DOCSLIB.ORG

Consolidated Annual Accounts and Management Report 2017

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Consolidated Annual Accounts and Management Report 2017 Annual Report Consolidated Annual Accounts and Management Report 2017 Contents 2 ANNUAL REPORT 2017. CONSOLIDATED ANNUAL ACCOUNTS AND MANAGEMENT REPORT 1 ANNUAL REPORT Consolidated management report 2017 4 Consolidated Organization overview 5 Business performance Annual Accounts and results 10 Liquidity and capital resources 36 and Management Main risks and uncertainties 44 Report Significant events after the year end 46 2017 Information on expected performance 46 R&D+i activities 49 Acquisition and disposal of treasury stock 50 Other relevant information 51 Corporate governance report 57 2 Consolidated Annual Accounts 2017 107 3 Audit Report for the Consolidated Annual Accounts 2017 247 3 1 Consolidated management report 2017 4 ANNUAL REPORT 2017. CONSOLIDATED MANAGEMENT REPORT The content of this Consolidated Management Report along with their definition and method of calculation, can be (hereinafter "the Report") was prepared in accordance with the found on our website at the following address: https://www. recommendations set out in the "Guide for the preparation of mapfre.com/corporate/institutional-investors/investors/ management reports by listed companies" published by the financial-information/alternative-performance-measures.jsp Spanish National Securities and Exchange Commission (CNMV). Some of the figures included in this report have been rounded The Alternative Performance Measures (APMs) used in the off, which could result in discrepancies between the totals and report, which refer to financial measures not defined or listed amounts in the tables. specified in the applicable financial reporting framework, Organization overview Business model The vision of MAPFRE is to be THE MOST TRUSTED GLOBAL INSURANCE COMPANY, a concept that refers not only to its geographic presence but also to the wide range of insurance, reinsurance and service products which it promotes around the globe. The Group aspires to lead the markets in which it operates through a proprietary differentiated management model based on profitable growth, a clear and purposeful orientation to both individual and corporate clients, a multichannel focus, and a profound vocation for service. Accordingly, MAPFRE: Vision Is firmly committed to TO BE THE MOST TRUSTED GLOBAL INSURANCE COMPANY growth, both in terms of business Mission WE ARE A MULTINATIONAL TEAM THAT STRIVES CONSTANTLY TO IMPROVE SERVICES AND DEVELOP THE BEST POSSIBLE volume and geographic development, RELATIONSHIP WITH OUR CLIENTS, DISTRIBUTORS, PROVIDERS, SHAREHOLDERS AND SOCIETY IN GENERAL generating adequate and sufficient Values profitability from its activities. MAPFRE SOLVENCY, INTEGRITY, EXCELLENCE IN SERVICE, INNOVATION FOR LEADERSHIP AND COMMITTED TEAM will continue to expand its presence PROFITABLE GROWTH across more countries and regional areas in order to consolidate its status as a global company, while reinforcing STRATEGY BUSINESS its presence in the countries and > Corporate Development regions which have traditionally > Client Orientation constituted its preferred markets. > Business Development > CLIENTS and Innovation > CHANNELS > Operational Excellence > PRODUCTS > Human Resources ADAPTATION TO THE MARKET Manages its business in an > Technology efficient manner and constantly > Global structure improves productivity, reducing > Sustainability and Reputation structural costs on a continuous basis in order to enhance its competitiveness. Deploys a global management Makes its resources Professionally manages model with ample capacity for local available to the entire organization, thus the risks it assumes, ensuring implementation, ensuring an appropriate harnessing the synergies derived from sustainable growth and results. balance between corporate involvement sharing talent, processes and tools. and business development in each country. As such, MAPFRE utilizes a Steers its development by corporate structure that allows it to Promotes specialized diversifying its portfolio of insurance, harness economies of scale and pursue management as a means of reinsurance and services businesses its business plans in a uniform manner continuously optimizing results and as a means of boosting growth and but with the flexibility to adapt to the enhancing service quality. minimizing risks. markets in which it operates. Organization overview 5 