Analysis of the Small Business Administration's initial release of data on loans approved under the Paycheck Protection Program as design considerations for a future Pandemic Risk Insurance Program
Paycheck Protection rogram v Pandemic Risk Insurance ActJasonSchupp1
Now that the Paycheck Protection Program (PPP) has taken form and policymakers begin exploring whether the Terrorism Risk Insurance Act (TRIA) could serve as a model going forward, it is useful to compare the PPP with a hypothetical Pandemic Risk Protection Act (PRIA).
The financing of a future pandemic risk program is the easy part to think through. The only ones with enough money to fund the economy during another COVID-19 scale lockdown are those who can print it. Any private funding within a pandemic risk program would be on the margins at most.
The more interesting questions for such a program are:
What benefits should be available to impacted businesses?
Which businesses should be entitled to claim those benefits?
Who has the infrastructural capabilities to deliver the necessary scale of benefits?
Neither the PPP model nor the PRIA model has good answers to all three questions. However, by comparing these approaches we can begin to see the outlines of what a viable program would look like. The attached is an effort to advance that conversation.
This proposal starts from the premise that the States must be fundamentally accountable for any pandemic business income coverage program because:
• The orders triggering pandemic business income loss originate and terminate as decisions made by the individual States; and
• The responsibility to manage the economic consequences of those individual State decisions should likewise reside with the respective States.
Business Continuity Protection ProgramJasonSchupp1
On May 21 the National Association of Mutual Insurance Companies (NAMIC), the American Property Casualty Insurance Association (APCIA), and the Independent Insurance Agents & Brokers of America, Inc. (Big “I") released their proposal to address future pandemics: The Business Continuity Protection Program (BCPP).
Self-Owned Life & Retirement Insurance Arrangement (S.O.L.A.R.)Lee Rogers
A Self Owned Life & Retirement (S.O.L.A.R.) Insurance Arrangement is an arrangement where an executive purchases a Voya Indexed Universal Life-Global Choice (Voya IUL-Global Choice) policy, issued by Security Life of Denver Insurance Company, to provide death benefit protection and to help accumulate funds for retirement. The arrangement can be funded through employer contributions (as a §162 bonus plan), through after-tax contributions from the executive, or a combination of both. While premium payments must be treated as ordinary income, the executive can borrow money from the Voya IUL-Global Choice life insurance policy to pay income taxes. The executive can use the policy as a source of supplemental retirement income, as a source of survivorship benefits, or both.
What Is Life After Coronavirus? How To Claim SBA Disaster & CARES Act LoansRea & Associates
While the COVID-19 crisis continues to impact businesses large and small, government entities and lending institutions are working tirelessly to provide the relief necessary to maintain operations, maintain a workforce, and overcome the crisis. We continue to receive minute-by-minute updates from government officials and others who are trying to help streamline the process and provide you with the funds you need to stay in business.
We understand how difficult the application process is for those looking to take advantage of the assistance being offered by the Small Business Administration, which is why our SBA Loan Task Force will provide you with a presentation designed to help you understand the resources now available through the SBA disaster loan program, as well as the new resources that are becoming available as a result of the pending CARES Act legislation.
This presentation will help you determine:
Whether your business is eligible to receive funds.
How to apply.
What information you will need to complete the loan process.
Best practices and resources to help you along.
This presentation is presented by Paul McEwan, CPA, MTax, AIFA, principal and director of benefit plan services at Rea & Associates; Matt Long, CPA, MT, principal and director of client advisory services at the firm; and Scott Moyer, CPA, principal and director of oil & gas services.
Paul, Matt, and Scott have stepped up to lead the Small Business Administration's Disaster Loan Task Force. Not only have they studied the topic and are actively updating their knowledge base as events continue to unfold, but this team also works directly with clients who are currently trying to navigate the process.
Paycheck Protection rogram v Pandemic Risk Insurance ActJasonSchupp1
Now that the Paycheck Protection Program (PPP) has taken form and policymakers begin exploring whether the Terrorism Risk Insurance Act (TRIA) could serve as a model going forward, it is useful to compare the PPP with a hypothetical Pandemic Risk Protection Act (PRIA).
