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insurance

On 13 May, the Monetary Authority of Singapore issued its market-segment specific "GUIDELINES ON PREVENTION OF MONEY LAUNDERINGAND COUNTERING THE FINANCING OF TERRORISM-DIRECT GENERAL INSURANCE BUSINESS,REINSURANCE BUSINESS, ANDDIRECT LIFE INSURANCE BUSINESS (ACCIDENT & HEALTH POLICIES)". Here are ten key phrases.

BIScom Subsection: 

A recent court action against a car hire company demonstrates that the insurance sold with the car is not necessarily what hirers think it is.

The World Bank, the leading provider of natural disaster risk insurance for emerging and developing countries, has issued catastrophe bonds that will provide a total of USD1,36 million in earthquake cover to Chile, Colombia, Mexico and Peru.

BIScom Subsection: 

Case Summary: 

The owner of a laboratory will be jailed after pleading guilty to defrauding insurance companies for medical tests that were never performed in a fraud that depended on duping multiple people.

Type of conduct: 
Healthcare / Medicare fraud

In 2016, Emirates flew more than 194,000 flights and of those more than 60 were diverted because of a medical emergency. The cost of each ranges from USD50,000 to USD600,000, says the airline. So it needs to find ways to reduce diversions where there is no additional risk to the passenger.

CoNet Section: 

I hate buzzwords. I hate management-speak. And I really, really hate trends that appear to be one thing when really they are another. And more than all of those combined, I hate marketing-hype bubbles where everyone talks in breathless terms about the means instead of the ends or, even, the process.

So it follows, even though I've been fascinated by technology for decades, I'm irritated by the growth of so-called "fintech."

And I'm watching all the signs of a bubble.

The Australian Securities and Investments Commission has permanently banned the owner and sole director of an insurance brokerage from the financial services industry. Christopher John Griggs of Chris Griggs Insurance Offices Pty Ltd, Mount Pleasant, South Australia, forged documents and applied for credit using the names of third parties without their knowledge.

BIScom Subsection: 

In Part 3 of his analysis of whether insurance against internet crime is a viable business model for insurance companies, Nigel Morris-Cotterill demonstrates how the risks are wide and varied and cannot be accurately assessed, resulting in a bad business model for insurance companies.

To rescue the UK's economy from the 1973-75 crisis, one of the measures adopted was to increase consumer credit and to reduce the constraints on lending. One concept has been a contributory factor to almost every financial crisis, in the UK and elsewhere, since: the ability of the banks to lay off risk for bad lending decisions.

In Part two of his examination of the question of insurance against on-line crime, Nigel Morris-Cotterill says welcome to the world of insurance as an excuse for negligence.

Insurance companies live or die by the risks they take and the premiums they charge. It is time that companies offer insurance to consumers against the risks of on-line crime?

Nigel Morris-Cotterill, Author, Cleaning up the 'Net examines what's involved starting with an explanation of how lack of moral hazard has been a major contributor to a succession of banking and economic crises over a period of some 40 years. And why that is relevant to questions of insurance against on-line crime.

Hong Kong's Independent Commission Against Corruption has charged a number of people with a range of offences alleged to have been committed against insurance companies.

BIScom Subsection: 

As off-site storage of hard copies becomes more common - as does outsourcing of document destruction - the question of liability for loss and / or security breaches becomes ever more important. A US insurance company has designed a policy specifically for that industry.

 


 

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