This document provides an overview of a presentation on managing regulatory and tax regimes for international insurance programs. It discusses increased regulatory scrutiny of insurance programs and changes to regulations and tax rates in various countries. The document then presents a case study of a German manufacturing group seeking a public and product liability insurance program. It provides details on the group's operations and risk manager's requirements. Finally, the document summarizes solutions presented by Zurich and AIG for structuring an insurance program that addresses the client's needs while complying with regulatory and tax requirements in all countries where the client operates.
A surety bond is a financial instrument through which an insurance company guarantees the successful performance of an Aon
client to a third party, known as a beneficiary or employer. It is a written agreement that provides compensation in the event
that specified obligations are not performed within a stated period.
IFRS 4 Insurance Contracts: Participating contracts and update on key issues.EY
The International Accounting Standards Board (IASB) has substantially completed the development of the model for non-participating contracts under IFRS 4. However, issues relating to its model for insurance contracts with participating features have yet to be resolved.
The coming months will be key to resolving the remaining issues in order for a standard to be issued. This webcast provides an update on progress and a discussion about the key outstanding questions.
This webcast discussed:
• Timelines for completion and interaction with IFRS 9
• IASB model – main tentative decisions to date and key issues for remaining re-deliberations,
• Participating contracts – what is the issue, what proposals are being considered, and how will questions be resolved?
• The road ahead
Link for access the webcast replay: http://www.ey.com/GL/en/Issues/webcast_2015-06-18-1400_ifrs-4-insurance-contracts
A surety bond is a financial instrument through which an insurance company guarantees the successful performance of an Aon
client to a third party, known as a beneficiary or employer. It is a written agreement that provides compensation in the event
that specified obligations are not performed within a stated period.
IFRS 4 Insurance Contracts: Participating contracts and update on key issues.EY
The International Accounting Standards Board (IASB) has substantially completed the development of the model for non-participating contracts under IFRS 4. However, issues relating to its model for insurance contracts with participating features have yet to be resolved.
The coming months will be key to resolving the remaining issues in order for a standard to be issued. This webcast provides an update on progress and a discussion about the key outstanding questions.
This webcast discussed:
• Timelines for completion and interaction with IFRS 9
• IASB model – main tentative decisions to date and key issues for remaining re-deliberations,
• Participating contracts – what is the issue, what proposals are being considered, and how will questions be resolved?
• The road ahead
Link for access the webcast replay: http://www.ey.com/GL/en/Issues/webcast_2015-06-18-1400_ifrs-4-insurance-contracts
InKnowVision September 2013 Captive Insurance PowerpointInKnowVision
After completing this course, you will be able to:
- Identify the benefits of Captive Insurance companies
- Differentiate which clients would be ideal for a Captive
- List the necessary steps to form a Captive
- Define and address Captive tax issues
- Apply all of the processes to form a successful Captive Insurance company
Gunnar Mai is heading the EU Guarantee Facilities division at the European Investment Fund and is responsible for managing the COSME Loan Guarantee Facility and Erasmus+ Master Loan Guarantee Facility. His areas of expertise include financial guarantees, securitisation and structured credit products.
Gunnar started his career at Deutsche Bank London providing financing solutions to investors in commercial real estate throughout Europe. After five years at Deutsche, he joined Swiss Reinsurance to work mainly on financial guarantee transactions.
He studied Business Administration at WHU Otto Beisheim School of Management in Germany and Chile and participated in the MBA programme of Cranfield School of Management, England. Gunnar is a CFA Charter holder.
The use of EU onshore Protected Cells as a capital efficient, cost-effective, flexible and secure alternative to owning a standalone insurer or captive. Presentation by Ian-Edward Stafrace to the UK IRM Global Risk Management Professional Development Forum 2011
Captive Insurance Group - A Risk Management Strategycaptiveinsurance
We provide our clients with unique risk management tools & support designed to help them control their costs with private insurance companies.
With extensive experience, our team of dedicated professionals can help deliver the stability and predictability you need in order to lower costs and drive profits.
With creative concepts and an intuitive grasp on our clients’ goals, we design policies that help you strengthen your position in the present and protect you as you head into the future.
