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This will have implications for Allstate, State Farm, USAA and other insurers which have sued the utility over Camp Fire losses. -
The “limited purpose insurer” framework is designed to operate complex collateralised reinsurance vehicles.
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The framework introduced by the BMA last July allows companies to test new technologies and products on customers in a controlled environment.
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Under the new laws, the insurer has a 10-day timeframe to complete its investigations before legal action can be brought.
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The fund currently has a 5 percent cap on reimbursements for loss adjustment expenses.
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A no-deal Brexit could send pension deficits back towards previous highs, Mercer said.
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The ratings agency president welcomed the legal change but said Demotech will monitor court challenges to the new law.
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CEO Downes stressed it was too early to say how the new law will impact insurance pricing.
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Perhaps it is not the perfect analogy for an event in Florida, but the famous failure of Devon Loch in the Grand National springs to mind.
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Fema has added a new $300mn catastrophe bond to its reinsurance programme.
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The draft law, which curtails consumers’ rights to hand on the right to claims to service providers, passed its final Senate committee on Wednesday.
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The issue of collateral rollover “keeps coming up” in applications for new UK ILS transactions, with assurances needed that assets will not be counted twice, said the PRA’s Gareth Truran.
