WorldWideScience

Sample records for insurance liability

  1. Transport Nuclear Liability Insurance

    International Nuclear Information System (INIS)

    Folens, M.

    2006-01-01

    Although transport of nuclear substances represents only a very small part of the global transport of dangerous goods, it takes place every day all over the world and it is part of our daily life. Transport of nuclear material takes also place at every stage of the nuclear fuel cycle; radioactive materials are carried out all over the world by all major modes of transport: sea, air, road and rail. Despite the large number of nuclear transports, they are not considered as posing a serious risk. A major nuclear incident is almost always associated with the operating of fixed installations such as nuclear power plants; just think about Three Mile Island and Chernobyl. This perception is strengthened by the absence so far of serious accidents in the nuclear transport sector and this finding is in fact proof of the very safe conditions of nuclear transport. But accidents can never be excluded entirely and in some cases damages could be as large as those caused by fixed installations. This means that protection of the interests of possible victims should also be covered in a correct way. That is why the special nuclear liability regime has also been developed to cover damage caused by a nuclear transport accident. As stated by Patrick Reyners, the prime motivation for originally adopting a special nuclear regime was the harmonisation of national legislation and that nowhere more than in the field of international transport operations is such harmonisation felt desirable . The international legal regime has been developed along two tracks, one based on the mode of transport and the other based on the notion of dangerous goods. The linkage between those two tracks is of permanent concern and the mode of transport is the key element to determine which international instrument should be applicable. The purpose of this paper is to briefly introduce the financial security provided by the insurance industry to cover the international nuclear liability regime for nuclear

  2. Environmental pollution and liability insurance

    International Nuclear Information System (INIS)

    Boediker, T.

    1980-01-01

    By the declared will of the legislative bodies to give effect to the polluter pays principle on all levels those have to pay the costs of removing impairments of environmental media that are responsible for its occurence. Thus environmental pollution becomes a considerable financial risk for the polluter. Against this risk they try to protect themselves by the corresponding precautionary measures, e.g. by insurance. The insurance industry is consequently requested to meet this new demand. The legal bases are followed by the description of the insurance relationship under the aspect of the theory of risks, which follows, based on the basic model of decision theory, the objective of a quantitative representation of the situation of the decision. In the last chapter the author deals with the financial security for the risks of a third party liability insurance of environmental pollution as it is offered today in the Federal Republic of Germany. The elaboration of the existing financial security is then compared with the legal conditions of liability. In doing this the author describes cases not covered by financial security and its definition by comparison with findings of risk theory. As a result it becomes obvious that numerous exclusions of risks could quite good be included in the financial security and that the argument of the impossibility to insure often put forward by the insurers to justify the exclusion of risks can neither theoretically nor practically be uphold. (orig./HSCH) [de

  3. Liability and Insurance for Suborbital Flights

    Science.gov (United States)

    Masson-Zwaan, T.

    2012-01-01

    This paper analyzes and compares liability and liability insurance in the fields of aviation and spaceflight in order to propose solutions for a liability regime and insurance options for suborbital flights. Suborbital flights can be said to take place in the grey zone between air and space, between air law and space law, as well as between aviation insurance and space insurance. In terms of liability, the paper discusses air law and space law provisions in the fields of second and third party liability for damage to passengers and 'innocent bystanders' respectively, touching upon international treaties, national law and EU law, and on insurance to cover those risks. Although the insurance market is currently not ready to provide tailor-made products for operators of suborbital flights, it is expected to adapt rapidly once such flights will become reality. A hybrid approach will provide the best solution in the medium term.

  4. Insurance Cover for Revised Nuclear Liability

    International Nuclear Information System (INIS)

    Reitsma, S. M. S.

    2008-01-01

    The financial security to be provided to victims of an incident at a nuclear installation is the main objective of international nuclear liability conventions. As from the introduction of the Paris Convention on Third Party Liability in the Field of Nuclear Energy in 1960 and the Vienna Convention on Liability for Nuclear Damage in 1963 insurers have been prepared to provide the financial capacity needed to cover the liability under both conventions. They did so in close co-operation with the competent national and international authorities, which has resulted in the insurability of as much of the nuclear liability under the conventions as possible. This tradition of co-operation between authorities and insurers was extended to include the revision negotiations regarding the above conventions, which were concluded in 1997 and 2004 respectively. This has resulted in the insurability of by far the largest part of the convention based liability. However, some heads of damage have been introduced about which insurers had expressed concerns as to their likelihood to attract insurance support. In view of the explicit choice by Convention States to include the uninsurable heads of damage into the revised conventions one would expect that liability for them would fall upon national Governments. This would reflect practice in a number of States, which already assume liability for uninsurable mandatory liabilities for a long time. Nonetheless some other States now seem reluctant to do so, the resulting deadlock having a tendency to manifest itself in a negative perception of the insurance industry. Insurers are therefore appreciative of the forum provided by the CNS to once again explain the areas where problems as regards insurability have arisen and why this is the case. This presentation will show that those areas are few in number and notably relate to a limited number of environmental damages as well as the extension of prescription periods. Furthermore, thoughts will

  5. Nuclear liability act and nuclear insurance

    International Nuclear Information System (INIS)

    Clarke, Roy G.; Goyette, R.; Mathers, C.W.; Germani, T.R.

    1976-01-01

    The Nuclear Liability Act, enacted in June 1970 and proclaimed effective October 11, 1976, is a federal law governing civil liability for nuclear damage in Canada incorporating many of the basic principles of the international conventions. Exceptions to operator liability for breach of duty imposed by the Act and duty of the operator as well as right of recourse, time limit on bringing actions, special measures for compensation and extent of territory over which the operator is liable are of particular interest. An operator must maintain $75,000,000. of insurance for each nuclear installation for which he is the operator. The Nuclear Insurance Association of Canada (NIAC) administers two ΣPoolsΣ or groups of insurance companies where each member participates for the percentage of the total limit on a net basis, one pool being for Physical Damage Insurance and the other for Liability Insurance. The Atomic Energy Control Board recommends to the Treasury Board the amount of insurance (basic) for each installation. Basic insurance required depends on the exposure and can range from $4 million for a fuel fabricator to $75 million for a power reactor. Coverage under the Operator's Policy provides for bodily injury, property damage and various other claims such as damage from certain transportation incidents as well as nuclear excursions. Workmen's Compensation will continue to be handled by the usual channels. (L.L.)

  6. Analysis of your professional liability insurance policy.

    Science.gov (United States)

    SADUSK, J F; HASSARD, H; WATERSON, R

    1958-01-01

    The most important lessons for the physician to learn in regard to his professional liability insurance coverage are the following:1. The physician should carefully read his professional liability policy and should secure the educated aid of his attorney and his insurance broker, if they are conversant with this field.2. He should particularly read the definition of coverage and carefully survey the exclusion clauses which may deny him coverage under certain circumstances.3. If the physician is in partnership or in a group, he should be certain that he has contingent partnership coverage.4. The physician should accept coverage only from an insurance carrier of sufficient size and stability that he can be sure his coverage will be guaranteed for "latent liability" claims as the years go along-certainly for his lifetime.5. The insurance carrier offering the professional liability policy should be prepared to offer coverages up to at least $100,000/$300,000.6. The physician should be assured that the insurance carrier has claims-handling personnel and legal counsel who are experienced and expert in the professional liability field and who are locally available for service.7. The physician is best protected by a local or state group program, next best by a national group program, and last, by individual coverage.8. The physician should look with suspicion on a cancellation clause in which his policy may be summarily cancelled on brief notice.9. The physician should not buy professional liability insurance on the basis of price alone; adequacy of coverage and service and a good insurance company for his protection should be the deciding factors.

  7. Performance measurement and insurance liabilities

    NARCIS (Netherlands)

    Plantinga, A; Huijgen, C

    2001-01-01

    In this article, the authors develop an attribution framework for evaluating the investment performance of institutional investors such as insurance companies. The model is useful in identifying the investment skills of insurance companies. This is accomplished by developing a dual benchmark for the

  8. Nuclear liabilities - nuclear insurance. Pt. 1

    International Nuclear Information System (INIS)

    Roesch, H.

    1981-01-01

    Too much emotion is involved in the topic of nuclear energy. This is often due to the fact that the persons involved lack of essential basic knowledge. This article and the following ones represent an attempt to offer a technically oriented introduction into the physical preconditions of the problems and the questions concerning matters of liability and insurance. (orig.) [de

  9. Finance, providers issue brief: insurer liability.

    Science.gov (United States)

    Rothouse, M; Stauffer, M

    2000-05-24

    When a health plan denies payment for a procedure on grounds that it is not medically necessary or when it refuses a physician-ordered referral to a specialist, has it crossed the line from making an insurance judgment to practicing medicine? If the patient suffers harm as a result of the decision, is the plan liable for medical malpractice? Those were questions 35 states considered in 1999, and at least 32 states are grappling with this year as they seek to respond to physician and patient pressure to curb the power of the managed care industry. Traditionally, health insurers have been protected by state laws banning "the corporate practice of medicine," which means the patient's only recourse is to sue under a "vicarious liability" theory. Now, however, lawmakers are debating legislation to extend the scope of malpractice liability beyond individual practitioners to insurance carriers and plans themselves.

  10. FEATURES OF PROFESSIONAL LIABILITY INSURANCE REALIZATION IN UKRAINE

    Directory of Open Access Journals (Sweden)

    О. Lobova

    2015-04-01

    Full Text Available The signs of professional liability insurance are generalized in the article. It is the presence of losses, additional costs that require mechanisms and sources of compensation. The essence of the professional responsibility concept is determined and it is characterized like specialists material liability of different professions, lack of qualifications, errors and omissions are due to carelessness or negligence may cause harm to the client The main elements of the professional liability insurance contract, such as insurance objects, insurance compensation, insurance risks are described. The types of professional liability insurance are characterized. There are such types of the professional liability insurance: professional liability insurance of architect, lawyer, auditor (accountant, appraiser, notary, customs broker and doctor. It is determined, that the most widespread in Ukraine is the professional liability insurance of lawyer and customs broker because the policy is purchased for the sole purpose to obtain a license. The size of insurance rates in the provision of professional liability insurance in different insurance companies of Ukraine are analyzed. It is established that insurance rate depends on the type of professional activity, scope of service, qualifications and the other factors. The development impulse can only provide judicial and legal definition of professions wide list that are subject under mandatory professional liability insurance.

  11. Asset Liability Management in Insurance Company

    OpenAIRE

    Giandomenico, Rossano

    2006-01-01

    The model, by using the option theory, determines the fair value of the insurance life policies with different time of maturity and shows that the effective liabilities duration of an Insurance Company exposed to the default risk is different from the duration of a default free zero coupon bond with the same time of maturity. Furthermore, it shows that the value of equity can be immunized in a dynamic way with respect to the movement of the spot rate by selling and purchasing the default fre...

  12. Nuclear Reactors and Their Legal Liability Insurance

    International Nuclear Information System (INIS)

    Ekener, H.

    1999-09-01

    This paper examines Regulatory Regime in Turkey has no general Nuclear Energy Act and apart from legislation to the Turkish Atomic Energy Authority, the applicable law mainly covers protection and the licensing against of nuclear installation. In Addition this paper also contains briefly the major points which have to be taken into consideration and advance in the legal liability insurance of the nuclear power plants

  13. Looking at nuclear liability and insurance in Russia

    International Nuclear Information System (INIS)

    Schwartz, J.

    1997-01-01

    A recent seminar in Moscow has addressed the issue of nuclear liability and insurance in the Russian nuclear industry since the breakup of the Soviet Union. The potential benefits of joining the international liability regime and adopting comprehensive nuclear liability legislation were discussed. The need to establish appropriate nuclear insurance structures and provide indemnity to cover the liability were also debated. Whether these changes can be put into action or not is less certain than the need for them. (UK)

  14. The underwriting process of liability insurance in South Africa

    Directory of Open Access Journals (Sweden)

    Anderson, S. E.

    2014-03-01

    Full Text Available Liability risks may embody far-reaching financial consequences for individuals, business enterprises and professional people. This paper focuses on the underwriting process which should be taken into consideration by short-term insurers when they are underwriting the main types of liability insurance, which include employer’s, householder’s, personal, product, professional and public liability insurance. The improvement of financial decision-making by short-term insurers when underwriting liability insurance represents the objective of this research. A study of secondary data was done to identify the existing literature, which formed the basis for compiling a questionnaire to obtain primary data. The top 10 short-term insurers which are the market leaders of liability insurance in South Africa and who received more than 85% of the annual gross written premiums for liability insurance in South Africa, represented the sample of the empirical study. This paper highlights the importance of the underwriting factors concerning liability insurance, how often the stipulations of insurance policies should be adjusted by the short-term insurers to account for the underwriting factors, as well as the problem areas which the underwriters may experience when they are underwriting liability insurance. Possible solutions to solve the problem areas were also addressed

  15. The claims handling process of liability insurance in South Africa

    Directory of Open Access Journals (Sweden)

    Jacoline van Jaarsveld

    2015-04-01

    Full Text Available Liabilities play a very important financial role in business operations, professional service providers as well as in the personal lives of people. It is possible that a single claim may even lead to the bankruptcy of the defendant. The claims handling process of liability insurance by short-term insurers is therefore very important to these parties as it should be clear that liability claims may have enormous and far-reaching financial implications for them. The objective of this research paper embodies the improvement of financial decision-making by short-term insurers with regard to the claims handling process of liability insurance. Secondary data was initially studied which provided the basis to compile a questionnaire for the empirical survey. The leaders of liability insurance in the South African short-term insurance market that represented 69.5% of the annual gross written premiums received for liability insurance in South Africa were the respondents of the empirical study. The perceptions of these short-term insurers provided the primary data for the vital conclusions of this research. This paper pays special attention to the importance of the claims handling factors of liability insurance, how often the stipulations of liability insurance policies are adjusted by the short-term insurers to take the claims handling factors into consideration, as well as the problem areas which short-term insurers may experience during the claims handling process. Feasible solutions to address the problem areas are also discussed.

  16. Insurance of operators liability: the reality principle

    International Nuclear Information System (INIS)

    Allegre, J.

    2000-01-01

    The author's observations commence with -an overview of the principal amendments proposed in relation to the revision of the Paris Convention, in particular the inclusion of preventive measures, the definition of nuclear damage, the notion of reasonableness in respect of preventive measures and measures of reinstatement, increased liability amounts and extended prescription periods. He examines to what extent the insurance industry of today would be able to cover such risks, and the problems or doubts that it may encounter in doing so. This presentation also raises other questions which as yet remain unanswered, in particular the question of priorities and the role that complementary funding, namely the Brussels Supplementary Convention, will play in compensating victims. The author concludes by commenting on the current state of the insurance market. He suggests that before making irreversible political decisions in this field, Contracting Parties should, inter alia, carry out detailed analyses on the adequacy of the financial guarantees, in order to attain existing objectives and eliminate the obstacles which prevent the nuclear insurance market from being a competitive one. The author suggests that it might be in the interests of European nuclear operators to promote an insurance mechanism along the same lines as their American colleagues. (author)

  17. 75 FR 16645 - Increase in the Primary Nuclear Liability Insurance Premium

    Science.gov (United States)

    2010-04-02

    ... Primary Nuclear Liability Insurance Premium AGENCY: Nuclear Regulatory Commission. ACTION: Final rule... impractical. The NRC is amending its regulations to increase the primary premium for liability insurance... protection requirements and indemnity agreements to increase the primary nuclear liability insurance layer...

  18. Nuclear liability insurance in the United States: an insurer's perspective

    International Nuclear Information System (INIS)

    Quattrocchi, J.

