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The Nonadmitted and Reinsurance Reform Act of 2010 is a United States law regulating the sale of insurance in states where the insurer is usually not authorized to sell insurance. It prevents states other than the home state of a U.S. insurance company from imposing regulations or taxes on the sale of nonadmitted insurance.
The Risk Retention Modernization Act (RRMA) includes three specific elements—the addition of property coverage; improved corporate governance standards, and the establishment of a federal mediator. Supporters of the LRRA have long wished that the law also covered property and if RRMA is passed RRGs will be allowed to write property coverages ...
In per risk, the cedent's insurance policy limits are greater than the reinsurance retention. For example, an insurance company might insure commercial property risks with policy limits up to $10 million, and then buy per risk reinsurance of $5 million in excess of $5 million. In this case a loss of $6 million on that policy will result in the ...
"Additional premium provision" means, in the context of finite risk insurance, a provision of an insurance or reinsurance contract that requires or strongly encourages the insured to pay the insurer some calculable amount as a result of losses paid or incurred under that insurance or reinsurance contract, excluding provisions for additional premium due to changes in exposure or policy audit.
Reinsurers, with their broader base, try to balance that risk across many clients. But lately, following expensive derechos in 2020 and 2021, Iowa's uncapped claims provision has driven reinsurers ...
General provisions (Art. 1–4) ICT risk management (Art. 5–16) ICT-related incident management, classification and reporting (Art. 17–23) Digital operational resilience testing (Art. 24–27) Managing of ICT third-party risk (Art. 28–44) Information-sharing arrangements (Art. 45) Competent authorities (Art. 46–56) Delegated acts (Art. 57)
The McCarran-Ferguson Act specifically provides that the regulation of the business of insurance by the state governments is in the public interest. Further, the Act states that no federal law should be construed to invalidate, impair or supersede any law enacted by any state government for the purpose of regulating the business of insurance ...
Once the risk profile is established, the administrative, management and supervisory body must set up the risk management strategy of the company through the following elements: The risk appetite; The risk tolerances; The risk appetite is the maximum aggregated level of risk that a company wishes to take.