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Auto –Accidents - What Is “No-Fault” Insurance?
AUTO –ACCIDENTS - WHAT IS “NO-FAULT” INSURANCE? If you are injured in a car accident who pays your medical bills? Believe it or not, your medical insurance carrier does not have the primary responsibility to pay your medical bills for injuries sustained in an automobile accident - The applicable automobile insurance carrier does. But remember, if your injuries or above a certain threshold you can still sue the person who cause your injuries for money damages above what the applicable automobile insurance carrier provides. In New York State each automobile insurance policy must provide coverage known as Personal Injury Protection (“PIP”) and typically referred to a “No-Fault” insurance. Medical bills, some or all of the injured party’s lost wages and other expenses are paid from this portion of the policy, whether or not the injured party caused the accident. So if were in a car accident driving your own vehicle and you are injured as a result of another person's negligence, the no-fault portion of your automobile insurance policy will cover your medical bills to the extent that you have coverage. If your coverage runs out other insurance will kick in. The New York State Insurance Law, requires that all automobile insurance policies issued in this state contain a Personal Injury Protection (“PIP”) or “No-Fault” endorsement with a minimum of $50,000.00 in coverage. Generally speaking, this coverage extends to the driver and passengers in a covered vehicle, as well as to a pedestrian struck by the covered vehicle. The coverage “kicks in” regardless of fault in connection with an accident; under most circumstances, a covered individual will be afforded certain enumerated benefits regardless of that individual’s fault in connection with the happening of the accident. -
Integrating Life Insurance Into the Estate and Investment Plans
Triangulation: Integrating Life Insurance into the Estate and Investment Plans Thomas J. Pauloski, JD, National Managing Director Bernstein Private Wealth Management Chicago, IL and Andrew T. Bishop, CFA, Analyst Bernstein Private Wealth Management Washington, DC © 2016 by Thomas J. Pauloski, J.D. and Andrew T. Bishop, CFA. All rights reserved. There is something about life insurance that cannot be disputed: If someone were to purchase a life insurance policy this morning and then got hit by a bus while crossing the street this afternoon, no other investment—stock, bond, hedge fund, or otherwise—would be able to produce the internal rate of return for the individual’s family over the brief period of its existence than that policy would provide.1 On the other hand, if the insured were to live 50 more years, there may be no worse investment for the individual’s family than that policy. Somewhere between three hours and 50 years, there is a “crossover point” at which life insurance ceases to be an optimal investment. This grim reality—that life insurance migrates from being a spectacular investment, to a mediocre investment, to a downright miserable one, depending on how long the insured lives—is the key to understanding the true power of life insurance, and why it should be used in almost every case to complement estate and investment planning. Lifetime wealth transfer planning can produce incredible results, but the benefits may take years to manifest.2 Similarly, sound investment planning usually produces excellent long-term results, but returns over short time horizons are much less certain. -
Report of the President & CEO August 26, 2021 RESOLUTION AUTHORIZING the PRESIDENT and CEO, OR DESIGNEE, to EXECUTE A
B3 Report of the President & CEO August 26, 2021 RESOLUTION AUTHORIZING THE PRESIDENT AND CEO, OR DESIGNEE, TO EXECUTE A ONE- YEAR CONTRACT WITH A ONE-YEAR OPTION TO RENEW, WITH SUN LIFE ASSURANCE COMPANY OF CANADA, FOR EMPLOYEE MANDATORY GROUP LIFE INSURANCE AND VOLUNTARY TERM LIFE INSURANCE COVERAGE ________________________________ ________________________________ Douglas Guthrie Annie Markarian President & Chief Executive Officer Director of Labor and Employee Relations Purpose: The purpose of this item is to authorize the Housing Authority of the City of Los Angeles’ (“HACLA’s”) President and CEO, or designee, to enter into a one (1) year contract with an additional one (1) year option to renew with Sun Life Assurance Company of Canada (“Sun Life”), to provide Mandatory Group Life Insurance and Voluntary Term Life Insurance coverage plans for all eligible employees who wish to purchase such coverages for themselves and their dependents. Issues: HACLA currently provides Mandatory Group Life Insurance and Voluntary Term Life insurance coverage options for its eligible employees. The Mandatory Group Life Premium is covered by HACLA for all eligible employees. If an employee elects Voluntary Term Life insurance coverage, the employee is responsible for paying 100% of the premium rate for the selected coverage. The current broker of record for these services is with Christine Lee, New York Life, and set to expire on December 31, 2021. Procurement: The U.S. Department of Housing and Urban Development (HUD) permits and encourages housing authorities to purchase common goods and services that are routine in nature under competitively awarded contracts entered into by other public agencies through a procedure called “Cooperative Purchasing” (also known as “piggy-backing”) to realize greater economy, efficiencies and reduce costs. -