    2000-01-01

    By the mid-1950's the United States recognised that it was in the interest to promote commercial development of nuclear energy. But the uncertainties of the technology and the potential for severe accidents were clear obstacles to commercial development. Exposure to potentially serious uninsured liability inhibited the private sector. These impediments led Congress to enact the Price-Anderson Act in 1957. The Act had several purposes: the first was to encourage private development of nuclear power; the second was to establish a legal framework for handling potential liability claims; and the third was to provide a ready source of funds to compensate injured victims of a nuclear accident. Insurers chose the pooling technique by creating in the US the American Nuclear Insurers. ANI acts as a managing agent for its members insurance companies. The accident of three Miles Island occurred on 28 March 1979 and with came the claims experience in US. The 1988 amendments to the Price-Anderson Act directed the President to establish a Commission for the purpose of developing a means to assure full compensation of victims of a catastrophic nuclear accident that exceeds the limitation on aggregate public liability, or currently just over US$ 9.7 billion. The Presidential Commission issued its report in August 1990, in which it reached a number of conclusions and offered a number of recommendations.The US Congress has not acted on the Commission's report, but may revisit its recommendations as debate begins this year (1999) or next on the renewal of the Price-Anderson Act. (N.C.)

  19. State and supplementary civil liability insurance: the example of swiss nuclear liability law

    International Nuclear Information System (INIS)

    Buehlmann, W.A.

    1993-01-01

    This paper describes State guarantee and nuclear liability insurance which has been established, in Switzerland, after the vote of the law of 18 march 1983: Civil liability of nuclear operator has no limitations for nuclear damages compensations. The coverage is given by private insurance and State guarantee. 1 tab

  20. Armed guards on vessels : insurance and liability

    Directory of Open Access Journals (Sweden)

    Mišo Mudrić

    2011-12-01

    Full Text Available The Paper examines the insurance and liability issues resulting from the use of armed guards on board vessels. The study begins with an overview of the available data on key economic fi gures representing the projected overall annual costs of modern piracy. The focus is then shifted to the issue of public versus private security, where possible dangers of private-based security options are discussed in general. After explaining why the Somalia region deserves a closer attention when compared to other pirate-infested waters, a brief summary of the international effort to combat piracy threat is presented, followed by a structured overview of the use of private maritime security options in the maritime sector in general. One security option is the use of armed guards on board vessels. This option is explored both from the political (the acceptance by stakeholders and legal standpoint (legal issues arising from the use of armed guards. An important remedy for the shipping companies/ operators threatened by the piracy hazard is the existence of affordable and effective (specialized marine insurance. A study of available piracy insurance policies is presented, followed by an analysis of case law and other legal issues arising from piracy attacks, which could prove important when considering the legal implications of armed guards employment. Finally, a simplifi ed economic analysis of available security options is presented, followed by the final assessment of benefi ts derived from the use of armed guards.

  1. Nuclear Liability and Insurance for nuclear Damage in Switzerland

    International Nuclear Information System (INIS)

    Reitsma, S. M. S.

    1998-01-01

    With nuclear power generating 43% of its total electricity production, Switzerland is amongst the states, employing the highest percentage of nuclear electricity. Although, the country has not ratified any of the international Nuclear Liability Conventions, its Nuclear Third Party Liability Act reflects all the principles, underlying those Conventions. The statutory liability of the operator of a Swiss nuclear installation itself being unlimited, the total insurance limit of CHF 770 m. provides the highest private insurance protection worldwide. With the support of its foreign Reinsurance Pools, the capacity for this insurance guarantee has, over more than 40 years, been built up by the Swiss Nuclear Insurance Pool. Apart from Third Party Liability cover, the Pool also provides Property insurance to Swiss nuclear installation operators and reinsurance cover to other nuclear insurers worldwide. (author)

  2. Problems of Liability Insurance of House Developers

    Directory of Open Access Journals (Sweden)

    Ionina M. B.

    2014-10-01

    Full Text Available The article deals with the problems of liability insurance of the people who build houses on their own, in connection with the entry into force in January 1, 2014 of the Amendments to the Law № 214-FZ of 30.12.2004 "On Participation in the shared construction of multi apartment buildings and other real estate objects and on Amendments to certain legislative acts of the Russian Federation. The author analyzes all the alternative designs for developers concerning their responsibility to shareholders, paying attention to the problems which have the persons interested in this matter. Besides, one can mention a number of issues not regulated enough by changes in legislation

  3. Nuclear insurance and third-party liability. An overview

    Energy Technology Data Exchange (ETDEWEB)

    Rashid, Nahrul Khair

    1986-04-01

    As for any other insurance policy, nuclear insurance involves two parties, the insurer and the insured. The coverage provided for can be against any misfortune or peril; material or physical losses, financial losses, third party liability or even the insured himself as in the case of life or personal insurance. In property and liability insurance, the element of certainty does not exist. Accidents cannot be predicted, the insured will only be able to financially recover the present worth of the property insured as evaluated at the time of the accident and to the extent of the damage arising from the event insured against, which in most cases will be lower than the full value of the property.

  4. Spent nuclear fuel disposal liability insurance

    International Nuclear Information System (INIS)

    Martin, D.W.

    1984-01-01

    This thesis examines the social efficiency of nuclear power when the risks of accidental releases of spent fuel radionuclides from a spent fuel disposal facility are considered. The analysis consists of two major parts. First, a theoretical economic model of the use of nuclear power including the risks associated with releases of radionuclides from a disposal facility is developed. Second, the costs of nuclear power, including the risks associated with a radionuclide release, are empirically compared to the costs of fossil fuel-fired generation of electricity. Under the provisions of the Nuclear Waste Policy Act of 1982, the federally owned and operated spent nuclear fuel disposal facility is not required to maintain a reserve fund to cover damages from an accidental radionuclide release. Thus, the risks of a harmful radionuclide release are not included in the spent nuclear fuel disposal fee charged to the electric utilities. Since the electric utilities do not pay the full, social costs of spent fuel disposal, they use nuclear fuel in excess of the social optimum. An insurance mechanism is proposed to internalize the risks associated with spent fueled disposal. Under this proposal, the Federal government is required to insure the disposal facility against any liabilities arising from accidental releases of spent fuel radionuclides

  5. Approaching Environmental Cleanup Costs Liability Through Insurance Principles

    National Research Council Canada - National Science Library

    Corbin, Michael A

    1994-01-01

    .... Applying insurance industry principles to environmental cleanup costs liability will provide a firm foundation to reduce the risk of loss to the taxpayer, reduce cleanup costs, and stimulate private...

  6. Nuclear Liability and Insurance for Nuclear Damage in Sweden

    International Nuclear Information System (INIS)

    Thofelt, H.

    1998-01-01

    This paper contains some facts about the Swedish nuclear energy production system and about the nuclear operators liability with the important issues. The nuclear insurance of Sweden is also explained in short terms. (author)

  7. Environmental pollution liability insurance in China: compulsory or voluntary?

    NARCIS (Netherlands)

    Feng, Y.; Mol, A.P.J.; Lu, Y.L.; He, G.Z.; Koppen, van C.S.A.

    2014-01-01

    China started the trial application of Environmental Pollution Liability Insurance in 2008, as part of a wider development of using market actors and market mechanisms in mitigating environmental pollution. Around the world and in China two main patterns of local pollution insurance practices can be

  8. 48 CFR 252.247-7007 - Liability and insurance.

    Science.gov (United States)

    2010-10-01

    ... harmless from, bodily injury and death of persons, resulting either in whole or in part from the negligence..., contributed jointly with the fault or negligence of the Contractor in causing such damage, injury, or death...-insurer under applicable provision of law. (2) Bodily injury liability insurance in an amount of not less...

  9. Nuclear liability insurance: a resume of recent years

    International Nuclear Information System (INIS)

    Marrone, J.

    1975-01-01

    The nuclear liability-insurance pools have steadily increased nuclear liability insurance available to the nuclear industry to its present $125 million, which is more than double the $60 million first provided in 1957. The insurance pools also provide an additional $175 million of all-risk property insurance to protect against loss of property at a nuclear facility, for a total of $300 million. This amount of liability and property insurance available for nuclear risks exceeds the coverage the insurance industry has at risk anywhere on a single unit of risk, thus attesting to the confidence in nuclear safety. The extraordinary safety achieved and recorded by the loss experience of the nuclear pools is described. The insurance pools have proposed a change in the Price--Anderson Act which would provide substantial additional sums of nuclear liability insurance to protect the public and which is likely to be the subject of examination by Congress during 1975. The proposal, if implemented, will gradually increase the protection afforded to the public and virtually eliminate the role of government indemnity. (auth)

  10. Nuclear liability in the course of transport - some insurance aspects

    International Nuclear Information System (INIS)

    Andersson, G.

    1993-01-01

    This presentation deals with some legal and practical problems in the transport liability field, problems the author has met over the years as an insurer of nuclear risks. The intention is not to give a presentation of the nuclear liability rules as such, which should be familiar to the reader, neither to give an overall survey of the insurance procedures as regards transport of nuclear substances. It will just point out a few questions that are typical for this kind of business and that might be of interest for those who in one way or another might be involved in the insurance of nuclear transports

  11. Paris and Vienna nuclear liability conventions: challenges for insurers

    International Nuclear Information System (INIS)

    Reitsma, S. M. S.

    2004-01-01

    Insurers have actively contributed to the negotiations on the revision of the Vienna Convention on Civil Liability for Nuclear Damage and the Paris Convention on Third Party Liability in the Field of Nuclear Energy. In the course of these negotiations they have pointed out that some of the proposals for revision may have consequences for insurers and could prove incapable of finding insurance support. This paper aims at explaining the revision related points, which could cause problems in respect of insurability. Furthermore, the writer takes the liberty to expand its scope to more generally include developments, which have the potential to influence the availability of insurance capacity. Therefore, also the insurance implications of terrorist acts combined with share market developments of recent years will be dealt with.(author)

  12. CIVIL LIABILITY OF DOCTORS AND THEIR INSURANCE (MALPRACTICE

    Directory of Open Access Journals (Sweden)

    Gârbo Viorica Irina

    2013-07-01

    Full Text Available Malpractice insurance of medical staff is probably the oldest professional liability insurance underwritten in the insurance market in Romania. The aim of our research is to theoretically examine in a qualitative inquiry the usefulness of insurance completion by the practitioners from the Romanian health system at both state and private, in order to improve a best practice medical insurance. The medical profession is practiced in Romania under the Code of Medical Ethics 30 March 2012 prepared in code that complies with international standards contained in the Geneva Declaration of 1948, as amended by the World Medical Association and the International Code of Medical Ethics. The forms of medical liability are: disciplinary, administrative, civil and criminal and only the civil liability can be taken into insurance because only it meets the conditions of insurability. Once we explain in general and the insurance liability in particular we show articles of the Romanian Civil Code which establishes the obligation the one that caused an injury to a third person for the repair or indemnify and conditions provided by the Civil Code as an act to be considered liability. Then we refer to situations where the patient may be damaged through the fault of the doctor or the doctor unit operates. The object of malpractice insurance is loss of money that the insured would have to pay a patient whom he caused injury as a result of acts or deeds of negligence committed to, during and in relation to professional activity. Risks taken in the insurance are personal injury, illness or death of the patient and / or moral damages. Regarding the excluded risks we have presented an overview of the more common contracts underwritten by Romanian insurance companies. We show the way of underwriting, the insured sums of the standard insurance and the additional one which subscribes moral damages, to companies in Romania agreed by bodies which organize and supervise the

  13. Premium Pricing of Liability Insurance Using Random Sum Model

    OpenAIRE

    Kartikasari, Mujiati Dwi

    2017-01-01

    Premium pricing is one of important activities in insurance. Nonlife insurance premium is calculated from expected value of historical data claims. The historical data claims are collected so that it forms a sum of independent random number which is called random sum. In premium pricing using random sum, claim frequency distribution and claim severity distribution are combined. The combination of these distributions is called compound distribution. By using liability claim insurance data, we ...

  14. Insurance of liability for the transport of nuclear materials

    International Nuclear Information System (INIS)

    Deprimoz, J.

    1975-01-01

    The legal principle governing civil liability for damage involving nuclear substances in course of carriage are summarized, and the main aspects of the French nuclear insurance market are analysed. The financial capacity of insurance and the role of the Atomic Pool as an aid in this respect as well as its use as a mechanism for reinsurance are also discussed. As regards the insured party, cases are reviewed where the principle of the sole liability of the operator is inapplicable. Arguments are put forward demonstrating that acknowledgement of a plurality of insured persons would not necessarily lead to an increase of insurance costs. Finally, a review is made of the nature and extent of the damage covered according to whether such damage is caused to persons or property [fr

  15. Nature and finality of liability insurance support to nuclear operators

    International Nuclear Information System (INIS)

    Deprimoz, J.

    1975-01-01

    First the specific features of the law originated from the Paris Convention of 1960 is described: strict liability channeled on the operator, the both principles being already underlying in the insurance policies delivered to nuclear operators before their introduction in the internal legislation of the countries that ratified the convention. Then the specific services expected from the liability Insurer are reviewed and the method now prevailing for a rating approach of the risks is analyzed. The new rating techniques that could be justified by speeding up the erection program of nuclear plants through the world are surveyed [fr

  16. Insurer risk control and nuclear liability

    Energy Technology Data Exchange (ETDEWEB)

    DeMerchant, C. [Nuclear Insurance Association of Canada, Toronto, ON (Canada)

    2015-07-01

    We specialize in high quality insurance risk management, underwriting and inspections for Canadian nuclear exposures. We provide true risk transfer, secure insurance capacity and collaborate with the world's nuclear experts to create innovative domestic solutions for our clients and members. The benefit of our experience works for all stake holders: insured clients, members, multi-level government agencies and all Canadians. NIAC has a 55-year history of partnering with insurers around the globe to create reliable risk management for the nuclear industry. We offer Canadian risk solutions, thought leadership and expertise that provides security and confidence to our customers and members. NIAC leads in the areas of nuclear insurance law, good governance and claims administration to create a true Centre of Excellence.

  17. Insurer risk control and nuclear liability

    International Nuclear Information System (INIS)

    DeMerchant, C.

    2015-01-01

    We specialize in high quality insurance risk management, underwriting and inspections for Canadian nuclear exposures. We provide true risk transfer, secure insurance capacity and collaborate with the world's nuclear experts to create innovative domestic solutions for our clients and members. The benefit of our experience works for all stake holders: insured clients, members, multi-level government agencies and all Canadians. NIAC has a 55-year history of partnering with insurers around the globe to create reliable risk management for the nuclear industry. We offer Canadian risk solutions, thought leadership and expertise that provides security and confidence to our customers and members. NIAC leads in the areas of nuclear insurance law, good governance and claims administration to create a true Centre of Excellence.

  18. Claims expenses and limits of liability in third party liability insurances

    International Nuclear Information System (INIS)

    Rehmann, J.

