DOCSLIB.ORG

Sagicor Group Annual Report 2015

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Sagicor Group Annual Report 2015 YEARS WINNING FOR OUR SHAREHOLDERS, CLIENTS, COMMUNITIES AND OUR TEAM 2015 ANNUAL REPORT New Individual Life & Health Sales We are Sagicor 2.9 $ Billion We put our clients at the heart of everything we do. The service“ provided by all the advisors I met along my journey has been wonderful. Their services were quite professional, pleasant and friendly. # Cislyn 1 Sagicor Investments Client Stockbroker : 2015 Sagicor Investments Jamaica ” Contents Throughout our distinguished history, we 002 Our Group’s Performance 003 New Insurance and Annuities at a Glance have remained focused on upholding our 004 A Look Back traditional values based on service and 008 Statement of the Chairman & President integrity. Our values, founded in our past 010 Skyler’s Story 013 Individual Life Division but applied to the modern world today, 014 Group 10-Year Financial Statistics are embedded in our culture and underpin 016 Notice of Annual General Meeting everything we do. 017 Directors’ Report 019 Primla’s Story Pension Funds under management I’m proud“ to work for a 130.3 company that has taught $ Billion me the value of standing by my clients when It matters the most. Selena Sagicor Life Insurance Employee ” OUR VISION OUR VALUES To be a great company Our Values dictate who we are... committed to improving the lives our SCRIPT guides our actions. of people in the communities in which we operate Sagicor Values Service Communication OUR PHILOSOPHY Respect Only when our clients win, we win Integrity Performance Teamwork 020 Organisational Structure 071 Sagicor Investments Jamaica 091 FINANCIAL STATEMENTS 098 Company Statement of Cash Flows 021 Our Chairman…a true visionary 072 Our Subsidiaries 092 Index To The Financial Statements 099 Company Statement of Changes in Equity 022 Board of Directors 073 Corporate Data 093 Independent Auditors’ Report 099 Notes to the Financial Statements 026 Cislyn’s Story 077 Only When Clients Win, We Win 094 Consolidated Statement of Financial Position 190 Corporate Directory 028 Leadership Team 078 Team Highlights 095 Consolidated Income Statement 193 Disclosure of Shareholding 033 Employee Benefits Division 082 Team Member of The Year 2015 095 Consolidated Statement of Comprehensive Income FORM OF PROXY 034 Management’s Discussion And Analysis 083 Our Corporate Social Responsibility 096 Consolidated Statement of Changes in Equity 061 Sagicor Bank Jamaica 087 2015 Donations 097 Consolidated Statement of Cash Flows 062 The Future is Technology 088 45 Ways To Give Back 097 Company Statement of Financial Position 064 Corporate Governance 090 #SAGICORWINNING 098 Company Income Statement Sagicor Group Jamaica | 2015 Annual Report 001 Our Group’s Performance Sagicor maintained its track record of 16 consecutive years of increased profitability 9.79 Total Revenue Total Assets Dividend per Stock Unit 8.51 $55.00B $300.39B $0.73 21% Growth over 2014 6% Growth over 2014 16% Growth over 2014 Net Profit Stockholders’ Equity Earnings per Share $9.79B $46.57 B $2.51 5.87 15% Growth over 2014 1% Growth over 2014 14% Growth over 2014 4.67 3.93 2.57 1.43 0.86 0.21 2000 2002 2004 2006 2008 2010 2012 2014 2015 $Billions 002 Sagicor Group Jamaica | 2015 Annual Report Business Review New Insurance and Annuities at a Glance Corporate Governance Corporate 6% 3% New Insurance & New Insurance & Annuities Annuities Sales (API) by Sales (API) by Line of Business Geographic Area Group Pensions Bulk Annuities Single Premiums Our People 2015 Group Annuities2014 Group Health Single Premiums Jamaica Group Life & HealthJamaica Individual Annuities Cayman Cayman Financial Statements Individual Life & Health 94% 97% 6% 3% Additional Info 2015 2014 Jamaica Jamaica Cayman Cayman 2015 TOTAL 2014 TOTAL 94% 97% $11,328 M $11,053 M Sagicor Group Jamaica | 2015 Annual Report 003 1 2 3 A LOOK BACK Sagicor Jamaica began in 1970 as Life of Jamaica Ltd. The visionary, R. Danvers “Danny” Williams shared a view in the post-colonial era of the 1950s Jamaica that many had – to create a new life for his fellow Jamaicans. 