InKnowVision September 2013 Captive Insurance PowerpointInKnowVision
After completing this course, you will be able to:
- Identify the benefits of Captive Insurance companies
- Differentiate which clients would be ideal for a Captive
- List the necessary steps to form a Captive
- Define and address Captive tax issues
- Apply all of the processes to form a successful Captive Insurance company
Gunnar Mai is heading the EU Guarantee Facilities division at the European Investment Fund and is responsible for managing the COSME Loan Guarantee Facility and Erasmus+ Master Loan Guarantee Facility. His areas of expertise include financial guarantees, securitisation and structured credit products.
Gunnar started his career at Deutsche Bank London providing financing solutions to investors in commercial real estate throughout Europe. After five years at Deutsche, he joined Swiss Reinsurance to work mainly on financial guarantee transactions.
He studied Business Administration at WHU Otto Beisheim School of Management in Germany and Chile and participated in the MBA programme of Cranfield School of Management, England. Gunnar is a CFA Charter holder.
The use of EU onshore Protected Cells as a capital efficient, cost-effective, flexible and secure alternative to owning a standalone insurer or captive. Presentation by Ian-Edward Stafrace to the UK IRM Global Risk Management Professional Development Forum 2011
Captive Insurance Group - A Risk Management Strategycaptiveinsurance
We provide our clients with unique risk management tools & support designed to help them control their costs with private insurance companies.
With extensive experience, our team of dedicated professionals can help deliver the stability and predictability you need in order to lower costs and drive profits.
With creative concepts and an intuitive grasp on our clients’ goals, we design policies that help you strengthen your position in the present and protect you as you head into the future.
ERGO: regulatory compliance to kick-start digital hybridComarch
Client case study by ERGO, demonstration of Comarch software for insurance business. How can the regulatory environment become a paradise for consultants?
Capgemini-World Insurance report 2014. This has been downloaded from the Cap Gemini website and I do not have any right over it.
In case of an objection do intimate me so that I can get this deleted
The IoT Insurance Observatory mission is to promote a profitable IoT adoption in the insurance sector.
The six annual editions have aggregated more than 130 organizations.
Tech players and Insurance companies, including:
* 4 of the top 5 Reinsurers
* 11 of the top 15 European Insurance Groups
* 10 of the top 15 US P&C Insurance Groups
Dynamic Discounting and Late Payments DirectiveSAP Ariba
Is your supply chain at risk due to late payments and restricted supplier cash flow? Does your company have cash earning next to nothing in this low interest rate environment?
In light of the recently effective European Union directive on late payments that mandates payment within a certain time frame, now is the perfect time to consider Dynamic Discounting which allows your suppliers to receive early payments and you to earn a good return on short term cash.
In this session we will discuss some of the key implications of the Late Payments Directive that you need to consider in order to comply, as well as how you can utilize dynamic discounting as a tool not only for compliance, but to earn significant savings as well.
Zurich Vista - Plan for your future todaySofia Watson
Zurich Vista is a product of Zurich International Life, Vista is a regular savings life insurance policy that provides you with flexibility and access to a wide choice of investment linked policy sub-funds (ILP sub-funds). Subject to terms and conditions, you can stop, restart, increase or decrease premium payments to reflect your personal and professional circumstances at any time.
The Export Market Development Grant (EMDG) is an Austrade initiative. The Ryan Group and TCF Services assist Australian businesses in accessing the EMDG, as well as other initiatives such as the R&D Tax Incentive.
1. Based on the project timelines, how would you anticipate develo.docxmonicafrancis71118
1. Based on the project timelines, how would you anticipate developing and transacting SSH’s immediate and longer-term insurance requirements?
The long-term insurance requirements will be addressed through a strategy that is mutually agreed upon with Dar SSH. We have suggested several proposals and recommendations for your insurance program as more detailed in our answer to question 6 of the proposal questionnaire. Preliminary discussions including the RFI presentation on 25th November will align both of us (Gulf Insurance as insurance provider and Dar SSH as partner) on objectives, timeline and process. The discussions should include input from stakeholders within Dar SSH such as regional offices and projects teams as on what are their expectations from the insurance and how they can contribute to effective and efficient insurance solution.