    1992-01-01

    After the Chernobyl accident, more than 300,000 individual claims totalling DM 440 million were settled in Germany, even though the level of radiation was relatively low. This has alerted insurers to the potential level of expenses connected with the handling and settlement of claims following a major nuclear accident which, it is estimated, could amount to DM 50 million per 100,000 claims. The Paris Convention (PC) states the principle of congruence between liability and coverage for nuclear installations. The minimum amounts of liability and coverage must be exclusively reserved for the compensation of accident victims. This paper will show that in PC countries, the majority of claims expenses - both internal and external -are borne by the insurers in addition to the sums insured for the compensation of third parties, with limited extensions of coverage in some cases. The situation is different in non-PC countries, and particularly in the United States of America, where expenses are included in the total sum insured together with compensation payments to third parties. This situation would not pose a problem if the minimum amounts of liability and coverage as stated in the PC were still applicable. In practice, most countries have since increased these amounts substantially, thus reducing the insurers' ability to make the maximum possible capacity available for indemnities to victims. Thus, before further increasing the statutory limits of liability, governments should, when conducting the Nuclear Energy Agency revision of the PC, consider allowing insurers to include claims handling expenses in their total sums insured; with a finite amount of risk, insurers would then be able to commit their full capacity instead of withholding a safety buffer for an open-ended commitment. (author)

  19. Premium Pricing of Liability Insurance Using Random Sum Model

    Directory of Open Access Journals (Sweden)

    Mujiati Dwi Kartikasari

    2017-03-01

    Full Text Available Premium pricing is one of important activities in insurance. Nonlife insurance premium is calculated from expected value of historical data claims. The historical data claims are collected so that it forms a sum of independent random number which is called random sum. In premium pricing using random sum, claim frequency distribution and claim severity distribution are combined. The combination of these distributions is called compound distribution. By using liability claim insurance data, we analyze premium pricing using random sum model based on compound distribution

  20. Finance issue brief: insurer liability: year end report-2003.

    Science.gov (United States)

    MacEachern, Lillian

    2003-12-31

    When a health plan denies payment for a procedure on grounds that it is not medically necessary or when it refuses a physician-ordered referral to a specialist, has it crossed the line from making an insurance judgment to practicing medicine? If the patient suffers harm as a result of the decision, is the plan liable for medical malpractice? Those were questions 35 states considered in 1999, and at least 32 states are grappling with this year as they seek to respond to physician and patient pressure to curb the power of the managed care industry. Traditionally, health insurers have been protected by state laws banning "the corporate practice of medicine," which means the patient's only recourse is to sue under a "vicarious liability" theory. Now, however, lawmakers are debating legislation to extend the scope of malpractice liability beyond individual practitioners to insurance carriers and plans themselves.

  1. Finance issue brief: insurer liability: year end report-2002.

    Science.gov (United States)

    Morgan, Rachel; MacEachern, Lillian

    2002-12-31

    When a health plan denies payment for a procedure on grounds that it is not medically necessary or when it refuses a physician-ordered referral to a specialist, has it crossed the line from making an insurance judgment to practicing medicine? If the patient suffers harm as a result of the decision, is the plan liable for medical malpractice? Those were questions 35 states considered in 1999, and at least 32 states are grappling with this year as they seek to respond to physician and patient pressure to curb the power of the managed care industry. Traditionally, health insurers have been protected by state laws banning "the corporate practice of medicine," which means the patient's only recourse is to sue under a "vicarious liability" theory. Now, however, lawmakers are debating legislation to extend the scope of malpractice liability beyond individual practitioners to insurance carriers and plans themselves.

  2. Securitization product design for China's environmental pollution liability insurance.

    Science.gov (United States)

    Pu, Chengyi; Addai, Bismark; Pan, Xiaojun; Bo, Pangtuo

    2017-02-01

    The environmental catastrophic accidents in China over the last three decades have triggered implementation of myriad policies by the government to help abate environmental pollution in the country. Consequently, research into environmental pollution liability insurance and how that can stimulate economic growth and the development of financial market in China is worthwhile. This study attempts to design a financial derivative for China's environmental pollution liability insurance to offer strong financial support for significant compensation towards potential catastrophic environmental loss exposures, especially losses from the chemical industry. Assuming the risk-free interest rate is 4%, the market portfolio expected return is 12%; the financial asset beta coefficient is 0.5, by using the capital asset pricing model (CAPM) and cash flow analysis; the principal risk bond yields 9.4%, single-period and two-period prices are 103.85 and 111.58, respectively; the principal partial-risk bond yields 10.09%, single-period and two-period prices are 103.85 and 111.58, respectively; and the principal risk-free bond yields 8.94%, single-period and two-period prices are 107.99 and 115.83, respectively. This loss exposure transfer framework transfers the catastrophic risks of environmental pollution from the traditional insurance and reinsurance markets to the capital market. This strengthens the underwriting capacity of environmental pollution liability insurance companies, mitigates the compensation risks of insurers and reinsurers, and provides a new channel to transfer the risks of environmental pollution.

  3. 32 CFR 220.11 - Special rules for automobile liability insurance and no-fault automobile insurance.

    Science.gov (United States)

    2010-07-01

    ... and no-fault automobile insurance. 220.11 Section 220.11 National Defense Department of Defense... insurance and no-fault automobile insurance. (a) Active duty members covered. In addition to Uniformed.... 1095 and this part. (c) Exclusion of automobile liability insurance and no-fault automobile insurance...

  4. Low-level waste injury: liability, insurance, and indemnification

    International Nuclear Information System (INIS)

    Merz, J.F.

    1986-01-01

    It would be worth developing compatible policies to address the issues involving third-party liabilities which remain unanswered before the different states and interstate compact agreements implementing the Low Level Radioactive Waste Policy Act develop a range of approaches. A plan that draws resources from a number of states would have economic and technological benefits, and could help ensure public confidence in the management of low level radioactive wastes. Interstate cooperation and coordination to produce such a plan would benefit from a Congressional mandate. An appendix arranged alphabetically by state illustrates the range of immunity/waiver, insurance, and limits that already exist

  5. Transport and repair of contaminated nuclear components - liabilities and insurance

    International Nuclear Information System (INIS)

    Brunego, C.; Deprimoz, J.; Engelhard, M.

    1983-01-01

    The nuclear park has been constructed fairly recently and has not yet required large-scale maintenance efforts; however account should now be taken of the fact that periodic checks of nuclear power plants will imply systematic transfers of irradiated or contaminated materials outside the plants. In this context, the paper reviews the nuclear third party liability regime under the Paris Convention and the Euratom directives on radiation protection. It then describes the cover offered by insurance pools in several European countries. (NEA) [fr

  6. Making decisions about liability and insurance a special issue of the journal of risk and uncertainty

    CERN Document Server

    Kunreuther, Howard

    1993-01-01

    Two related trends have created novel challenges for managing risk in the United States. The first trend is a series of dramatic changes in liability law as tort law has expanded to assign liability to defendants for reasons other than negligence. The unpredictability of future costs induced by changes in tort law may be partly responsible for the second major trend known as the `liability crisis' - the disappearance of liability protection in markets for particularly unpredictable risks. This book examines decisions people make about insurance and liability. An understanding of such decision making may help explain why the insurance crisis resulted from the new interpretations of tort law and what to do about it. The articles cover three kinds of decisions: consumer decisions to purchase insurance; insurer decisions about coverage they offer; and the decisions of the public about the liability rules they prefer, which are reflected in legislation and regulation. For each of these three kinds of decisions, no...

  7. Liability and insurance aspects of international transport of nuclear materials

    International Nuclear Information System (INIS)

    van Gijn, S.H.

    1985-01-01

    The Paris and Vienna Conventions do not affect the application of any international transport agreement already in force. However, in certain circumstances both the nuclear operator and the carrier may be held liable for nuclear damage which arises during international transports of nuclear materials. The ensuing cumulation of liabilities under the Nuclear and Transport Conventions may cause serious problems in obtaining adequate insurance cover for such transports. The 1971 Brussels Convention seeks to solve this problem by exonerating any person who might be held liable for nuclear damage under an international maritime convention or national law. Similar difficulties are encountered in the case of transports of nuclear materials between states which have and states which have not ratified the Paris and Vienna Conventions. (NEA) [fr

  8. Liability and insurance of nuclear accident risk the swiss regulation in perspective

    International Nuclear Information System (INIS)

    Umbricht, R.; Zweifel, P.

    1998-01-01

    In this paper we argue that compulsory insurance of nuclear liability should be extended. Most countries have explicit limitations of operators' liability, which also lie at the heart of international conventions. Moreover, there are implicit limitations imposed by operators' inability to pay where unlimited and strict liability applies. These limitations result in static and dynamic inefficiencies because they allow nuclear plant operators to eschew the risk costs of a severe nuclear accident. Extension of compulsory insurance, however, will exacerbate problems of market failure in insurance: National insurance pools have monopolized the business and are expected to exercise market power. Furthermore, their capacity may fall short of required coverage. Bringing in capital market investors can alleviate these problems. Nuclear liability insurance data from Switzerland provides statistical evidence in support of our main points. (authors)

  9. Environmental Pollution Liability Insurance in China: In Need of Strong Government Backing

    NARCIS (Netherlands)

    Feng, Y.; Mol, A.P.J.; Lu, Y.; He, G.; Koppen, van C.S.A.

    2014-01-01

    Environmental pollution liability insurance was officially introduced in China only in 2006, as part of new market-based approaches for managing environmental risks. By 2012, trial applications of pollution insurance had been launched in 14 provinces and cities. More than ten insurance companies

  10. 48 CFR 328.311 - Solicitation provision and contract clause on liability insurance under cost-reimbursement...

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Solicitation provision and contract clause on liability insurance under cost-reimbursement contracts. 328.311 Section 328.311 Federal... Insurance 328.311 Solicitation provision and contract clause on liability insurance under cost-reimbursement...

  11. Default risk, bankruptcy procedures and the market value of life insurance liabilities

    NARCIS (Netherlands)

    Chen, A.; Suchanecki, M.

    2007-01-01

    The topic of insolvency risk in connection with life insurance companies has recently attracted a great deal of attention. In this paper, the question is investigated of how the values of the equity and of the liability of a life insurance company are affected by the default risk and the choice of

  12. Components of Insurance Firm Value and the Present Value of Liabilities

    OpenAIRE

    David F. Babbel

    1998-01-01

    In this paper, we discuss the relation between the market value of insurance company owners' equity and various components that contribute to that value. The effect of firm insolvency risk on each component of value is discussed in turn. One natural consequence of this analysis is a conceptual framework for estimating the value of insurance liabilities.

  13. Revised Paris and Vienna Nuclear Liability Conventions - Challenges for Nuclear Insurers

    International Nuclear Information System (INIS)

    Tetley, M.

    2006-01-01

    The revisions recently implemented to both the Vienna and Paris nuclear liability Conventions are intended to widen significantly the amount and scope of compensation payable in the event of a nuclear accident. Whilst this is a laudable objective, the final extent of the revisions leaves nuclear site operators and their insurers with greater uncertainty as a result of the wider and unquantifiable nature of some aspects of the revised nuclear damage definition, in particular where reference is made to environmental reinstatement and extended prescription periods. Incorporating broader definitions in the Convention revisions will therefore leave gaps in the insurance cover where insurers are unable to insure the new, wider scope of cover. If no insurance is available, then the liability for the revised scope of cover must fall upon either the operator or the national Government. This presentation will give an overview of where and why the major gaps in nuclear liability insurance cover will occur in the revised Conventions; it will also examine the problems in defining the revised scope of cover and will look at where these unquantifiable risks should now reside, to ensure there is equity between the liabilities imposed on the nuclear industry and those imposed on other industrial sectors. (author)

  14. Market Research of the Russian National and Regional Aspects of Builders Liability Insurance

    Directory of Open Access Journals (Sweden)

    Aleksander Andreevich Tsyganov

    2016-06-01

    Full Text Available The article studies the ways and level of the protection of the rights of shared construction participants in Russia, and the utilization of builders liability insurance for the purpose to identify the problem regions and the prospects of the development of mechanisms ensuring the liability of developers. The basis for the article was the study of real estate developers in 15 cities with the population over 1 million people. The article presents the data of the types of fund raising for building housing in the cities with the population over 1 million people, the regional differentiation in this parameter is highlighted. The article has explored the implementation of mechanisms ensuring the liability of developers for transfering premises to the shareholders. The main factors considered in the article are the form of registration of the relationship between a developer and an individual — an investor, as well as the mechanisms ensuring the liability of developers. It is shown that in some regions, the level of protection of the participants of shared construction is low. The mechanisms ensuring the liability of developers including the legal requirements for liability insurance and guarantee of credit institution are systematized. In the article, the key term of the liability insurance of builders for default on obligations or improperly performing the obligations on the delivery of residential properties, and also the condition of the guarantee of credit institution on the delivery of residential properties are considered. The regional features of how people participate in the construction of housing are described in the context of mechanisms ensuring the liability of developers. The use of various ensuring mechanisms, the differences in insurance by the commercial organizations and by joining the mutual society are shown. The results of the study can be used at the correction of the state and regional policy in the field of housing

  15. 48 CFR 228.311 - Solicitation provision and contract clause on liability insurance under cost-reimbursement...

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Solicitation provision and contract clause on liability insurance under cost-reimbursement contracts. 228.311 Section 228.311 Federal... liability insurance under cost-reimbursement contracts. ...

  16. 48 CFR 3028.311 - Solicitation provision and contract clause on liability insurance under cost-reimbursement...

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Solicitation provision and contract clause on liability insurance under cost-reimbursement contracts. 3028.311 Section 3028.311... contract clause on liability insurance under cost-reimbursement contracts. ...

  17. Insurance and catastrophic events: can we expect de facto limits on liability recoveries

    International Nuclear Information System (INIS)

    Solomon, K.A.; Whipple, C.; Okrent, D.

    1978-01-01

    The purpose of this study is to take an overview of large technological systems in society to ascertain the prevalence, if any, of situations that can lead to catastrophic effects where the resultant liabilities far exceed the insurances or assets subject to suit in court, thereby imposing de facto limits on liability recoveries. In part, interest in this topic is spurred by the continuing discussion and controversy over the Price-Anderson Act which requires operators of nuclear plants to waive certain defenses and which limits the combined liability of the operator and the government to an amount less than the maximum potential public cost of a major nuclear reactor accident. A variety of technological events could result in assignable liabilities up to $25 billion, or more, depending on the value of life. These postulated events include: (1) the crash of a large aircraft into a crowded sports facility (an estimated $20.3 billion liability); (2) an explosion and subsequent dispersion of a chemical (such as chlorine or LNG) into a population center from a large manufacturing, storage, or transport facility (estimated $25.5 billion liability); (3) a massive nuclear power plant accident and the subsequent dispersal of large quantities of radioactive material to a large downwind population center ($25 billion liability); (4) the collision of two ships, such as a large LNG tanker and a large passenger liner, resulting in the deaths of all passengers on board ($5.5 billion liability); and (5) collapse of a large building in an earthquake, known by the owners to be seismically deficient and no steps having been taken to warn occupants or to remedy the situation (major deficiencies). All these events are found to involve potential liability far exceeding the available resources, whether they be insurance, corporation assets, or government revenues

  18. On the Issue of Obligatory Hazard Activity Liability Insurance of Lifts Operation in Apartment Houses

    Directory of Open Access Journals (Sweden)

    Storozhuk D. A.

    2013-05-01

    Full Text Available The article deals with the problems of legislation application of Obligatory Hazard Activity Liability Insurance, civic responsibility of the owner of the dangerous object for doing harm as a result of damage caused by lift operation in apartment houses

  19. 48 CFR 3052.217-95 - Liability and insurance (USCG).

    Science.gov (United States)

    2010-10-01

    ... inclusion of any premium expense or charge for any reserve made on account of self-insurance for coverage... of and shall not affect the pricing structure of the contract, and are additional to the compensation...

  20. Motor Third Party Liability Insurance in Russia: Gaining Competitive Advantage

    OpenAIRE

    Rogozin, Konstantin

    2006-01-01

    The report identifies which factors of service-based offerings are of utmost importance for customers, considers the areas of MTPL insurance that may contain a potential sources for differentiation, and stresses importance of knowing customer needs and requirements. This report should assist the insurance company to categorise and systematise relevant information so as to develop a product position, which may give a competitive advantage.

