All StrategicRISK Global articles in September 2009 StrategicRISK – Page 3
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New Zealand
Non-admitted insurance: Permitted. Premium tax paid by insured: 12.5% on premium plus Goods and Services Tax.Regulator: The New Zealand insurance industry is overseen by the Insurance and Superannuation Unit of the Ministry of Economic Development.Overview: New Zealand has undergone massive reforms over the past two decades. Compared with its larger ...
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China
Non-admitted insurance: Prohibited. Insurance can only be placed with a company licensed to conduct business in China.Premium tax paid by insured: None known. But insurers pay a 5% business tax to the government based on net income. There are also local taxes that vary by region/city ranging from 0% to ...
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Indonesia
Non-admitted insurance: Prohibited. A person found responsible for transacting non-admitted insurance may be subject to a fine and imprisonment.Regulator: The Ministry of Finance.Overview: In Indonesia, a buyer may be exposed to taxation on any compensation paid by an overseas insurer which is treated as unearned income. Overall risk rating: high
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Online onlyUK unemployment reaches 2.47m
The unemployment rate reached 7.9% and is expected to continue to climb to 10%
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Online onlyBrokers fail to combat bribery risk
Despite Aon’s massive fine commercial insurance brokers are still not tackling bribery, according to a regulatory inquiry
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Online onlyFrench banks oppose G20 capital plans
Bigger capital buffers would put European banks at a disadvantage, they say
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Online onlySEC launches new unit to police market risk
University of Texas School of Law Professor Henry Hu will head up the Division of Risk, Strategy and Financial Innovation
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AnalysisForeign investment slumps in developed economies
The UK saw its foreign investment halve while investment in the developing world surged by 43% in 2008
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Online onlyThree arrested in terror investigation
Two men from Colorado and one from New York have been detained on terror charges
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IRM speaker struck down with flu
Conference continues with 300 delegates in Coventry. Award winners announced.
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Online onlyFerma president sets out his manifesto
Peter Den Dekker is focused on delivering an agreement with brokers over contingent commissions and influencing the impact of Solvency II on the market
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Interviews
IRM endorses NGO
IRM has accredited a training programme developed by Plan, an international children’s organisation
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Online onlyPandemic vaccine donated to developing world
Developed countries pledge to distribute 10 percent of their stock
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Online onlyFlooding displaces 400,000 in Philippines
Tropical cyclone Ketsana brings severe flooding to Manila
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Online onlyUK D&O premiums set to reach US highs
Financial firms see 15 % increases in D&O renewals
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AIRMIC completes speed-of-settlement agreement
Voluntary agreement expected to become common practice on all property and BI claims
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Online onlyJordanian arrested over plot to bomb Dallas skyscraper
Terrorist plot foiled by undercover FBI operation
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Online onlyDon’t ignore environmental risk says Aon
Broker survey reveals European risk managers lulled into false sense of security over environmental risk
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Online onlyUK GDP drops less than expected
GDP drops 0.6% in second quarter better than 0.7% expected