MAPFRE's stated mission is to be a multinational team that strives to constantly improve services and develop the best possible relationships with clients, distributors, providers, shareholders and society in general. This commitment to continuous improvement is underpinned by the following values, which assist in developing the mission and achieving the company's vision Solvency: financial strength with sustainable results and full capacity to meet all Integrity: obligations to stakeholders. ethical conduct as a core element in how everyone (senior executives, employees, agents and collaborators) behaves, with a socially responsible focus on all long-term activities and commitments. Committed team: full engagement of employees, senior executives, agents and other collaborators with THE MOST TRUSTED GLOBAL the MAPFRE project and INSURANCE COMPANY continuous development of the team's skills and abilities. Vocation for service: the constant quest for excellence in the pursuit of its activities and a continuous focus on building strong relationships with clients. Innovation for leadership: differentiation as a key aspect of continuous growth and improvement, using technology to service the different businesses and their objectives. 6 ANNUAL REPORT 2017. CONSOLIDATED MANAGEMENT REPORT Organizational structure The Executive Committee is the body which, under mandate and good governance from the Board of Directors, directly oversees the management of the business units and coordinates the Group's different A) ORGANIZATIONAL STRUCTURE areas and units. The Global Business Committee is also responsible for analyzing the development of MAPFRE's MAPFRE is a multinational company engaged mainly in insurance business and services throughout the world, its insurance and reinsurance activities, operating in a total of 45 compliance with approved plans, and proposing corrective or countries around the world. improvement measures for same. The Group's holding company is MAPFRE S.A., whose shares The management, coordination and supervision of the activities are listed on the Madrid and Barcelona Stock Exchanges. of the different units and areas are carried out, according to MAPFRE S.A. is also a component of the IBEX 35, STOXX Europe the respective remit, by the local, regional and business unit 600 Insurance, MSCI Spain, FTSE All-World Developed Europe, management committees as well as the Executive Committee. FTSE4Good and FTSE4Good IBEX indices. Each of the subsidiary companies has its own governing bodies, MAPFRE S.A. is a subsidiary of CARTERA MAPFRE, S.L., whose structure and complexity depend on the importance of a single-member company that is wholly controlled by their activities and any legal provisions that may be applicable. Fundación MAPFRE. They usually have a board of directors and, depending on the importance of their activities, a management committee as well. The Group pursues its business activities through an In the case of shell or very small companies, these bodies are organizational structure made up of four business units replaced by two administrators. (Insurance; Assistance, Services and Specialty Risks; Global Risks; and Reinsurance); three territorial areas (IBERIA, LATAM The Group's current organizational chart is shown overleaf: and INTERNATIONAL); and six regional areas (Iberia (Spain and Portugal), Brazil, LATAM North, LATAM South, North America and EURASIA (Europe, Middle East, Africa and Asia Pacific). The Insurance Business Unit is organized in line with the MAPFRE regional areas, which are the geographic units that plan, support and oversee the region. The activities of the different business units are supplemented by those of the corporate areas (Finance, Investments, Human Resources, Resources and Institutional Coordination, Business Support, Internal Audit, Strategy and M&A, General Counsel, and Business, Clients and Innovation), which have jurisdiction over all MAPFRE companies worldwide in terms of the development, implementation and monitoring of global, regional and local corporate policies. The fact that the different MAPFRE companies belong to a business group implies, without prejudice to their legal autonomy, that they form an integral part of an organic structure which regulates their interrelations, the coordination of their activities, and the oversight of the controlled companies by the controlling ones and, in the final instance, by the parent company. The MAPFRE S.A. Board of Directors is the senior management and