  1. THE APPLICATION OF BŰHLMANN-STRAUB MODEL TO THE ESTIMATION OF NET PREMIUM RATES DEPENDING ON THE AGE OF THE INSURED IN THE MOTOR THIRD LIABILITY INSURANCE

    OpenAIRE

    Szymańska, Anna

    2017-01-01

    One of the basic variables used in the process of tariff calculation of premiums in motor liability insurance is the age of the insured. In this type of insurance offered by insurers operating on the Polish market, this variable is taken into account in the ratemaking by discounts and increases in assigned premium, known as the net premiums rates. The aim of this work is to propose a method of rate estimation of net premiums in the groups of the motor third liability insurance portfolio of in...

  2. 48 CFR 1352.271-79 - Liability and insurance.

    Science.gov (United States)

    2010-10-01

    ... Insurance (APR 2010) (a) The contractor shall exercise reasonable care and use its best efforts to prevent accidents, injury or damage to all employees, persons and property, in and about the work, and to the vessel... at the plant or elsewhere, arising or growing out of the performance of the work, except where the...

  3. Life Insurance Liabilities with Policyholder Behaviour and Stochastic Rates

    DEFF Research Database (Denmark)

    Buchardt, Kristian

    rate, disability rate, and other transition rates are assumed to be deterministic. Broadly speaking this PhD thesis consists of various extensions of this model to address the modern needs of life insurance companies. These extensions can be categorised into two types: the inclusion of policyholder...

  4. Amendment of liability and financial security under atomic energy law. Position of the insurers

    International Nuclear Information System (INIS)

    Boetius, J.

    1991-01-01

    Since Chernobyl in 1986, there have also been intensive activities in the insurance business in reviewing the legal framework conditions in terms of there consequences for a possible settlement of claims and in dealing with the question whether the old organizational rulings can still be considered sufficient in the light of the aforementioned disaster that has occured. This leads to the deliberations on a legal canalization of liability, on third party liability, financial security, indemnification by the state, damages through precautionary measures (evacuation) and organisation of the settlement of claims. (orig./HSCH) [de

  5. South African nuclear liability laws - recent changes and challenges for insurers

    International Nuclear Information System (INIS)

    Da Silva, C.

    2004-01-01

    In the past South African Regulators did not stipulate the levels of insurance required by nuclear operators but required only that they carry adequate security. Over the last few years the South African legislators have given serious consideration to the Vienna Convention on Civil Liability for Nuclear Damage and the Paris Convention on Third Party Liability in the Field of Nuclear Energy, but decided against being signatories to such conventions. Instead, the conventions were used as a guideline as to specific requirements for local operators. Regulations have been drafted setting out specific limits of cover dependant on the type of licence held by local operators. Due to the fact that local liabilities will arise in local currencies the required limits of Insurance were converted from equivalent foreign amounts into Rands. Due to some extreme currency fluctuations this has resulted in the setting of very high Rand limits, placing both the operators and insurers in an uncertain and very difficult position with regards to accumulation adequate capacity. This paper aims at explaining the revisions that are being considered which if implemented will address insurers and operators concerns regarding available capacity the impossibility of compliance with current limits.(author)

  6. 48 CFR 1428.311 - Solicitation provision and contract clause on liability insurance under cost-reimbursement...

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Solicitation provision and contract clause on liability insurance under cost-reimbursement contracts. 1428.311 Section 1428.311... under cost-reimbursement contracts. ...

  7. 48 CFR 528.311 - Solicitation provision and contract clause on liability insurance under cost-reimbursement...

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Solicitation provision and contract clause on liability insurance under cost-reimbursement contracts. 528.311 Section 528.311 Federal...-reimbursement contracts. ...

  8. 48 CFR 28.311 - Solicitation provision and contract clause on liability insurance under cost-reimbursement...

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Solicitation provision and contract clause on liability insurance under cost-reimbursement contracts. 28.311 Section 28.311 Federal...-reimbursement contracts. ...

  9. Impact of standards and certification on environmental impairment liability insurance programs

    International Nuclear Information System (INIS)

    Gulledge, W.P.

    1993-01-01

    Environmental impairment liability (EIL) insurance is available for petroleum storage tank and other environmental exposures. Recent standards and performance criteria for leak detection for underground storage tanks (USTs) and other technical standards for USTs have been both a benefit and an interference to risk-based underwriting of storage tank EIL insurance programs. Insurance underwriters and state financial responsibility program administrators are confronted with confusing information to manage these environmental risks. Standards and certification are also key issues for site assessment programs. Recent activities from ASTM and the Institute for Environmental Auditing (IEA) have addressed the need to increase the professional stature of site assessments and environmental management. Reaction and acceptance of these efforts by the users have been mixed. Ultimately, these efforts will greatly impact insurance coverage for environmental risks

  10. Obstetricians' rising liability insurance premiums and inductions at late preterm gestations.

    Science.gov (United States)

    Murthy, Karna; Grobman, William A; Lee, Todd A; Holl, Jane L

    2009-04-01

    To estimate the association between professional liability insurance premiums for obstetricians and late preterm induction (LPI) rates. Data from the National Center for Health Statistics were used to identify all Illinois women pregnant with singletons at 34 weeks' gestation from 1991 to 2003. The independent association between LPI (induction between 34 and 37 weeks' gestation) rates and the previous year's obstetric malpractice insurance premiums was evaluated using linear regression. The mean annual LPI rate (5.4/1000 in 1991 to 15.2/1000 in 2003, P insurance premiums ($55,480 to $110,613, P insurance premium. Rising premiums are associated with increased frequency of LPI among women with singleton gestations.

  11. Nuclear liability insurance problems and trends as seen by the European utilities

    International Nuclear Information System (INIS)

    Gulck, Albert van.

    1978-01-01

    After recalling the basic principles of nuclear civil liability conventions, the author describes the different types of damage presently covered by nuclear insurance. Also, a Study Committee was created in Western Europe in 1974 to examine the possibility of setting up a mutual pool to cover risks such as fire and property damage in nuclear installations. In the immediate future machinery breakdown and all risk coverage on-site will not be covered. This mutual pool will widen the nuclear insurance market in the coming decades. (NEA) [fr

  12. Association between rising professional liability insurance premiums and primary cesarean delivery rates.

    Science.gov (United States)

    Murthy, Karna; Grobman, William A; Lee, Todd A; Holl, Jane L

    2007-12-01

    To estimate the association between changes in Illinois professional liability premiums for obstetrician-gynecologists and singleton primary cesarean delivery rates. Data from the National Center for Health Statistics were used to identify all singleton births between 37 weeks and 44 weeks of gestation occurring in Illinois from 1998 through 2003. Primary cesarean delivery rates for women delivered between 37 weeks and 44 weeks of gestation per 1,000 gravid women eligible to have a primary cesarean delivery were calculated for each Illinois county. The annual medical professional liability premium for each county in Illinois was represented by the reported professional liability insurance rate charges (adjusted to 2004 dollars) from the ISMIE Mutual Insurance Company. Separate analyses were conducted for nulliparous and multiparous women. The independent association between county-level primary cesarean delivery rates and the previous year's insurance premiums was evaluated using linear regression models. During the study period, 817,521 women were eligible for inclusion in the analysis. The county-level mean primary cesarean delivery rate increased from 126 to 163 per 1,000 (Pinsurance premiums also rose significantly (from $60,766 in 1997 to $83,167 in 2002, Pinsurance premium increase, the primary cesarean delivery rate increased by 15.7 per 1,000 for nulliparous women. This association also was evident for multiparous women, who had an increase in cesarean deliveries of 4.7 per 1,000 for every $10,000 increase. Higher rates of primary cesarean delivery are associated with increased medical professional liability premiums for obstetrician-gynecologists in Illinois. II.

  13. The difference between LSMC and replicating portfolio in insurance liability modeling.

    Science.gov (United States)

    Pelsser, Antoon; Schweizer, Janina

    2016-01-01

    Solvency II requires insurers to calculate the 1-year value at risk of their balance sheet. This involves the valuation of the balance sheet in 1 year's time. As for insurance liabilities, closed-form solutions to their value are generally not available, insurers turn to estimation procedures. While pure Monte Carlo simulation set-ups are theoretically sound, they are often infeasible in practice. Therefore, approximation methods are exploited. Among these, least squares Monte Carlo (LSMC) and portfolio replication are prominent and widely applied in practice. In this paper, we show that, while both are variants of regression-based Monte Carlo methods, they differ in one significant aspect. While the replicating portfolio approach only contains an approximation error, which converges to zero in the limit, in LSMC a projection error is additionally present, which cannot be eliminated. It is revealed that the replicating portfolio technique enjoys numerous advantages and is therefore an attractive model choice.

  14. 48 CFR 1828.311 - Solicitation provision and contract clause on liability insurance under cost-reimbursement...

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Solicitation provision and contract clause on liability insurance under cost-reimbursement contracts. 1828.311 Section 1828.311... insurance under cost-reimbursement contracts. ...

  15. Nuclear Liability and Insurance Cover for Risk of Nuclear Power Plants - Situation for Nuclear Installations in Germany

    International Nuclear Information System (INIS)

    Boediker, T.

    1998-01-01

    A dispute about nuclear liability and insurance cover for risks of nuclear power plants from an insurer's point of view has to determine and to judge the essential risk relevant factors. These are beside plant and site specific factors considerations of insurance restrictions in the extent of cover compared with the legal scope of liability for (re-)insurability's sake. Among such consideration are: financial limitation and obligation for its reinstatement, exclusions for gradual emissions of approved activities, armed conflicts, hostilities, civil war, insurrections or grave natural disaster and restrictions in the limitation and preclusion periods. In comparison with conventional liability risks there are some specialties to be considered some of which prove to be a risk relief other as a risk burden for insurance: Salvage expenses or interests and court costs to be paid by unsuccessful party in a lost litigation do not fall under legal liability and hence are excluded from the financial security cover so that are compensation is subject to agreed separate limits. A serious burden for the insurers can result out of the loss regulation costs in case of a severe nuclear accident. These expenses, which can exceed hundred million DM by far, are to be carried by the insurers in the frame of their obligation to investigate raised claims. Therefore the insurers should aim a fixed limitation in order to restrict their limit. (author)

  16. Challenges facing the insurance industry since the modernisation of the international nuclear third party liability regime

    International Nuclear Information System (INIS)

    Quere, Alain

    2014-01-01

    The modernisation of international conventions governing third-party liability in the nuclear field is essentially an attempt to resolve certain shortcomings whilst setting out higher compensation sums and extending the cover for nuclear damage for which compensation is payable. The latest convention revisions occurred in 2004 and led to the adoption of protocols amending the Paris Convention on Third Party Liability in the Field of Nuclear Energy and the Brussels Convention supplementing the Paris Convention. However, the substance of the current regimes is largely the result of conventions drawn up in the 1960's and, in the eyes of the general public, the changes made in 2004 are mainly concerned with increasing the compensation sums. Despite the proposed increases in the compensation amounts, there is certainly no doubt that the potential costs of a major nuclear accident will not be fully covered by the revised Conventions. In other words, the actual compensation amount in the event of nuclear damage is quite low if we refer back to known events. By way of example, the direct cost of the Fukushima Daiichi nuclear power plant accident is estimated to be above EUR 100 billion according to different sources. The accident virtually bankrupted the Tokyo Electric Power Company (TEPCO) immediately after this event. The economic costs of the Chernobyl accident, however, are difficult to assess even now. But, according to various sources, the costs also exceed USD 100 billion. The Fukushima Daiichi and Chernobyl accidents share common characteristics. First, the amount of damage could have been even higher had the accident occurred close to major population centres or if the wind direction at the time of the accident had been different. Second, no compensation was provided by the insurance world. Further, these two accidents did not occur within the framework of the new amended conventions (the latest revision of the Paris Convention has still not taken effect). These

  17. The need of the Nuclear Civil Liability Insurance; La necesidad del Seguro de Responsabilidad Civil Nuclear (SRCN)

    Energy Technology Data Exchange (ETDEWEB)

    Gomez del Campo, J.

    2011-07-01

    Nuclear Liability Insurance (NLI), emerged as a safety mechanism and product to respond to a great risk. because of the compulsory nature of international and national regulations, it has become a compulsory contract. Nuclear risk coverage pools are founded as groups of insurers and reinsures, without legal entity, which cooperate and pool their resources to deal with these great risks. In spain Atomic Pool has been renamed ESPANUCLEAR, administered by and Economic Interest Grouping called Nuclear risk Insurers. (Author)

  18. The scope of obligatory civil liability insurance of entities conducting medical activities and liability for damages resulting from violations of patients’ rights in the Polish law

    Directory of Open Access Journals (Sweden)

    Anna Augustynowicz

    2018-04-01

    Full Text Available Abstract: In the elaboration, the objective scope of obligatory civil liability insurance of entities conducting medical activities in the context of protection from damages resulting from violations of patients’ rights was presented. Based on art. 25 sec. 1 of the Act on Medical Activity, insurance protection covers damages that are the result of the provision of medical services or an illegal omission to provide them. It concerns consequences of erroneous actions related to the provision of medical services as well as damages occurring as a result of an unjustified refusal to provide a medical service or premature cessation of the provision of services if there was an objective prerequisite to continue them driven by medical grounds. The objective scope of insurance protection resulting from obligatory civil liability insurance of an entity conducting medical activities does not apply – as a rule – to damages resulting from violations of patients’ rights. It cannot be considered that a damage related to violation of a patient’s right constitutes a consequence of the provision of medical services or an illegal omission of the provisions of medical services. Such damage is a consequence of a violation of the patient’s right. Financial consequences of patients’ claims resulting from violations of patients’ rights will be borne by entities conducting medical activities. If a patient requests a financial redress, its payment will not be made from the obligatory civil liability insurance policy. The violation of patient’s right to medical services constitutes the only exception.

  19. Analyzing solvency with extreme value theory: an application to the Spanish motor liability insurance market

    Directory of Open Access Journals (Sweden)

    María José Pérez-Fructuoso

    2010-04-01

    Full Text Available An accurate estimation of extreme claims is fundamental to assess solvency capital requirements (SCR established by Solvency II. Basing on the Extreme Value Theory (EVT, this paper performs a parametric estimation to fit the motor liability insurance historical datasets of two significant and representative companies operating within the Spanish market to a Generalized Pareto Distribution. We illustrate how EVT improves classical adjustments, as it considers outliers apart from mass risks, what leads to optimize the pricing decision-making and fix a risk transfer position.

  20. On asset-liability matching and federal deposit and pension insurance

    OpenAIRE

    Zvi Bodie

    2006-01-01

    Asset-liability mismatch was a principal cause of the Savings and Loan Crisis of the 1980s. The federal government's failure to recognize the mismatch risk early on and manage it properly led to huge losses by the Federal Savings and Loan Insurance Corporation, which had to be covered by taxpayers. In dealing with the problems now facing the defined-benefit pension system and the Pension Benefit Guaranty Corporation (PBGC), the government seems to be making some of the same mistakes it made t...

  1. Professional dental and oral surgery liability in Italy: a comparative analysis of the insurance products offered to health workers.