The financing of a future pandemic risk program is the easy part to think through. The only ones with enough money to fund the economy during another COVID-19 scale lockdown are those who can print it. Any private funding within a pandemic risk program would be on the margins at most.
The more interesting questions for such a program are:
What benefits should be available to impacted businesses?
Which businesses should be entitled to claim those benefits?
Who has the infrastructural capabilities to deliver the necessary scale of benefits?
Neither the PPP model nor the PRIA model has good answers to all three questions. However, by comparing these approaches we can begin to see the outlines of what a viable program would look like. The attached is an effort to advance that conversation.
This proposal starts from the premise that the States must be fundamentally accountable for any pandemic business income coverage program because:
• The orders triggering pandemic business income loss originate and terminate as decisions made by the individual States; and
• The responsibility to manage the economic consequences of those individual State decisions should likewise reside with the respective States.
Business Continuity Protection ProgramJasonSchupp1
On May 21 the National Association of Mutual Insurance Companies (NAMIC), the American Property Casualty Insurance Association (APCIA), and the Independent Insurance Agents & Brokers of America, Inc. (Big “I") released their proposal to address future pandemics: The Business Continuity Protection Program (BCPP).
Self-Owned Life & Retirement Insurance Arrangement (S.O.L.A.R.)Lee Rogers
A Self Owned Life & Retirement (S.O.L.A.R.) Insurance Arrangement is an arrangement where an executive purchases a Voya Indexed Universal Life-Global Choice (Voya IUL-Global Choice) policy, issued by Security Life of Denver Insurance Company, to provide death benefit protection and to help accumulate funds for retirement. The arrangement can be funded through employer contributions (as a §162 bonus plan), through after-tax contributions from the executive, or a combination of both. While premium payments must be treated as ordinary income, the executive can borrow money from the Voya IUL-Global Choice life insurance policy to pay income taxes. The executive can use the policy as a source of supplemental retirement income, as a source of survivorship benefits, or both.
What Is Life After Coronavirus? How To Claim SBA Disaster & CARES Act LoansRea & Associates
While the COVID-19 crisis continues to impact businesses large and small, government entities and lending institutions are working tirelessly to provide the relief necessary to maintain operations, maintain a workforce, and overcome the crisis. We continue to receive minute-by-minute updates from government officials and others who are trying to help streamline the process and provide you with the funds you need to stay in business.
We understand how difficult the application process is for those looking to take advantage of the assistance being offered by the Small Business Administration, which is why our SBA Loan Task Force will provide you with a presentation designed to help you understand the resources now available through the SBA disaster loan program, as well as the new resources that are becoming available as a result of the pending CARES Act legislation.
This presentation will help you determine:
Whether your business is eligible to receive funds.
How to apply.
What information you will need to complete the loan process.
Best practices and resources to help you along.
This presentation is presented by Paul McEwan, CPA, MTax, AIFA, principal and director of benefit plan services at Rea & Associates; Matt Long, CPA, MT, principal and director of client advisory services at the firm; and Scott Moyer, CPA, principal and director of oil & gas services.
Paul, Matt, and Scott have stepped up to lead the Small Business Administration's Disaster Loan Task Force. Not only have they studied the topic and are actively updating their knowledge base as events continue to unfold, but this team also works directly with clients who are currently trying to navigate the process.
Across the United States, a legislative movement to mandate paid sick leave time for all employees has picked up significant momentum over the past couple of years. With a number of states, municipalities and even the President advocating for these new mandates, it is important that employers know how these changes impact them.
At a recent Disability Management Employer Coalition event, Spring partner Teri Weber gave the presentation below on paid sick leave laws with fellow industry experts Geoffrey Simpson from Presagia and Mike Soltis from jackson lewis.
We hope you find this deck helpful and please don’t hesitate to reach out to Teri using the form below with any questions about paid sick leave laws or anything related to leave management.
Coronavirus emergency loans via cares act -small business guide & che...Mark Weber
Banks are still waiting for guidance from the regulatory agencies as to how these loans are to be administered and which banks will be able to provide the loan. It may take up to two weeks before they can begin accepting applications. The recommendation is to make contact with your banking relationships ASAP since there will be a lot of asks coming in short order. You should tell the bank that you plan to apply and ask for updates as they learn more.