supervisory body for the entire Group. It features a Steering Committee that acts within all of its powers, except those which cannot be ceded by law, bylaws or the regulations of the Board of Directors, and three delegate committees (Audit and Compliance, Appointments and Remuneration, and Risks). Organization overview 7 Organization chart MAPFRE S.A. Chairman & CEO Vice Chairman Vice Chairman Human Resources Business, Clients and Innovation Resources and Institutional Coordination External Relations Economic Research C.F.O. Finance Executive Committee (*) Investments Internal Audit General Counsel Strategy and M&A Business Support IT and Processes Operations Digital Business Business Units: Business
Load more

Recommended publications
  • Operation of Savings-Bank Life Insurance in Massachusetts and New York
    UNITED STATES DEPARTMENT OF LABOR Frances Perkins, Secretary BUREAU OF LABOR STATISTICS Isador Lubin, Commissioner (on leave) A . F. Hinrichs, Acting Commissioner + Operation of Savings-Bank Life Insurance in Massachusetts and New York Revision of Bulletin No. 615: The Massachusetts System of Savings-Bank Life Insurance, by Edward Berman ♦ Bulletin 7s[o. 688 UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1941 For sale by the Superintendent of Documents, Washington, D. C. Price 20 cents Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis UNITED STATES DEPARTMENT OF LABOR F rances P er k ins, S e c r e t a r y + BUREAU OF LABOR STATISTICS I s a d o r L tjbin, Commissioner (o n lea v e) A. F. H in r ic h s , Acting Commissioner Donald Davenport, Chief, Employ­ Aryness Joy, Chief, Prices and Cost of ment and Occupational Outlook Living Branch Branch N. Arnold Tolies, Chief, Working Con­ Henry J. Fitzgerald, Chief, Business ditions and Industrial Relations Management Branch Branch Hugh S. Hanna, Chief, Editorial and Research Sidney W. Wilcox, Chief Statistician CHIEFS OF DIVISIONS Herman B. Byer, Construction and Charles F. Sharkey, Labor Law In­ Public Employment formation J. M. Cutts, Wholesale Prices Boris Stern, Labor Information Ser­ W. Duane Evans, Productivity and vice Technological Developments Stella Stewart, Retail Prices Swen Kjaer, Industrial Accidents John J. Mahanev, Machine Tabula­ Lewis E. Talbert, Employment Sta­ tion tistics Robert J. Myers, Wage and Hour Emmett H. Welch, Occupational Out­ Statistics look Florence Peterson, Industrial Rela­ tions Faith M. Williams, Cost of Living i i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St.
    [Show full text]
  • A Regulatory Review of Formal and Informal Funeral Insurance Markets in South Africa a Market Review and Regulatory Proposal
    A regulatory review of formal and informal funeral insurance markets in South Africa A market review and regulatory proposal prepared for Finmark Trust April 2005 26/04/2005: VERSION 4.5 Author: Hennie Bester Doubell Chamberlain Ryan Short Richard Walker Genesis Analytics (Pty) Ltd 2nd Floor, No 3 Melrose Square, Melrose Arch, Johannesburg South Africa, 2196. Post to: Suite 3, Private Bag X1, Melrose Arch, Johannesburg, South Africa, 2076. Tel: +27 11 214 4080, Fax: +27 11 214 4099 www.genesis-analytics.com FOREWORD The need to provide for funerals is one of the key drivers of financial behaviour for many South Africans and has led to a relatively sophisticated and widely accessed informal financial sector. It is estimated that over 6 million people currently belong to burial societies where an estimated R6 billion is invested every year- in addition to the wide usage of stokvels (or savings clubs). These informal groups play an extremely important role in mitigating the risks of poor households and, interestingly, are often complemented or supported by formal providers - as can be seen in the Financial Diaries project1. However it was evident from the scoping study FinMark Trust completed on making insurance markets work for the poor2, that the existing legislative and regulatory environment was especially inhibitive to the potential graduation of the so-called „informal mutual assistance (common bond) organisations‟ ability to become insurers in their own right. At the same time, however, there is a heated debate about the extent of abuse in both the informal and formal funeral insurance market. In light of the above, the following report sheds light on the operations of this key market (from formal to informal), assesses the extent of the abuse and current regulatory environment and proposes some amendments to the current regulatory regime.