    Science.gov (United States)

    Di Lorenzo, Pierpaolo; Paternoster, Mariano; Nugnes, Mariarosaria; Pantaleo, Giuseppe; Graziano, Vincenzo; Niola, Massimo

    2016-01-01

    In Italy there has been an increase in claims for damages for alleged medical malpractice. A study was therefore conducted that aimed at assessing the content of the coverage of insurance policy contracts offered to oral health professionals by the insurance market. The sample analysed composed of 11 insurance policy contracts for professional dental liability offered from 2010 to 2015 by leading insurance companies operating in the Italian market. The insurance products analysed are structured on the "claims made" clause. No policy contract examined covers the damage due to the failure to acquire consent for dental treatment and, in most cases, damage due to unsatisfactory outcomes of treatment of an aesthetic nature and the failure to respect regulatory obligations on privacy. On entering into a professional liability insurance policy contract, the dentist should pay particular attention to the period covered by the guarantee, the risks both covered and excluded, as well as the extent of the limit of liability and any possible fixed/percentage excess. When choosing a professional liability contract, a dentist should examine the risks in relation to the professional activity carried out before signing.

  2. Nuclear Liability and Insurance Protection for Nuclear Transport Accidents Involving Non-Contracting EU States: An assessment

    International Nuclear Information System (INIS)

    Horbach, N. L. J. T.

    2006-01-01

    This paper provides an analysis of the possible complications and consequences with respect to nuclear liability and insurance protection applicable in respect of transport activities resulting in damage suffered and/or accidents occurring in EU States that are not party to the Paris Convention. It looks at the different legal aspects (jurisdiction, applicable law, liability amounts, reciprocity) should the revised Vienna and Paris Convention become applicable in comparison with the unrevised Conventions. Within Europe, a large number of States are party to the 1960 Paris Convention and the 1963 Brussels Supplementary Convention, providing liability and insurance protection, in general, up to a limit of 300 million SDRs (or even higher). In principle, such protection is confined to nuclear incidents occurring and nuclear damage suffered in the territory of Contracting Parties, including, as recommended, the high seas, unless the legislation of the Installation State determines otherwise (Article 2). The geographical scope of application of the Paris Convention would thus vary according to the law of the Installation State. However, some EU States never became party to the Paris Convention, and are not bound by its the liability principles (notably, channelling of liability), such as Austria, Luxembourg and Ireland. Transport accidents involving these countries might therefore result in liability claims outside the treaty liability regime against operators, suppliers, carriers or persons involved and for types of damages different from those currently covered by the Paris Convention (e.g., environmental damage). It is uncertain to what extent liability insurance of the installation operators would provide adequate protection and whether related damage claims can be enforceable. In addition, a number of newly entered EU States are party to the Vienna Convention, which, although bound by liability principles basically similar to those of the Paris Convention, will

  3. Shell, insurers and attorneys take on liability---and each other

    International Nuclear Information System (INIS)

    Roy, K.A.

    1989-01-01

    This paper reports on liability for environmental cleanup which often pits PRPs against their insurance carriers in a high-stakes game of semantics. At the heart of these disputes are obsolete, comprehensive general liability (CGL) policies that once offered coverage for sudden and accidental pollution. The pollution clause was eliminated from most CGLs by 1985, but the controversy stemming from the policies remained. Subject to frequent interpretation, the earlier CGL policies have been stripped of the legal sacredness normally afforded written contracts and offer no guarantees to either party. In court, judges and juries grapple with the language and circumstances of each case. To date, no clear winner has emerged from the courtroom. In one recent decision, a San Mateo Country Superior Court jury in California found Shell Oil Company (Houston) liable for cleanup at the U.S. Army's Rocky Mountain Arsenal near Denver. According to Shell, the company is entitled to recover the costs under its CGL policies, which included a provision for sudden and accidental pollution. However, in its decision, the jury found that the contamination was not sudden and accidental and, therefore, was not covered by the CGL policies. The insurers had argued that Shell knew of the contamination, precluding it from coverage under the terms of the policies

  4. Nuclear third party liability and insurance - Status and prospects. Proceedings of the Munich symposium, 10th-14th September 1984

    International Nuclear Information System (INIS)

    1985-01-01

    A symposium on Nuclear Third Party Liability and Insurance, organised by the OECD Nuclear Energy Agency and the International Atomic Energy Agency in 1984 reviewed the fundamental principles of the nuclear third party liability regime and discussed the relationship of the insurance market with the international Conventions in this field. It also examined the concept of nuclear damage and a number of new issues raised by technical developments such as long-term radioactive waste management and decommissioning of nuclear installations. These proceedings reproduce the papers presented, in English or French, as well as the ensuing discussions and panel discussions. (NEA) [fr

  5. Insurance considerations arising from the revision of the Paris and Brussels conventions on nuclear liability

    International Nuclear Information System (INIS)

    Warren, G. C.

    2000-01-01

    The work being undertaken by the 14 countries, party to the 1960 Paris Convention in preparing a revised instrument will or so it is to be hoped provide a more comprehensive scope of liability and a larger compensatory fund for the protection of potential victims. Both these developments have serious implications for insurers or other providers of financial security. Equally they are of concern to society itself as it will be necessary to balance the needs of the individual for example, in obtaining redress for injury or damage to personal property with the need to provide for the ''common good''. The author's paper will attempt to explore these avenues, to point to perceived difficulties and, perhaps, to acceptable solutions. (author)

  6. Establishment of radioactive source retirement mechanism based on the method of environmental liability insurance

    International Nuclear Information System (INIS)

    Wang Hongwei

    2013-01-01

    The retirement of radioactive source is a difficult problem that we are facing during the radiation safety regulation in China. This paper analyses the reason of the problem regarding the retirement of radioactive source both from the utilization units and the regulatory body. It is considered that the basic reason is the enterprises don't arrange and use the retirement funds reasonably, which is an economic problem. There exists a limitation when facing the radioactive source retirement in light of licensing and regulation mechanism of the manufacture, selling, uses of radioactive sources in China, and the key to solve this economic problem is to introduce economic method, Some measures and suggestions are given to establish radioactive sources retirement mechanism by using economic methods, based on the comprehensive analysis of the concept, development and function of the environmental liability insurance. (author)

  7. Nuclear liability insurance: the Price-Anderson reparations system and the claims experience of the nuclear industry

    International Nuclear Information System (INIS)

    Marrone, J.

    1983-01-01

    The manner in which the Price-Anderson Law operates to provide reparations is reviewed, and the changes made in the law by Congress in 1975 are outlined. Nuclear liability insurers' response to the Three Mile Island accident is described, including emergency assistance funds advanced to qualified evacuees and the claims and litigations that followed. Other nuclear liability claims that have been asserted are described as being brought chiefly by onsite workers. Good health physics protection of workers is acknowledged, but the need to improve record keeping for transient workers is stressed. The nuclear industry is urged to implement a more effective record-keeping program for such workers

  8. Third party liability of nuclear installation decommissioning with Russian nuclear submarines as an example: insurance versus technologies

    Energy Technology Data Exchange (ETDEWEB)

    Gavrilov, S.D. [PREKSAT Ltd., Moscow (Russian Federation); Derevyankin, A.A. [Reseaarch and Development Institute of Nuclear Power Engineering, Moscow (Russian Federation); Khamyanov, L.P. [All-Russian Research Institute on NPP Operation, Moscow (Russian Federation); Kovalenko, V.N. [Ministry for Nuclear Energy Of Russian, Moscow (Russian Federation); Kovalivich, O.M. [Research and Technological Center for Nuclear and Radiation Safety of Supervisory, Nuclear Energy State Commitee of Russia, Moscow (Russian Federation); Smirnov, P.L. [Nuclear Safety Institute of Russian Academy of Sciences, Moscow (Russian Federation)

    2001-07-01

    Third party and environment of civil liability damage caused by incidents at military nuclear installations, for instance at decommissioned NPS (nuclear powered submarines), may be divided into three main trends: -) Liability of NPS without high-enriched irradiated nuclear fuel (SNF) for its self-submersion (radiation incident); -) Liability of NPS with SNF aboard for its self-submersion (radiation incident); and -) Liability of floating NPS for its SNF discharge (nuclear accident). Without step-by-step transition from the Russian Federation guaranties to insurance and making allowance for liability limits according to the Vienna Convention approach, the sizes of the financial guarantee for the civil liability of the NPS owner (Russian state), in US dollars of 2000, are approximately assessed as the following: -) storing decommissioned NPS or a floating module without SNF - from 12 to 25 thousand dollars per year (per one submarine or module); -) storing decommissioned NPS with SNF inside reactors cores - from 25 to 40 thousand dollars per year; -) assembly-by-assembly removing SNF from reactors' core of decommissioned NPS - up to 1.5 million dollars for undamaged reactor per the discharging period; -) SNF removing within reactor using the filled in-space reactor's core by liquid-phased hardened or dispersed solid-phase materials from decommissioned NPS - from 30 to 50 thousand dollars for undamaged reactor per the discharging period. Both rates and sums for NPS with damaged reactors are to be estimated for the each damaged reactor and NPS at all. It is necessary to perform the measures reducing the risk of nuclear accidents of NPS with undamaged SNF and NPS with damaged reactors in possibly short time. It will allow not only to cut risks by ten times and more, but also to accumulate necessary insurance reserves faster. These measures can be partially or completely executed using the preventing measures reserves assigned to all decommissioned Russian NPS

  9. Third party liability of nuclear installation decommissioning with Russian nuclear submarines as an example: insurance versus technologies

    International Nuclear Information System (INIS)

    Gavrilov, S.D.; Derevyankin, A.A.; Khamyanov, L.P.; Kovalenko, V.N.; Kovalivich, O.M.; Smirnov, P.L.

    2001-01-01

    Third party and environment of civil liability damage caused by incidents at military nuclear installations, for instance at decommissioned NPS (nuclear powered submarines), may be divided into three main trends: -) Liability of NPS without high-enriched irradiated nuclear fuel (SNF) for its self-submersion (radiation incident); -) Liability of NPS with SNF aboard for its self-submersion (radiation incident); and -) Liability of floating NPS for its SNF discharge (nuclear accident). Without step-by-step transition from the Russian Federation guaranties to insurance and making allowance for liability limits according to the Vienna Convention approach, the sizes of the financial guarantee for the civil liability of the NPS owner (Russian state), in US dollars of 2000, are approximately assessed as the following: -) storing decommissioned NPS or a floating module without SNF - from 12 to 25 thousand dollars per year (per one submarine or module); -) storing decommissioned NPS with SNF inside reactors cores - from 25 to 40 thousand dollars per year; -) assembly-by-assembly removing SNF from reactors' core of decommissioned NPS - up to 1.5 million dollars for undamaged reactor per the discharging period; -) SNF removing within reactor using the filled in-space reactor's core by liquid-phased hardened or dispersed solid-phase materials from decommissioned NPS - from 30 to 50 thousand dollars for undamaged reactor per the discharging period. Both rates and sums for NPS with damaged reactors are to be estimated for the each damaged reactor and NPS at all. It is necessary to perform the measures reducing the risk of nuclear accidents of NPS with undamaged SNF and NPS with damaged reactors in possibly short time. It will allow not only to cut risks by ten times and more, but also to accumulate necessary insurance reserves faster. These measures can be partially or completely executed using the preventing measures reserves assigned to all decommissioned Russian NPS and

  10. Third party liability insurance for international transport of nuclear substances in countries party to the Paris Convention

    International Nuclear Information System (INIS)

    Lacroix, F.

    1977-01-01

    The number of international transports of radioactive materials has been increasing at an accelerating rate for several years. These transports are subject to specific safety rules which must be complied with in order to obtain nuclear third party liability cover. In general nuclear transports are insured under a policy which differs from that for installations. Transport policy criteria have been harmonized to some extent, in particular, in the frame of the OECD Nuclear Energy Agency. Certificates established by the competent national authorities testifying to the existence of insurance must in principle be approved by the countries crossed which are parties to the Paris Convention. (NEA) [fr

  11. The effects of firm specific factors and macroeconomics on profitability of property-liability insurance industry in Taiwan

    OpenAIRE

    Chen-Ying Lee

    2014-01-01

    This article investigates the relationship between firm specific factors and macroeconomics on profitability in Taiwanese property-liability insurance industry using the panel data over the1999 through 2009 time period. Using operating ratio and return on assets (ROA) for the two kinds of profitability indicators to measure insurers’ profitability. The results show that underwriting risk, reinsurance usage, input cost, return on investment (ROI) and financial holding group have significant in...

  12. 48 CFR 352.228-7 - Insurance-liability to third persons.

    Science.gov (United States)

    2010-10-01

    ... not caused by the negligence of the Contractor or the Contractor's agents, servants, or employees, and... represents in its offer that it is partially immune from tort liability as a State agency, the Contracting... tort liability as a State agency, the Contracting Officer shall substitute the following paragraphs (a...

  13. Ministerial Decree of 3 March 1978 approving the general conditions of the third party liability insurance policy for operators of nuclear installations and the general conditions of insurance policies for third party liability for transport of nuclear materials

    International Nuclear Information System (INIS)

    1978-01-01

    This Decree by the Ministry for Industry, Commerce and Crafts and the Ministry for transport of Italy was made in implementation of Section 2 of the Decree No. 519 by the president of the Republic of 2 May 1975 amending Section 15 to 24 of Act No. 1860 of 31 December 1962 on the Peaceful Uses of Nuclear Energy. This present Decree approves the general conditions of third party liability insurance policies for operators of nuclear installations and for transport of radioactive materials. (NEA) [fr

  14. Liability and Insurance for Radioactive Installations, Radioisotopes and Other Substances in Their Use in Medicine, Industry etc

    International Nuclear Information System (INIS)

    Repova, Z.

    2008-01-01

    This paper deals with matters concerning so called s mall TPL risks , in particular third party liability insurance for damages caused by the operation of ionising radiation sources used in the radiopharmaceutical industry, medical research, accelerators, roentgen machines in hospitals, defectoscopes etc. in the Slovak Republic. The main reason for the demand for such insurance was the introduction of a new act related to radiation protection. Commercial insurance companies have no extensive experience with the insurance of ionising radiation and were not prepared to cover such a specific risk. Therefore, the Slovak Nuclear Insurance Pool (SNIP) decided to expand its portfolio by writing this risk in 2004. The writing of this risk through SNIP has several advantages for its Members, the most important being saving costs, using centralised expert know-how and the absence of the necessity to take recourse to reinsurance. Radiation protection, contrary to nuclear third party liability, falls within the competence of the Health Board in the Slovak Republic. This means that different legislation is in place and different authorities are responsible. This paper comprises a brief history of the development of legislation and competence related to ionising radiation. The premium for this risk is calculated on the basis of tariff rates depending on the category of risk. These categories are defined in a report on radiation protection of the object to be insured, which is provided by a specialized broker. The paper furthermore includes the methodology of ranking ionising radiation sources: classification in accordance with the type of ionising radiation source, the level of radiation protection, the positioning of ionising radiation sources or the frequency and number of the movement of third parties in the controlled area. Nowadays SNIP tries to expand the insurance of ionising radiation to include, apart from risks in the medical sphere, risks in the industry (railways

  15. 48 CFR 52.228-10 - Vehicular and General Public Liability Insurance.

    Science.gov (United States)

    2010-10-01

    ... ACQUISITION REGULATION (CONTINUED) CLAUSES AND FORMS SOLICITATION PROVISIONS AND CONTRACT CLAUSES Text of... limits of liability for (1) bodily injury of not less than $__ for each person and $__ for each...

  16. The College Professor's Professional Liability

    Science.gov (United States)

    Griggs, Walter S.; Rubin, Harvey W.

