as authorized and directed ...
Subject to the "fortuity principle", the event must be uncertain. The uncertainty can be either as to when the event will happen (e.g. in a life insurance policy, the time of the insured's death is uncertain) or as to if it will happen at all (e.g. in a fire insurance policy, whether or not a fire will occur at all). [4]
The insurance company aims to distribute part of its profit to the with-profits policy holders in the form of a bonus (Commonwealth) or dividend (USA) attached to their policy (see the bonus section). The bonus rate is decided after considering a variety of factors such as the return on the underlying assets, the level of bonuses declared in ...
An insurance broker typically doesn’t know all the policy details for every policy type and insurance company. There could be policy exclusions, terms and conditions they may not be aware of ...
9/11 was a major insurance loss, but there were disputes over the World Trade Center's insurance policy. Insurance policies can be complex and some policyholders may not understand all the fees and coverages included in a policy. As a result, people may buy policies on unfavorable terms.
As an economic doctrine, dirigisme is the opposite of laissez-faire, stressing a positive role for state intervention in curbing productive inefficiencies and market failures. Dirigiste policies often include indicative planning , state-directed investment, and the use of market instruments (taxes and subsidies) to incentivize market entities ...
35 U.S.C. § 271(b) creates a type of indirect infringement described as "active inducement of infringement," while 35 U.S.C. § 271(c) creates liability for those who have contributed to the infringement of a patent.