The amendments modernize the Commission's rules for determining whether an auditor is independent in light of investments by auditors or their family members in audit clients, employment relationships between auditors or their family members and audit clients, and the scope of services provided by audit firms to their audit clients. The amendments, among other things, significantly reduce the number of audit firm employees and their family members whose investments in audit clients are attributed to the auditor for purposes of determining the auditor's independence.
The task manager for the World Bank was John Pollner. He was assisted by W.
Ed Morris, consultant to the World Bank. Coordination and supervision was provided by Jan C. Many Caribbean people from government, financial, and insurance circles kindly gave of their expertise and time during consultant visits in Their assistance and contributions are greatly appreciated.
The adaptation of a claim put in by an insured to conform it to the coverage conditions of the policy for settlement purposes. A major disaster event causing damage to multiple interests.
An insurance company owned by its policyholders and primarily concerned with insuring the owners' risks; industry trade associations often set up their own captive companies. A policy provision reducing the amount of claim settlement, underwriting analyzing financial statements expressed as a percentage of the sum insured.
An insurance agency empowered by the insurance company ies it represents to accept stipulated risks and settle claims on behalf of the insurer. A natural phenomenon with the potential to cause damage, including its location and the severity and probability of the damage. Probable Maximum Loss, a term used by insurers to signify the estimated amount likely to be claimed under policies, often expressed as a percentage of the full values insured.
A generic term to signify those classes of insurance covering real and personal property buildings, equipment, contents, etc. The mechanism by which one insurance company contractually passes a proportion of insured risks to another insurance company, the reinsurer.
The consideration paid by the reinsurer to the reinsured company. Estimate of probable loss expected from the effects of a given hazardous event on a given element, or all elements, in an area. Risk relates a hazard to vulnerability. A technology also a profession whereby risk exposures are systematically identified and quantified and determinations are made about whether to eliminate or modify the risk, self-insure the risk, or purchase traditional insurance protection.
The level amount of risk retained by an insurer before reinsuring self-insurance.
The amount of risk-taking borne by property owner. Degree of loss that may be expected of an element e. The former are ultimately more efficient, although the latter can reduce economic volatility by spreading risks more evenly.
The Caribbean insurance industry has been existence for some 25 years, principally as a component of the larger financial products and services industry. Relatively few independent insurers operate in the area. Caribbean insurance companies have not been motivated to generate and expose significant capital for underwriting catastrophe perils.
Characteristically, they limit their catastrophe risk retention levels to under 15 percent, the remainder being ceded to reinsurers. The availability of reinsurance affects the profitability of Caribbean insurance companies, as it governs the ability to write policies and thus generate subsequent income from reinsurance commissions.
Policy coverage restrictions are generally designed and imposed by foreign reinsurers, and their effect falls on the policyholders rather than on the insurance companies. In recent years the Caribbean area has seen its share of natural disasters, and its insurance markets have been through one of their most difficult periods.
As a result, Caribbean insurers need to evaluate their portfolio risks with greater precision so that they can prove to reinsurers their true exposures and thereby maintain reinsurance protection at reasonable cost.
The trends towards liberalization of trade and commerce are meeting a mixed response from the local Caribbean insurance industry. On the one hand, companies welcome the ability to invest assets in harder-currency areas.
On the other hand, they fear outside competition. It is as apparent that the insurance industry needs to be rationalized as it is evident that there are far too many companies in proportion to population and GDP. A parallel condition is general under-capitalization.1. Banks. The “Law on Banking and Financial Institutions” was enacted in , aiming to serve to improve financial facilities, strengthen the base of financial institutions and make it easier for the investors to get business financing in Cambodia.
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