    1977-01-01

    The growing number of professional liability suits against professors warrants a close examination of the need for and provisions of available insurance coverage. The evolution of tort liability, the question of negligence, and the professional liability policy are discussed. (LBH)

  17. The Term Structure of Interest Rates and its Impact on the Liability Adequacy Test for Insurance Companies in Brazil

    Directory of Open Access Journals (Sweden)

    Antonio Aurelio Duarte

    2015-08-01

    Full Text Available The Brazilian regulation for applying the Liability Adequacy Test (LAT to technical provisions in insurance companies requires that the current estimate is discounted by a term structure of interest rates (hereafter TSIR. This article aims to analyze the LAT results, derived from the use of various models to build the TSIR: the cubic spline interpolation technique, Svensson's model (adopted by the regulator and Vasicek's model. In order to achieve the objective proposed, the exchange rates of BM&FBOVESPA trading days were used to model the ETTJ and, consequently, to discount the cash flow of the insurance company. The results indicate that: (i LAT is sensitive to the choice of the model used to build the TSIR; (ii this sensitivity increases with cash flow longevity; (iii the adoption of an ultimate forward rate (UFR for the Brazilian insurance market should be evaluated by the regulator, in order to stabilize the trajectory of the yield curve at longer maturities. The technical provision is among the main solvency items of insurance companies and the LAT result is a significant indicator of the quality of this provision, as this evaluates its sufficiency or insufficiency. Thus, this article bridges a gap in the Brazilian actuarial literature, introducing the main methodologies available for modeling the yield curve and a practical application to analyze the impact of its choice on LAT.

  18. JURISTIC OBSTACLE IN DECLARING BANKRUPTCY AGAINST INSURANCE COMPANY WHICH FAIL TO SETTLE ITS DEBT LIABILITY

    Directory of Open Access Journals (Sweden)

    Ali Imron

    2017-03-01

    Full Text Available Legal obligation to pay compensation of an insurance company arise immediatelyafter the evenement occurred, if this obligation not being settled right away it can becategorized as “fall due debt” and “claimable”, and this can be used as a reason to proposebankruptcy application. The creditor’s fundamental rights practically impeded by Section 2article (5 of Insolvency Act, which give absolute authority to Minister of Finance in proposingbankruptcy application for insurance company. This authority is attached to the status of Ministerof Finance as the guider and supervisor of insurance institution in Indonesia, but this authorityoften might reduce people’s trust to insurance institution itself if it is not used carefully andwisely. For the sake of law and justice, Minister of Finance should acts proportionally if thebankruptcy application doesn’t have enough reason, according to Minister’s authority in thecase of bankruptcy application for insurance company against their insured and other creditors.

  19. MOTOR THIRD PARTY LIABILITY INSURANCE – POLISH MARKET IN CONNECTIONS TO EUROPEAN TRENDS

    Directory of Open Access Journals (Sweden)

    Ilona Kwiecień

    2011-07-01

    Full Text Available Motor insurance, despite continuous product development, are still in most European countries, the predominant group of products sold by non-life Insurers. In the countries of Central and Eastern Europe is about 2/3 of the insurance written premiums. In the article authors analyze the areas and factors affecting the development of this class of insurance and current market changes in Poland in comparison to the European trends. The main attention has been devoted to number of accidents and road safety, frequency and amount of claims, other macroeconomics and legal factors. Also the financial issues, such as premium and profitability, were discussed.

  20. Insurance: Profitability of the Medical Malpractice and General Liability Lines. Report to Congressional Requesters.

    Science.gov (United States)

    General Accounting Office, Washington, DC.

    This report on the profitability of the property/casualty insurance industry and in particular of the medical malpractice insurance line was prepared at the request of Representatives Henry A. Waxman and James J. Florio and Senators Paul Simon, Daniel K. Inouye, Albert Gore, Jr., and Jay D. Rockefeller. Four different estimates of medical…

  1. The effectiveness and development trend of nuclear third party liability insurance in the nuclear risk management

    International Nuclear Information System (INIS)

    Wang Pei

    2010-01-01

    Nuclear power considerably benefited mankind since it was utilized peaceably. The cleanness, safety and high efficiency of nuclear power were gradually known and recognized by the public. However at the same time, nuclear power had produced significant accident and consequently caused severe aftereffects during its utilization. Therefore, effective management of nuclear risk and reducing its accident probability are the social responsibilities of every nuclear nation. From the insurance point of view, this document analyzes the validity and development trends of nuclear third party insurance in nuclear risk management. It also introduces effectual experience in this field from nuclear insurance developed countries. This document discusses the necessity of consummating nuclear third party insurance under the aggressive development situation of nuclear power in our country. (author)

  2. 48 CFR 752.228-7 - Insurance-liability to third persons.

    Science.gov (United States)

    2010-10-01

    ... Alternate I is not used) or (i) (if FAR 52.228-7 Alternate I is used): () Insurance on private automobiles... equivalent in the currency of the Cooperating Country: injury to persons, $10,000/$20,000; property damage...

  3. Nuclear Liability and Insurance of Nuclear Damage in the Czech republic

    International Nuclear Information System (INIS)

    Zaruba, P.

    1998-01-01

    The paper gives a short introduction to the past and present situation of operation and construction of nuclear power plants in the Czech Republic, including some basic technical data and background information. It then continues in providing up to date information on the Czech nuclear legislation and consideration of various questions and problems in the light of the respective legal clauses (e.g. minimum insurance requirements, treatment of small reactors and small quantities of nuclear material, state guarantees etc.). The paper gives more detailed information about practical application of the insurance clauses of the Atomic Act, including some time related questions. A considerable part of the paper is dedicated to the past history and present functions and activities of the Czech Nuclear Insurance Pool which was officially founded in 1995 and is without doubt one of the most active and successful national nuclear insurance pools of the former East European countries. (author)

  4. The Concentration on the Motor third Party Liability Insurance Market in Romania

    Directory of Open Access Journals (Sweden)

    Florina Oana VIRLANUTA

    2018-05-01

    Full Text Available The current paper proposes an analysis of the Romanian car insurance validity market. The topic is relevant at national and European level, and our analysis will be based on indicators such as gross written premiums, motor claims paid for bodily injuries, motor claims paid for property damage, market share on Motor Insurance market. We will also determine the degree of concentration on this market using Gini Struck Concentration Index.

  5. Asset protection: why a preventive approach is the best insurance against liability.

    Science.gov (United States)

    Rinaldi, Ellen; Shin, Alisa

    2008-02-01

    Asset-protection planning is critical for people in high-risk professions, such as dentistry. Planning requires a careful weighing of risks, such as the risk of a lawsuit versus that of relinquishing control of assets. The authors examine several lawful techniques that may protect a dentist's assets from claims of future creditors. Asset-protection planning, if done early and with the guidance of an attorney well-versed in the subject, can help deter creditors from claims resulting from malpractice suits, divorce, business partner disputes, bad investments, poor tax planning or a combination of these. Practice Implications. Careful planning can minimize the risk to a dentist's personal assets and the assets of the practice resulting from a lawsuit or other liabilities.

  6. Asset and Liability Composition in Participating Life Insurance: The Impact on Shortfall Risk and Shareholder Value

    DEFF Research Database (Denmark)

    Gatzert, Nadine; Bohnert, Alexander; Jørgensen, Peter Løchte

    surplus appropriation schemes on the company’s shortfall risk and the shareholders’ fair risk charge. The range of products comprises temporary life annuities and endowment insurance contracts with varying surplus appropriation schemes that are modeled actuarially. We thereby also account for mortality...... risk and ensure a fair situation for shareholders. Our findings emphasize that management decisions can have a substantial impact on the company’s shortfall risk, and that their effectiveness in risk reduction varies substantially depending on the surplus appropriation scheme offered to the customer...

  7. Professional liability insurance in Obstetrics and Gynaecology: estimate of the level of knowledge about malpractice insurance policies and definition of an informative tool for the management of the professional activity

    Directory of Open Access Journals (Sweden)

    Scurria Serena

    2011-12-01

    Full Text Available Abstract Background In recent years, due to the increasingly hostile environment in the medical malpractice field and related lawsuits in Italy, physicians began informing themselves regarding their comprehensive medical malpractice coverage. Methods In order to estimate the level of knowledge of medical professionals on liability insurance coverage for healthcare malpractice, a sample of 60 hospital health professionals of the obstetrics and gynaecology area of Messina (Sicily, Italy were recluted. A survey was administered to evaluate their knowledge as to the meaning of professional liability insurance coverage but above all on the most frequent policy forms ("loss occurrence", "claims made" and "I-II risk". Professionals were classified according to age and professional title and descriptive statistics were calculated for all the professional groups and answers. Results Most of the surveyed professionals were unaware or had very bad knowledge of the professional liability insurance coverage negotiated by the general manager, so most of the personnel believed it useful to subscribe individual "private" policies. Several subjects declared they were aware of the possibility of obtaining an extended coverage for gross negligence and substantially all the surveyed had never seen the loss occurrence and claims made form of the policy. Moreover, the sample was practically unaware of the related issues about insurance coverage for damages related to breaches on informed consent. The results revealed the relative lack of knowledge--among the operators in the field of obstetrics and gynaecology--of the effective coverage provided by the policies signed by the hospital managers for damages in medical malpractice. The authors thus proposed a useful information tool to help professionals working in obstetrics and gynaecology regarding aspects of insurance coverage provided on the basis of Italian civil law. Conclusion Italy must introduce a compulsory

  8. Nuclear Liability Legislation in Slovenia

    International Nuclear Information System (INIS)

    Skraban, A.

    1998-01-01

    This paper reviews Slovenian national legislation in the field of third party liability for nuclear damage, applicability of the international nuclear liability treaties in Slovenia legal system and outlines some main provisions of national legislation. It is worth mentioning that legal instruments covering third party liability and compulsory insurance of such liability exist in Slovenia for almost 20 years and that our nuclear facilities are covered by relevant international treaties and conventions in this field, among them also by the Vienna Convention on Civil Liability for Nuclear Damage (from 1977) and the Joint Protocol Relating to the Application of the Vienna Convention and the Paris Convention (from 1994). (author)

  9. Managing 'tail liability'.

    Science.gov (United States)

    Frese, Richard C; Weber, Ryan J

    2013-11-01

    To reduce and control their level of tail liability, hospitals should: Utilize a self-insurance vehicle; Consider combined limits between the hospital and physicians; Communicate any program changes to the actuary, underwriter, and auditor; Continue risk management and safety practices; Ensure credit is given to the organization's own medical malpractice program.

  10. Nuclear liability legislation in Slovenia

    International Nuclear Information System (INIS)

    Skraban, A.

    2000-01-01

    This paper gives some basic data about nuclear installations in Slovenia, reviews Slovenian national legislation in the field of third-party liability for nuclear damage, applicability of the international nuclear liability treaties in the Slovenian legal system and outlines some main provisions of national legislation. It also aims to give some facts about history and present status of nuclear insurance pool and the insurance of nuclear risks in Slovenia. Paper finally indicates also some future legislative steps with respect to nuclear third party liability, at national and international level. (author)

  11. Nuclear insurance

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    The yearbook contains among others the figures of the nuclear insurance line. According to these these the DKVG (German nuclear power plant insurance association) has 102 member insurance companies all registered in the Federal Republic of Germany. By using reinsurance capacities of the other pools at present property insurance amounts to 1.5 billion DM and liability insurance to 200 million DM. In 1991 the damage charges on account of DKV amounted to 3.1 (1990 : 4.3) million DM. From these 0.6 million DM are apportioned to payments and 2.5 million DM to reserves. One large damage would cost a maximum gross sum of 2.2 billion DM property and liability insurance; on account of DKVG 750 million DM. (orig./HSCH) [de

  12. Risks and nuclear insurance

    International Nuclear Information System (INIS)

    Debaets, M.; Springett, G.D.; Luotonen, K.; Virole, J.

    1988-01-01

    When analysing the nuclear insurance market, three elements must be taken into account: the nuclear operator's liability is regulated by national laws and/or international Conventions, such operators pay large premiums to insure their nuclear installations against property damage and finally, the nuclear insurance market is made up of pools and is mainly a monopoly. This report describes the different types of insurance coverage, the system governing nuclear third party liability under the Paris Convention and the Brussels Supplementary Convention and several national laws in that field. The last part of the report deals with liability and insurance aspects of international transport of nuclear materials [fr

  13. Limitation of Auditors' Liability

    DEFF Research Database (Denmark)

    Werlauff, Erik; Foged-Ladefoged, Lise Kolding

    2014-01-01

    The article examines the question of whether rules on the limitation of auditors’ liability within the perspective of EU law are needed, and if so, which rules can provide an appropriate balance between the potential injured party’s interests and those of the auditing sector, including with respect...... to the fact that the insurance premiums associated with an unlimited liability must of course make the auditor’s tasks more expensive. Relevant EU recommendations and a comparative glance at other EU countries’ proposed solutions to the problem are included....

  14. The insurance of nuclear installations

    International Nuclear Information System (INIS)

    Francis, H.W.

    1977-01-01

    A brief account is given of the development of nuclear insurance. The subject is dealt with under the following headings: the need for nuclear insurance, nuclear insurance pools, international co-operation, nuclear installations which may be insured, international conventions relating to the liability of operators of nuclear installations, classes of nuclear insurance, nuclear reactor hazards and their assessment, future developments. (U.K.)

  15. Report by the Nuclear Liability Commission

    International Nuclear Information System (INIS)

    2003-01-01

    The Nuclear Liability Commission set up by the Ministry of Trade and Industry was to find out whether the basic principles of Finland's current nuclear liability system are appropriate and well functioning and what changes should be made to the present system, taking into account Finland's position in the European convention system (Paris and Brussels Conventions). No proposal in the form of a bill was expected of the Commission. The Finnish nuclear liability system would be further developed as part of the international convention system so that the negotiated amendments to the conventions would be enforced in Finland as soon as possible after the final adoption of the convention texts. The Nuclear Liability Act would be amended so that the principle of unlimited liability of the nuclear installation operator would be adopted instead of the principle of limited liability. The unlimited liability should be covered by an insurance limited in amount so that the installation operator must take out an insurance of at least euro 700 million to cover the injured parties. The liability of the host State would be extended to cover damages exceeding the amount subject to the liability to take out an insurance referred to above by euro 500 million. The international compensation community would cover damages exceeding euro 1.2 billion by no more than euro 300 million. In this case a total of euro 1.5 billion should be compensated from the liability insurance of the installation operator and on the basis of the liability obligation of the host State and compensation community. Later, within the limits of the insurance capacity available, the liability to take out an insurance could be increased to euro 1.2 billion by gradually raising the limit so as to finally also cover fully the share of euro 500 million of the host State referred to above. As for appeal times, the Nuclear Liability Act would be amended so that the appeal time of personal damages would be prolonged. The

  16. Reassessing the nuclear liability regime

    International Nuclear Information System (INIS)

    Havinh Phuong

    1985-01-01

    The nuclear liability regime was thoroughly reviewed by nuclear plant operators, officials of regulatory authorities, and legal and insurance experts at the Symposium on Nuclear Third Party Liability and Insurance, held in September 1984 in Munich, Federal Republic of Germany. The symposium highlighted specific areas where adjustments or improvements would be needed in order to cope with practical problems encountered or emerging issues. By focusing on questions of legitimate concern to the public, it also sought to promote confidence in a compensation system for public protection that is in many ways unique. Topics addressed included the following: greater harmonization of the compensation amounts for nuclear damage established in different countries and in territorial scope; the concept of unlimited liability; the time limitation for compensation claims; the problem of proving causation; the concept of nuclear damage; and insurance coverage

  17. Nuclear insurance and indemnity

    International Nuclear Information System (INIS)

    Kovan, D.

    1976-01-01

    A brief account is given of insurance protection in the nuclear industry, and the legislation involved. Aspects discussed are: third part liability and the role of government in setting the maximum amount of compensation; the development and concept of channelling the liability exclusively to the operator; the development of nuclear insurance facilities in Europe and the USA; and the emergence in Europe of international agreements on third party liability for protection of neighbouring countries in the event of a major accident. The development of liability law in the USA from the time of the Price Anderson Act of 1957 through subsequent legislation is described. (U.K.)

