Stronger Together

Total Page:16

File Type:pdf, Size:1020Kb

Stronger Together Stronger Together 2020 ANNUAL REPORT Stronger Together | 2020 Annual Report OUR VISION To be a great company committed to improving the lives of people in the communities in which we operate. 1 TABLE OF CONTENTS FINANCIAL HIGHLIGHTS 2 SAGICOR GROUP CHAIRMAN’S REVIEW 5 SAGICOR GROUP PRESIDENT & CHIEF EXECUTIVE OFFICER’S MESSAGE 7 BOARD OF DIRECTORS 10 EXECUTIVE MANAGEMENT 16 GROUP ORGANISATIONAL CHART 22 CORPORATE & SOCIAL RESPONSIBILITY 24 HUMAN CAPITAL REPORT 39 INNOVATION & TECHNOLOGY 45 MANAGEMENT DISCUSSION & ANALYSIS 46 INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS 130 SHAREHOLDER INFORMATION 308 OFFICES 310 2 FINANCIAL HIGHLIGHTS SHAREHOLDERS’ RETURNS NET INCOME 1 COMMON DIVIDENDS BOOK VALUE PER SHARE3 7.59 7.81 8.50 8.83 7.66 (4) 87 37 62 60 33 15 15 15 14 2020 20192 2018 2017 2016 2020 20192 2018 2017 2016 2020 2019 2018 2017 2016 1 from continuing operations 2 2020 2019 2018 2017 2016 2 before Alignvest Acquisition II Corporation transaction costs 3 3 Basic earnings per share (2.4¢) 57.5¢ 51.7¢ 88.7¢ 84.4 under the Alignvest transaction, Sagicor Financial Corporation Limited common shares not purchased for cash, were exchanged for common shares of Sagicor Financial Company Ltd on an exchange 1,2 ratio of one Sagicor Financial Company Ltd. common share for 4.328 of Sagicor Financial Corporation Limited common shares (“Exchange Ratio”). This exchange ratio has been used to convert the 2018 Return on shareholder’s equity (0.3%) 10.50% 6.20% 11.30% 12.30 and prior years outstanding shares to the Sagicor Financial Company Ltd equivalent. GROUP FINANCIAL POSITION ASSETS 1 OPERATING LIABILITIES EQUITY & DEBT CAPITAL (TOTAL CAPITAL) 9,266 8,729 7,308 6,805 6,532 7,136 6,461 5,700 5,464 5,341 2020 2019 2018 2017 2016 2020 2019 2018 2017 2016 2,128 2,266 1,622 1,352 1,190 2020 2019 2018 2017 2016 2020 2019 2018 2017 2016 Debt to Capital 22.2% 22.8% 30.2% 30.5% 33.2% 1 from continuing operations MCCSR 252% 253% 234% 258% 249% FINANCIAL HIGHLIGHTS 3 GROUP RESULTS 1 NET INCOME 1 REVENUE BENEFITS 1,221 1,117 765 659 560 (15) 147 96 106 108 1,878 1,867 1,386 1,219 1,134 2020 2019 2018 2017 2016 2020 20192 2018 2017 2016 2020 2019 2018 2017 2016 1 from continuing operations 2 from continuing operations (before Alignvest Acquisition II Corporation transaction cost) SEGMENT RESULTS SAGICOR LIFE INC - NET INCOME 1 SAGICOR GROUP JAMAICA - NET INCOME 1 SAGICOR USA - NET INCOME 1 49 59 47 64 65 38 124 111 95 90 2020 2019 2018 2017 2016 2020 2019 2018 2017 2016 (27) 35 18 13 10 2020 2019 2018 2017 2016 2020 2019 2018 2017 2016 2020 2019 2018 2017 2016 2020 2019 2018 2017 2016 Revenue 523 533 340 421 411 Revenue 632 735 586 590 524 Revenue 679 562 421 159 149 Assets 2,279 2,116 2,008 1,953 1,928 Assets 3,455 3,482 3,104 2,836 2,674 Assets 3,383 2,842 2,293 1,982 1,901 1 from continuing operations 4 Timothy Hodgson SAGICOR GROUP CHAIRMAN Stronger Together | 2020 Annual Report 5 SAGICOR GROUP CHAIRMAN’S REVIEW Dear Shareholders: critical oversight and strategic direction needed Corporation Limited for nearly a decade. We also during such challenging times. During the year, the welcomed Mr. Gil Palter and Mr. Jonathan Finkelstein Our 2020 results have been dominated by COVID-19, Board provided guidance on business initiatives, ever to the Board. In September, we mourned the sad one of modern history’s most challenging health mindful of the need to balance shareholder value passing of Mr. John Shettle Jr., a board member since and economic crises, and we expect the challenges creation and capital allocation decisions. 2008. We deeply appreciated John’s years of service to continue into 2021. The pandemic affected the and significant contribution to Sagicor’s development, tourism dependent Caribbean regions in which we As the pandemic’s impact became more quantifiable, and especially his work on various committees. operate, just as it impacted economies around the we pursued digital business transformation strategies world. In the face of this unprecedented disruption, that could benefit our service offerings and enhance On behalf of the Board of Directors, I would like Sagicor remained steadfast in its objectives, and our workflows. We also encouraged leadership to thank our policyholders, our customers, our adaptive in its ways of doing business. Drawing upon at all levels of the organisation to help develop employees, our advisors, our shareholders and 180 years of experience as a market-leading financial strategies for helping our stakeholders to weather our many business affiliates for the support, services provider with a strong capital position, the pandemic storm – employees, customers policy commitment and trust you have placed in Sagicor. Sagicor demonstrated its resilience, as well as its holders, and the communities we serve. Sagicor used We will continue to do our best to