AUTOMOBILE INSURANCE TOOLKIT Automobile Insurance Toolkit
Florida Department of Financial Services AUTOMOBILE INSURANCE TOOLKIT Automobile Insurance Toolkit Insurance coverage is an integral part of a solid financial foundation. Insurance can help us recover financially after illness, accidents, natural disasters or even the death of a loved one. There are a wide variety of insurance products available and choosing the correct type and amount of coverage can be a challenge. This toolkit provides information to assist you with insuring your automobile and tips for settling an automobile insurance claim. TABLE OF CONTENTS Click a title or page number to navigate to a section. 01 Coverages & Minimum Requirements - 4 Coverage Descriptions - 5 Insurance Requirements for Special Cases - 8 02 Underwriting Guidelines - 11 Underwriting Factors That Cannot Affect Your Ability to Purchase Insurance - 11 Underwriting Factors That Affect Your Insurance Policy Premium - 12 Other Factors Affecting Your Premiums - 13 Shopping for Auto Insurance - 13 03 Automobile Claims - 14 Actions to Take Before and After an Auto Accident - 14 Disputing Claim Settlements - 16 04 Shopping for Coverage Checklist - 17 01 Coverages & Minimum Requirements In Florida, vehicle owners may be required to The second type of auto insurance is outlined in the purchase two types of auto insurance. Florida Financial Responsibility Law. It requires drivers The first type of auto insurance is outlined in the who have caused accidents involving bodily injury/death Florida Motor Vehicle No-Fault Law (s. 627.736, Florida or received certain citations, to purchase bodily injury Statutes). It requires every person who registers a liability (BI) coverage with minimum limits of $10,000 vehicle in Florida to provide proof they have personal per person and $20,000 per accident, referred to as injury protection (PIP) and property damage liability split limits. -
A. M. Best Company
AMB #: 085202 - Lloyd's 1. The Symbol, Number, or Score in the Rating Scale used to Denote the Credit Rating Categories and Notches as required by Paragraph (a)(1)(ii)(A) of Rule 17g-7 Lloyd's AM Best #: 085202 NAIC #: N/A FEIN #: AA-1122000 Financial Strength Rating View Definition Rating: A (Excellent) Financial Size Category: XV ($2 Billion or Greater) Outlook: Stable Action: Affirmed Effective Date: July 21, 2021 Initial Rating Date: October 1, 1997 Long-Term Issuer Credit Rating View Definition Long-Term: a+ Outlook: Stable Action: Affirmed Effective Date: July 21, 2021 Initial Rating Date: August 12, 2004 ( i ) Denotes Indicative Rating u Denotes Under Review Rating pca Best's Preliminary Credit Assessment is an independent opinion on the relative general credit strengths and weaknesses of an issuer, obligor, security, or a proposed transaction or financing structure primarily based on business plans, term sheets, and AM Best's expectations relative to the execution of such business plans. AM Best does not define a PCA as a Credit Rating; however, the assessment is expressed using the existing Best's Credit Rating scales. Best's Credit Rating Analyst Rating Issued by: A.M. Best Europe - Rating Services Ltd. 6th Floor, 12 Arthur Street, London EC4R 9AB United Kingdom +44 20 7626 6264 Associate Director : Jessica Botelho +44 20 7626 6264 Director-Analytics : Timothy Prince Page 1 of 16 AMB #: 085202 - Lloyd's 2. The Version of the Procedure or Methodology used to Determine the Credit Rating as required by Paragraph (a)(1)(ii)(B) of Rule 17g-7 Rating Methodology and Criteria Report: Version The following Methodologies and Criteria Procedures were used at the time of and the basis for the proposed rating Best's Credit Rating Methodology 11/13/2020 Catastrophe Analysis in A.M. -
What You Need to Know