    [Show full text]
  • Lloyd's Minimum Standards
    LLOYD’S MINIMUM STANDARDS MS1.1 – UNDERWRITING STRATEGY & PLANNING October 2017 1 MS1.1 – UNDERWRITING STRATEGY & PLANNING UNDERWRITING MANAGEMENT PRINCIPLES, MINIMUM STANDARDS AND REQUIREMENTS These are statements of business conduct required by Lloyd’s. The Principles and Minimum Standards are established under relevant Lloyd’s Byelaws relating to business conduct. All managing agents are required to meet the Principles and Minimum Standards. The Requirements represent the minimum level of performance required of any organisation within the Lloyd’s market to meet the Minimum Standards. Within this document the standards and supporting requirements (the “must dos” to meet the standard) are set out in the blue box at the beginning of each section. The remainder of each section consists of guidance which explains the standards and requirements in more detail and gives examples of approaches that managing agents may adopt to meet them. UNDERWRITING MANAGEMENT GUIDANCE This guidance provides a more detailed explanation of the general level of performance expected. They are a starting point against which each managing agent can compare its current practices to assist in understanding relative levels of performance. This guidance is intended to provide reassurance to managing agents as to approaches which would certainly meet the Principles and Minimum Standards and comply with the Requirements. However, it is appreciated that there are other options which could deliver performance at or above the minimum level and it is fully acceptable for managing agents to adopt alternative procedures as long as they can demonstrate the Requirements to meet the Principles and Minimum Standards. DEFINITIONS AFR: actuarial function report Benchmark Premium: The price for each risk at which the managing agent is expected to deliver their required results, in line with the approved Syndicate Business Plan.
    [Show full text]
  • Extended Warranty Coverage
    Extended Warranty Plan Documents Contents Page #s All States, District of Columbia, & U.S. Virgin Islands, Excluding States below ...... 2 – 19 Arizona & Texas ..................................................................................................... 20 – 28 Guam & Northern Mariana Islands ......................................................................... 29 – 32 Indiana (Purchase made before 9/1/2017) ............................................................. 33 – 39 Indiana (Purchase made after 9/1/2017)………………………………………………. 40 – 46 Oregon.................................................................................................................... 47 – 52 Puerto Rico (Purchase made before 9/1/2017) ...................................................... 53 – 57 Puerto Rico (Purchase made after 9/1/2017) ……………………………………….... 58 – 64 Washington ............................................................................................................. 65 – 70 To file a claim electronically for a qualifying event please visit us at www.americanexpress.com/onlineclaim. All States, District of Columbia, & U.S. Virgin Islands, Except States below Back to top EXTENDED WARRANTY DESCRIPTION OF COVERAGE Underwritten by AMEX Assurance Company Administrative Office, 20022 N. 31st Ave. MC: 08-01-20 Phoenix AZ 85027 For purchases charged to Your Account, Extended Warranty will extend the terms of the original manufacturer's warranty on warranties of five (5) years or less that are eligible in the United States of America,
    [Show full text]
  • What Makes a Good ʽbad Bankʼ? the Irish, Spanish and German Experience
    6 ISSN 2443-8022 (online) What Makes a Good ‘Bad Bank’? The Irish, Spanish and German Experience Stephanie Medina Cas, Irena Peresa DISCUSSION PAPER 036 | SEPTEMBER 2016 EUROPEAN ECONOMY Economic and EUROPEAN Financial Affairs ECONOMY European Economy Discussion Papers are written by the staff of the European Commission’s Directorate-General for Economic and Financial Affairs, or by experts working in association with them, to inform discussion on economic policy and to stimulate debate. The views expressed in this document are solely those of the author(s) and do not necessarily represent the official views of the European Commission, the IMF, its Executive Board, or IMF management. Authorised for publication by Carlos Martinez Mongay, Director for Economies of the Member States II. LEGAL NOTICE Neither the European Commission nor any person acting on its behalf may be held responsible for the use which may be made of the information contained in this publication, or for any errors which, despite careful preparation and checking, may appear. This paper exists in English only and can be downloaded from http://ec.europa.eu/economy_finance/publications/. Europe Direct is a service to help you find answers to your questions about the European Union. Freephone number (*): 00 800 6 7 8 9 10 11 (*) The information given is free, as are most calls (though some operators, phone boxes or hotels may charge you). More information on the European Union is available on http://europa.eu. Luxembourg: Publications Office of the European Union, 2016 KC-BD-16-036-EN-N (online) KC-BD-16-036-EN-C (print) ISBN 978-92-79-54444-6 (online) ISBN 978-92-79-54445-3 (print) doi:10.2765/848761 (online) doi:10.2765/850297 (print) © European Union, 2016 Reproduction is authorised provided the source is acknowledged.
