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Surplus lines insurance is insurance—typically by an unadmitted, out-of-state insurer—for risks deemed too great for full insurance by more traditional insurers. A person buying surplus lines insurance does so as a supplement to whatever limited insurance coverage for that risk is available from standard insurers, and typically must go ...
Deemed status is a hospital accreditation for hospitals in the United States. Getting deemed status. Meeting Conditions for Coverage and Conditions of Participation ...
Prior approval: Insurers propose rates, which must be reviewed formally and approved explicitly or deemed approved by the regulatory body before they can be charged. File and use: Insurers set rates, but they cannot be charged until the regulator has been notified and allowed time to review and action, if necessary. In some prior-approval ...
Deem in law means to consider, judge, or condemn. It is also used to treat something as if it were something else or has qualities that it does not have. [1]: 477 "Deem" has been traditionally considered to be useful when it is necessary to establish a legal fiction either positively by "deeming" something to be what it is not, or negatively by "deeming" something not to be what it is.
An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and ...
Note that a body corporate may be a chief executive. If so, it will need to be approved (if the firm in question is an FCA-authorised person) to perform the chief executive function. The chief executive function does not apply in relation to a PRA-authorised person. PRA approval is required instead.
In the case of Insurance Corp. of Ireland v.Compagnie des Bauxites de Guinee, 456 U.S. 694 (1982) the United States Supreme Court decided that when a court orders a party to produce proof on a certain point, and that party refuses to comply with the court's order, the court may deem that refusal to be a waiver of the right to contest that point and assume that the proof would show whatever the ...
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 ...