7 8 The idea of establishing a locally controlled life insurance company took root in the minds of six enterprising young Jamaicans: Danny Williams, Adrian Foreman, Manley McAdam, Donald Davidson, Herbert Hall and Peter Rousseau. The company opened its doors on June 1, 1970 as Jamaica’s first publicly-owned life insurance company with an exuberant field force who wrote more than $1 million in life insurance on that first day alone. 10 11 14 004 Sagicor Group Jamaica | 2015 Annual Report 15 16 1. The North American Life Assurance Company Branch Office at 76 Harbour Street and the Hon. Douglas Fletcher, first chairman of the Company. 2. The first share certificate of LOJ. Pictured right is Ervin McNally, the first company accountant. 3. Students, teachers and LOJ staff at the official launch of the Company’s Adopt-A-School function at the New Kingston Shopping Centre in 1989. LOJ adopted 17 schools islandwide. 4. The former Jamaica Citizens Bank, King Street Branch. 4 5 6 5. The Hon. Patrick H. O. Rousseau (l), then chairman of the Board and R. Danny Williams, then president and CEO of LOJ in 1987. 6. R. Danny Williams (c) and Hugh Dyke (r) of the National Hotels and Properties signing documents concluding the purchase of the ‘Jamaica – Jamaica’ hotel by LOJ. At left is John Issa of Super Clubs (then operators of the hotel). 7. The former LOJ Head Office, 72-76 Harbour Street, Kingston (1970-1983). 8. The initial complement of office staff and field personnel pictured at the formation of the company in June 1970. 9. New Kingston land space primed for development by LOJ Properties in 1980. 10. Signing of construction contract for the new head office building in 1980. 9 Signing on behalf of Caribbean Construction Company are (l) Messrs Wilson Chang and H.V. Watson and on behalf of LOJ (right) Directors Danny Williams and Adrian Foreman. Looking on are Messrs Errol Spence, quantity surveyor, Richard Issa, Deputy Chairman LOJ and Ossie Harding, Director and General Counsel LOJ. 11. An artist’s rendering of the proposed new LOJ Head Office Building at 17 Dominica Drive, Kingston. 12. Romeo Sinclair, computer operator at LOJ in the 1980s, loads tape into the tape drive computer system. 13. President of LOJ in 1989, R. Danny Williams in the audience for one of the annual S.A.A.W. (Staff Appreciation and Awareness Week) concerts. 14. Jamaica’s then Industry and Commerce Minister, the Hon. Claude Clarke (2nd r) severs the ribbon to officially declare the LOJ Spanish Town Shopping Centre open on August 17, 1989. 12 13 15. The former LOJ Montego Bay Branch Building in a photograph taken in the 1980s. 16. Victor Cooke receives the LOJ President’s Cup for highest individual performance as an Underwriter for the Company in 1970. Mrs. Shirley Williams made the presentation. 17. Key members of the Pensions team at Sagicor in 1987 during a strategic planning meeting. 18. Keith McFarlane of LOJ presents the keys to a brand new bus for the Jamaica Cancer Society. 17 18 Sagicor Group Jamaica | 2015 Annual Report 005 1 2 3 PRESENT Today Sagicor Group Jamaica is a financial services conglomerate with business in Jamaica, the Cayman Islands and Costa Rica. The Group offers products and services in the areas of Banking, Insurance, Investments, Real 7 8 Estate, Asset Management and Retirement Planning. The Company prides itself still today on its rich history of community and national development. Sagicor Group Jamaica is a member of the wider Sagicor Financial Corporation. Sagicor Financial Corporation operates in over 20 countries and its operations date back to 1840. 