consistently and social responsibility. its financial strength in ways that not only supported effectively serve your needs. To our Group President stakeholders, but that could also position the and Chief Executive Officer, Mr Dodridge Miller, The pandemic profoundly changed the way we company to be stronger once the pandemic is safely and his executive team, the Board expresses its interact with each other and how we do business. It behind us. confidence in your tireless work to fulfill Sagicor’s forced us to adapt innovative strategies to accelerate ongoing purpose. To the Sagicor family, the Board is business initiatives. Our customers depended on us As we looked forward, we embarked on a full multi- grateful for your continued commitment to assisting and in response, we introduced new products, digital year strategic review and planning exercise with your communities, especially in the face of natural technologies for broader engagement, and simpler management. The decisions we adopted were driven disasters and the ongoing COVID-19 pandemic. ways of doing business. Sagicor continues to use by our strong risk culture, as well as our focus on its broad platform to support its communities. We profitable growth and sustainability. Our Governance I firmly believe we will come out of this crisis stronger willingly shoulder our responsibility as a corporate and Nominating Committee conducted their annual together. Stay safe and stay well. leader in the Caribbean and as a leading indigenous review of executive compensation and succession financial institution. plans to ensure we have the proper framework to Yours truly attract and retain the talent needed to execute our The past year marked our first full year as a Toronto strategic vision. On the matter of board diversity, Stock Exchange (TSX) public company, and it was we are a leader in terms of ethnic and geographic also my first year as Chair of the Board. I owe a diversity on our board. At the same time, we are also debt of gratitude to my fellow Board members and committed to increasing the gender diversity on Timothy Hodgson the entire management team at Sagicor for their our board. Chair of the Board of Directors dedication and commitment during the burgeoning pandemic. Our open and transparent discussions, The Board experienced some changes to its directors facilitated by a transition to virtual meetings, allowed during the year. The Board reappointed Mr. Monish us to quickly pivot, and continue providing the Dutt, having served on the Board of Sagicor Financial 6 Dodridge Miller GROUP PRESIDENT & CHIEF EXECUTIVE OFFICER Stronger Together | 2020 Annual Report 7 SAGICOR GROUP PRESIDENT & CHIEF EXECUTIVE OFFICER’S MESSAGE Dear Shareholders: 2020 in Review positive impact asset optimisation efforts in our Sagicor Life segment. However, overall, the Group The year 2020 was a challenging one for the world Sagicor entered 2020 in a position of financial recorded a loss for the year to shareholders of $4 as it was for Sagicor. A Global pandemic rocked strength, following the capital raised from our million, driven by lower interest rates, strengthening the world from very early in the year and the social December 2019 listing on the Toronto Stock of actuarial reserves for forward looking assumptions and economic upheaval quickly raced around the Exchange. While it is still too early to assess the full and increased credit losses. From a balance sheet globe. At Sagicor, we successfully leveraged our impact, our new stock exchange listing exposed perspective, we ended the year with assets of $9.3 more than 180 years of experience to ensure first Sagicor to a more liquid equity capital market and billion, an increase of $500 million, as we continue the safety of our staff and customers, and secondly brought in over $450 million of additional capital to focus on growth and internal capital optimisation. the maintenance of high-quality service to all of and new long-term investors to Sagicor. Going We believe we are well positioned to execute our our stakeholders. We demonstrated flexibility and forward, we are committed to building our presence growth plans with a strong foundation of financial, agility in our ability to efficiently pivot into a digital in these new markets and engaging new investors, operational and risk management strengths. world, successfully transitioning and adapting our while leveraging our brand leadership and reputation approach to doing business in each of our markets. in our home markets, as we execute our purpose- Key Business Segments: The COVID-19 pandemic accelerated transformational driven strategy. shifts that fortunately, were already underway at With a committed workforce of over 4,500 team Sagicor. I am extremely proud of the way Team Our financially strong position helped us maintain and members and advisors in the Caribbean, Sagicor Sagicor responded to the changing environment.
