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Each Participating Insurance Company has or will have the legal obligation of satisfying all applicable requirements under both state and federal law.http://www.sec.gov/rules/ic/2007/ic-27701.pdf. Rule 6e-2(b)(15) provides that these exem ptions apply only where all of the assets o f the UIT are shares of management investm ent com panies “which offer their shares exclusively to variable life insurance separate accounts of the life insurer or of any af filiated life insurance company.” Therefore, the relief granted by Rule 6e-2(b)(15) is not available with respect to a scheduled premium life insurance separate account that owns shares of an underlying fund that also offers its shares to a variable annuity separate account or flexible premium variable life insurance separate account of the sam e company or any other affiliated insurance company. The use of a common management investment company as the underlying investment vehicle for both variable annuity and variable life insurance sep arate accou nts of the sam e life insurance company or of any af filiated life insurance company is referred to herein as “m ixed funding.” 4 2. The relief granted by Rule 6e-2(b)(15) al so is not available with r espect to a scheduled premium variable life insurance separa te account that owns shares of an underlying fund that also offers its shares to separate accounts funding Variable Contracts of one or m ore unaffiliated life insurance companies. The use of a common management investment company as the underlying investment vehicle for variable annuity and/or variable life insurance separate accounts of unaffiliated life insurance companies is referred to herein ... 1.http://www.ins.state.ny.us/acrobat/coli-4.pdf. This outline supplements the individual and group life insurance product outlines on the Department’s web site and is intended for life insurance products used as corporate-owned life insurance. 2. Corporate-owned life insurance is subject to all of the provisions of the New York Insurance Law, regulations and Department circular letters that are applicable to the type of life insurance product submitted, unless otherwise noted herein. A corporation can use either a group life insurance policy covering a number of employees where insuable interest comes under §3205(d) or individual life insurance policies covering one or more of its employees to fund its corporate-owned life insurance program where insuable interest comes under §3205(a)(1)(B) or 3. The letter should explain how the insurer will verify that the conditions required for insurable interest will be satisfied for employee benefit plan and key person corporate-owned life insurance. A certificate containing a statement of the insurance protection to which the insured employee is entitled need not be provided to insured employees. (ii) Providing certificates to the insureds in COLI cases is arguably inappropriate because it may give the insureds the mistaken impression that they might be entitled to an insurance benefit. (c) However, insured employees must consent to the issuance of such coverage and may terminate the coverage at any time. For non-employee benefit plan corporate-owned life insurance group cases, Section 3220(a)(10) of the Insurance Law requires a notice in the policy to the effect that the premium for renewable term insurance depends on the ... The Colorado Division of Insurance prepares this booklet to assist you in “shopping” for auto insurance and to help you understand your Personal Auto Policy.http://www.dora.state.co.us/insurance/pb/autoins04.pdf. A list of all companies offering personal automobile insurance in Colorado is available upon request by calling the Division of Insurance. When buying auto insurance, it is recommended that you seek advice from an insurance agent. Uninsured/Underinsured Motorist - This protects the named insured, the named insured’s resident relatives and occupants in the insured vehicle, if they sustain bodily injury in an accident in which the owner or operator of another motor vehicle is legally liable and does not have insurance (uninsured) or does not have enough insurance (underinsured). If the other driver is at fault, your insurance company may have a legal right to seek reimbursement from the other driver or the other driver’s insurance company. When you apply for insurance, you will be asked a series of questions, which assess the expected cost of insuring you. If you have had insurance, your prior company can tell the new insurer about your claims history or the company may request a C.L.U.E. Finally, once you have gone without insurance for any period of time you may find it difficult to find insurance you can afford. Many companies do not insure people who have not had insurance or have allowed their insurance to expire. Colorado law requires your insurance company to offer you uninsured motorist coverage in an amount not less than your liability insurance limits for bodily injury described above. However, when you purchase auto insurance you will have to decide what ... For the first time in 25 years, Congress has raised the limit on federal deposit and share insurance coverage, which protects against retirement savings loss if a bank or credit union fails.http://www.ncua.gov/ShareInsurance/SpecialBulletin.pdf. However, the higher insurance limit only applies to certain retirement accounts that people have at banks and savings associations insured by the Federal Deposit Insurance Corporation (FDIC) and at credit unions insured by the National Credit Union Administration (NCUA). Basics about the new and existing insurance coverage follow. 