What AutoAuto you InsuranceInsurance need to know A consumer information publication The Minnesota Department of Commerce has prepared this guide to help you better understand auto insurance. It gives you information on shopping for insurance, the different types of coverage, and a basic understanding of “no fault” coverage. The Minnesota Department of Commerce regulates insurance agents, agencies, adjusters, and companies operating in Minnesota. If they are licensed to do business in the State, they are responsible for adhering to the laws and rules that govern the industry. This guide does not list all of these regulations. If you have a question about your insurance, please contact the Department’s Consumer Response Team at 651-296-2488, or toll free 800-657-3602. Duplication of this guide is encouraged. Please feel free to copy this information and share it with others. Department of Commerce Auto Insurance can protect you from the financial costs of an accident or injury, provided you have the proper coverage. Yet many people are unclear about what their insurance policy cov- ers until it is too late. They may have difficulties settling a claim or face rate increases or termination of coverage. Auto Insurance I s ... Protection. Insurance is a way of transferring risk for a loss among a certain group of people. You, and others, pay premiums to an insurance company to be reimbursed if you have an acci- dent. The amount you can collect and under what circumstances are outlined in your policy. Required. Under most circumstances, a licensed vehicle in the state of Minnesota must have liability, personal injury protection, uninsured motorist, and underinsured motorist coverage. -
AM Best's Credit Ratings
AM Best September 2020* AM Best’s Credit Ratings SINCE 1899 *Credit Ratings included are effective as of 31st August 2020. Contains published Best’s (re)insurance ratings in over 90 countries, excluding USA AM Best’s Credit Ratings Country Totals Algeria . 1 Liechtenstein . 3 Anguilla . 2 Luxembourg . 13 Antigua and Barbuda . 1 Macau . 4 Argentina . 4 Malaysia . 8 Australia . 8 Malta . 6 Austria . 1 Mauritius . 1 Azerbaijan . 1 Mexico . 34 Bahamas . 8 Micronesia, Federated States of . 1 Bahrain . 9 Morocco . 1 Barbados . 22 Mozambique . 1 Belgium . 6 Netherlands . 2 Belize . 1 New Zealand . 33 Bermuda . 113 Nigeria . 4 Bosnia and Herzegovina . 1 Norway . 1 Brazil . 8 Oman . 1 British Virgin Islands . 1 Pakistan . 3 Canada . 148 Panama . 11 Cayman Islands . 23 Peru . 3 Chile . 1 Philippines . 5 China . 14 Poland . 1 Costa Rica . 2 Portugal . 1 Curaçao . 1 Puerto Rico . 26 Czech Republic . 1 Qatar . 3 Dominican Republic . 1 Russia . 4 Egypt . 5 Serbia, Republic Of . 1 El Salvador . 1 Sierra Leone . 1 Fiji . 1 Singapore . 16 France . 12 Slovenia . 3 Germany . 22 South Africa . 1 Ghana . 1 South Korea . 13 Gibraltar . 4 Spain . 12 Guam . 6 St . Kitts and Nevis . 1 Guatemala . 2 St . Lucia . 1 Guernsey . 7 St . Maarten . 1 Honduras . 1 Sweden . 3 Hong Kong . 16 Switzerland . 15 India . 2 Taiwan . 7 Indonesia . 4 Thailand . 5 Ireland . 26 Togo . 1 Isle of Man . 1 Trinidad and Tobago . 4 Italy . 7 Tunisia . 1 Jamaica . 2 Turkey . 1 Japan . 13 Turks and Caicos . 1 Jordan . 8 U .S . Virgin Islands . 3 Kazakhstan . 5 United Arab Emirates . 16 Kenya . -
London and Bermuda Attract Capital As Insurance Market
London Market and Bermuda BEST’S SPECIALOur R Insight,EPORT Your Advantage. Financial Review February 24, 2021 London and Bermuda Attract Capital as Insurance Market Conditions Improve Principal Takeaways Bermudian • 2020 saw a slew of capital raising activity from both existing insurance players and start- and London ups in London and Bermuda, looking to bolster balance sheets and to take advantage of perceived improvements in pricing and conditions. market • Private equity, industry capital and public placements have contributed to capital inflows. • New capital has been attracted by improving market conditions in a broad range of sectors insurers have in both primary and reinsurance markets. been able to • Third-party capital continues to flow into the insurance industry, but the pace has tempered. raise equity • The impact that the economic consequences of the pandemic will have on demand for with relative insurance is highly uncertain. • Economic volatility caused by COVID-19 may constrain M&A activity in the short term, but ease. longer term, consolidation pressures are likely. Expectations of a broad hardening in market conditions, as well as the desire to bolster balance sheets in in the face of uncertainty around COVID-19-related losses, underpinned much of the capital raising activity seen in 2020. Private equity, industry capital and public placements all contributed to the capital inflow, supporting the balance sheets of existing players, alongside some material scale-ups and a number of true start-ups. Listed carriers including Beazley, Hiscox, QBE, Lancashire and Renaissance Re tapped public equity and debt markets, while privately-owned Convex and Fidelis raised capital from new and existing shareholders. -
Valuation of Securities (E) Task Force © 2021 National Association