Recommended publications
  • February 1, 2018 MASSACHUSETTS PRIVATE PASSENGER RESIDUAL MARKET AUTOMOBILE INSURANCE MANUAL
    MASSACHUSETTS PRIVATE PASSENGER RESIDUAL MARKET AUTOMOBILE INSURANCE MANUAL SECTION I - GENERAL RULES RULE 1. ELIGIBILITY All individually owned vehicles registered under the Massachusetts Compulsory Motor Vehicle Law that are eligible for private passenger motor vehicle insurance under the rules of the Massachusetts Automobile Insurance Plan (MAIP) may be rated in accordance with this manual and written on the Massachusetts Automobile Insurance Policy. RULE 2. COVERAGES AND LIMITS The types of coverages available in the CAR Massachusetts Automobile Insurance Policy are: Compulsory Insurance Coverages Part 1 - Bodily Injury to Others The basic limits are $20,000 each person and $40,000 each accident. Part 2 - Personal Injury Protection The basic limit is $8,000 for each person. Refer to Rule 30 for available deductibles. Part 3 - Bodily Injury Caused By an Uninsured Auto The basic limits are $20,000 each person and $40,000 each accident. Increased limits are available. The limits may not exceed the limits of Part 5, or if Part 5 is not purchased, Part 1 of this policy. This coverage is excess over Personal Injury Protection. Part 4 - Damage to Someone Else’s Property The basic limit is $5,000 each accident. Increased limits are available. Optional Insurance Coverages Part 5 - Optional Bodily Injury to Others The basic limits are $20,000 each person and $40,000 each accident. Increased limits are available. Part 6 - Medical Payments The basic limit is $5,000 each person. Higher limits are available for all motor vehicles rated in this manual. Motorcycle limits are available from $500 to $25,000. This coverage is excess over Personal Injury Protection.
    [Show full text]
  • 786-1 Credit for Reinsurance Model Regulation
    NAIC Model Laws, Regulations, Guidelines and Other Resources—Summer 2019 CREDIT FOR REINSURANCE MODEL REGULATION Table of Contents Section 1. Authority Section 2. Purpose Section 3. Severability Section 4. Credit for Reinsurance—Reinsurer Licensed in this State Section 5. Credit for Reinsurance—Accredited Reinsurers Section 6. Credit for Reinsurance—Reinsurer Domiciled in Another State Section 7. Credit for Reinsurance—Reinsurers Maintaining Trust Funds Section 8. Credit for Reinsurance––Certified Reinsurers Section 9. Credit for Reinsurance—Reciprocal Jurisdictions Section 10. Credit for Reinsurance Required by Law Section 11. Asset or Reduction from Liability for Reinsurance Ceded to Unauthorized Assuming Insurer Not Meeting the Requirements of Sections 4 Through 10 Section 12. Trust Agreements Qualified Under Section 11 Section 13. Letters of Credit Qualified Under Section 11 Section 14. Other Security Section 15. Reinsurance Contract Section 16. Contracts Affected Form AR-1 Certificate of Assuming Insurer Form CR-1 Certificate of Certified Reinsurer Form RJ-1 Certificate of Reinsurer Domiciled in Reciprocal Jurisdiction Form CR-F Form CR-S Section 1. Authority This regulation is promulgated pursuant to the authority granted by Sections [insert applicable section number] and [insert applicable section number] of the Insurance Code. Section 2. Purpose The purpose of this regulation is to set forth rules and procedural requirements that the commissioner deems necessary to carry out the provisions of the [cite state law equivalent to the Credit for Reinsurance Model Law (#785)] (the Act). The actions and information required by this regulation are declared to be necessary and appropriate in the public interest and for the protection of the ceding insurers in this state.