I recently returned from the MDRT meeting in Vancouver BC, many of the "big hitters" are using the "Living Benefit" policies because of the "added value" they bring to the client along with "something new and different" to the insurance discussion ( i.e. do you have the "old" insurance or the "new" insurance? etc.) They also mentioned the statistic that 80% of the people will have a Heart, Stroke, or Cancer concerns ( Critical Illness) in their lifetime.
I recently returned from the MDRT meeting in Vancouver BC, many of the "big hitters" are using the "Living Benefit" policies because of the "added value" they bring to the client along with "something new and different" to the insurance discussion ( i.e. do you have the "old" insurance or the "new" insurance? etc.) They also mentioned the statistic that 80% of the people will have a Heart, Stroke, or Cancer concerns ( Critical Illness) in their lifetime.
The CARES Act: A Simple Summary for InvestorsSusan Langdon
Sweeping legislation to respond to COVID-19 pandemic was cleared by Congress and signed into law on March 27, 2020. The Coronavirus Aid, Relief, and Economic Security Act (“the CARES Act”) authorizes more than $2 trillion to battle COVID-19 and its economic effects. The law is wide-ranging from support to the health care system’s fight against the coronavirus, as well as direct payments to individuals, expanded unemployment insurance, loans to small and large businesses, and support for state and local governments.
This document provides an overview on retirement investor’s relief in the government’s stimulus bill to help alleviate the financial strains from the coronavirus.
Based on Treasury Guidance as of 4/6/2020, Donaldson Legal Counseling PLLC presents Q & A of the Paycheck Protection Program from the CARES Act
https://attorneylawny.com/paycheck-protection-program/
In the wake of the Multiemployer Pension Reform Act of 2014 (the "MPRA"), companies that participate in multiemployer pension funds should take note of recent developments impacting their withdrawal liability risks and the collective bargaining strategies with their unions. Employers should also review their pension fund's latest financial information, which most plans have recently updated. This webinar will provide an overview of how the post-MPRA landscape for troubled multiemployer pension plans has continued to evolve, as well as a handy "road map" for employers to use to better manage the many risks that come with participation in these funds.
Income Protection Insurance comparisons from Income Protection Direct. Best quotes on Income Protection Insurance Australia wide & save 20%.Vist Us www.incomeprotectiondirect.com.au/
Chubb's Pandemic Business Interruption ProgramJasonSchupp1
On July 8, 2020, Chubb Insurance released its Pandemic Business Interruption Program. This video provides a short overview of the proposal.
The proposal is split into two parts.
Part I is called the Business Expense Insurance Program. This part is aimed at businesses with less than 500 employees. Up to $750 billion in payouts would be available through formula-based (parametric) benefits meant to facilitate quick and simple claims processes
Part II is Pandemic Re. This part applies to businesses with more than 500 employees. Up to $400 billion in payouts would be available through indemnity contracts covering actual expenses and go through the normal claims adjustment process.
The bulk of financial risk under $1.15 trillion program would sit with the federal government. Insurers would be responsible for up to $35 billion in losses.
Across the United States, a legislative movement to mandate paid sick leave time for all employees has picked up significant momentum over the past couple of years. With a number of states, municipalities and even the President advocating for these new mandates, it is important that employers know how these changes impact them.
At a recent Disability Management Employer Coalition event, Spring partner Teri Weber gave the presentation below on paid sick leave laws with fellow industry experts Geoffrey Simpson from Presagia and Mike Soltis from jackson lewis.
We hope you find this deck helpful and please don’t hesitate to reach out to Teri using the form below with any questions about paid sick leave laws or anything related to leave management.
Coronavirus emergency loans via cares act -small business guide & che...Mark Weber
Banks are still waiting for guidance from the regulatory agencies as to how these loans are to be administered and which banks will be able to provide the loan. It may take up to two weeks before they can begin accepting applications. The recommendation is to make contact with your banking relationships ASAP since there will be a lot of asks coming in short order. You should tell the bank that you plan to apply and ask for updates as they learn more.
