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

Article 32 A property insurance contract refers to a contract the subject matter of the insurance of which is a property and related interests associated therewith.

Section 2 Contract of Property Insurance

(b) The term for the Headquarters property policy is three years, whereas the foreign property coverage is currently sent out for bid annually.

An insurer shall not concurrently engage in business of both property insurance and insurance of persons.

deliberately causing the occurrence of an insured event which leads to property damage, whereupon an insurance claim is fraudulently made

(d) Management and coordination of all life, health, property and liability insurance activities

IV. Foreign property coverage

Performance of comprehensive risk assessments of both the foreign property and demining liability programmes

An applicant may be the insured.

25. The foreign property insurance policy currently provides coverage of United Nations property in Santiago, Addis Ababa, Kathmandu and Beirut valued at 222 million.

In 1993 and 1994, the broker for the Headquarters property policy was also requested to submit a proposal for the foreign property programme.

No risk assessment for the foreign property and demining liability policies had been performed

(iii) Management and coordination of all life, health, property and liability insurance activities study of alternative insurance plan structures, as needed, in the light of developments in worldwide insurance markets

In 1997, the premium did decline relative to the value of the property covered, but this was attributed to the softness of the foreign property market as a whole.

The subject matter of the insurance refers either to the property of the insured and related interests associated therewith, or to the life and the body of the insured, which is the object of the insurance.

The foreign property insurance had been handled by the same broker since the policy s inception in 1986.

Article 31 The insurer or the reinsurer shall be obligated to maintain confidentiality of information obtained in the course of conducting insurance business regarding the business and financial position of the applicant, the insured or the ceding insurance company.

The reduction with respect to general property insurance results from more favourable premium rates negotiated with the provider.

Recommendation 5. The Insurance Section should undertake a comprehensive broker competition exercise prior to the combination of Headquarters and foreign property policies and ensure that action is taken to correct any outstanding deficiencies on the premises, as identified by previous inspections.

There were limitations in the competitive bidding process for establishing and renewing foreign property coverage

A risk assessment for the foreign property and demining liability policies is required, as are a method for valuing Headquarters property and a strategy for managing the self insurance fund for liability claims.

The property insurance contract mentioned in this Section is briefly referred to as the contract , unless specified otherwise.

Affected households have to wait for the insurance adjuster to visit before they can start accepting help on their properties.

Article 98 For those insurance companies engaged in property insurance business, the premiums retained for the current year shall not exceed more than four times the combined total of its paid up capital and its accumulated reserve fund.

Furthermore, the Organization is not currently able to know whether a global all risk property policy might be more economical, since this has never been proposed to the brokers and underwriters.

43. The broker currently responsible for securing underwriters for the all risk coverage of Headquarters property was not subject to a financial review prior to taking on the business in 1988.

Launching a comprehensive broker competition exercise, specifying service requirements, combining Headquarters and foreign property policies and adding locations such as the United Nations Logistics Base in Brindisi

36. The Headquarters property policy has been handled by the same broker since 1988.

Article 88 When an insurance company is declared bankrupt in accordance with laws, the estate of the bankrupt insurer, after paying off the expenses of bankruptcy proceedings, shall be distributed in the following order

(b) The Insurance Section could not confirm the method used for determining the values of either Headquarters or foreign property.

Each insurance company, insurance assets management company and insurance regulatory bureau

The Ministry of Finance monitors persons trading in precious metals and precious stones, insurance and reinsurance companies, mutual assurance associations and insurance brokers

He risked losing all his fortune.

28. Neither discussions with the broker nor a review of the annual renewal documentation revealed any kind of scientific assessment of the relative riskiness of the four properties in terms of the precise perils covered under the policies.

Guaranteeing the right of women to property and inheritance laws and ensuring secure tenure of property to women

Four separate aviation liability policies were consolidated into a single policy, namely (a) non owned aircraft liability insurance policy (b) non owned aircraft liability insurance the United Nations Support Mission in Haiti (UNSMIH) and UNTAES (c) comprehensive bodily injury property damage insurance and (d) mobile equipment (aviation) policy.

43. In 1987, UNICEF established a reserve of 100,000 to self insure for property losses.

The policy should include overall specifications and guidelines for United Nations property policies worldwide.

Given that the property valuations directly determine the level of the premium, the broker s commission, and the limitation of the underwriter s liability, the establishment of an appropriate valuation methodology for insurance purposes should be of fundamental concern to the Insurance Section

Guaranteeing the right of women to property, housing and inheritance laws and ensuring secure tenure of property and housing to women

Protection and preservation of the insolvency estate

30. Finance, insurance and real estate

If the takeover task force is of the opinion that the assets of the insurance company which has been taken over are no longer sufficient to meet its liabilities, then the take over task force may, with the approval of the financial supervision and regulation department, apply to the People's Court to have the said insurance company declared bankrupt in accordance with laws.

2. Securities and encumbrances