    [Show full text]
  • Credit for Reinsurance Model Regulation
    Model Regulation Service—January 1997 CREDIT FOR REINSURANCE MODEL REGULATION Table of Contents Section 1. Authority Section 2. Purpose Section 3. Severability Section 4. Credit for Reinsurance—Reinsurer Licensed in this State Section 5. Credit for Reinsurance—Accredited Reinsurers Section 6. Credit for Reinsurance—Reinsurer Domiciled and Licensed in Another State Section 7. Credit for Reinsurance—Reinsurers Maintaining Trust Funds Section 8. Credit for Reinsurance Required by Law Section 9. Asset or Reduction from Liability for Reinsurance Ceded to Unauthorized Assuming Insurer Not Meeting the Requirements of Sections 4 Through 8 Section 10. Trust Agreements Qualified Under Section 9 Section 11. Letters of Credit Qualified Under Section 9 Section 12. Other Security Section 13. Reinsurance Contract Section 14. Contracts Affected Form AR-1 Certificate of Assuming Insurer Section 1. Authority This regulation is promulgated pursuant to the authority granted by Sections [insert applicable section number] and [insert applicable section number] of the Insurance Code. Section 2. Purpose The purpose of this regulation is to set forth rules and procedural requirements that the commissioner deems necessary to carry out the provisions of the [cite state law equivalent to the Credit for Reinsurance Model Law] (the Act). The actions and information required by this regulation are declared to be necessary and appropriate in the public interest and for the protection of the ceding insurers in this state. Section 3. Severability If any provision of this regulation, or the application of the provision to any person or circumstance, is held invalid, the remainder of the regulation, and the application of the provision to persons or circumstances other than those to which it is held invalid, shall not be affected.
    [Show full text]
  • Addressing the Protection Gap for Pandemic Risk: Finding a Way Forward
    ADDRESSING THE PROTECTION GAP FOR PANDEMIC RISK: FINDING A WAY FORWARD In collaboration with: Please cite this publication as: OECD (2021), Addressing the Protection Gap for Pandemic Risk: Finding a Way Forward, https://www.oecd.org/finance/insurance/addressing-protection-gap-pandemic-risk.htm This document is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of OECD member countries.This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries, and to the name of any territory, city, or area. © OECD 2021 | 1 KEY TAKEAWAYS • The necessary public health measures to contain the spread of COVID-19 have had devastating impacts for many businesses around the world that have been forced to curtail their activities and/or adapt to changing consumer preferences. • The magnitude of simultaneous losses around the globe and the complexity of predicting government containment decisions and changes in consumer behaviour make this risk impossible for the insurance and reinsurance sector to assume alone. As a result, insurers and reinsurers are ensuring that exclusions of pandemic risk are unambiguous in future contracts across several lines of business with implications for the recovery of many sectors that depend on such coverage. • (Re)insurers and brokers around the world have developed pandemic insurance frameworks and are engaging in discussions about the structure of a potential public-private partnership program for future events. The proposals rely on significant government support, but acknowledge a role for the insurance sector and insurance buyers.