11 12 13 006 Sagicor Group Jamaica | 2015 Annual Report 16 17 1. Recipients of Sagicor Foundation’s 2015 GSAT and Tertiary Scholarships along with Richard O. Byles (l, 1st row) and R Danny Williams (r, 2nd row). 2. The Sagicor Group Jamaica Head Office decorated in commemoration of Jamaica’s 50th year of Independence, 2012. 3. Children of Sagicor’s summer camp programme perform at the Jamaica 50 concert at the Company’s head office. 4. The current Head Office of Sagicor Life and Sagicor Group Jamaica, 28-48 Barbados Avenue. The building was renamed the “R. Danny Williams Building” in June 2012. 4 5 6 5. Students compete at the JTA Sagicor National Athletic Championships in May 2015. 6. Merrick Plummer (l), AVP Sales and Distribution, presents Loeri Robinson, Executive Agent of the Holborn Branch, with one of her many awards won at the Company’s Annual Corporate Awards in 2015. 7. Mrs. Gloria Williamson (c), manager of The Golden Age Home, happily accepted the donation of Three Hundred Thousand Dollars ($300,000) from Richard Byles and Mrs. Jacqueline Donaldson, AVP Group Corporate Services. The Golden Age Home was the first recipient of Sagicor’s #45WaysToGiveBack initiative. 8. Team members make repairs to the Strathmore Gardens Children’s Home in Spanish Town, St. Catherine. The home was the Sagicor Motivational Seminar Charity Recipient in 2015. 9. Members of Jamaica’s World Cup Netball Team are joined by Karl Williams, VP Group HR (l) and Ingrid Card, VP Group Marketing (back row - r) for a picture at the cocktail event where Sagicor’s $3-million sponsorship of the team was announced. 9 10 10. President & CEO of Sagicor Group Jamaica Limited Richard Byles (l) greets Regional Director / President North America of Temenos Russell Taylor after signing a major software licensing agreement with the banking software company. 11. The Hon. R. Danny Williams and his wife Shirley look at the bust created and installed in the lobby of the Sagicor Group Head Office on Barbados Avenue.
Load more

Recommended publications
  • Social Insurance Law PART 1
    Social Insurance Law PART 1: THE CONSOLIDATED ACT ON SOCIAL INSURANCE CHAPTER I THE REGULATION OF SOCIAL INSURANCE, SCOPE OF APPLICATION AND DEFINITIONS Article 1 This Law shall be cited as "The Social Insurance Law" and shall include the following branches of Insurance :- 1. Insurance against old age, disability and death; 2. Insurance against employment injuries; 3. Insurance against temporary disability by reason of sickness or maternity; 4. Insurance against unemployment; 5. Insurance for the self-employed and those engaged in liberal professions; 6. Insurance for employers; 7. Family Allowances; 8. Other branches of insurance which fall within the scope of social security. Each of the first two branches shall be introduced in accordance with the following provisions and the protection guaranteed by this Law shall be extended in future stages by introducing the other branches of social insurance by Order of the Council of Ministers. Article 2 The provisions of this Law shall be applied compulsorily to all workers without discrimination as to sex, nationality, or age, who work by virtue of an employment contract for the benefit of one or more employers, or for the benefit of an enterprise in the private, co-operative, or para-statal sectors and, unless otherwise provided for, those engaged in public organisations or bodies, and also those employees and workers in respect of whom Law No. 13 of 1975 does not apply, and irrespective of the duration, nature or form of the contract, or the amount or kind of wages paid or whether the service is performed in accordance with the contract within the country or for the benefit of the employer outside the country or whether the assignment to work abroad is for a limited or an unlimited period.