I recently returned from the MDRT meeting in Vancouver BC, many of the "big hitters" are using the "Living Benefit" policies because of the "added value" they bring to the client along with "something new and different" to the insurance discussion ( i.e. do you have the "old" insurance or the "new" insurance? etc.) They also mentioned the statistic that 80% of the people will have a Heart, Stroke, or Cancer concerns ( Critical Illness) in their lifetime.
I recently returned from the MDRT meeting in Vancouver BC, many of the "big hitters" are using the "Living Benefit" policies because of the "added value" they bring to the client along with "something new and different" to the insurance discussion ( i.e. do you have the "old" insurance or the "new" insurance? etc.) They also mentioned the statistic that 80% of the people will have a Heart, Stroke, or Cancer concerns ( Critical Illness) in their lifetime.
The CARES Act: A Simple Summary for InvestorsSusan Langdon
Sweeping legislation to respond to COVID-19 pandemic was cleared by Congress and signed into law on March 27, 2020. The Coronavirus Aid, Relief, and Economic Security Act (“the CARES Act”) authorizes more than $2 trillion to battle COVID-19 and its economic effects. The law is wide-ranging from support to the health care system’s fight against the coronavirus, as well as direct payments to individuals, expanded unemployment insurance, loans to small and large businesses, and support for state and local governments.
This document provides an overview on retirement investor’s relief in the government’s stimulus bill to help alleviate the financial strains from the coronavirus.
Based on Treasury Guidance as of 4/6/2020, Donaldson Legal Counseling PLLC presents Q & A of the Paycheck Protection Program from the CARES Act
https://attorneylawny.com/paycheck-protection-program/
In the wake of the Multiemployer Pension Reform Act of 2014 (the "MPRA"), companies that participate in multiemployer pension funds should take note of recent developments impacting their withdrawal liability risks and the collective bargaining strategies with their unions. Employers should also review their pension fund's latest financial information, which most plans have recently updated. This webinar will provide an overview of how the post-MPRA landscape for troubled multiemployer pension plans has continued to evolve, as well as a handy "road map" for employers to use to better manage the many risks that come with participation in these funds.
Income Protection Insurance comparisons from Income Protection Direct. Best quotes on Income Protection Insurance Australia wide & save 20%.Vist Us www.incomeprotectiondirect.com.au/
Chubb's Pandemic Business Interruption ProgramJasonSchupp1
On July 8, 2020, Chubb Insurance released its Pandemic Business Interruption Program. This video provides a short overview of the proposal.
The proposal is split into two parts.
Part I is called the Business Expense Insurance Program. This part is aimed at businesses with less than 500 employees. Up to $750 billion in payouts would be available through formula-based (parametric) benefits meant to facilitate quick and simple claims processes
Part II is Pandemic Re. This part applies to businesses with more than 500 employees. Up to $400 billion in payouts would be available through indemnity contracts covering actual expenses and go through the normal claims adjustment process.
The bulk of financial risk under $1.15 trillion program would sit with the federal government. Insurers would be responsible for up to $35 billion in losses.
Summary of NAIC COVID-19 Business Interruption Coverage Data CallJasonSchupp1
The National Association of Insurance Commissioners (NAIC) issued a COVID-19 business interruption data call on behalf of all state departments of insurance except New York and New Mexico.
How Your Company is Affected by the CARES Act and Related LegislationRoger Royse
"Idea to IPO" Webinar description:
The U.S. government is providing relief and stimulating the economy through the $2 TRILLION CARES Act of 2020 and other measures to help corporations, small businesses, and people laid off due to the COVID-19 crisis.
The speaker will discuss:
1) What is the CARES Act of 2020?
2) What does the CARES Act of 2020 hope to achieve?
3) Will there be follow up programs to come?
4) How can entrepreneurs and small businesses benefit from the CARES ACT of 2020?
5) How does one go about applying for grants and loans administered under the CARES ACT of 2020?
6) What are the new rules relating to sick leave and paid leave?
7) What COVID-19 related tax incentives are available to companies?
and more!
The paycheck protection program for small businessesMerchant Advisors
Here is a handy guide on what is the Paycheck Protection Program and it can help small businesses in the coronavirus pandemic. https://www.onlinecheck.com/blog/small-business-resources/paycheck-protection-program-for-small-businesses/
Coronavirus Financial Assistance ProgramsMark Gottlieb
[Attorneys of All Disciplines] Under The Caption - "Must Be Shared" - Download our PowerPoint Presentation discussing the various Coronavirus Financial Assistance Programs. Many of you are also eligible. Call us if you need further assistance.