    [Show full text]
  • US/EU/En 1 BILATERAL AGREEMENT BETWEEN
    BILATERAL AGREEMENT BETWEEN THE UNITED STATES OF AMERICA AND THE EUROPEAN UNION ON PRUDENTIAL MEASURES REGARDING INSURANCE AND REINSURANCE US/EU/en 1 Preamble The United States of America (United States or U.S.) and the European Union (EU), Parties to this Agreement, Sharing the goal of protecting insurance and reinsurance policyholders and other consumers, while respecting each Party’s system for insurance and reinsurance supervision and regulation; Affirming that for the United States, prudential measures applicable in the European Union, together with the requirements and undertakings provided for in this Agreement, achieve a level of protection for policyholders and other consumers with respect to reinsurance cessions and group supervision consistent with the requirements of the Federal Insurance Office Act of 2010; Acknowledging the growing need for co-operation between EU and U.S. supervisory authorities including the exchange of confidential information, given the increased globalisation of insurance and reinsurance markets; Taking into account that practical arrangements concerning cross-border cooperation are essential for supervision of insurers and reinsurers both during times of stability and during times of crisis; Taking into account information exchanged on each Party’s regulatory frameworks and after careful consideration of these frameworks; Noting the benefits of enhancing regulatory certainty in the application of insurance and reinsurance regulatory frameworks for insurers and reinsurers operating in the territory
    [Show full text]
  • Delivering Value to the Insurance and Reinsurance Industry
    Delivering value to the insurance and reinsurance industry Audit and assurance, advisory, actuarial and tax services www.pwc.com/bermudainsurance Contents PwC – The leading provider of services to the insurance and reinsurance industry 4 PwC market focus – Our firm in your sector 5 PwC industry focus – insurance and reinsurance 6 PwC’s commitment to the business community 7 Audit and assurance 8 Advisory 10 Business recovery and insolvency services 12 Tax 13 Actuarial 14 Executive search and selection services & human capital consulting 15 People 16 Global Insurance Leadership Team 18 Creating value with our clients through strong and enduring relationships. We are privileged to be the leading professional services firm and the market leader in the insurance and reinsurance sector both in Bermuda, and globally. We take this position very seriously. Our dedicated team of industry specialists is proud to deliver lasting value to our clients, markets, and our business community. This overview of our insurance and reinsurance capabilities demonstrates our strength in your industry. We look forward to exploring further with you the value our firm can and will deliver. Arthur Wightman Insurance Leader ( +1 (441) 299-7127 * arthur.wightman @bm.pwc.com Delivering value to the insurance and reinsurance industry 3 PwC as these, specialised, timely upon an international, multi- business advice from skilled disciplinary network of PwC - The leading professionals has never been insurance and reinsurance more crucial – or hard to find. accounting, assurance, tax provider of services and advisory professionals to PwC in Bermuda, as well bring a global industry scope to the insurance and as globally, is the market and experience as well as leader in the insurance and comprehensive knowledge reinsurance industry reinsurance sector – no one of Bermuda issues and serves more insurance and regulations.
    [Show full text]
  • Saudi Re for Cooperative Reinsurance Company (A Saudi Joint Stock Company)
    SAUDI RE FOR COOPERATIVE REINSURANCE COMPANY (A SAUDI JOINT STOCK COMPANY) UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS’ REVIEW REPORT FOR THE THREE MONTH AND SIX MONTH PERIODS ENDED 30 JUNE 2020 Public Saudi Re for Cooperative Reinsurance Company (A Saudi Joint Stock Company) UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS’ REVIEW REPORT For the three month And six month periods ended 30 June 2020 INDEX PAGES INDEPENDENT AUDITORS’ REVIEW REPORT INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION 1 INTERIM CONDENSED STATEMENT OF INCOME 2 INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME 3 INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY 4 INTERIM CONDENSED STATEMENT OF CASH FLOWS 5 NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS 6 - 40 Public Saudi Re for Cooperative Reinsurance Company (A Saudi Joint Stock Company) NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS (UNAUDITED) For the three month and six month periods ended 30 June 2020 1. ORGANIZATION AND PRINCIPAL ACTIVITIES Saudi Re for Cooperative Reinsurance Company (the “Company”) is a Saudi Joint Stock Company registered in the Kingdom of Saudi Arabia under commercial registration number 1010250125 dated 12 Jumada Al-Awal 1429H (corresponding to 17 May 2008) with a branch in the Federal Territory of Labuan, Malaysia with license number IS2014146. The address of the Company’s registered office is at 4130 Northern Ring Road Al Wadi, Unit number 1, Riyadh 13313-6684, Kingdom of Saudi Arabia. The objective
    [Show full text]
  • Tax Planning for the Alternative Fund Manager