    [Show full text]
  • 2021 US Auto Insurance Study
    Auto Insurance Customer Satisfaction Stalls Despite $18 Billion in Premium Relief, J.D. Power Finds Weaknesses in Self-Service Communications Channels Overshadow Pandemic-Driven Refunds TROY, Mich.: 15 June 2021 — The auto insurance industry voluntarily returned more than $18 billion in auto insurance premiums to customers in 2020 to address the sharp decline in miles driven during the COVID-19 pandemic. Despite the magnitude of this historic relief effort, the J.D. Power 2021 U.S. Auto Insurance Study,SM released today, finds that overall customer satisfaction with auto insurers is flat, following four consecutive years of improvement. “What we’re seeing in this year’s study is a case of insurers delivering with their actions but missing the mark on effective communication to their customers,” said Robert Lajdziak, senior consultant for insurance intelligence at J.D. Power. “The refunds provided to customers during the pandemic were significant, representing nearly 7% of total industry premiums, but only half of customers were even aware of them. Worse, when customers needed to communicate with their insurers, either via phone, website or chat, many came away feeling less satisfied with the result than in the past.” Following are some of the key findings of the 2021 study: • Overall satisfaction stagnates: Overall customer satisfaction with auto insurance providers is 835 (on a 1,000-point scale) this year, unchanged from a year ago. This is the first time since 2017 that auto insurance customer satisfaction has not improved year over year. • Insurers miss the mark in communication: While price is the lowest-scoring factor in the study, it has seen the greatest improvement year over year.
    [Show full text]
  • Prudential Financial, Inc. Financial Strength Symposium Arial 28
    PRUDENTIAL FINANCIAL, INC. DEBT INVESTORS UPDATE SEPTEMBER 2016 AGENDA Enterprise Overview U.S. and International Businesses Results and Key Drivers Capital & Liquidity Investment Portfolio 2 ENTERPRISE OVERVIEW SUPERIOR MIX OF HIGH QUALITY BUSINESSES AND RISKS June 30, 2016 Attributed Equity $34.0 Billion(1) Asset Management Individual International Annuities Insurance Individual Retirement Life Group Insurance 1) Attributed equity excluding accumulated other comprehensive income (AOCI) and impact of foreign currency exchange rate remeasurement, which is attributed to International Insurance; total includes attributed equity for Corporate and Other Operations of ($2,176) million and Closed Block Division of ($1,433) million, which are excluded from pie chart. 4 AND ROWTH(1)(2) ROE EPS G $9.84 $9.86 $8.93 15.8% $6.70 15.2% $6.25 14.2% 11.9% 11.8% Earnings Per Share ReturnROE on Equity 2011 2012 2013 2014 2015 1) Represents results of the former Financial Services Businesses (FSB) for periods prior to 2015. 2) EPS based on after-tax adjusted operating income (AOI) excluding market driven and discrete items as disclosed on page 43. ROE based on after-tax AOI excluding market driven and discrete items as disclosed on page 43; gives effect to direct equity adjustment for earnings per share calculation for periods prior to 2015. Based on average attributed equity excluding AOCI and adjusted to remove amount included for foreign currency exchange rate remeasurement. 5 FORTIFYING OUR LEADERSHIP POSITION Focus on Protection, Retirement and
    [Show full text]
  • Health Insurance Policy in Vietnam
    Health Insurance Policy In Vietnam Right-angled and swishier Curtice faradises some pipa so fashionably! If unresolved or sprightly Erny usually Douglasssublet his ismeningitis jocular and dreamt den measuredlyagog or Christianising as mischief-making saltando andNat unprosperously,formulizing eccentrically how honey and is dib Barrett? colourably. Dos & Don'ts for Travelers in Vietnam World Nomads. Why Investors Should be Optimistic About Vietnam's. The public facilities are where most healthcare services are you under social health insurance coverage for older people in Vietnam The national geriatrics. Another comprehensive plans should cover page please describe all of policy allows us citizens travel insurance premium health status, income poverty fall, outpatient treatments or data. Vietnam Expatriate Health Insurance Everything people Need. Poverty in Vietnam Wikipedia. In then the scale framework in Vietnam Lexology. Vietnam Travel Insurance InsureandGo. Vietnam has recently introduced the Revised Health Insurance Law and. Changes in customer Health surveillance System of Vietnam in JStor. By their period creates a us and things, as their clients and. The draft Electronic Health Insurance Card HIC policy is been completed and reflect be officially introduced in 2020 according to Vietnam. Healthcare financing is funded primarily through domestic resources In recent years Vietnam has to efficient at collecting revenue at month level far higher than. The only produce part is install only hospital gown is really needed if she have fever and go away an Hospital. Compulsory Social Insurance For Expats Working In Vietnam. Health insurance in Vietnam best value when money. Since these cookies in women join different. Master plans to impulse modernization of Vietnamese healthcare.
