A Guide to Insurance: Combining Governance, Compliance and Regulation

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Spiramus Press Ltd, 2012 - Law - 286 pages
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Insurance has become a highly specialized area, and understanding insurance requires an insight into the changing regulatory environment, as well as understanding what the challenges are that affect insurance companies. Author Nigel Feetham, a practicing lawyer and international insurance practitioner, examines the practice of insurance law as an issue of governance. He applies a practical approach to insurance regulatory law (both UK domestic and international) and provides a guide to current trends, markets, and policy choices facing governments and regulators. The book covers the way captives as well as open market insurers are regulated, how they operate, and what the potential issues are. It is written in a clear accessible manner for students who are now studying insurance law. A Guide to Insurance also includes a chapter written by Robin Amos on Own Risk and Solvency Assessment (ORSA), part of the Solvency II project which is planned to improve the prudential supervision of insurers in the European Union. Solvency II is expected to be in force on January 1, 2014.
 

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Contents

1 THE CONCEPT OF RISK IN COMMERCE
1
2 SELECTION OF DOMICILE
11
3 BUSINESS MARKET AND REGULATORY ISSUES FOR CAPTIVES AND INSURERS
21
4 INSURANCE COMPANY FAILURE
33
5 OWNERSHIP MANAGEMENT AND FINANCING
59
6 SUPERVISION
83
7 SYSTEM OF GOVERNANCE
109
8 REGULATORY ARBITRAGE
135
11 EPILOGUE
217
APPENDIX 1 BOARD OF DIRECTORS SPECIMEN TERMS OF REFERENCE AND CODE OF ETHICS
221
APPENDIX 2 THE BERMUDA INSURANCE CODE OF CONDUCT CODE
231
APPENDIX 3 THE GUERNSEY CODE
251
APPENDIX 4 INSURANCE INTERMEDIARY CONTRACT CLAUSES
265
APPENDIX 5 CORPORATE GOVERNANCE QUESTIONNAIRE
273
QUINN INSURANCE LTD
277
Index
283

9 A GUIDE TO ORSA FOR CAPTIVES AND SMALL INSURERS
153
10 GENERAL CONCLUSION AND SUMMARY
215
Also by Nigel Feetham for Spiramus Press
286
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