[퐀퐭퐭퐨퐫퐧퐞퐲퐬 퐨퐟 퐀퐥퐥 퐃퐢퐬퐜퐢퐩퐥퐢퐧퐞퐬] 퐔퐧퐝퐞퐫 퐓퐡퐞 퐂퐚퐩퐭퐢퐨퐧 - "퐌퐮퐬퐭 퐁퐞 퐒퐡퐚퐫퐞퐝"- Download our PowerPoint Presentation discussing the various Coronavirus Financial Assistance Programs. Many of you are eligible. Call us if you need further assistance.
US Chamber Small Business ELA Loan GuidePaula Carr
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program,
the initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during
this emergency.
The NAIC & Center for Insurance Policy and Research have placed a special call for policy position briefs exploring the “potential development of a federal program to provide pandemic related business interruption coverage.”
The Centers for Better Insurance has submitted the attached short policy brief proposing the Payroll Risk Insurance Act.
Leveraging Federal Financial Assistance Programs During COVID-19Kareo
Bill Finerfrock, HBMA Director of Government Affairs, will break down the CARES Act and its associated programs to provide you with key takeaways to help ease financial burdens and maintain current staff levels.
In this webinar, Bill will discuss:
-New Paycheck Protection Program
-Other SBA (Small Business Association) programs
-Medicare Advanced Payment Options
-Provider Lost Revenue Program
PPP Loan Forgiveness and Tax Considerations For the Construction IndustryWithum
Withum’s Construction Services Team is partnered up with New Jersey Subcontractors Association and New Jersey Land Improvement Contractors of America to host a forum regarding Paycheck Protection Program (PPP) Loan Forgiveness and Tax Considerations for the Construction Industry.
Pandemic Heroes Compensation Act - Overview and Key RisksJasonSchupp1
The Pandemic Heroes Compensation Act (HR 6909) as introduced on May 15 draws heavily from the framework established for the September 11th Victims Compensation Fund. The main objective of the program is to efficiently deliver no-fault compensation to essential workers and their family members who have contracted COVID-19. This presentation provides an overview of the proposal and identifies key risks.
Check the various FAQs answers here about the implementation of the Paycheck Protection Program (PPP) Loans, established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). CARES Act is the largest economic relief bill in United States history which will support individuals and businesses affected by the COVID-19 pandemic.
What the CARES Act Means for Independent Workers and Small BusinessesMBO Partners
What does the CARES Act mean for independent workers and small businesses? MBO Partners explains the nuances of this important act for COVID-19 relief.
Covid 19 small business insurance program proposalJasonSchupp1
Many small businesses have and will be ordered to shut down some or all of their business activities as a key element of the national effort to stifle the spread of COVID-19. This is a tremendous sacrifice we ask of these business owners and their employees. They face the potentially ruinous loss of income and continuing expenses from a lockdown that benefits us all.
Insurance usually plays a key role in spreading the losses of those impacted by a catastrophe. In this case, it is highly unlikely insurance coverage will be available to small business forced to suspend operations because of a government lockdown order.
The attached proposal seeks to leverage the insurance industry’s catastrophe response capabilities through a fully voluntary program to quickly deliver replacement funds to affected small businesses. With these funds, our small business could continue making payroll and sustaining the future of their businesses until this time of crisis has passed.
On May 26, Representative Carolyn Maloney of New York introduced the Pandemic Risk Insurance Act of 2020 (HR 7011).
This proposal draws on the basic framework developed for the Terrorism Risk Insurance Act of 2002. Although nearly two decades old, that program has never actually paid a claim. Accordingly, many of its design features remain (thankfully) untested.
Similar to Insights from the Paycheck Protection Program (20)
INSURE Act - Summary and Analysis by Centers for Better InsuranceJasonSchupp1
This document provides a summary of the Incorporating National Support for Unprecedented Risks and Emergencies Act (INSURE Act) (H.R. 6944) introduced by Rep. Adam Schiff on January 10, 2024. The program would create a would create a catastrophic property loss reinsurance program.