    [Show full text]
  • Sareb Updated
    Background (Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria) Background Jurisdiction: Spain Name (English): Company for the Management of Assets Proceeding from Restructuring of the Banking System Classification: Timed Special Purpose Vehicle Created in 2012 as a public-private special resolution instrument, it was a result of the conditions to be fulfilled by Spain to receive a financial rescue package of €41.3 billion from the European Union’s permanent crisis fund, the European Stability Mechanism. SAREB was designed without a mission creep, and was to alleviate the stress of banks by eliminating risky assets from their balance sheets and selling them profitably within a 15-year time period. Functioning and Framework The legal framework of the SAREB was the brainchild of the EU Commission, the European Central Bank, and the International Monetary Fund. In furtherance of the extensive state measures to combat the effects of the disastrous 2008 economic crisis, The Fund for Orderly Restructuring of the Bank Sector (FORB) was created by the state in 2011, was SAREB’s predecessor and held a 45% stake in the functioning of SAREB. Operation of SAREB It was through FORB, and the Bank of Spain that banks were compelled to dump their toxic mortgages and financial assets with SAREB, so a clearer picture regarding the bank’s ongoing business concerns could be ascertained by potential investors. SAREB was to concentrate on maximizing the value of the stressed assets it received, and the same was integrated in its design, as government backing meant that it could afford to manage a troubled portfolio for a pre-planned but long duration of 15 years.
    [Show full text]
  • An Experimental Investigation of Extended Warranties
    Volume 64 Issue 2 Article 4 7-1-2019 Protecting Consumers Through Mandatory Disclosures: An Experimental Investigation of Extended Warranties Breagin K. Riley Follow this and additional works at: https://digitalcommons.law.villanova.edu/vlr Part of the Consumer Protection Law Commons Recommended Citation Breagin K. Riley, Protecting Consumers Through Mandatory Disclosures: An Experimental Investigation of Extended Warranties, 64 Vill. L. Rev. 285 (2019). Available at: https://digitalcommons.law.villanova.edu/vlr/vol64/iss2/4 This Article is brought to you for free and open access by Villanova University Charles Widger School of Law Digital Repository. It has been accepted for inclusion in Villanova Law Review by an authorized editor of Villanova University Charles Widger School of Law Digital Repository. Riley: Protecting Consumers Through Mandatory Disclosures: An Experiment 2019] PROTECTING CONSUMERS THROUGH MANDATORY DISCLOSURES: AN EXPERIMENTAL INVESTIGATION OF EXTENDED WARRANTIES BREAGIN K. RILEY* AND AHMED E. TAHA** IMAGINE that you go to a consumer electronics store and buy a large- Iscreen television for $1,499. At the checkout counter, the cashier asks if you also wish to purchase an extended warranty for $249, which will pro- vide you three additional years of coverage beyond the manufacturer’s one-year warranty. Would you buy the extended warranty? What would drive your decision? If you are like most consumers, you would make this decision with little idea of the probability that the television will break down during the extended warranty’s coverage period and the cost of repairing it. But how would your decision and motivations change if the cashier told you there is only a 3% chance of the television needing repair during the first four years you own it and that the average cost of repairing the television is $300? These questions are the focus of this Article.
