All Archive articles – Page 10
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India
Non-admitted insurance: Prohibited, except when coverage is not available locally and authority is given by The Reserve Bank of India.Premium tax paid by insured: 10% service tax. For marine cargo and hull, stamp duties are charged. Regulator: The Insurance Regulatory and Development Authority (IRDA).Overview: The Indian election at the beginning ...
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Hong Kong
Non-admitted insurance: Permitted, except for compulsory insurances.Premium tax paid by insured: None, except a 3% charge that applies to motor policies. From 1 July 2007, there is a 11.3% levy on employees’ compensation applied to gross premiums and paid directly to the Occupational Safety and Health Council. Regulator: The main ...
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Germany
Non-admitted insurance: Permitted, in accordance with EU regulations except for compulsory insurances.Premium taxes paid by insured: From 1 January 2007, most classes 19%. Except fire and fire business interruption (14%), combined buildings (17.75%), marine hull (3%).Regulator: The German insurance sector is regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin).Overview: While the ...
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France
Non-admitted insurance: Prohibited; however, non-admitted insurance is allowed for any EU insurer. Premium taxes paid by insured: Property and fire:7%; other perils: 9%; general, public, product liability: 9%; marine: 19%; D&O: 9%.Regulator: Established in 2003, l’Autorité de Contrôle des Assurances et des Mutuelles (ACAM), the French insurance and mutual control ...
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Canada
Non-admitted insurance: Non-admitted insurance is permitted in Canada. However, under the Excise Tax Act, all Canadian corporations that place insurance with a non-licensed insurer or through a broker outside Canada must pay a federal tax.Premium tax paid by insured: The Federal Excise Tax requires an insured to pay a 10% ...
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Brazil
Non-admitted insurance: Prohibited, but exceptions may be made on application to the regulator. Premium tax paid by insured: Generally 7%. Regulator: Brazil's insurance regulator is the Superintendency of Private Insurance (SUSEP).Overview: In a recent report, SUSEP maintained its projection for the insurance market of around 4.9% premium growth in 2009, ...
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Australia
Non-admitted insurance: Not prohibited, except for compulsory coverage. Under the Insurance Act of 1973, the insured must pay a punitive tax if it places business with a unauthorised foreign insurer. Premium tax paid by insured: Australia remains the highest insurance premium tax country in the world. Fees and taxes vary ...
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South Africa
Non-admitted insurance: Prohibited unless coverage/capacity is not locally available, and then only with permission of the authorities.Premium tax paid by insured: There are no premium taxes payable by the insured, although insurance premiums are subject to value added tax at the rate of 14%.Regulator: The Financial Services Board (FSB) regulates ...
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European Round-up
Public sector seeks to self-insure
Swedish municipalities are increasingly looking to form captive insurers. Some of the larger municipalities have established, or are considering establishing, their own captives. Smaller municipalities are joining together and taking the mutual captive route.The trend is the result of recent severe premium increases that have reflected the worsening claims results ...
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European Round-up
Risk management - Diary dates
2007OCTOBER 4-5 ENERGYFORUM ENTERPRISE RISK MANAGEMENTAmsterdamwww.energyforum.comOCTOBER 18-19The BCI SymposiumThe Hilton International, Amsterdamwww.thebci.org/diary.htm DECEMBER 4FLEET RISK FORUM 2007 – Update on new legislation; improving health & safety and greening your fleetLondonwww.symposium-events.co.ukDECEMBER 5 AIRMIC ANNUAL DINNERRoyal Lancaster Hotel,Londonwww.airmic.com
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European Round-up
Change and continuity
European risk managers will find a number of the sessions at this month's BCI Symposium of particular interest. Sessions include, among other topics:- Could a risk manager do your job?- Business continuity and enterprise risk management – are they coming together? - Corporate defence: risk management, business resilience and beyond- ...
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AIRMIC Portfolio
Comments on captives and solvency
AIRMIC's captive focus group is to draft AIRMIC's comments on the impact on captives of Solvency ll, the planned European prudential regime for insurance companies currently under discussion. The issue arose after a study by a sub-committee of the Dublin International Insurance & Management Association had concluded that under Solvency ...
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European Round-up
XL targets building industry
As part of its plans for long term expansion in the European construction sector, XL Insurance has more than doubled its underwriting capacity for construction projects from $40m to $100m. The insurer has also increased its European construction team with seven new underwriters in Spain, France, Germany, the Netherlands and ...
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AIRMIC Portfolio
AIRMIC'S D&O guidance
AIRMIC has revised its guidance on directors' and officers' (D&O) liability insurance
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Comment
Rt Hon Michael Howard
In managing risks to reputation in an age of globalisation, close analysis of information is vital says Michael Howard
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Online onlyWater shortage are you prepared?
40% of Fortune 1000 companies surveyed said the impact of a water shortage would be severe or even catastrophic
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Online onlyEU says justify business insurance practices or reform them
The European Commission has adopted the final report of the competition inquiry on the business insurance sector
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AIRMIC Portfolio
Multiplication of standards
AIRMIC has told the British Standards Institution (BSI) that it has some reservations about the structure of the draft new British risk management standard 31100. BSI has been conducting consultation on the draft, which it wants to publish as a standard in February or March 2008.The International Standards Organization (ISO) ...