    By Anthony J. Tuths, JD, LLM, Partner, [email protected] TAX PLANNING FOR THE ALTERNATIVE FUND MANAGER Being an advisor to the alternative investment industry allows me to observe recurring issues that leaders take into account, such as governmental regulation, investor preferences and idiosyncratic asset problems. There is a constant issue which fund managers are always eager to discuss, and that is the taxation of their own compensation. Within the asset management arena there are several strategies OFF-SHORE REINSURANCE COMPANY that managers employ to limit their global tax burden. In this Many large U.S. based fund managers have created off-shore article I will briefly describe several accepted methods managers reinsurance companies, converting ordinary income into long can employ to legally reduce their U.S. tax costs including: term capital gain in order to gain a tax rate advantage. In order to achieve this, the fund manager will work in tandem with a non-U.S. 1. Affirmatively using the PFIC rules partner, typically a reinsurance company. The non-U.S. party owns 2. Off-shore reinsurance companies a portion of the reinsurance company to ensure it is not treated as 3. Private placement life insurance a controlled foreign corporation (a “CFC”) for U.S. tax purposes. 4. Expatriation The new reinsurance company then begins writing reinsurance policies and collecting premiums. The initial share capital of the AFFIRMATIVE USE OF PFIC RULES company plus the insurance premiums collected are invested into U.S. investors, including U.S taxable fund managers, in alternative the manager’s fund(s). The fact that the company takes on real investment funds, almost universally, invest into a U.S.
    [Show full text]
  • Management Discussion and Analysis Are As Follows
    SAGICOR FINANCIAL COMPANY LTD. MANAGEMENT’S DISCUSSION & ANALYSIS For the three-month periods and years ended December 31, 2020 and December 31, 2019 MANAGEMENT’S DISCUSSION AND ANALYSIS Introduction and Notice The principal activities of the Sagicor Group are as follows: • Life and health insurance, This Management’s Discussion and Analysis (“MD&A”) contains important information about • Annuities and pension administration services, Sagicor’s business and its performance for the three-month period and year ended December • Banking and investment management services, 31, 2020 with comparative analysis for the corresponding periods ended December 31, 2019. This MD&A should be read in conjunction with the Company’s annual financial statements, prepared in accordance with International Financial Reporting Standards (IFRS), in effect on and its principal operating companies are as follows: the date of such information. • Sagicor Life Inc. (Barbados and Trinidad & Tobago), The following discussion is based on the financial condition and results of operations of Sagicor, • Sagicor Life Jamaica Limited (Jamaica), unless otherwise specified or indicated. Financial information is presented in millions of US • Sagicor Bank Jamaica Limited (Jamaica), dollars, unless otherwise indicated. Amounts for subtotals, totals and percentage variances • Sagicor Life Insurance Company (USA). included in tables in this MD&A may not sum or calculate using the numbers as they appear in the tables due to rounding. The Group also underwrites property and casualty insurance and provides hospitality services. Legal Constitution and General Information Result of Operations Sagicor Financial Company Ltd. (“Sagicor”) (“the Company”) (TSX: SFC) is a leading financial services provider in the Caribbean, with over 180 years of history.
    [Show full text]
  • Discontinuance of Per Passenger Seat Surcharge Effective Date: January 1, 2015
    733 Third Avenue New York, New York 10017 Tel: (212) 697-3535 www.nycirb.org B U L L E T I N August 7, 2014 Contact: Mr. Debbie Rojan Manager, Underwriting Services Ext. 169, [email protected] R.C. 2368 To: The Members of the Board RE: New York Workers Compensation & Employers Liability Manual New York Retrospective Rating Plan Manual New York Experience Rating Plan Manual ********************** Countrywide Policy Forms & Discontinuance of Per Passenger Seat Surcharge Effective Date: January 1, 2015 In accordance with the authorization of the Underwriting Committee and approval by the New York State Department of Financial Services, amendments to Rating Board manuals are being implemented regarding countrywide updates filed by the National Council on Compensation Insurance (NCCI). These changes include the adoption, by the Board, of modified language regarding the Federal Mine Safety and Health Act references and the discontinuation of the Per Passenger Seat Surcharge. The changes are being implemented with an effective date of January 1, 2015. For additional background on these changes, attached are exhibits which summarize the NCCI Item Filings. The first exhibit explains the updates necessary for the endorsements and policy forms. The second exhibit provides the reasoning and justification for the Per Passenger Seat Surcharge discontinuation. To accommodate these changes, a number of pages in the New York Workers Compensation and Employers Liability Manual, the New York Retrospective Rating Plan Manual and the New York Experience Rating Plan Manual have been updated. The following is a listing of the modified manual pages, as provided below, in the order in which they would appear in the manual: New York Workers Compensation and Employers Liability Manual • Manual Pages .