    [Show full text]
  • Consumers Guide to Auto Insurance
    CONSUMERS GUIDE TO AUTO INSURANCE PRESENTED TO YOU BY THE DEPARTMENT OF BUSINESS REGULATION INSURANCE DIVISION 1511 PONTIAC AVENUE, BLDG 69-2 CRANSTON, RI 02920 TELEPHONE 401-462-9520 www.dbr.ri.gov Elizabeth Kelleher Dwyer Superintendent of Insurance TABLE OF CONTENTS Introduction………………………………………………………………1 Underwriting and Rating………………………………………………...1 What is meant by underwriting and how is it accomplished…………..1 How are rates and premium charges determined in Rhode Island……1 What factors are considered in ratemaking……………………………. 2 What discounts are used in determining final premium cost…………..3 Rhode Island Automobile Insurance Plan…………………..…………..4 Regulation of Rates……………………………………………………….4 The Tort System…………………………………………………………..4 Liability Coverages………………………………………………………..5 Coverages Other Than Liability…………………………………………5 Physical Damage to the Automobile……………………………………..6 Other Optional Coverages………………………………………………..6 The No-Fault System……………….……………………………………..7 Smart Shopping……………………………………………………………7 Shop for True Comparison………………………………………………..8 Consumer Protection Available...…………………………………………8 What to Do if You are in an Automobile Accident………………………9 Your State Insurance Department………………………………….........9 Auto Insurance Buyer’s Worksheet…………………………………….10 Introduction Auto insurance is an expensive purchase for most Americans, and is especially expensive for Rhode Islanders. Yet consumers rarely comparison-shop for auto insurance as they might for other products and services. Auto insurance companies vary substantially both in price and service to policyholders, so it pays to shop around and compare different insurance companies. This guide to buying auto insurance was developed to help you become a more knowledgeable policyholder and to get the combination of price and service best suited to your needs. It provides information on how to shop for coverage and how insurance premiums are determined. You will also find an Auto Insurance Buyer’s Worksheet in the guide to help you compare premium prices among insurers.
    [Show full text]
  • The Burial of the Urban Poor in Italy in the Late Republic and Early Empire
    Death, disposal and the destitute: The burial of the urban poor in Italy in the late Republic and early Empire Emma-Jayne Graham Thesis submitted for the degree of Doctor of Philosophy Department of Archaeology University of Sheffield December 2004 IMAGING SERVICES NORTH Boston Spa, Wetherby West Yorkshire, LS23 7BQ www.bl.uk The following have been excluded from this digital copy at the request of the university: Fig 12 on page 24 Fig 16 on page 61 Fig 24 on page 162 Fig 25 on page 163 Fig 26 on page 164 Fig 28 on page 168 Fig 30on page 170 Fig 31 on page 173 Abstract Recent studies of Roman funerary practices have demonstrated that these activities were a vital component of urban social and religious processes. These investigations have, however, largely privileged the importance of these activities to the upper levels of society. Attempts to examine the responses of the lower classes to death, and its consequent demands for disposal and commemoration, have focused on the activities of freedmen and slaves anxious to establish or maintain their social position. The free poor, living on the edge of subsistence, are often disregarded and believed to have been unceremoniously discarded within anonymous mass graves (puticuli) such as those discovered at Rome by Lanciani in the late nineteenth century. This thesis re-examines the archaeological and historical evidence for the funerary practices of the urban poor in Italy within their appropriate social, legal and religious context. The thesis attempts to demonstrate that the desire for commemoration and the need to provide legitimate burial were strong at all social levels and linked to several factors common to all social strata.