FIO's 2022 Climate Data Call - CBI's CommentsJasonSchupp1
Executive Order 14030 (Climate Related Financial Risk) directs the Secretary of the Treasury to “direct the Federal Insurance Office to ... assess, in consultation with States, the potential for major disruptions of private insurance coverage in regions of the country particularly vulnerable to climate change impacts.”
FIO intends to collect data from the insurance industry in order to study the effect of climate-related catastrophes on insurance availability and affordability.
In the attached comments, CBI agrees with FIO’s intention to target its first data call on climate-related physical risks to homeowners or similar insurance. CBI makes a number of suggestions to improve this proposed data collection.
Alternatively, CBI proposes that an even more targeted data collection directed toward the insurance industry’s “relief value” mechanisms would allow FIO to gain far deeper insights into changes in availability and affordability over a longer period of time while collecting less data and data that is readily available from fewer respondents.
Climate Risk, Parametric Insurance, and Dodd-FrankJasonSchupp1
Parametric contracts may ultimately mature into an effective tool to assist U.S. businesses, nonprofits, local governments, and even families to manage risks relating to climate change. Before this product set can be trusted to deliver on that promise, parametric contracts must first be securely grounded in an appropriate regulatory framework.
Parametric contracts are undoubtedly swaps within the jurisdiction of the CFTC. The regulatory safe harbor CFTC granted to traditional insurance products only extends to state-regulated insurance policies indemnifying the policyholder to the extent of an actual, proven loss. This exception to the CFTC’s jurisdiction cannot reasonably stretch to encompass parametric contracts that promise a formulaic payout based on the parameters of an external event.
There is mounting evidence that Congress, state insurance regulators, consumers, and other stakeholders have embraced state regulation of parametric insurance contracts despite the clear jurisdictional mandate of the CFTC. For example, a bill currently pends before the U.S. House that would compel insurance companies to offer parametric pandemic insurance contracts regulated not by the CFTC but by state insurance regulators. Similarly, a recent federal Civil Innovation Grant awarded $1 million to pilot climate-related parametric insurance contracts provided to underserved communities in New York City.
Nothing prohibits an insurance company from offering parametric products so long as it complies with CFTC rules such as registration, data reporting, anti-money laundering protections, training and oversight of staff, and use registered brokers. In fact, compliant insurance companies and NFA registered insurance agents and brokers are well positioned to compete alongside other financial services sectors in a vibrant parametric contract market overseen by the CFTC.
The CFTC must either aggressively police its jurisdictional perimeter or expressly cede its authority over parametric contracts to insurance regulators. Until the CFTC speaks up, the potential for parametric contracts to contribute to the management of climate-related risk will profoundly underdeliver while consumers are marketed inefficient and legally dubious parametric insurance contracts.
CBI Comments on FATF Implementation of Corporate Transparency ActJasonSchupp1
Despite the IRS designation of certain captive arrangements in its “Dirty Dozen” of tax fraudsters and an increasingly intense IRS campaign scrutinizing alleged financial abuses by these entities, Treasury's Financial Crimes Enforcement Network (FinCEN) does nothing to close or otherwise control the massive loophole in U.S. financial crime defenses created by an exemption of captive insurance companies from the Corporate Transparency Act.
CBI Comments on Treasury's TRIP Data Call for CaptivesJasonSchupp1
Every year the Federal Insurance Office (FIO), as administrator of the Terrorism Risk Insurance Program, requires participating insurers to respond to a detailed data call.
Among other changes, FIO recently announced its intention to improve the data it collects from captive insurers. A captive is an insurance company that is owned by its policyholder. In many cases, a large corporation sets up a captive to manage retained risks, directly access reinsurance, and capture substantial tax advantages.
Many of these corporations also use captives to directly extract billions of dollars in benefits from government programs such as the Terrorism Risk Insurance Program and Federal Home Loan Bank system. In fact, prior data calls revealed that large corporations are expected to receive up to 95% of Terrorism Risk Insurance Program payouts through their captive insurers.