1. Traditional and Roth IRAs and KEOGH retirement accounts at NCUA insured credit unions are now insured up to $250,000, an increase from the previous $100,000 coverage. Effective April 1, 2006, NCUA insured credit union retirement accounts such as Individual Retirement Accounts (IRAs) and Keogh accounts are insured up to $250,000. Under new rules, traditional and Roth IRAs at one credit union are now insured in the aggregate to $250,000. Additionally, NCUA insures Keogh accounts separately in the aggregate to $250,000. Retirement account insurance protection is separate and apart from insurance coverage on other credit union accounts. For example, if you have a regular share account, an IRA, and a Keogh at the same credit union, the regular share account is insured up to $100,000, the IRA is separately insured up to $250,000, and the Keogh is separately insured up to $250,000. Basic insurance coverage for other share accounts is still $100,000. Generally, if a credit union member has more than one account in the same credit union, these accounts are added together and insured in the aggregate. For example, ... The maximum payment under this coverage, including dental and eyeglass expenses, is It doesn’t happen often, but when it does, the This insurance does not duplicate benefits results can be serious…a volunteer is injured, or payable under Medicare or any other valid injures someone else, while performing his or and collectible insurance coverage.http://www.cimaworld.com/files/brochure.pdf. provided insurance protection in case these Accidental Death and Dismemberment things happen to you. Medicaid, and any other insurance that you have Exclusions to Accident Insurance in place. will pay up to $25,000 for medical treatment, A complete listing of the exclusions is detailed hospitalization and licensed nursing care in the insurance policy. volunteer liability insurance at a limit of This coverage is in excess of and This coverage also provides up to $50 for repair noncontributing with any other valid and or replacement of eyeglass frames and up to collectible insurance you may have. $50 for repair or replacement of eyeglass A complete listing of the exclusions is included in the insurance policy details, which are available at www.cimaworld.com. Liability Insurance This insurance applies only after your own insurance is exhausted, or the policy’s retention has been exceeded. This insurance is in excess of the greater of: B. an amount equal to the applicable limits of liability of any other collectible insurance; or ∑ Medicare says that your insurance should pay first. Submit your bills to Medicare or any other existing insurance first. This insurance program is provided by Volunteers Insurance Service Association, Inc. a risk purchasing group formed and operating ... Dear Parent / Guardian: Our athletic accident policy, which provides insurance for your son or daughter for injuries occuring while participating in the play or practice of intercollegiate sports is "EXCESS" or "SECONDARY" to any other collectible group insurance benefits.. This means that any claim for benefits must first be filed with the group insurance company providing coverage to your son or daughter through your employer or your spouse's employer. After they have paid all available benefits, our athletic insurance company will consider remaining amounts based on USUAL and CUSTOMARY charges. PLEASE NOTE: 1. Most employer's group insurance allows dependents coverage to be continued to age 23 if the dependent is a full-time student. DO NOT drop dependent coverage while your son or daughter is participating in intercollegiate athletics. 2. Claims against your group insurance plan DO NOT increase your individual insurance premiums. THE FOLLOWING INFORMATION AND AUTHORIZATION MUST BE FULLY COMPLETED, SIGNED, AND RETURNED; please circle the individual listed as the insured on your primary/personal plan and complete all requested information. Does your insurance require: A second opinion for surgery? Does your insurance require: A second opinion for surgery? I hereby authorize a claim to be filed on my behalf under the above group medical policy in the event an athletic injury is sustained by . My son / daughter is NOT covered under my group insurance. I hereby certify that the answers provided are true, complete, and correct to the best of my knowledge. A photostatic copy of this authorization shall be considered ... In the 67 years since it was founded to put an end to the devastating bank