The preliminary discussions will lead to the following:
A. Development of requirements
B. Development of KPIs
C. Internal Information gathering
D. Approaching the insurance market for offering
It is difficult to set a time frame of the above exercise because it will depend on how sophisticated the ultimate strategy and based on internal dynamics within Dar SSH.
While discussions take place internally on the long-term insurance requirements, we believe the immediate requirements can be met through the current procedure, ad-hoc renewal of existing policies. The objective in the immediate/short term will be to ensure coverage continues without interruption so that exposure has protection to a good degree. The requirements 3-8 in Appendix Two will be critical in this stage. Requirement 2 can be met partially through tendering process, which is discussed in more details in following sections.
We propose the following measures to improve the process of achieving the immediate insurance requirements:
· Tabulate all 79 policies within your Appendix 3 by expiry date.
· Start the renewal exercise two months prior to expiry.
· Obtain internal feedback about current policy on the following aspects:
· Claims experience
· What is outstanding, how long and why
· What was not covered and why
· How long the paid claims took time and what was the average time of resolution?
· Survey on insurer handling of the claims
· Financial reconciliations
· Any claims agreed but not paid
· Any outstanding premiums
· What is the aging analysis of outstanding premiums
· Assess the renewal offer of incumbent insurer based on claims experience
There are requirements that are associated with long-term strategy such as 1, 9, 10 and 12. These requirements will be implemented at that stage.
We are prepared and delighted to support you on requirements 11 and 15 with immediate effect as follows:
· Requirement 11:
By end of January, we shall provide you with market update following the results of treaty renewals on 1st January. This is a milestone that insurance markets follow closely since it represents the general momentum of the m.
Innovation Loans Competition Briefing: April 2021KTN
Find out more about Innovate UK's Innovation Loans for SME businesses looking to scale and grow. KTN is hosting an applicant briefing webinar on Thursday 20th May.
FERMA contribution to the French Presidency agendaFERMA
FERMA thought paper highlights the links between its work and the priorities of the French Presidency in three key areas :
Economic recovery (systemic risks and risk transfer, including captives)
Digital issues (cyber risks and cyber insurance)
Ecological transition (sustainability and insurability)
For each of these categories, FERMA presents the challenges faced by European businesses, explains how risk management contributes to the ambitions of the French Presidency and asks European policymakers for specific measures during this period.
The role of risk management in corporate resilienceFERMA
The report presents the views of risk and insurance professionals and senior executives about a post-pandemic view of resilience management in their organisations across sectors globally in the summer of 2021.
Webinar: the role of risk management in corporate resilience FERMA
FERMA and McKinsey will present the findings of our survey into resilience and risk management. The objective is to give risk and insurance professionals a richer understanding of resilience in a strategic and practical way. Two leading risk managers will discuss the results of our survey and will reflect more broadly on the link between risk and resilience. By the end of the webinar, you will be well versed in resilience from an enterprise risk management perspective.
People, Planet & Performance: sustainability guide for risk and insurance man...FERMA
On 31 March, FERMA releases the first guide specifically for European risk managers on sustainability risks.
People, planet, performance – The contribution of Enterprise Risk Management to Sustainability provides practical guidance on incorporating sustainability goals into enterprise-wide risk management.
Collaboration of the Year Award winner 2020: Pim Moerman and Rob van den Eijn...FERMA
Philips Global Resilience Platform: Breaking down silo approach of departments by collaborating in multidomain platform making our company more resilient
Argo Group: entry for emerging risk initiative of the year Award 2020FERMA
Adam Seager, Chief Risk Officer of Argo Group demonstrates the context, challenges and solutions he put in place for Agor Group during the time of crisis like the Covid19 pandemic.
George Ong, Chief Risk Officer, Northern Ireland WaterFERMA
Nominations for the Public Sector Risk Manager of the Year for the European Risk Management Awards 2020.
