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

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

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

Liability insurance

Third party liability insurance for government provided helicopter.

(c) Liability and war risk insurance.

21. Liability and war risk insurance

Scope of the cover and exclusions

Financial responsibility

Liability insurance refers to an insurance the subject matter of the insurance of which is the insured's liability to indemnify a third party pursuant to laws.

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.

3. Liability and insurance

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.

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

Liability and war risk insurance

Third party liability insurance

Period of insurance and the commencement of the insurance liability

(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

Article 124 The insurer shall be held liable for the acts of its insurance agents when they transact insurance business on behalf of the insurance company in accordance with their delegated authority.

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.

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

The ceding insurance company shall not decline or delay fulfilling its obligation of the direct insurance on the basis that the reinsurer fails to fulfill the reinsurance obligation.

Third party liability insurance premium.

Vehicle rate (global third party insurance)

quot 11. Further requests the Secretary General to exercise utmost discipline in financial management to ensure compliance with the Financial Regulations and Rules of the United Nations, including rule 114.1 on personal responsibility and financial liability quot , by the following text

If the insured fails to fulfill the obligation of notice stipulated in the preceding paragraph, the insurer shall bear no obligation for indemnity of the insured event which occurs due to the increased risk to the subject matter of the insurance.

12. The Office of Internal Oversight Services found that the Insurance Section had too heavily delegated its risk management responsibilities to the Organization s insurance brokers.

An insured event refers to an event falling within the scope of cover under the insurance contract.

The compliance chief shall be a senior manager of the parent company, and may not concurrently take charge of the business department or the financial department.

The term compliance risk as referred to in the present Guidelines means the risk of undertaking legal responsibility, supervisory punishment, financial losses or reputation losses as a result of an incompliant insurance operation and management behavior made by the insurance company or any of its employees and marketing staff.

The financial statements are the responsibility of the Executive Director.

Article 125 An insurance broker shall be liable for damages or losses caused to the applicant or the insured due to the negligence of the insurance broker in the course of transacting insurance business.

An insurance company engaged in life insurance shall set aside a reserve for future claims equal to the total net value determined actuarially on the total life insurance policies in force.

Relocation of the responsibility for commercial insurance to the Office of Central Support Services and the allocation of additional resources

In the event that an applicant requests the termination of the contract subsequent to the commencement of the insurance liability, the insurer may retain the premiums for the period from the commencement of the insurance liability to the date of the termination of the contract, and shall return the balance of the premiums to the applicant.

VII. Aviation liability policy

10. Also requests the Secretary General to ensure that every official of the United Nations is responsible to the Secretary General for the regularity of the actions taken by him or her in the course of his or her official duties and that any official who takes any action contrary to the Financial Rules, or to the administrative instructions issued in connection therewith, may be held personally responsible and financially liable for the consequences of such action

Current rate for worldwide third party liability insurance and local insurance.

If any applicant intentionally fails to perform his her obligation of making a full and accurate disclosure, the insurer shall bear no obligation for making any indemnity or payment of the insurance benefits, or for returning the premiums paid for the occurrence of the insured event which occurred prior to the termination of the contract.

The sum insured refers to the maximum amount which the insurer undertakes to indemnify or pay under its insurance obligation.

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.

An insurer refers to the insurance company which enters into an insurance contract with an applicant and is obligated to make indemnity or payments of the insurance benefits.

VI. Demining liability policy

(c) In the case of demining liability insurance, the Insurance Section was tasked to act speedily on a requirement identified by the substantive and legal offices in regard to an urgent project with a high political profile .

quot 11. Further requests the Secretary General to ensure that every official of the United Nations is responsible to the Secretary General for the regularity of the actions taken by him or her in the course of his or her official duties and that any official who takes any action contrary to the Financial Rules, or to the administrative instructions issued in connection therewith, may be held personally responsible and financially liable for the consequences of such action quot .