... operates on what is called a “step- back system”. This means that a single claim will not necessarily destroy an entitlement to next year’s discount. For instance, with a four years’ entitlement (i.e. 50% NCD) for a policy year, a single claim during the year will reduce the discount on renewal to 20...

...? A6 Given a single policy jointly written by more than 1 insurer, only the lead insurer, on behalf of all co-insurers, should be responsible for the Levy collection from policy holder unless otherwise stated in the contract....

... following somewhat simplified rules: (a) There must always be an insured peril involved; otherwise the loss is definitely irrecoverable. (b) If a single cause is present, the rules are straightforward: if the cause is an insured peril, the loss is covered; if it is an uninsured or excepted peril, it is not....

... applies to all classes of insurance. Its practical applications may be very complex and sometimes controversial. For our purposes, we should note the following somewhat simplified rules: (a) There must always be an insured peril involved; otherwise the loss is definitely irrecoverable. (b) If a single...

... applications may be very complex and sometimes controversial. For our purposes, we should note the following somewhat simplified rules: (a) There must always be an insured peril involved; otherwise the loss is definitely irrecoverable. (b) If a single cause is present, the rules are straightforward: if the...

... Insurance Intermediaries Quality Assurance Scheme Travel Insurance Agents Examination Study Notes 2017 Edition 1 Study Notes for Travel Insurance Agents Examination Update Renaming of The Insurance Claims Complaints Bureau The Insurance Claims Complaints Bureau (‘ICCB’) has been renamed The Insuran...

... 1 Insurance Authority (“IA”) Circular providing interpretation notes (“Circular”) relating to the Guideline on Sale of Investment-Linked Assurance Scheme (“ILAS”) Products The Insurance Authority (“IA”) issues this Circular with the aim of providing further guidance to authorized insurers and licen...

... 1 Insurance Authority (“IA”) Circular providing interpretation notes (“Circular”) relating to the Guideline on Sale of Investment-Linked Assurance Scheme (“ILAS”) Products The Insurance Authority (“IA”) issues this Circular with the aim of providing further guidance to authorized insurers and licen...

... 1 Insurance Authority (“IA”) Circular providing interpretation notes (“Circular”) relating to the Guideline on Sale of Investment-Linked Assurance Scheme (“ILAS”) Products The Insurance Authority (“IA”) issues this Circular with the aim of providing further guidance to authorized insurers and licen...

... retention strategy should take into account not only single risk claims but also multi-risk events (e.g. the occurrence of catastrophic or disastrous events). The insurer should also be mindful of possible gaps in the reinsurance program which may cause undue exposure. The insurer should set its own...