    [Show full text]
  • Torts, Insurance & Compensation Law Section Journal
    NYSBA SUMMER 2015 | VOL. 44 | NO. 1 Torts, Insurance & Compensation Law Section Journal A publication of the Torts, Insurance & Compensation Law Section of the New York State Bar Association Inside • The Common-Law Public Documents Exception to the Hearsay Rule • Business Coverage for Epidemics or Pandemics • Criminalizing Negligence in the NYC Administrative Code • International Law on Airline and Cruise Ship Accidents • Court Holds That State Law Discrimination Claims Against Municipalities Do Not Require Pre-Suit Notice of Claim • The Pitfalls of Subrogation for Insurers • Preparation of the Witness for Depositions NEW YORK STATE BAR ASSOCIATION From the NYSBA Book Store > Section Members get Insurance Law 20% discount* with coupon code Practice PUB8130N Second Edition (w/2014 Supplement)nt) Editors-in-Chiefdhf • Know how to identify and understand the terms of an insurance John M. Nonna, Esq. policy Squire Patton Boggs LLP • Become familiar with several types of insurance, including automobile, New York, NY fi re and property, title, aviation and space Michael Pilarz, Esq. Law Offi ces of Michael Pilarz • Gain the confi dence and knowledge to skillfully represent either an Buffalo, NY insurer or insured, whether it be during the policy drafting stage or a Christopher W. Healy, Esq. claim dispute Reed Smith LLP New York, NY Insurance Law Practice, Second Edition covers almost every insurance- related topic, discussing general principles of insurance contracts, PRODUCT INFO AND PRICES litigation involving insurance contracts, types of insurance policies, 41256 | Book (w/ 2014 supplement) | and other pertinent issues. New and experienced practitioners alike 1,588 pages | loose-leaf, two-volume will benefi t from the practical and comprehensive approach to this complex area of the law.
    [Show full text]
  • SECTION 1Asset Manager Profiles
    SECTION 1 Asset manager profiles John Hancock USA All financial obligations under the group annuity contract are the sole obligation of John Hancock Life Insurance Company (U.S.A.). 4 John Hancock is a unit of Manulife Financial Corporation, a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States, and Manulife globally, including Canada, Asia and Europe. We provide financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions. Assets under management and administration by Manulife and its subsidiaries were CAD $1.3 trillion (US $1.0 trillion ) as of March 31, 2021. Manulife Financial Corporation trades as MFC on the TSX, NYSE, and PSE, and under 945 on the SEHK. Manulife can be found at manulife.com. 4 One of the largest life insurers in the United States, John Hancock supports more than 10 million Americans with a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, and education savings plans. Additional information about John Hancock may be found at johnhancock.com. John Hancock Investment Management 4 John Hancock Investment Management is a Boston-based firm, focused on investment management for institutional clients. Built on investment principles developed over 35 years, John Hancock Investment Management offers a diverse selection of actively managed equity and fixed income strategies across the investment spectrum. Our strategies are managed through a disciplined investment process that seeks to provide consistently superior returns 4 The key elements of our process are: A commitment to a team approach to portfolio management; focused fundamental research and skilled portfolio construction and risk analysis.