George Ong is the Chief Risk Officer for Northern Ireland Water (NIW), a Government Owned Company (GoCo). George joined the business in 2006 with a clear remit of implementing a risk and insurance management system given that the ‘Government Protection’ was to be removed from 1st April 2007. Since then George has worked to adapt, enhance and embed risk management arrangements within NIW, developed partnerships with businesses, communities and institutions to improve resilience for the Company and the community. #euroriskawards
Webinar: Risk management in a global pandemic - Early lessons learned, EU – U...FERMA
FERMA's joint webinar with RIMS on 1 December provided insights into the way risk managers have experienced and dealt with the global pandemic and its consequences.
FERMA and RIMS teamed up to bring you content from both sides of the Atlantic Ocean. The webinar began with a presentation of the results from FERMA’s COVID-19 survey, and then took a Transatlantic view on commonalities and differences.
Speakers:
Athina Pehrman, Group Risk Manager at Electrolux Professional Group, a sustainability leader in the appliance industry
Melanie Steiner, Board Member, US Ecology, Inc. a leading provider of environmental services to commercial and government entities. Former CRO
Typhaine Beaupérin, CEO of FERMA, moderator.
European Risk managers have helped maintain the continuity of their organisations during the pandemic crisis. They have participated in task forces and crisis units, promoted communication, supported new working practices, pursued insurance recoveries where possible and begun work on recovery, according to a survey published by the Federation of European Risk Management Associations (FERMA): https://www.ferma.eu/publication/covid-19-ferma-survey-shows-risk-managers-contributions-to-response-and-resilience/
GDPR & corporate Governance, Evaluation after 2 years implementationFERMA
FERMA’s live joint webinar with ECIIA on Monday 28 September gathered more than 300 participants
The objective of this joint webinar was to take stock of where we stand after 2 years of GDPR implementation and the practical consequences on businesses. For this, FERMA and ECIIA (European Confederation of Institutes of Internal Auditing) invited the following speakers:
- Olivier Micol, Head of Data Protection Unit at the European Commission, Directorate-General for Justice. He highlighted key elements of the recent GDPR evaluation report of the European Commission, shared the latest data and feedback from companies and civil society. He also gave an overview of future planned initiatives.
- Jérôme Avot, Group Risk Officer and Data Protection Officer at Faurecia, a global leader in automotive technology.”The GDPR served as a common thread from the start to the end of the project. We feel we have turned what might have been perceived as a constraint into an opportunity. “
- Ralf Herold, Senior Vice President, Corporate Audit BASF, a leading chemical company. He is an expert in GDPR as Germany was a pioneer in this piece of legislation.
Jérôme Avot and Ralf Herold shared their experience as a Risk Manager and DPO and as an Internal Auditor by exchanging on the changes that the GDPR involved within their companies.
https://www.ferma.eu/webinar-replay-gdpr-corporate-governance-evaluation-after-2-years-implementation/
The European risk manager report 2020: webinar presentationFERMA
This 2020 edition is the opportunity to deepen four challenges that the Risk Manager is facing today:
his growing role in digital transformation
his contribution to sustainability
tougher insurance market conditions
education and skills evolution
The objective of this report is to launch the discussion on the new challenges posed by the European transition to climate neutrality and digital leadership for Risk Managers. How are the roles and responsibilities of European Risk Managers evolving in the face of this new reality? Are Risk Managers equipped to support their organizations in achieving this double transformation?
Our live webinar was scheduled on Monday 29 June 2020: risk managers from different backgrounds shared their experiences on the below themes and reacted to the results of the survey, in particular before and after the Covid-19 crisis.
The speakers were:
Adriana Cavaliere : Corporate Risk Manager at Skeyes, Belgium
Oliver Wild: Group Chief Risk, Insurance and Internal Control Coordination Officer at Veolia, France
Charlotte Hedemark: Chairman of the 2020 FERMA Survey Committee and Board Member of FERMA
Françoise Bergé: PwC Partner
FERMA European Risk Manager Report 2020: full set of results FERMA
This 2020 edition is the opportunity to deepen four challenges that the Risk Manager is facing today:
his growing role in digital transformation
his contribution to sustainability
tougher insurance market conditions
education and skills evolution
The objective of this report is to launch the discussion on the new challenges posed by the European transition to climate neutrality and digital leadership for Risk Managers. How are the roles and responsibilities of European Risk Managers evolving in the face of this new reality? Are Risk Managers equipped to support their organizations in achieving this double transformation?
