“Quota Share Reinsurance”
A form of reinsurance whereby the reinsurer accepts a stated percentage of each and every risk underwritten by the reinsured company within a defined category of business and within the underlying insurance contract parameters on a pro rata basis and is usually paid a pro rata portion…
“SAP”
Insurance statutory accounting principles which are codified in the National Association of Insurance Commissioners’ Accounting Practices & Procedures Manual, and sometimes by “permitted practices” of the state insurance department; the term is oftentimes used as an accounting reference for insurance company financial matters in a stock purchase agreement and…
Read More InsureTerms™/Terminology for the Consummate Insurance & Reinsurance Lawyer: “SAP”
During last few years, approximately 23 states passed seemingly favorable, pro ecommerce insurance laws, primarily at the behest of the personal lines property and casualty insurance industry, namely new state insurance code statutes that allow an insurer to deliver an insurance policy to a policyholder simply by posting an electronic…
Read More Locke Lord’s Brian Casey, Partner in the Atlanta office, Authors “Where’s The E-Sign? A Primer On Electronic Signature Laws” for Law360 on August 30, 2016
The Illinois Department of Insurance (“DOI”) has issued a notice of proposed rules to create 50 Ill. Adm. Code 941 regarding misrepresentations and false warranties. A previous version of the proposed rule was proposed in December of 2014 and withdrawn in October 2015. The DOI reason for the withdrawal was…
Read More Illinois Department of Insurance Proposes Rule on Misrepresentations and False Warranties
The Wyoming Supreme Court ruled on August 17, 2016 that an insurer “must be prejudiced before being entitled to deny coverage when the insured has failed to give notice ‘as soon as practicable.’” In addressing a certified question from the 8th Circuit Court of Appeals, the Wyoming opinion said it…
Read More Wyoming Requires Insurer Prejudice for Late NoticeIllinois State Treasurer Michael Frerichs has called for statewide hearings to educate the public on how life insurance companies avoid paying death benefits. The first hearing is scheduled for August 17th in Normal, Illinois. According to Frerichs, since 2011, the Illinois State Treasurer’s office has identified more than $550 million…
Read More Illinois Treasurer Holds Statewide Hearings on Life Insurers that Do Not Pay Death Benefits
“Audit Premium”
Any premium that is determined to be payable from (Audit Additional Premium) or to (Audit Return Premium) a policyholder as a result of a policy provision that permits the insurance company to base the ultimate premium to be charged for the policy on auditable criteria at the end…
On August 2, 2016, the Office of Foreign Assets Control (“OFAC”) issued Findings of Violations of the Foreign Narcotics Kingpin Sanctions Regulations against AXA Equitable Life Insurance Company and Humana Inc. In both cases, OFAC found that the companies did not screen their policyholders and beneficiaries against the OFAC Specially…
“Retrocessionaire” noun/retro-cession-air
A reinsurance company or insurance company that assumes reinsurance risk ceded by another reinsurance company or insurance company acting as a primary reinsurer of an insurance company.Read More InsureTerms™/Terminology for the Consummate Insurance & Reinsurance Lawyer: “Retrocessionaire”
Earlier this week, European Union (“E.U.”) and U.S. representatives met in Brussels to continue to discuss a potential agreement concerning insurance and reinsurance matters. This is the third such meeting since the U.S. Department of the Treasury and the Office of the U.S. Trade Representative announced last November their intent…
Read More U.S., E.U. Representatives Continue to Work on Covered Agreement for Insurance and Reinsurance Measures
In addition to cookies that are necessary for website operation, this website uses cookies and other tracking tools for various purposes, including to provide enhanced functionality and measure website performance. To learn more about our information practices, please visit our Global Privacy Notice.