Valuation of Securities (E) Task Force ____________________________________________________________________________________ MEMORANDUM TO: Kevin Fry, Chair, Valuation of Securities (E) Task Force Members of the Valuation of Securities (E) Task Force FROM: Charles A. Therriault, Director, NAIC Securities Valuation Office (SVO) CC: Marc Perlman, Managing Investment Counsel, NAIC Securities Valuation Office (SVO) Eric Kolchinsky, Director, NAIC Structured Securities Group (SSG) and Capital Markets Bureau RE: Proposed Amendment to the Purposes and Procedures Manual of the NAIC Investment Analysis Office (P&P Manual) to Update the List of NAIC CRPs DATE: February 2, 2021 1. Summary – On July 2, 2019, Morningstar, Inc. completed its acquisition of DBRS. The merger was announced on May 29, 2019. DBRS Morningstar reported that they are now the fourth largest credit ratings agency and a market leader in Canada, the U.S. and Europe in multiple asset classes and rate more than 3,000 issuers and 60,000 securities worldwide. The merger resulted in the credit ratings symbols of the two previous entities being combined into a single set of symbols. 2. Recommendation – The SVO recommend adoption of this non-substantive amendment removing references to the legacy entities and instead referring to the new combined national recognized statistical ratings organization (NRSRO) entity, DBRS, Inc., doing business as “DBRS Morningstar Credit Ratings” or “DBRS Morningstar.” This proposed change updates the rating agency names on the List of NAIC Credit Rating Providers to match those on the U.S. Securities and Exchange’s Office of Credit Ratings list of Current NRSROs and the CRP Credit Rating Equivalents to NAIC Designations and NAIC Designation Categories. -
Professional Services Professional Services
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Guide to Best's Issue Credit Ratings– (Ir)
GUIDE TO BEST’S ISSUE CREDIT RATINGS– (IR) A Best’s Issue Credit Rating (IR) is an independent opinion of credit quality assigned to issues that gauges the ability to meet the terms of the obligation and can be issued on a long- or short-term basis (obligations with original maturities generally less than one year). An IR assigned to a specific issue is an opinion of the ability to meet the ongoing financial obligations to security holders when due. As such, an IR is an opinion regarding the relative future credit risk. Credit risk is the risk that an issue may not meet its contractual financial obligations as they come due. The rating does not address any other risk, including, but not limited to, liquidity risk, market value risk or price volatility of rated obligations. The rating is not a recommendation to buy, sell or hold any securities, contracts or any other financial obligations, nor does it address the suitability of any particular financial obligation for a specific purpose or purchaser. In addition, an IR may be displayed with a rating identifier or other modifier that denotes a unique aspect of the opinion. Best’s Long-Term Issue Credit Rating (Long-Term IR) Scale Rating Rating Rating Category Categories Symbols Notches* Definitions Exceptional aaa - Assigned to issues where, in our opinion, there is an exceptional ability to meet the terms of the obligation. Superior aa aa+ / aa- Assigned to issues where, in our opinion, there is a superior ability to meet the terms of the obligation. Excellent a a+ / a- Assigned to issues where, in our opinion, there is an excellent ability to meet the terms of the obligation. -
A New Age: Life Insurance Securitisation
A new age: life insurance securitisation By Perry J. Shwachman, Anthony J. Ribaudo and R. Bradley Drake, Sidley Austin LLP In the past five years, the United States life insurance industry has begun a new phase in its management of risk. The industry has adopted and developed securitisation techniques to address challenges raised by its regulatory regime and strengthen return on equity. At the same time, securitisation has provided investors the ability to receive exposure to risks uncorrelated with traditional investments. To date the life insurance industry has utilised three basic securitisation transaction types: redundant reserve, embedded value and catastrophic mortality. Redundant reserve securitisations have grown most party investors. In a typical XXX or AXXX rapidly in recent years, in response to the adoption in securitisation, the insurer cedes, through reinsurance, the United States of Regulation XXX and Actuarial the risks related to an identifiable pool of insurance Guideline AXXX. From the insurers’ perspective, these policies to a special purpose vehicle that is usually regulations have substantially increased the reserves licensed as a captive reinsurer. This reinsurer is that life insurers are required to maintain in financed through its sale of securities. The securities connection with level-premium term life insurance may be in the form of true equity sold to an policies and ‘no lapse’ or ‘secondary’ guarantees for intermediary holding company which issues debt to universal life insurance policies.These additional investors or in the form of surplus notes directly reserves are considered redundant to the reserves issued to investors or issued to a trust which then that insurers believe will be required economically to issues debt securities.