CBI has offered a number of practical suggestions to FIO to improve its data call templates and instructions. These suggestions, if adopted, would make it more likely captives will provide data that leads to useful insights for Congress and other stakeholders.
Representative Carolyn Maloney (NY) recently announced the reintroduction of the Pandemic Risk Insurance Act. The first version of this proposal, introduced in May 2020, largely borrowed from the Terrorism Risk Insurance Act.
Louisiana Citizens Property Insurance Company is the state’s residual market providing property insurance to homeowners and businesses that have been unable to procure insurance in the private market. Louisiana Citizens came out of the 2005 hurricane season nearly $1 billion in debt from Hurricane Katrina and Rita losses.
As reflected in the attached graphic, Louisiana Citizens appears to have transformed itself into a leaner, financially disciplined, and well governed organization. While it has yet to publish estimated losses from Hurricane Ida, there appears little chance of a similar financial hole opening in Louisiana Citizens’ balance sheet this year.
A graphic overview of this article is available here.
California Climate Insurance Working Group Sizes Up Parametric SolutionsJasonSchupp1
California’s Commissioner of Insurance convened a Working Group to explore the role innovative insurance solutions may be able to play in helping communities and families manage the risk of climate change. One of the Working Group’s recommendations is to promote parametric insurance. While traditional insurance indemnifies the policyholder for actual loss, parametric insurance pays out a pre-set amount if a disaster such as a flood, wildfire or heat wave exceeds specified parameters.
There is just one hitch: Parametric insurance is not insurance. After the 2008 financial crisis, Congress enacted Dodd-Frank to, among other things, sweep parametric and other event contracts under the jurisdiction of the Commodities Futures Exchange Commission (CFTC). The Working Group is right to highlight the potential for parametric solutions to become an effective risk management tool, but it must invite the CFTC to join in the discussion if it hopes to move its recommendations toward reality.
This paper examines the broad net Congress cast to capture event contracts under the Commodities Futures Trading Commission's (CFTC) jurisdiction and the exclusion the CFTC crafted allowing traditional indemnity-based insurance to remain within the jurisdiction of state insurance regulation.
2021 tria small insurer study commentsJasonSchupp1
The Terrorism Risk Insurance Act requires the Federal Insurance Office (FIO) to conduct a study of the program’s impact on small insurers. We have suggested FIO focus its upcoming report on two heighten program risks facing small insurers:
• Compliance with the separate line-item disclosure of terrorism premium; and
• A disproportionate burden of post-event policyholder surcharges.
CBI Comments to FinCEN on Beneficial Ownership of CpativesJasonSchupp1
In response to this ANPR, CBI draws FinCEN’s attention to how U.S. domiciled captive insurance companies may interact with the provisions and intent of the Corporate Transparency Act (CTA).
This comment letter focuses on the proposed rule changes under the Terrorism Risk Insurance Program with respect to the outsized role captive insurers play in the Program and whether the Program should permit public identification of individual captive insurers.
CBI Comments on TRIA - Certification ProcessJasonSchupp1
Centers for Better Insurance urges Treasury to decline to open the door to a formal petitioning procedure. The U.S. Constitution’s First Amendment already allows any interested person to bring to the Secretary of Treasury’s attention an event the person believes should or should not be subject to certification. Nothing in the Program’s existing rules abridges that right.
Terrorism Risk Insurance Act of 2002. This comment letter focuses on the request for comment regarding cyber events occurring outside of the United States.
CBI Comments on Proposed TRIA Regulatory DefinitionsJasonSchupp1
This comment letter focuses on the proposed rule changes for the Terrorism Risk Insurance Act regulations with respect to the definitions of:
• Act of terrorism; and
• Insured loss
in accordance with Treasury’s Notice appearing at 85 FR 71588 (November 10, 2020).
CBI’s Statement on PRIA to Congressional SubcommitteeJasonSchupp1
The House Financial Services Committee’s Subcommittee on Housing, Community Development and Insurance will hold a hearing on Thursday November 19, 2020 entitled Insuring Against a Pandemic: Challenges and Solutions for Policyholders and Insurers. The hearing is expected to focus on the Pandemic Risk Insurance Act (HR 7011) introduced in May by Representative Maloney of New York.