  18. Insurance of nuclear risk

    International Nuclear Information System (INIS)

    Lacroix, M.

    1976-01-01

    Insurance for large nuclear installations covers mainly four types of risk: third party liability which in accordance with the nuclear conventions, is borne by a nuclear operator following an incident occurring in his installation or during transport of nuclear substances; material damage to the installation itself, which precisely is not covered by third party liability insurance; machinery breakdown, i.e. accidental damage or interruption of operation. Only the first category must be insured. In view of the magnitude of the risk, nuclear insurance resorts to co-insurance and reinsurance techniques which results in a special organisation of the nuclear insurance market, based on national nuclear insurance pools and on the Standing Committee on Atomic Risk of the European Insurance Committee. Conferences of the chairmen of nuclear insurance pools are convened regularly at a worldwide level. (NEA) [fr

  19. Civil Liability for Environmental Damages

    Directory of Open Access Journals (Sweden)

    Daniela Ciochină

    2012-05-01

    Full Text Available We debated in this article the civil liability for environmental damages as stipulated in ourlegislation with reference to Community law. The theory of legal liability in environmental law is basedon the duty of all citizens to respect and protect the environment. Considering the importance ofenvironment in which we live, the liability for environmental damages is treated by the Constitution as aprinciple and a fundamental obligation. Many human activities cause environmental damages and, in linewith the principle of sustainable development, they should be avoided. However, when this is notpossible, they must be regulated (by criminal or administrative law in order to limit their adverse effectsand, according to the polluter pays principle, to internalize in advance their externalities (through taxes,insurances or other forms of financial security products. Communication aims to analyze these issues andlegal regulations dealing with the issue of liability for environmental damage.

  20. Nuclear third party liability under Polish law

    International Nuclear Information System (INIS)

    Lewaszkiewic-Petrykowska, B.

    1988-01-01

    This paper describes the system governing liability for nuclear incidents in Poland. The Atomic Energy Act of 10 April 1986, which entered into force on 1 July 1986, covers all aspects of nuclear activities, including third party liability. Such liability is channelled onto the nuclear operator who must take out insurance to cover his liability up to an amount fixed in the contract. The Act provides that questions not settled by its provisions are governed by the Civil Code; therefore, if personal injuries exceed that amount victims may claim the difference from the State under that Code (NEA) [fr

  1. Specific aspects of insurance of nuclear risks

    International Nuclear Information System (INIS)

    Angelici, C.

    1980-03-01

    The following questions are discussed in connection with the insurance of nuclear risks: insurance techniques, the nuclear operator's limitation of liability in amount and in time, its channelling, the principle of sole liability and exonerations, the insurers' position, the cover provided and state intervention beyond that amount. (NEA) [fr

  2. Liability Issues

    International Nuclear Information System (INIS)

    O’Donoghue, K.

    2016-01-01

    Nuclear liability conventions try to provide a set of rules to govern third party liability. Not all States are parties to one of the existing liability conventions. There are a number of reasons why individual States may choose not to join one of the existing conventions. These include limits of compensation, jurisdiction issues, complexity, cost and definition of damage among others. This paper looks at the existing conventions and identifies some of the main issues in the existing conventions which prevent some States from signing them. The paper attempts to tease out some of the perceived gaps in the existing conventions and give a brief description of the reasons why non-Contracting Parties have difficulty with the provisions of the conventions. The paper recognizes that there has been work done in this area previously by the International Expert Group on Nuclear Liability (INLEX) and others to try to develop the existing frameworks to enhance global adherence by nuclear and non-nuclear States to an effective nuclear liability regime. (author)

  3. American nuclear insurers

    International Nuclear Information System (INIS)

    Oliveira, R.A.

    1988-01-01

    Nuclear liability insurance covers liability for damages directly caused by the nuclear energy hazard. This coverage includes offsite bodily injury and property damage sustained by members of the general public, and bodily injury to onsite third party personnel. Recent nuclear liability claims allege bodily injury and property damage resulting from releases or radioactive materials to the environmental and occupational radiation worker exposures. Routine reactor operations involving radioactive waste have the potential to result in such claims. The nuclear insurance Pools believe that one way such claims can be minimized is through the implementation of an effective radioactive waste management program

  4. 10 CFR 140.92 - Appendix B-Form of indemnity agreement with licensees furnishing insurance policies as proof of...

    Science.gov (United States)

    2010-01-01

    ... specified in Item 2 of the Attachment and in the form of the nuclear energy liability insurance policy... limits of liability of all other nuclear energy liability insurance policies (facility form) applicable... liability insurance policies (facility form) applicable to such common occurrence and issued by Mutual...

  5. Negative liability

    NARCIS (Netherlands)

    Dari-Mattiacci, G.

    2009-01-01

    Negative and positive externalities pose symmetrical problems to social welfare. The law internalizes negative externalities by providing general tort liability rules. According to such rules, those who cause harm to others should pay compensation. In theory, in the presence of positive

  6. Civil liability concerning nuclear accidents

    International Nuclear Information System (INIS)

    Anon.

    2013-01-01

    France and the USA wish to cooperate in order to promote an international regime of civil liability in order to give a fair compensation to victims of nuclear accidents as it is recommended by IAEA. On the other hand the European Commission has launched a consultation to see the necessity or not to harmonize all the civil liability regimes valid throughout Europe. According to the Commission the potential victims of nuclear accidents would not receive equal treatment at the European scale in terms of insurance cover and compensation which might distort competition in the nuclear sector. (A.C.)

  7. 29 CFR 500.120 - Insurance policy or liability bond is required for each vehicle used to transport any migrant or...

    Science.gov (United States)

    2010-07-01

    ... vehicle used to transport any migrant or seasonal agricultural worker. 500.120 Section 500.120 Labor Regulations Relating to Labor (Continued) WAGE AND HOUR DIVISION, DEPARTMENT OF LABOR REGULATIONS MIGRANT AND SEASONAL AGRICULTURAL WORKER PROTECTION Motor Vehicle Safety and Insurance for Transportation of Migrant...

  8. Should nuclear liability limits be removed. Yes

    International Nuclear Information System (INIS)

    Haas, L.

    1985-01-01

    Arguing in favor of unlimited liability in the event of a nuclear accident, the author cites a mathematical probability of a core meltdown in the US as 45% during the next 20 years. The liability insurance carried by the nuclear industry is less than for large hotels and industrial parks, and is only a small fraction of the potential costs of damage and compensation. If nuclear technology is safe, limits are not needed. If liability is limited, it removes the incentive to improve safety and sends inaccurate price signals to utilities choosing among competing technologies. There is also the ethical aspect of shifting liability costs from ratepayers and stockholders to accident victims and general taxpayers. There are other ways to finance nuclear risks, such as a sinking fund, the removal of the nuclear exclusion in property insurance policies, and annual retrospective assessments per reactors

  9. Financial security for nuclear liability

    International Nuclear Information System (INIS)

    Francis, H.W.

    1979-01-01

    In almost every country where nuclear insurance pools operate, except for the United States, national nuclear legislation is either based on the principles of the Paris and Vienna nuclear third party liability conventions or is strongly influenced by them. The most important feature of this legislation is the absolute liabilityy of the operator, which simplifies the insurance process by avoiding duplication of cover and minimising the possibility of complex legal questions arising in case of an incident. The paper describes the arrangements for provision of financial security, the prescription period, insurance requirements, legal costs etc. Also, problems connected with the insurance of two or more installations on the same site are analysed. (NEA) [fr

  10. Nuclear insurance

    International Nuclear Information System (INIS)

    Anon.

    1993-01-01

    The German Nuclear Power Plant Insurance (DKVG) Association was able to increase its net capacity in property insurance to 637 million marks in 1993 (1992: 589 million). The reinsurance capacity of the other pools included, the total amount covered now amounts to 2 billion marks in property incurance and 200 million marks in liability incurance. As in the year before the pool can reckon with a stable gross premium yield around 175 million marks. The revival of the US dollar has played a decisive role in this development. In 1993 in the domestic market, the DKVG offered policies for 22 types of property risk and 43 types to third-party risk, operating with a gross target premium of 65 million marks and 16 million marks, respectively. The DKVG also participated in 540 foreign insurance contracts. (orig./HSCH) [de

  11. Nuclear power plants and their insurances

    International Nuclear Information System (INIS)

    Schludi, H.N.

    1984-01-01

    From the commencement of building to the time of decommissioning of nuclear power plants, the insurances provide continuous coverage, i.e. for construction, nuclear liability, nuclear energy hazards insurance, fire insurance, machinery insurance. The respective financial security is quantified. (DG) [de

  12. Liability for on-site nuclear property damage

    International Nuclear Information System (INIS)

    Neems, H.J.

    2000-01-01

    Typically, liability for on-site property addressed in contracts between operator and its suppliers. Nuclear power plant operators ordinarily protect themselves against risk of nuclear damage to on-site property by insurance. Nuclear liability laws do not specifically address liability for nuclear damage to on-site property. Nuclear plant owners should address risk of damage to on-site property when developing risk management program

  13. [Individual prevention of occupational contact dermatitis: protective gloves and skin protection recommendations as part of the patient management scheme by the public statutory employers' liability insurance].

    Science.gov (United States)

    Wilke, A; Skudlik, C; Sonsmann, F K

    2018-05-02

    The dermatologist's procedure is a pivotal tool for early recognition of occupational contact dermatitis (OCD), for reporting OCD cases to the statutory accident insurance and for treating the diseases. The employer is in charge of implementing skin protection measures at the workplace. However, in terms of an individual prevention approach it may be necessary to propose targeted skin protection recommendations in specific patient cases. The patient's own skin protection behavior significantly contributes to regenerating and maintaining healthy skin. This behavior includes the use of occupational skin products, and in particular the correct use of appropriately selected protective gloves. Protective gloves are the most important personal protective measure in the prevention of OCD. Prevention services, occupational health and safety specialists, occupational physicians and centers specialized in occupational dermatology can support the identification of suitable protective measures. Nowadays, suitable protective gloves exist for (almost) every occupational activity and exposure. However, improper use in practice can become a risk factor by itself for the skin (e. g., incorrectly used gloves). Therefore, it is of utmost importance to identify application errors, to educate patients in terms of skin protection and to motivate them to perform an appropriate skin protection behavior. With particular focus on protective gloves, this article gives an overview of various types, materials and potentially glove-related allergens, presents strategies for reducing occlusion effects and discusses some typical application errors and solutions.

  14. [Occupational skin cancer : Prevention and recommendations for UV protection as part of the treatment approved by the public statutory employers' liability insurance].

    Science.gov (United States)

    Rocholl, M; Ludewig, M; Skudlik, C; Wilke, A

    2018-04-27

    In Germany, approximately 2 to 3 million employees work in outdoor professions. They are exceptionally exposed to solar ultraviolet (UV) radiation for a large part of their daily working time. Cumulative UV exposure is associated with a significantly increased risk of skin cancer for outdoor workers from various occupational groups (e. g. landscape and horticulture, agriculture and forestry, fisheries and seafaring, construction and trade, as well as sports teachers, lifeguards and mountain guides). Since 1 January 2015, squamous cell carcinoma and multiple actinic keratosis due to natural UV radiation can be recognised as occupational disease No. 5103 by the German statutory social accident insurance. Reducing cumulative UV exposure is the main prevention aspect of this type of skin damage. Therefore, technical, organisational and personal UV protection measures should be implemented in the professional and private environment. Moreover, they have to be regularly used in an appropriate way. In addition to guideline-oriented therapy, training and counselling of patients with already existing actinic skin damage or a recognised occupational disease No. 5103 is therefore of particular importance. The focus should be on improving the individual UV protection behaviour. This article gives an overview of current recommendations for UV protection in the professional environment. It outlines possible solutions for patient counselling in terms of UV protection in everyday practice.

  15. Market-Consistent Valuation of Pension Liabilities

    NARCIS (Netherlands)

    Pelsser, Antoon; Salahnejhad, Ahmad; van den Akker, Ramon

    2016-01-01

    Pension funds and life insurance companies have liabilities on their books with extremely long-dated maturities that are exposed to non-hedgeable actuarial risks and also to market risks. In this paper, we show that it is computationally feasible to price pensions contracts in an incomplete market

  16. Catastrophic events leading to de facto limits on liability

    International Nuclear Information System (INIS)

    Solomon, K.A.; Okrent, D.

    1977-05-01

    This study conducts an overview of large technological systems in society to ascertain prevalence, if any, of situations that can lead to catastrophic effects where the resultant liabilities far exceed the insurances or assets subject to suit in court, thereby imposing de facto limits on liability. Several potential situations are examined: dam rupture, aircraft crash into a sports stadium, chemical plant accident, shipping disaster, and a toxic drug disaster. All of these events are estimated to have probabilities per year similar to or larger than a major nuclear accident and they are found to involve potential liability far exceeding the available resources, such as insurance, corporation assets, or government revenues

  17. Effectiveness of Existing International Nuclear Liability Regime

    International Nuclear Information System (INIS)

    Al-Doais, Salwa; Kessel, Daivd

    2015-01-01

    The first convention was the Paris Convention on Third Party Liability in the Field of Nuclear Energy (the Paris Convention) had been adopted on 29 July 1960 under the auspices of the OECD, and entered into force on 1 April 1968. In 1963,the Brussels Convention - supplementary to the Paris Convention- was adopted in to provide additional funds to compensate damage as a result of a nuclear incident where Paris Convention funds proved to be insufficient. The IAEA's first convention was the Vienna Convention on Civil Liability for Nuclear Damage (the Vienna Convention) which adopted on 21 May 1963,and entered into force in 1977. Both the Paris Convention and the Vienna Convention laid down very similar nuclear liability rules based on the same general principles. The broad principles in these conventions can be summarized as follows: 1- The no-fault liability principle (strict liability) 2- Liability is channeled exclusively to the operator of the nuclear installation (legal channeling) 3- Only courts of the state in which the nuclear accident occurs would have jurisdiction (exclusive jurisdiction) 4- Limitation of the amount of liability and the time frame for claiming damages (limited liability) 5- The operator is required to have adequate insurance or financial guarantees to the extent of its liability amount (liability must be financially secured). 6- Liability is limited in time. Compensation rights are extinguished after specific time. 7- Non-discrimination of victims on the grounds of nationality, domicile or residence. Nuclear liability conventions objective is to provide adequate compensation payments to victims of a nuclear accident. Procedures for receiving these compensation are controlled by some rules such as exclusive jurisdiction, that rule need a further amendment to ensure the effectiveness of the exiting nuclear liability regime . Membership of the Conventions is a critical issue, because the existence of the conventions without being party to

  18. Effectiveness of Existing International Nuclear Liability Regime

    Energy Technology Data Exchange (ETDEWEB)

    Al-Doais, Salwa; Kessel, Daivd [KEPCO International Nuclear Graduate School, Daejeon (Korea, Republic of)

    2015-10-15

    The first convention was the Paris Convention on Third Party Liability in the Field of Nuclear Energy (the Paris Convention) had been adopted on 29 July 1960 under the auspices of the OECD, and entered into force on 1 April 1968. In 1963,the Brussels Convention - supplementary to the Paris Convention- was adopted in to provide additional funds to compensate damage as a result of a nuclear incident where Paris Convention funds proved to be insufficient. The IAEA's first convention was the Vienna Convention on Civil Liability for Nuclear Damage (the Vienna Convention) which adopted on 21 May 1963,and entered into force in 1977. Both the Paris Convention and the Vienna Convention laid down very similar nuclear liability rules based on the same general principles. The broad principles in these conventions can be summarized as follows: 1- The no-fault liability principle (strict liability) 2- Liability is channeled exclusively to the operator of the nuclear installation (legal channeling) 3- Only courts of the state in which the nuclear accident occurs would have jurisdiction (exclusive jurisdiction) 4- Limitation of the amount of liability and the time frame for claiming damages (limited liability) 5- The operator is required to have adequate insurance or financial guarantees to the extent of its liability amount (liability must be financially secured). 6- Liability is limited in time. Compensation rights are extinguished after specific time. 7- Non-discrimination of victims on the grounds of nationality, domicile or residence. Nuclear liability conventions objective is to provide adequate compensation payments to victims of a nuclear accident. Procedures for receiving these compensation are controlled by some rules such as exclusive jurisdiction, that rule need a further amendment to ensure the effectiveness of the exiting nuclear liability regime . Membership of the Conventions is a critical issue, because the existence of the conventions without being party to

  19. Valuation of Non-Life Liabilities from Claims Triangles

    Directory of Open Access Journals (Sweden)

    Mathias Lindholm

    2017-07-01

    Full Text Available This paper provides a complete program for the valuation of aggregate non-life insurance liability cash flows based on claims triangle data. The valuation is fully consistent with the principle of valuation by considering the costs associated with a transfer of the liability to a so-called reference undertaking subject to capital requirements throughout the runoff of the liability cash flow. The valuation program includes complete details on parameter estimation, bias correction and conservative estimation of the value of the liability under partial information. The latter is based on a new approach to the estimation of mean squared error of claims reserve prediction.