    [Show full text]
  • German Divergence in the Construction of the European Banking Union
    The End of Bilateralism in Europe? An Interest-Based Account of Franco- German Divergence in the Construction of the European Banking Union Honorable Mention, 2019 John Dunlop Thesis Prize Christina Neckermann May 2019 M-RCBG Associate Working Paper Series | No. 119 The views expressed in the M-RCBG Associate Working Paper Series are those of the author(s) and do not necessarily reflect those of the Mossavar-Rahmani Center for Business & Government or of Harvard University. The papers in this series have not undergone formal review and approval; they are presented to elicit feedback and to encourage debate on important public policy challenges. Copyright belongs to the author(s). Papers may be downloaded for personal use only. Mossavar-Rahmani Center for Business & Government Weil Hall | Harvard Kennedy School | www.hks.harvard.edu/mrcbg The End of Bilateralism in Europe?: An Interest-Based Account of Franco-German Divergence in the Construction of the European Banking Union A thesis presented by Christina Neckermann Presented to the Department of Government in partial fulfillment of the requirements for the degree with honors Harvard College March 2019 Table of Contents Chapter I: Introduction 3 Statement of question and motivation - 3 Banking Union in the era of postcrisis financial reforms - 6 Outline of content and argument - 11 Chapter II: Theoretical Approach 13 Review of related literature - 13 Proposed theoretical framework - 19 Implications in the present case - 21 Methodology - 26 Chapter III: Overview of National Banking Sectors
    [Show full text]
  • Auto Insurance and How Those Terms Affect Your Coverage
    Arkansas Insurance Department AUTOMOBILE INSURANCE Asa Hutchinson Allen Kerr Governor Commissioner A Message From The Commissioner The Arkansas Insurance Department takes very seriously its mission of “consumer protection.” We believe part of that mission is accomplished when consumers are equipped to make informed decisions. We believe informed decisions are made through the accumulation and evaluation of relevant information. This booklet is designed to provide basic information about automobile insurance. Its purpose is to help you understand terms used in the purchase of auto insurance and how those terms affect your coverage. If you have questions or need additional information, please contact our Consumer Services Division at: Phone: (501) 371-2640; 1-800-852-5494 Fax: (501) 371-2749 Email: [email protected] Web site: www.insurance.arkansas.gov Mission Statement The primary mission of the State Insurance Department shall be consumer protection through insurer insolvency and market conduct regulation, and fraud prosecution and deterrence. 1 Coverages Provided by Automobile Insurance The automobile insurance policy is comprised of several separate types of coverages: COLLISION, COMPREHENSIVE, LIABILITY, PERSONAL INJURY PROTECTION, UNINSURED MOTORIST, UNDERINSURED MOTORIST and other coverages. You are required by law to purchase liability protection only. All others are voluntary unless required by a lienholder. LIABILITY Under Legislation passed in 1987 and 1999, it is unlawful for any person to operate a motor vehicle within this state unless the vehicle is insured with the minimum amount of liability coverage: $25,000 for bodily injury or death of one person in any one accident; $50,000 for bodily injury or death of two or more persons in any one accident and $25,000 for damage to or destruction of the property of others.
    [Show full text]
  • Synthesis Between Islamic and Cooperative Banking: a Way for Inclusive Growth Through Microfinance
    Synthesis between Islamic and Cooperative Banking: A way for inclusive growth through Microfinance Ravindra Sadanand Chingale, Ph.D. scholar, National Law University, Delhi, [email protected] Vaishali Kant, Ph.D. scholar, National Law University, Delhi, [email protected] Abstract Banking is the key machine in the financial engineering which inputs the poor with finance and helps them to stand them on their own feet and thus responsible for the inclusive and overall growth of the country. Cooperative banks are different from the private banks and government banks. The aim of the cooperative bank is to cooperate with the poor people and guide in overall progress, which includes not only economical but also psychological balance. Access of financial services to the poor is indeed important for the success of any economy. But still it is believed that India needs inclusive banking and pro poor banking. It is found that most of the rural part of the India is out of the reach from the bank. Evaluating the concepts of Islamic banking and cooperative banking, this paper discusses the use of new trends and scope for cooperative banking in the light of Islamic banking to make it more useful and trustworthy to the poorest of the poor to assimilate in the process of financial engineering and inclusive growth. This paper tries to synthesis between these two aspects in the background of Indian microfinance and inclusive banking. This paper is an attempt to introduce an innovative and productive banking system in India which has a spiritual base. The authors are aiming for the evolution of banking system in India having a spirit of inclusive growth, upliftment and empowerment of poor by introducing new ways in the existing cooperative banking structure.
    [Show full text]