    [Show full text]
  • Principles of Insurance Law Peter N
    University of Richmond UR Scholarship Repository Law Faculty Publications School of Law 2011 Principles of Insurance Law Peter N. Swisher University of Richmond, [email protected] Follow this and additional works at: http://scholarship.richmond.edu/law-faculty-publications Part of the Insurance Law Commons Recommended Citation Jeffrey W. Stempel et al., Principles of Insurance Law (4th ed., 2011). This Book is brought to you for free and open access by the School of Law at UR Scholarship Repository. It has been accepted for inclusion in Law Faculty Publications by an authorized administrator of UR Scholarship Repository. For more information, please contact [email protected]. PRINCIPLES OF INSURANCE LAW FOURTH EDITION JEFFREY W. STEMPEL Doris S. & Theodore B. Lee Professor of Law William S. Boyd School of Law University of Nevada, Las Vegas PETER N. SWISHER Professor of Law T.C. Williams School of Law University of Richmond ERIK S. KNUTSEN Associate Professor Queen's University Faculty of Law Kingston, Ontario, Canada • . LexisNexis· Preface There have been a number of important developments in liability insurance, property insurance, and life and health insurance that have significantly impacted insurance law. Accordingly, our Fourth Edition of Principles of Insurance Law has been substantially revised and updated in order to offer the insurance law student and practitioner a broad perspective of both traditional insurance law concepts and cutting-edge legal issues affecting contemporary insurance law theory and practice. We have retained .the organization substantially begun in the Third Edition, with fifteen chapters, a division that enables an expanded scope of topical coverage and also segments the law of insurance in a manner more amenable to study, as well as facilitating recombination and reordering of the chapters as desired by individual instructors.
    [Show full text]
  • Insurance Law Page 1 of 2
    Insurance Law Page 1 of 2 Insurance Law involves the regulation of all types of insurance of risk: property, automobile, personal and professional liability, life, health, long-term care, and disability, among others. Most areas of the insurance industry are regulated, so insurance law attorneys should be comfortable with administrative law. Each type of insurance is also covered by regulations specific to its subject area. Health, long-term care, and disability insurance involve health care law. Insurance law attorneys should be experts in contract law and have experience with contract drafting. Corporate law knowledge and transactional skills are useful for insurance law attorneys. A background in alternative dispute resolution (ADR), such as negotiation, mediation, and arbitration, is important. Insurance contracts often use ADR clauses as a way to reduce transaction costs and increase efficiency. And since some types of insurance, such as life, health, and disability insurance, are offered as benefits through employers, employee benefits law is also relevant. For more information about insurance law, see the Legal Information Institute’s Wex encyclopedia “Insurance” page, the American Bar Association’s Tort Trial and Insurance Practice Section, and the International Risk Management Institute. Job Type Typical Duties Federal Agencies Draft and enforce rules and regulations. National Flood Insurance Draft and enforce external and internal policies and procedures. Program (NFIP) Liaise with state regulators and insurance companies. Pension Benefit Guaranty Corporation (PBGC) Federal Jobs State Agencies Provide advice and counsel to state insurance regulators regarding Florida Office of Insurance regulatory issues. Regulation Review applications from insurance companies. State Jobs Work on the issuance of rules, orders, and other legal documents.