Webinar: Why risk managers should look at Artificial Intelligence now?FERMA
Risk Managers can be key actors in highlighting to the organisation leadership the opportunities and challenges of AI technologies
On 19 May, the objective of this webinar was to discuss:
How AI can be implemented into the risk management practices?
Which opportunities is AI creating for better risk management?
What are the highlights of the European Commission’s risk-based approach to Artificial Intelligence?
Speakers were:
Philippe Cotelle, Head of Insurance Risk Management at Airbus Defence and Space and FERMA Board member, will highlight the key findings from FERMA’s report on “AI applied to Risk Management”.
Irina Orssich and Eric Badiqué are both working for the European Commission as Team leader and Adviser for Artificial Intelligence in the Unit for Technologies and Systems for Digitising Industry. They will present the Commission’s White Paper on AI and the other EU initiatives which aim at strengthening the EU legal framework regarding AI applications, especially in the field of privacy.
GDPR & corporate governance: the role of risk management and internal audit o...FERMA
The webinar discussed the full results and recommendations of a joint project between FERMA and the European Confederation of Institutes of Internal Auditing (ECIIA), to assess how the EU General Data Protection Regulation (GDPR) impacted our professions, one year after its enforcement. This webinar helped to know:
- To which extent the risk manager and the internal auditor are involved in the GDPR corporate implementation
- How GDPR has affected the interactions between risk management, internal audit and Data Protection Officer (DPO)
- What are the best practices and recommendations to embed personal data protection in the risk and audit governance of your organisation
After one year of GDPR implementation, FERMA and ECIIA sent in May a common basis of five questions to their risk and internal audit members.
The objectives were to:
- Evaluate the roles of the risk management and internal audit functions regarding the GDPR and personal data related risks
- Provide a unique insight into the implementation of the GDPR by companies to the European policymakers
GDPR & corporate governance: The Role of Internal Audit and Risk Management O...FERMA
This paper is a collaboration between FERMA and the European Confederation of Internal Audit Institutes ECIIA and focuses on the impacts of the GDPR on corporate governance practices in the year following its implementation. Most specifically, it looks at the roles played by internal audit departments and risk management functions.
Ferma report: Artificial Intelligence applied to Risk Management FERMA
FERMA brought together a group of experts from within and beyond the risk management community to develop the first thought paper about AI applied to risk management.
Their aim was to perform an initial assessment of the potential value of AI to improve enterprise risk management (ERM), and second, to understand how risk managers can be key actors in highlighting to the organisation leadership the opportunities and challenges of AI technologies.
The working group expects that corporate risk management will benefit from AI in several areas. “From its ability to process large amounts of data to the automation of certain risk management repetitive and burdensome steps, AI could allow risk managers to respond faster to new and emerging exposures. By acting in real time and with some predictive capabilities, risk management could reach a new level in supporting better decision making for senior management.”
This paper aims to guide risk managers on applying AI from a basic understanding to developing their own strategy on the implementation of AI. It includes an action guide and a template for risk managers to develop their own AI risk management roadmap.