runs that contributed to the Great Depression, the deposit insurance system managed by the Federal Deposit Insurance Corporation (FDIC) has served our country well.http://www.fdic.gov/deposit/insurance/initiative/direcommendations.pdf. The reform measures the FDIC is recommending in this paper will ensure that the deposit insurance system will continue to serve well in the new century the many individuals, families, small businesses, charities, and local governments that rely on their local depository institutions. If we wait, an economic downturn can trigger unintended consequences that would harm the public that deposit insurance is intended to protect. Deposit insurance is a federal program that directly affects tens of millions of Americans by insuring their deposits at banks and savings associations. In August 2000, the FDIC issued an Options Paper that discussed weaknesses in the present deposit insurance system and offered possible solutions. As noted above, the law requires that the FDIC not charge premiums to well-rated banks when the deposit insurance funds exceed the DRR. Rebates are an important part of a deposit insurance system if the FDIC is to charge positive risk-based deposit insurance premiums at all times and yet avoid excessive growth of the insurance fund during long stretches of good years. A rebate tied to the current assessment base could create moral hazard problems by decreasing the cost of insurance and could even create a situation in which banks would be paid to grow. To illustrate how these reforms could affect banks and the insurance fund, the FDIC performed numerous simulations ... Captive insurance creates such a situation.http://www.dtsc.ca.gov/LawsRegsPolicies/Regs/upload/HWMP_WS_FR_CapIns.pdf. than1a1single1customer,1although1at1some1point1the1term1 captive 11no1longer1 is appropriate.1 Clougherty1Packing1Co.1v.1Commissioner,18111F.2d112971(9th1Cir.1987).111 In the case of a “pure” or “single parent” captive insurer, the financial stability of the third party is completely dependent on the financial health of the parent. Commonly, the assets of such captive insurance companies consist only of the unsecured obligations of the parent facility. Thus, a failure of the parent facility will necessarily cause a failure of the captive insurer. The potential liabilities of such an insurer may easily reach several millions of dollars (not less than $2,000,000 in liability and commonly in excess of $3,000,000 for closure.) The State of Vermont, home to many captive insurance companies, requires a paid in capital and surplus of only $250,000. (Vermont Insurance Code, section 6004.) Pure captive insurance does not shift or distribute the parent’s risk and is therefore not insurance at all. An insurer that is a Commissioner determines "captive insurance company", as that term is used in that such captive insurance T.C.A. Sections 56-13-106 through 56-13-1331, may company offers coverage that not be utilized unless the Commissioner determines is equivalent in protection to that such captive insurance company offers coverage other insurance companies or that is equivalent in protection to other insurance other allowable financial Except for captive insurance companies, the insurer shall be licensed to transact the Wisconsin business of insurance or eligible to provide insurance as an ... This guide explains to you (prospective buyer) the idea behind life insurance, the various distribution channels and the products available.http://www.transamerica.com.sg/shared_docs/pacific_rim/pdf/your_guide_to_life_insurance.pdf. By law, insurance companies must reveal all costs and charges associated with the product you are buying. This includes, specifically, the distribution costs which include any commission the insurance company will pay to your adviser. You can get insurance advice from representatives of licensed or exempt financial advisers who are qualified to advise on and distribute life-insurance products. You can contact the following types of life-insurance advisers. Policy contract Life insurance is a contract signed between you and a life-insurance company. You must write to the insurance company about the assignment, otherwise it would not be valid when it comes to paying an insurance claim. TYPES OF INSURANCE Life insurance gives you and your family financial protection against the financial loss that can happen after your death or if you suffer a total and permanent disability. This plan is suitable for long-term savings if you would like the insurance company to invest on your behalf Term insurance With term insurance, you get protection for a set period. Endowment insurance With endowment insurance, you get both protection and savings. Health insurance 1 MEDICAL EXPENSE Basic medical expense insurance, commonly known as hospital and surgical insurance or hospital income plan, provides benefits for certain medical costs that result from accidents and sicknesses. Major medical insurance covers the expenses arising from a longer period than the limits in basic hospital and ... One of the most significant