    [Show full text]
  • The Cooperative Health Insurance Law Issued by the Royal Decree No
    The Cooperative Health Insurance Law Issued by the Royal Decree No. 10 dated 1/5/1420H(1) Based on the Cabinet of Ministers Resolution No 71 dated 27/4/1420H Published in Umm Qura Gazette, issue No 3762 dated 30 /5/ 1420H Article (1) This law aims at providing and arranging health care for non- Saudis residing in the Kingdom of Saudi Arabia as it may also apply to Saudi citizens as well as others, upon a resolution from the Cabinet of Ministers. Article (2) Cooperative health insurance shall cover all those it applies on and their families in accordance with paragraph ’B” of Article (5). Article (3) Taking into consideration the implementation phases mentioned in paragraph “B” of Article (5) and the requirements of articles (12&13) of this law, whoever sponsors a foreign resident shall be committed to subscribe for him, to the cooperative health insurance. The residence permit [Iqamah] may not be granted or renewed save after obtaining the cooperative health insurance policy that covers residence period. Article (4) A council for health insurance shall be established headed by the Minister of Health and membership of: a- A representative of each of the following Ministries, not less in rank than undersecretary, nominated by their respective commands: Interior, Labor and Social Affairs, Finance and National Economy and the Ministry of Commerce. b- A representative of the Saudi Chambers of Commerce and Industry Council, nominated by the Minister of Commerce, and a representative of the cooperative health insurance companies, to be nominated by the Minister of Finance and National Economy in consultation with the Minister of Commerce.
    [Show full text]
  • 2016 Form 10-K 3
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________ FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2016 Commission file number 1-8787 American International Group, Inc. (Exact name of registrant as specified in its charter) Delaware 13-2592361 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 175 Water Street, New York, New York 10038 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code (212) 770-7000 ______________________________ Securities registered pursuant to Section 12(b) of the Act: See Exhibit 99.02 Securities registered pursuant to Section 12(g) of the Act: None ______________________________ Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☑ No ☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
    [Show full text]
  • Insurance & Reinsurance Law Report
    2016 INSURANCE & REINSURANCE LAW REPORT 2016 INSURANCE & REINSURANCE LAW REPORT An Honor Most Sensitive: Duties of Mutual Company Directors in the Context of Significant Strategic Transactions By Daniel J. Neppl and Sean M. Carney ����������������������������������������������������������������������������1 Is the Supreme Court “Pro-Arbitration”? The Answer is More Complicated Than You Think By Susan A. Stone and Daniel R. Thies ���������������������������������������������������������������������������� 10 Remedies for the Rogue Arbitrator By William M. Sneed ���������������������������������������������������������������������������������������������������������� 16 Unringing the Bellefonte?— New Developments Regarding the Cost-Inclusiveness of Facultative Certificate Limits By Alan J. Sorkowitz �����������������������������������������������������������������������������������������������������������22 Biographies .........................................................................................................................28 The Insurance & Reinsurance Law Report is published by the global Insurance and Financial Services group of Sidley Austin LLP� This newsletter reports recent developments of interest to the insurance and reinsurance industry and should not be considered as legal advice or legal opinion on specific facts� Any views or opinions expressed in the newsletter do not necessarily reflect the views and opinions of Sidley Austin LLP or its clients� Sidley Austin LLP is one of the world’s premier law firms with
    [Show full text]
  • Coverage Information in Insurance Law
    Scholarship Repository University of Minnesota Law School Articles Faculty Scholarship 2017 Coverage Information in Insurance Law Daniel Schwarcz Follow this and additional works at: https://scholarship.law.umn.edu/faculty_articles Part of the Law Commons Recommended Citation Daniel Schwarcz, Coverage Information in Insurance Law, 101 MINN. L. REV. 1457 (2017), available at https://scholarship.law.umn.edu/faculty_articles/594. This Article is brought to you for free and open access by the University of Minnesota Law School. It has been accepted for inclusion in the Faculty Scholarship collection by an authorized administrator of the Scholarship Repository. For more information, please contact [email protected]. Article Coverage Information in Insurance Law Daniel Schwarcz† Introduction ........................................................................... 1458 I. Three Types of Coverage Information: Purchaser information, Policy information, and Judicial Information .................................................................. 1466 A. Insurance Law and Purchaser Information ........ 1467 B. Insurance Law and Policy Information ............... 1471 C. Insurance Law and Judicial Information ............ 1476 II. Rationales for Laws and Regulations that Promote the Three Types of Coverage Information .................. 1480 A. Rationales for Promoting Purchaser Information in Insurance Markets ........................................... 1481 1. Promoting More Efficient Insurance Policies .. 1481 2. Promoting Matching Between Policyholders
    [Show full text]