Webinar: how risk management can contribute to sustainable growth?FERMA
This webinar will help risk management and sustainability practitioners apply enterprise risk management (ERM) concepts and processes to environmental, social and governance-related risks (ESG)
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Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
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This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
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Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
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This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
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3. Regulatory and Tax Developments
Increased demand by risk mangers for greater
compliance
Increase in regulatory scrutiny
Changes in insurance regulations
Increased levels of tax audits
Changes in tax rates
7/10/2013
3
4. Regulations
Increase scrutiny by regulators
IAIS – Multilateral Memorandum of Understanding
Bilateral Memorandum of Understanding
Brazil – Fine imposed on life insurer: US$6.2 billion
Changes in insurance regulations
7/10/2013
China – cash before cover
Antigua and Columbia – nonadmitted permitted
Brazil – reinsurance restriction
Argentina – reinsurance restriction
India – compulsory cession reduction
4
5. Taxation
Increase audits by tax authorities
Proactive audits being conducted on premium related taxes
Mainly in the EU, USA, Canada and NZ
Increase in premium tax rates
Australia, EU, Canada, Guatemala, India, Malaysia, Zambia
Changes in the tax law in Germany
Other tax developments
Foreign Account Tax Compliance Act (“FATCA”) in the USA
7/10/2013
5
6. Case Study: Liability – Facts
German Manufacturing Group
Group turnover/sales - €20 billion
Operations in EU/Europe, Asia, Latin & North America, Africa
Largest operation in EU, China, Russia and the USA
Significant frequency and severity claims history
Risk manager’s wishes:
7/10/2013
“100% compliance”
Certificate requirements in Japan and USA only
Local policies to be kept to a minimum
Total premiums to recharged to all entities in the group
6
8. Building the Picture
Start with the foundation
Understand customers
risk strategy & footprint
Consider & propose the
best solution options for
the customer
Pricing & Premium
Allocation
7/10/2013
Understand country
regulatory & tax
requirements
Overlay customers
expectations to propose
suitable solutions
8
9. Risk Strategy & Footprint
Understanding your risk and locations
What is the customers Risk Management Strategy ?
How is the customer structured ?
What are the risks associated with their business ?
How much risk does the customer want to retain ?
What needs and service requirements does the customer
have ?
7/10/2013
9
10. Risk Strategy & Footprint
Zurich’s Network Operating in 210 countries
Hong Kong
Bahrain
Singapore
Zurich presence
7/10/2013
Market Leading Partners
10
11. Regulatory Requirements
Helping you take control in a constantly changing world
Customers expect their international programs to satisfy multiple requirements
For local regulation we need to understand what is conduct of insurance.
So what does Conduct of Insurance mean?
The answer varies country by country!
Marketing?
Negotiation?
Loss adjustment?
Claim payment?
Risk engineering?
Risk coverage?
Premium payment?
Zurich has the information not only for “risk coverage” but for a variety of other
insurance activities in our Zurich MIA tool.
7/10/2013
11
12. Regulatory Requirements
Helping you take control in a constantly changing world
Zurich’s Multinational Insurance Application
Data for 180+
Jurisdictions
Visit www.Zurichmia.com for more information
Per 41 Lines of
Business
Per 5 Business
Scenarios
Variations on:
• Risk Engineering
• Premium Payment
• Loss Adjusting
• Claim Payment
Dedicated Legal
Department managing
150+ Law Firms
7/10/2013
12
13. Tax Requirements
Helping you take control in a constantly changing world
Invoicing & disbursement of taxes relating to allocated premium for Out-of-Territory
exposures is important
MIA provides details on
Out-of-Territory and
applicable FOS taxes.
Our Underwriters, by
using MIA, can ensure
that Out-of-Territory
taxes are accounted for
and disbursed – (add
tax report)
Zurich has tax
representatives globally
to ensure out of territory
taxes are properly
handled
7/10/2013
13
14. Understanding Exposure
Overlaying the customers operations to provide solutions
Understanding the legal and tax situation in a country tells one part of the story
Overlaying the customers expectations allows us to propose appropriate solutions
7.00
6.00
5.00
Locations with large sales income may
require different levels of protection
Manufacturing / Sales / R&D sites drive
different service requirements / coverage
4.00
3.00
2.00
1.00
0.00
Illustrative purposes only
7/10/2013
14
15. Understanding Experience
Using history to create a sustainable future
Allows the program structure to respond to any trends that may be visible
Identify opportunities for risk engineering activities and improvement actions
Examples :
Country with high exposure (sales), claims frequency and severity may prompt local
loss adjusting requirements, guarantee of local claims payments, potential need for
risk engineering support
Country with low exposure (sales), claims frequency and severity may lead to a
different conclusion on most appropriate solution
UK
20
5
10
0
0
2009 2010 2011 2012 2013
No. Claims
7/10/2013
Claims Value
20
10
0
2009 2010 2011 2012 2013
No. Claims
Claims Value
80
30
25
60
20
40
15
10
20
5
0
0
2009 2010 2011 2012 2013
No. Claims
Claims Value
15
Value (Euro m)
10
30
Number
30
35
30
25
20
15
10
5
0
Number
40
15
40
Value (Euro m)
50
20
Number
25
USA
Value (Euro m)
Germany
16. Pricing & Premium Allocation
Ensuring fair and reasonable premiums
We now understand the
customer risk strategy &
footprint
We now understand the
regulatory & tax
requirements
We now understand the
customers expectations
& requirements
The premium must be allocated to each of the countries exposures in a fair and
reasonable manner ensuring it is risk adequate
Additional requirement of the customer to have all premiums reimbursed by the local
entities can now be considered
Is this legally possible on non admitted cover ?