The Centers for Better Insurance is submitting the attached Statement for the Record which warns this well-intended legislation (as well as the excess program in the joint industry Business Continuity Protection Program) would:
• Leave small businesses, nonprofits, and local governments in no better position during future pandemics than they are today as they struggle to survive COVID-19 lockdown orders while battling their insurance companies in court; and
• Grant large corporations license to design their own multi-billion-dollar taxpayer funded pandemic bailouts free from Congressional oversight, U.S. Treasury supervision, and public scrutiny.
PRIA is based on the Terrorism Risk Insurance Act (TRIA) thereby adopting and amplifying its two greatest shortcomings:
• PRIA would remove only the “virus exclusion” from small business insurance policies. More than 80% of court cases dismissing small business claims for COVID-19 business interruption so far have been based on a lack of “direct physical loss or damage” – not the virus exclusion alone. PRIA is no more than a ticket for small businesses, nonprofits, and local governments to head back to court to litigate whether a virus can cause property damage as their businesses crumple under the weight of future pandemic lockdown orders.
• PRIA would allow large corporations to set up their own personal insurance companies (known as “captives”) offering their owners generous pandemic coverages with 95% of the cost transferred to the American taxpayer. According to U.S. Treasury, up to 95 cents of every dollar paid out under TRIA following a future terrorist attack would pass through captives on the way to the coffers of large corporations. No doubt large corporations would likewise siphon off the lion’s share PRIA’s payouts through these secretive special purpose vehicles.
The American taxpayer in on the hook for “only” 80% of the $100 billion TRIA program. Perhaps continued tolerance of that program’s well-known defects is somehow justifiable. However, there can be no justification to replicate these defects and extrapolate them into a taxpayer liability for 95% of a $750 billion program.
COVID-19 Business Interruption Rulings as of Oct 30 2020JasonSchupp1
What COVID-19 Business Interruption Litigation Can Tell Us About How the Pandemic Risk Insurance Act (PRIA) Would Work (Or Not Work) for Small Businesses
PRIA would make sure small businesses could buy business income coverage without a virus exclusion – but that does not mean they would be covered for the next pandemic.
WEF2020 Regional Risks – Are Small Businesses Covered?JasonSchupp1
Each year in preparation for its annual meeting in Davos, Switzerland, the World Economic Forum (WEF) polls more than 10,000 business leaders from around the world on their perceptions of the top global risks for doing business.
The WEF’s Regional Risks for Doing Business report ranks responses to its Executive Opinion Survey conducted between January and July of this year.
The Insurance Compliance Function - International Standards JasonSchupp1
The Insurance Compliance Function – Overview of International Standards
The attached provides a practical overview of IAIS Core Principle (ICP) #8 with respect to the duties, management, and oversight of an insurance company’s Compliance Function.
International Association of Insurance Supervisors (IAIS) Insurance Core Principles (ICP) #8 covers standards for Risk Management and Internal Control including standards for the insurance company’s compliance function. Specifically, ICP requires the insurer to maintain:
[A]n effective compliance function capable of assisting the insurer to i) meet its legal, regulatory and supervisory obligations and ii) promote and sustain a compliance culture, including through the monitoring of related internal policies.
The attached presentation details the application of ICP #8 to:
• The scope of the insurance compliance function;
• Management and board responsibilities with respect to the compliance function;
• Requirements for the head of the compliance function;
• Organization of the compliance function;
• The steps in the compliance system;
• Compliance training and awareness;
• The compliance function’s role in internal investigations; and
• Reporting by the compliance function to management and board.
The IAIS is an association of insurance supervisors and regulators from more than 200 jurisdictions. U.S. members of the IAIS are the National Association of Insurance Commissioners (NAIC), Federal Insurance Officefeder (FIO) and the Federal Reserve Board (FRB).
The IAIS serves as the international standard-setting body responsible for principles, standards and other supporting material for the supervision and regulation of the insurance sector. The ICP (recently combined with the Common Framework for the Supervision of Internationally Active Insurance Groups) is its most significant set of standards.
CBI’s other publications are available through:
www.betterins.org
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Implicitly or explicitly all competing businesses employ a strategy to select a mix
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RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
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Memorandum Of Association Constitution of Company.pptseri bangash
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder