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Good claims-control clauses will require that reinsurers be notified of loss in the timely way; receive all information; can appoint adjusters; and can fully control any adjustment, negotiation, litigation and claim settlement.
By bringing stability to, and enabling, commerce, reinsurers fulfill a key social function.
Its reinsurer could include a loss corridor in the policy, which for a price, agrees that if there were a number of large losses (the number dependent on the client's loss history) excess of $350,000, the retention will drop down to its original level of $250,000, thereby mitigating the impact of a bad loss year.
The reinsurer knows the ceding company's underwriting practices; the primary company knows the reinsurer's track record of paying claims in a timely fashion.
04, a foreign insurer or reinsurer that wishes to enter into a closing agreement must submit all of the following documentation:
Controlling the total cost of risk is critical to improving results for both the self-insured and the reinsurer.
Companies reinsured with highly rated reinsurers will receive positive treatment, while those using lower rated reinsurers will be penalized.
But, as the SOX Act requires, who's to say a reinsurer is being absolutely candid when it says there are no problems on its books?
On the other hand, treaty reinsurance involves a contract under which the insurer cedes to the reinsurer a specified share of the risk on all policies that the carrier may issue on a particular class of risk or on a risk to a particular class of insureds during the term of the treaty.
Lemaire will position the reinsurer to quickly understand ceding company needs and deliver effective solutions.
The new product offers flood insurance to low-income households in Jakarta, Indonesia; Munich Re will be the product's sole reinsurer.
Nearly every major reinsurer has had its financial strength rating lowered.