UK
Yes
Thailand
Yes
Botswana
Yes
France
No
Japan
No
South Africa
Yes
Spain
No
Brazil
No
Russia
No
Italy
No
Chile
Yes
Switzerland
No
Sweden
Yes
Canada
Certain provinces*
China
No
USA
No
* Excluding Alberta, British Columbia & Manitoba
7/10/2013
16
17. Program Structure
Proposing one suitable solution
Propose LP in UK due to
high sales volumes &
claims experience
LP satisfies need for local
proof of insurance
* JV Japan considerations
DIC / DIL where permitted
FInC layer to insure solely parent’s
insurable interest under the Master
(because DIC/DIL not permitted)
FOS
DIC /
DIL
DIC /
DIL
DIC /
DIL
FInC
FInC
FInC
FInC
FInC
UK
TH
CA
US
JP*
BR
RU
CH
CN
FOS Ground Up
DE
FR, IT, ES, SE
FOS Ground Up removing
need for local policies
7/10/2013
Option for non-admitted
ground up cover but
restrictions on RE and
claims activities
CL
BW
SA
Non-admitted ground up
cover removing need for
local policies
17
18. Summary Notes
Advantages of proposed program structure :
Transparent, integrated multinational insurance structure
Local claims and other servicing needs can be met
International insurance solution in best possible alignment with local
regulatory & tax requirements
Considerations:
Local policy versus providing central cover into “non-admitted permitted”
countries
Providing cover for the adequate interest of the customer
(local exposures- vs. central balance sheet protection)
Premium reimbursement
Costs
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18
20. ‘International’ is our middle name
AIG has over 90 years of experience and has the largest
owned network of any multinational insurance provider.
1961
1979
2013
A&H division Multinational is1953 AIG forms JV operations
•AIG obtains Passport1973
at our Core
for
2013
established
1994 opens1990 in
European
UK office opens200 countries AIG
CroatiaAIG enter with easternAIG obtains China’s first
• Global network spans overSweden
6 branch
1946
Enter Russia
insurers in Hungary,insurance license
1939 owned network, in over 90 countries in China
foreign
• Largest
New AIU offices
Poland and Romania
1951 Germany
Company HQ relocates
1919
Japan and
• 63,000 AIG employees
1977
from China to New York
AIU establishes its
2001 in China
Started
• Expertise on the ground in the Eastern
countries
Middle
establishes
1949 AIGJV in 1997a and AIG form
Tata
where we hold licenses Egyptin Lebanon
1925
operation
a JV in India
AIU opens in Brazil
of over AIG launches
1980 • A presence 194825 years in 70% of the branches open in
New
countries where we microinsurance Hong Kong, Vietnam
have licenses
Pollution liability
Global expansion
operations in Uganda and Philippines
program is introduced
19622005 1957
continues by entering
AIU opens in Australia
South
France, Mexico and Africa opens
1966
AIG receives a general
Singapore
th
insurance license in
The company begins
VietnamD&O
writing
7/10/2013
20
21. A Philosophy of Partnership
Exposure
Evaluation
Proof of
Insurance
7/10/2013
21
22. Exposure Evaluation
The greater the exposures, the greater the need for local insurance
protection
• What products/services do you provide?
Exposure
Evaluation
• What type of physical presence do you
have?
• What is your company structure/capital
position?
• What lines of Insurance are you
considering?
• What contractual counterparties do you
have?
Proof of
Insurance
23. Coverage
A global policy for local risks
Coverage
• Are there particular insurance terms
needed locally?
• Are the necessary terms and
conditions available only under a
local policy?
Claims
24. Compliance
A multinational’s regulatory and premium tax requirements
Compliance
• Does local law require the local
subsidiary to purchase and/or be
covered by insurance from a locally
licensed carrier?
• Does local law prohibit the local
subsidiary from purchasing and/or
being covered by insurance from a
carrier not locally licensed?
• Will the parent need to settle and
pay premium tax in the local
subsidiary’s country?
Tax & Capital
25. Proof of Insurance
Satisfying local authorities
Proof of
Insurance
• Are local operations required to
obtain insurance from locally
licensed carriers?
• Does a contractual counterparty or
government entity need to be shown
evidence that coverage has been
obtained locally?
• Will failure to provide evidence of
locally obtained insurance breach
contractual covenants or trigger any
commercial, contractual or
reputational consequences?
Exposure
Evaluation
26. Claims
The need to respond locally
Claims
• Can the local subsidiary retain local
counsel to defend a lawsuit?
• Will the subsidiary be able to retain
loss control experts, engineers and
medical providers to assist in the
claim adjusting process?
• Will the subsidiary be able to retain
investigators, search for
beneficiaries, or arrange for housing
or other accommodations in the
wake of a loss?
• Will the subsidiary be able to
arrange for immediate medical
treatment and evacuation?
Coverage
27. Corporate Tax
Tax liability and capital
Tax & Capital
• Will the claim need to be paid incountry?
• If the global policy cannot respond
by paying the claim locally and must
instead pay the parent company, will
the parent incur tax liability in its
home country?
• Will the parent need to make a
capital contribution to the local
subsidiary; if so, will the local
subsidiary incur tax liability?
• Can the local operation survive if the
parent does not infuse capital to
make it whole for a loss?
Compliance
28. A Philosophy of Partnership
Programme Design Tool
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29. ‘Premium Allocation’
Considerations
KEY PRINCIPLES
•Fair and reasonable
•Subject to local constraints
CHINA
Tariff / filed rates exist.
Cash before Cover in
some provinces.
•Timing is of essence
CANADA
Local Tax requirements
exist.
Local payment conditions
apply.
BRAZIL
Locally rated.
Strict local reinsurance
requirements exist.
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GERMANY
As the Master, will be
responsible for FOS tax
collection
29
30. Structure Proposal
JAPAN
Local certificates required, hence local
policy with adequate limit
Master Limit
The Customer’s
request for minimum
Local Limits
requirements
policies
Non Admitted
US – Local
CHILE / SOUTH
• 5 Territories covered via FOS
UK – Local
UK - FOS
TH – Local – Local
TH
CH – Local – Local
CH
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SE – Local
SE - FOS
• Local limits to suit the customers requirements
AFRICA
• 3 low exposures + no
Very Territories covered
claims
FOS?
Non Admitted Permitted
FR, IT, ES, SE and UK
BOTSWANA
Very low exposures +
no claims
ES – Local
ES - FOS
SA – – Non Admitted
SA Local
RU – Local – Local
RU
JP – JP – Local
Local
IT –IT - FOS
Local
• 8 Local Policies, all via AIG offices
FR – Local
FR – FOS
FR - FOS
CNCNLocal
– – Local
CL – Local
CL – Non Admitted
CA – Local
CA – Local
BR – Local – Local
BR
BW BW Non Admitted
BW NonLocal
– – – Non Admitted
BW – Non Admitted
BW – Admitted
STRUCTURE PROPOSAL
USA
High exposures + high
claims volume = Local
Policy with higher policy limit
30
31. AIG Multinational
Facts and Figures
$65.7bn
In over 90 countries
98%
Fortune 500
companies AIG serves
AIG global revenue in 2012
$6bn
AIG EMEA revenue in 2012
EMEA $6BN NPW
Commercial 72%
Consumer 28%
Over
7,400
43 EMEA
owned offices
EMEA Employees
9000
Claims
personnel
worldwide
26
%
Growth of new multinational programs