    [Show full text]
  • Delaware Basic Manual
    DELAWARE WORKERS COMPENSATION MANUAL Of RULES, CLASSIFICATIONS AND RATING VALUES FOR WORKERS COMPENSATION AND FOR EMPLOYERS LIABILITY INSURANCE Effective June 1, 2004 DELAWARE COMPENSATION RATING BUREAU, INC. DELAWARE COMPENSATION RATING BUREAU, INC. Manual Information Page June 1, 2004 Manual Section 1 Effective: June 1, 2004 • Changes to Rule IX, G. Delaware Construction Classification Premium Adjust- ment Program • Changes to Rule VII, C. Large Construction Projects – Wrap-Ups Section 7 • Changes to Section III, Rule 7. Combination of Entities Any questions, suggestions or comments about this manual should be directed to Bruce Decker at [email protected] DELAWARE WORKERS COMPENSATION MANUAL PREFACE EFFECTIVE: JUNE 1, 2004 Page 1 PREFACE A. This Manual of risk classes, underwriting rules, Bureau rating values and rating plans has been filed with the Delaware Insurance Department as required by Delaware Law. It is effective 12:01 A.M., June 1, 2004, with respect to all policies, the effective date of which is June 1, 2004 or thereafter, subject to the following express conditions, for the insurance companies, corporations and associations listed herein and for no other insurance company, corporation or association. The following portions of this Manual may, at the option of the insurance companies, corporations, associations and exchanges enumerated in the attached list, be applied to selected policies in force as of November 26, 2002: • Statistical Code 9740 Terrorism Risk Insurance Act of 2002 – Certified Losses • Policyholder Disclosure Notification of Terrorism Insurance Coverage • Terrorism Risk Insurance Act Endorsement WC 00 04 20 B. Organization of Manual This Manual has seven sections: Section One – Underwriting Rules Section Two – Classifications and Rating Values Section Three – Endorsements Section Four – Retrospective Rating Plans Section Five – Rulings and Interpretations and Classification Underwriting Guide Section Six – Experience Rating Plan Section Seven – Merit Rating Plan C.
    [Show full text]
  • Lloyd's Certificate
    Lloyd’s Certificate This Insurance is effected with certain Underwriters at Lloyd's, London. This Certificate is issued in accordance with the limited authorization granted to the Correspondent by certain Underwriters at Lloyd's, London whose syndicate numbers and the proportions underwritten by them can be ascertained from the office of the said Correspondent (such Underwriters being hereinafter called "Underwriters") and in consideration of the premium specified herein, Underwriters hereby bind themselves severally and not jointly, each for his own part and not one for another, their Executors and Administrators. The Assured is requested to read this Certificate, and if it is not correct, return it immediately to the Correspondent for appropriate alteration. All inquiries regarding this Certificate should be addressed to the following Correspondent: XS/Group, Inc. 2750 Killarney Drive #202 Woodbridge, VA 22192-4124 SLC-3 (USA) NMA 2868 (24/08/2000 Form approved by Lloyd’s Underwriters’ Non-Marine Association Limited CERTIFICATE PROVISIONS 1. Signature Required. This Certificate shall not be valid unless signed by the Correspondent on the attached Declaration Page. 2. Correspondent Not Insurer. The Correspondent is not an Insurer hereunder and neither is nor shall be liable for any loss or claim whatsoever. The Insurers hereunder are those Underwriters at Lloyd's, London whose syndicate numbers can be ascertained as hereinbefore set forth. As used in this Certificate "Underwriters" shall be deemed to include incorporated as well as unincorporated persons or entities that are Underwriters at Lloyd's, London. 3. Cancellation. If this Certificate provides for cancellation and this Certificate is cancelled after the inception date, earned premium must be paid for the time the insurance has been in force.
    [Show full text]