Federation of Afro Asian Insurers and Reinsurers

C.3 XXVI FAIR Federation of Afro Asian Insurers and Reinsurers .

2. Commercial insurance

(iii) Purchase of renewal of major commercial insurance policies

11. Transit insurance The consumers of transit insurance cover, namely shippers councils, chambers of commerce and manufacturers associations should liaise with insurance institutions dealing with transit cargo in order to promote warehouse to warehouse insurance arrangements so as to reduce transit insurance premiums.

Article 5 Legal entities engaged in commercial insurance must be insurance companies established in accordance with this Law no other entity or individual is permitted to transact commercial insurance business.

Article 106 The basic insurance clauses and premium rates for major types of commercial insurance shall be formulated by the financial supervision and regulation department.

Article 20 During the period of the validity of the insurance contract, the applicant and the insurer may amend the contents of the insurance contract subject to mutual agreement.

Next they met Dupuis, the insurance broker.

Foreign commercial presence in the health insurance sector.

Those types of insurances are usually available at the commercial insurance markets, although the availability of commercial insurance may be limited for certain force majeure risks (e.g. war, riots, vandalism, earthquakes, hurricanes) which one or more of the parties will need to absorb.

Article 33 Joint stock insurance companies, joint stock insurance holding (group) companies, exclusively foreign funded insurance companies and Sino foreign joint venture insurance companies shall be subject to the present Guidelines, while exclusively state owned insurance companies, branches of foreign insurance companies and insurance assets management companies shall be under the present Guidelines by analogy.

In view of the functional differences between health insurance and the commercial insurance arrangements, two separate reports are submitted to the General Assembly.

34. The Office of Internal Oversight Services believes that the Insurance Section should have first agreed with the broker on the aspects of coverage requiring improvement.

(2) expenses on purchasing commercial insurances, securities, stock equities or collections and so on

The second audit, the report on which has been issued separately (A 52 1020, annex), focuses on commercial insurance plans, including those dealing with aviation and demining liability, and those covering United Nations property at Headquarters and at four overseas locations.

4. The Insurance Claims and Compensation Section, within the Office of Programme Planning Budget and Accounts (Insurance Section), at Headquarters, is responsible for establishing, administering and monitoring commercial insurance coverage for the United Nations.

An insurance contract may take any written form other than as prescribed above, upon the mutual agreement of the applicant and the insurer.

19. The Office of Internal Oversight Services also noted that the Insurance Section has no affiliation or membership with professional societies monitoring developments and changes in the commercial insurance arena, such as the Risk and Insurance Management Society and the International Risk Management Institute.

Therefore, the Section could not confirm whether this corresponded to a predetermined strategy for each of the major commercial policies.

(b) Commercial aspects of space activities (e.g. property rights, insurance and liability)

It agreed, however, that this Division should work in close consultation with the Insurance Section .

(vi) Audit of United Nations commercial insurance programmes (decision 51 468 B)

If a business partnership was involved, spouses could pay social insurance and build up their own social insurance record.

During the reporting period, the international business sector, including insurance, reinsurance and mutual fund management and administration, continued to dominate the economy.

Property insurance business which includes insurance against loss or damage to property, liability insurance and credit insurance or

Insurance of persons business which includes life insurance, health insurance and accident and injury insurance.

The other two pieces of new legislation that were passed in 2004 in Anguilla were the Protected Cell Companies Act and the Insurance Act, which establishes the Territory as a domicile for both domestic and foreign insurance business.2

quot Welcoming the participation of and contributions by the representatives of the private sector, in particular insurance companies, insurance crime bureaux and car manufacturers,

While both areas can be broadly categorized as concerned with insurance, health coverage pertains to the protection of individual staff members and involves a large amount of day to day administration, whereas commercial insurance involves protecting the interests and physical assets of the Organization.

Report of the Office of Internal Oversight Services on the audit of the commercial insurance programmes

45. With regard to the insurance arrangements for privately financed infrastructure projects, it was suggested that mention should be made in paragraph 89 that, in some countries, insurance underwriters structured comprehensive insurance packages aimed at avoiding certain risks being left uncovered owing to gaps between individual insurance policies.

If the sum insured is less than the insured value, the insurer shall obtain partial rights pertaining to the subject matter of the insurance which is lost or damaged on the pro rata basis of the sum insured to the insured value.

A double insurance refers to insurance under which an applicant enters into insurance contracts with two or more insurers on the same subject matter of the insurance, the same insurable interests and the same insured event.

Article 10 An applicant and an insurer shall enter into an insurance contract on a fair, voluntary and mutually beneficial basis through consultation and shall never infringe upon the public interest.

22. In addition, the Office of Internal Oversight Services noted that the job description of the Chief of the Insurance Section specifies that the incumbent is required to spend only 35 per cent of his her time on matters relating to commercial insurance.

One P 2 Administrative Officer is also charged with administering the Organization s commercial coverage.

Increasingly, other more specialized commercial liability insurances, including war risk insurance and general liability coverage, have also had to be negotiated on behalf of DPKO.

Sickness and maternity insurance occupational risks insurance invalidity and life insurance retirement, cessation of employment at an advanced age and old age insurance, and day care and social benefits insurance.

In the event that the applicant has misstated the age of the insured, thus underpaying the premiums, then the insurer shall have the right to correct the misstatement and request the applicant to pay the balance, or to reduce the payment of the insurance benefits in proportion to the amount of premiums actually paid to the amount that should have been paid.

An insurance contract is null and void if the applicant has no insurable interest in the subject matter of the insurance.

Recommendation 4. The Department of Management should consider assigning additional resources to establishing and monitoring commercial insurance arrangements, thus allowing the Insurance Section to improve its monitoring of brokers.

The Committee had authorized the Chairman to meet and consult with the prospective providers.

Serious shortcomings in certain of the Organization s major commercial policies are discussed below.

An applicant refers to the party who enters into an insurance contract with an insurer and is obligated to pay the premiums under the insurance contract.