support services we strive to provide is affordable group health insurance for our members.http://www.insurance.state.pa.us/bchearing/comments/bc_ind_0023.pdf. Given the aggregate size of our membership, historically we have been able to negotiate favorable group health insurance rates that have made it possible for many of our members to provide health coverage to their employees. Without the collective buying power of our association, most of our builder-members, simply because of their size, would be unable to negotiate favorable health insurance premium rates for themselves and their employees. By seeking out favorable group health insurance contracts for our membership, PBA seeks to accomplish two important goals. First, the availability of affordable private group health insurance rates means that tens of thousands of individuals working in Pennsylvania’s home building industry have the security of health insurance for their families. Keeping health insurance rates affordable is a matter of great significance to our membership, but we have seen in the past several years some very troubling trends developing. Consequently, a significant number of our members are either cutting back on the scope of health insurance they provide to their employees or have ceased providing health insurance completely. In reviewing historical exit interview data, approximately 11% of employer groups that terminate from the PBA Benefits Trust no longer offer group health insurance coverage. Against this background of accelerating premium increases and falling coverage, we have become aware of the financial surpluses and reserve levels currently being maintained by ... The PERS Insurance Plans provide medical and dental insurance plan options as well as long term care insurance for PERS retirees.http://www.oregon.gov/PERS/RET/docs/health_insurance_program/general_information.pdf. The insurance plans offer coverage for retirees, their spouses, and eligible dependents. Health insurance does not pay for the cost of long term care. The PERS long term care insurance carrier is UNUM Life Insurance Company of America. All eligible PERS retirees, spouses, and dependents may apply for long term care insurance by contacting UNUM at 800-227-4165 for enrollment and eligibility information. PERS long term care insurance is offered to retirees in a different fashion than PERS health insurance plans. Retirees deal directly with the insurer for enrollment, premium payments, claims and all other aspects of the plans. Although the option to purchase long term care insurance is available to all PERS retirees and eligible dependents, some individuals may be denied coverage because of poor health. Therefore, if you are interested in purchasing long term care insurance, it is generally more affordable if you purchase your plan as soon as you are eligible to enroll. If you are not yet Medicare-eligible, the PERS health plans may not be your best options for health insurance coverage. If you have any questions regarding your group insurance, please call the PERS Health Insurance Program at the telephone numbers listed on the back of this brochure. The Oregon Legislature has directed PERS to establish a Retirement Health Insurance Account (RHIA) to help pay the Medicare companion health insurance premiums of eligible retirees. You are eligible to receive a PERS RHIA contribution if you: are ... Abstract: This paper describes and evaluates the deposit insurance scheme set up by private commercial banks in Germany in 1975.http://www.worldbank.org/research/interest/confs/upcoming/deposit_insurance/beck.pdf. The last two decades have seen a rise in explicit deposit insurance schemes around the world. While the Bretton Woods institutions have in most cases supported the establishment of explicit insurance schemes, the wisdom of this policy has been recently questioned. Demirgüç-Kunt and Detragiache (2000) show that countries with an explicit deposit insurance scheme are more likely to have a systemic banking crisis and are more vulnerable to systemic risk factors. Demirgüç-Kunt and Huizinga (1999) find that the adoption of an explicit deposit insurance scheme undermines market discipline exercised by creditors and depositors on banks. Demirgüç-Kunt and Detragiache (2000) show that the coverage and funding of deposit insurance schemes have a significant impact on the probability with which a country suffers a banking crisis. The importance of the design of the deposit insurance schemes thus increases the need to study institutional details of individual schemes. By focusing on the institutional details of the German deposit insurance scheme, this paper is therefore complementary to cross-country work. The other elements of the financial safety net have an important impact on the efficiency of the deposit insurance scheme. If strong banks have to subsidize weak banks via flat premium rates, they will leave a voluntary deposit insurance scheme. To decrease the agency problems between owners and managers of the deposit insurance scheme, private funding and management have been proposed. The insurance ... A review of your parents’ homeowners, auto insurance and health insurance policies can help to ensure that you are properly covered while away from home.http://www.aicpa.org/download/financialliteracy/College_Toolkit/Insurance_Checkup.pdf. RENTERS INSURANCE If you live in a dorm and are still considered a dependent, the family’s homeowners insurance policy should provide coverage for possessions taken to school. Typically, protection of property away from home is limited to 10 percent of the personal property limits on the family’s homeowners insurance policy. For example, if the contents of your home are insured for up to $75,000, property away from home would be covered for $7,500, less your deductible. When you move off campus, you most likely won’t be covered by your family’s homeowners insurance. At that point you may want to consider renters insurance. As an added precaution, the National Association of Personal Insurance Agents recommends engraving valuable items, such as computers and stereo equipment with the student’s driver’s license number and state of residence. INSURANCE AGENT Your family auto insurance policy will most likely cover a car that you take to college as long as your parent is the registered owner. However, since the car’s new locale might make a difference in your premium, it is important that the insurance company be notified. If your college campus is at least 100 miles from home and you are not taking an insured vehicle, your family might be eligible for a reduction in auto insurance premiums. Most colleges offer student health insurance, but before purchasing a policy through your college, check your family health insurance policy to determine if you would ... The insurance business is complex and few physicians understand the vocabulary, structure and detailed mechanics of medical malpractice insurance.http://www.acep.org/NR/rdonlyres/DD94E243-339F-4A02-983D-7563D42BCE74/0/MPLIpaperApril04.pdf. Medical professional liability insurance provides third-party coverage, which means it reimburses a person (usually the injured person or their family) who is not one of the two original parties to the insurance contract. Reinsurance is essentially a sharing of loss between insurers in which a primary insurer assigns part of its total loss exposure to the reinsurer. The RRG must be incorporated and licensed as a liability insurance company in at least one state but it is permitted to solicit business and write insurance in all other states. Many state protections afforded to other insurance vehicles are not applicable to RPGs and the financial viability of the insurance product must be carefully researched. Joint underwriting associations (JUAs) are not-for-profit risk-pooling associations that were created by many state legislatures in response to the insurance availability crisis of the 1970s.They are operated as a branch of state government and have appropriated fund to ensure that insurance would be available. Defense issues in a policy should outline an insurer’s responsibility to provide a defense to its insureds. Notice refers to a requirement that the insured notify the insurer as soon as practical of any claim so an appropriate defense can be mounted. Hold harmless agreements must be identified so the insurer is aware of any indemnification agreements between the insured and third parties. Admitted Carrier – An insurer who is licensed to do business in a particular ... Car insurance is required in New Jersey.. Whether you are buying a new insurance policy or renewing your current policy, you must make many decisions about what coverage you need and how much you can pay. Will your own health insurance cover auto accident injuries? How much insurance coverage can you afford? As a New Jersey auto insurance consumer, you have rights. Starting in mid-2004, companies and agents must give you three coverage choices, called “Insurance Scenarios,” when buying a new policy, or upon your request if you are already insured. You can shop for auto insurance at any time – not just when your policy is up for renewal, and if you find a better price, you can cancel your old policy and seek a refund of your unused premium. Insurance policies use terms that may be unfamiliar to the average driver. COVERAGES — Your auto insurance policy is divided into different coverages based on the type of claim that will be paid to you or others. UNDERINSURED MOTORIST COVERAGE — Pays you for property damage or bodily injury if you are in an auto accident caused by a driver who is insured, but who has less coverage than your underinsured motorist coverage. Sam’s insurance company pays $15,000 of the damages, while Jane’s insurance company pays the remaining $10,000 from her underinsured motorist coverage. There are two common types of auto insurance policies in New Jersey. It is not for everyone, but it does provide enough coverage to meet the minimum insurance requirements of New Jersey law. Your insurer then seeks reimbursement from the insurer of the driver who caused the auto accident. established in the New | |