  20. Legal liabilities in continuing education: protecting your institution and yourself.

    Science.gov (United States)

    Allington, G H; Cava, A

    1988-01-01

    Continuing medical education (CME) activities conducted by medical schools, institutions, or organizations contain inherent liability potentials that should be recognized. Three major areas for potential liability should be carefully regarded by individuals who supervise, organize, or plan educational programs. These are: 1) contract liability--specifically in contracts with hotels, i.e., cancellation clauses, warranties, and indemnifications; 2) liability for ensuring the health and safety of individuals, i.e., fire, security, hazards, emergency procedures, and alcohol at functions; and 3) appropriate and adequate insurance coverage.

  1. General report of the Insurance Study Committee

    International Nuclear Information System (INIS)

    1988-01-01

    This general report gives the main objectives which the Insurance Study Committee intends to follow, an overview of the work undertaken from 1985-1988 and some points that the Committee considers its duty to underline, propose or recommend in the field of risk management. It concludes with the report of the Group of Experts on Third Party Liability and Nuclear Insurance, set up in 1986 to study and prepare the position to be taken by UNIPEDE on nuclear third party liability matters at the Group of Governmental Experts on Nuclear Third Party Liability and at the IAEA Standing Committee on Civil Liability for Nuclear Damage [fr

  2. Your Insurance Dollar. Money Management.

    Science.gov (United States)

    Baran, Nancy H., Ed.

    This booklet provides some practical guidelines for determining total insurance needs, examining options, and comparing costs. It discusses how to fit insurance costs into an overall financial plan, the necessity of adequate liability coverage, and the importance of keeping policies up to date. The next four sections highlight the basic types of…

  3. 46 CFR Sec. 13 - Insurance.

    Science.gov (United States)

    2010-10-01

    ... REPAIRS UNDER NATIONAL SHIPPING AUTHORITY MASTER LUMP SUM REPAIR CONTRACT-NSA-LUMPSUMREP Sec. 13 Insurance. Article 9 of the NSA-LUMPSUMREP Contract sets forth the Contractor's liabilities and obligations with... 46 Shipping 8 2010-10-01 2010-10-01 false Insurance. Sec. 13 Section 13 Shipping MARITIME...

  4. Nuclear Energy and Liability in Law. Records of the meeting

    International Nuclear Information System (INIS)

    1977-01-01

    The question of nuclear energy and liability in law was discussed at a one-day meeting organised jointly by the Societe francaise de radioprotection and the Societe francaise d'energie nucleaire. This report contains three of the papers presented. The first paper describes the different types of liability: civil, penal, administrative, international and explains the reasons which have led the legislator to introduce special liability rules to meet the problems raised by nuclear energy. The second paper deals with radiation protection and the different types of liability in law which may result from activities involving radiation protection. Finally, the third paper discusses nuclear risk insurance from the viewpoint of atomic insurance pools and specifies that insurers are concerned with improving accident prevention measures, in close collaboration with nuclear operators and the public authorities. (NEA) [fr

  5. Nuclear insurance problems in Spain

    International Nuclear Information System (INIS)

    Gomez del Campo, Julian.

    1977-01-01

    The purpose of this paper is to study the problems raised in Spain by third party liability insurance for nuclear damage. National law in this field is based on the Paris Convention on nuclear third party liability and defines the conditions of liability of operators of nuclear installations. The insurance contract requirements must comply with the regulations on cover for nuclear risks, under the control of the Finance Ministry's competent services. Certain exceptional nuclear risks which cannot be covered entirely by ordinary insurance policies, are taken over by the Consorcio de Compensacion de Seguros which belongs to this Ministry. From the insurance viewpoint, the regulations make a distinction between nuclear and radioactive installations and nuclear transport. (NEA) [fr

  6. Nuclear insurance fire risk

    International Nuclear Information System (INIS)

    Dressler, E.G.

    2001-01-01

    Nuclear facilities operate under the constant risk that radioactive materials could be accidentally released off-site and cause injuries to people or damages to the property of others. Management of this nuclear risk, therefore, is very important to nuclear operators, financial stakeholders and the general public. Operators of these facilities normally retain a portion of this risk and transfer the remainder to others through an insurance mechanism. Since the nuclear loss exposure could be very high, insurers usually assess their risk first-hand by sending insurance engineers to conduct a nuclear insurance inspection. Because a serious fire can greatly increase the probability of an off-site release of radiation, fire safety should be included in the nuclear insurance inspection. This paper reviews essential elements of a facility's fire safety program as a key factor in underwriting nuclear third-party liability insurance. (author)

  7. Liability and damages in Japanese nuclear law

    International Nuclear Information System (INIS)

    Hoshino, E.

    1981-01-01

    The Japanese legislation relating to nuclear liability is based on two laws which date back to 1961, i.e. the law concerning compensation for nuclear damage and the law concerning financial damage compensation indemnification. In Japan, the legal channelling of liability is in force, a contractual recourse is not possible unless there is intent. The financial security act in Japan consists of a (third-party) liability insurance contract concluded with a private insurer and the cover contract concluded with the state. According to the agreement on financial security concluded between government and operator, the operator has to pay the state a certain sum per year. Basically, the amount covered is DM 50 million per site. This sum will be increased to DM 90 million. The operator is fully liable. The state is not bound by law to fully cover damages but will be - de facto - prepared to do so anyway. For potential damage to personnel, the social insurance law is applicable as it is in the Federal Republic of Germany. However, this damage is intended to be subject to nuclear liability, to be effected by an amendmend. (orig./HP) [de

  8. Insurance considerations associated with radiation processing

    International Nuclear Information System (INIS)

    Boylan, F.X.

    1979-01-01

    Comments are made on nuclear insurance experience in the United States. The subject is discussed in more detail under the headings: direct physical damage insurance; workers' compensation insurance; third party liability (premises and operations considerations; products considerations); possible alternatives to the existing arrangement. (U.K.)

  9. Ways and means of insuring against nuclear risks

    International Nuclear Information System (INIS)

    Campbell Miles, A.

    1975-01-01

    Despite stringent safety requirements imposed upon nuclear installations, the need for adequate insurance cover is motivated by the consideration that a nuclear accident could lead to very grave consequences. To marshal the large insurance capacity required, national pools were formed in many countries, which may enter into arrangements with other similar national pools to increase their own capacity with a view to an appropriate spread of the risks involved. In the absence of a national nuclear pool, application for nuclear insurance would normally be made to the national insurance market association concerned. Virtually every type of nuclear risk is insurable; various forms of material damage and liability insurances are available. The financial liability of nuclear operators is established by national legislation on the basis of international conventions. Insurance coverage is linked to the operator's amount of liability established by law. A third party nuclear liability insurance policy usually consists of three parts: Part I covers the operator's liability under his domestic nuclear legislation; Part II provides non-nuclear power for accidents on the site up to a separate liability limit selected by the operator; and Part III provides cover for costs. Other types of insurance deal with damage to the site and the installation (material damage), consequential losses, contingent liabilities of suppliers of goods and services (products liability), nuclear material in transit and nuclear-propelled ships. (author)

  10. Managing nuclear liabilities

    International Nuclear Information System (INIS)

    Pooley, D.

    1997-01-01

    This paper discusses the importance of managing liabilities in the nuclear industry and considers the main ingredients which make for successful liabilities management. It looks specifically at UKAEA's experience to date and lists its key management principles, including the use of the liabilities management ratio which is the company's current bottom-line performance measure. (Author)

  11. Professional liability. Etiology.

    Science.gov (United States)

    White, K C

    1988-03-01

    Once again, I find Mr. Cooper quote-worthy for his statement, "It is incumbent upon the trial bar not to support the status quo merely because it is in our economic interest. Change is in the wind, and our tort system will be blown away on the winds of change for change's sake unless we participate in correcting deficiencies in the tort system and civil jury trial process." I suggest that we cannot ask for change for our own economic interest, nor can we lay blame exclusively to the other etiologic elements. We must improve those elements within our purview. The prayer of serenity may serve us well: God, grant me the serenity to accept the things I cannot change, the courage to change the things I can, and the wisdom to know the difference. In the game of professional liability litigation as played by the rules extant there are clearly winners and losers. The winners are the legal profession, both plaintiff and defense, and the insurers, who in the face of adversity simply increase premiums or withdraw from the market. The losers are the medical profession, the patients for whom they care and, in the broadest sense, our society as a whole. So as not to close on a note of gloom, one last quote. Lawrence H. Cooke, former Chief Judge of New York State, in remarks to the April 1986 National Symposium on Civil Justice Issues stated, "Our justice systems are beset with very real problems.(ABSTRACT TRUNCATED AT 250 WORDS)

  12. Nuclear liability legislation in Russia - current status and expected developments

    International Nuclear Information System (INIS)

    Karpov, A. E.; Borisov, D. G.

    2000-01-01

    Present report is provided by the experts of the Russian insurance business, a company member of the Russian Nuclear Pool, and not the experts of the Ministry of Atomic Energy of Russian Federation (RF Minatom). Considering the above, the following document will outline the current status of nuclear liability legislation and insurance in Russia from a viewpoint of the insurance companies and not RF Minatom. (author)

  13. 33 CFR 136.111 - Insurance.

    Science.gov (United States)

    2010-07-01

    ... POLLUTION FINANCIAL RESPONSIBILITY AND COMPENSATION OIL SPILL LIABILITY TRUST FUND; CLAIMS PROCEDURES... which compensation is claimed: (1) The name and address of each insurer. (2) The kind and amount of...

  14. Proposed Amendments to the Nuclear Liability

    International Nuclear Information System (INIS)

    1981-01-01

    This Memorandum issued by the Swedish Ministry of Justice contains proposed amendments to the 1968 Nuclear Liability Act which can be divided into two categories. Those in the first category are required to enable Sweden to ratify the draft Protocols to amend the Paris Convention and the Brussels Supplementary Convention. The second category of amendments propose that the nuclear operator's liability be raised from the present sum of 50 million Kroner to 500 million Kroner, to be covered by insurance; it is also proposed that a State liability be introduced over and above the compensation available, the aggregate amount being limited to 300 million Kroner. State indemnification would apply to the Nordic countries. The Annexes to the Memorandum contain the English and French texts of the draft Protocols to amend both above-mentioned Conventions (NEA) [fr

  15. Act of 18 March 1983 on Nuclear Third Party Liability (LRCN)

    International Nuclear Information System (INIS)

    1983-01-01

    This new Act on nuclear third party liability maintains the two essential principles established by the law in force, namely those of causation and the channelling of liability on to the operator of a nuclear installation. On the other hand, the Act waives the principle of third party liability limited in amount and provides that the person liable must commit himself for an unlimited amount. Such liability is covered as follows: by private insurance up to 300 million francs; by the Confederation up to one thousand million francs over and above the amount covered by private insurance; by all the assets of the person liable. (NEA) [fr

  16. Modelling in life insurance a management perspective

    CERN Document Server

    Norberg, Ragnar; Planchet, Frédéric

    2016-01-01

    Focussing on life insurance and pensions, this book addresses various aspects of modelling in modern insurance: insurance liabilities; asset-liability management; securitization, hedging, and investment strategies. With contributions from internationally renowned academics in actuarial science, finance, and management science and key people in major life insurance and reinsurance companies, there is expert coverage of a wide range of topics, for example: models in life insurance and their roles in decision making; an account of the contemporary history of insurance and life insurance mathematics; choice, calibration, and evaluation of models; documentation and quality checks of data; new insurance regulations and accounting rules; cash flow projection models; economic scenario generators; model uncertainty and model risk; model-based decision-making at line management level; models and behaviour of stakeholders. With author profiles ranging from highly specialized model builders to decision makers at chief ex...

  17. Should nuclear liability limits be removed. No

    International Nuclear Information System (INIS)

    Pape, E.C.

    1985-01-01

    The opposing view to the proposition that limits on nuclear liability under the Price-Anderson Act should be removed cites the historical recognition of the need to protect the public as it was defined in 1957. The limit on liability today is $630 million per nuclear incident, with total protection continuing to increase as new plants come on line and additional purchased insurance becomes available. The limit gives the industry an incentive to commit capital and technical resources to develop new technology. Removing the limit would increase costs, but not benefits, for electric consumers, and would require a new way to protect the public other than through purchased insurance or the utility's resources. The industry will support raising the limit, however

  18. Professional liability of the radon technologist

    International Nuclear Information System (INIS)

    Kornreich, M.R.

    1987-01-01

    The radon technologist will want to protect himself from lawsuits by plaintiffs who believe they have suffered consequences of a false measurement or erroneous recommendation. The author may be sued for negligence or on the contract. A plaintiff is more likely to be successful in a suit for monetary losses associated with real estate transactions or remediation than in a suit for personal injury. To avoid liability, the radon technologist will want to keep aware of the state of the art; use standard protocols; carefully supervise employees; take all technical precaution; and get legal advice in contracting. The author should also adhere to applicable federal, state, or local regulations. Disclosing the limits of measurement procedures and emphasizing the importance of maintaining standardized environmental conditions in the building are important. Since it is extremely difficult for an individual to get adequate professional liability insurance at a reasonable price, radon technologists should cooperate, perhaps through their professional societies, to negotiate the best possible insurance policies

  19. Ordinance on nuclear third party liability (ORCN)

    International Nuclear Information System (INIS)

    1983-12-01

    The Ordinance exempts from the application of the 1983 Act on Nuclear Third Party Liability some substances with low radiation effects. It determines the amount of private insurance cover and defines the risks that insurers may exclude from cover. It establishes a special fund for nuclear damage made up of contributions from the nuclear operators. Specifications are given on the amount of the contributions and their conditions, as well as on administration of the fund. The Ordinance repeals the Ordinance of 13 June 1960 on funds for delayed atomic damage, the Order of 19 December 1960 on contributions to the fund for delayed atomic damage and the Ordinance of 30 November 1981 on cover for third party liability resulting from nuclear power plant operation [fr

  20. Nuclear Liability Laws

    International Nuclear Information System (INIS)

    McIntosh, S.

    2016-01-01

    The principles of the nuclear liability regime, including their application to the case of transport, are described in the IAEA Handbook on Nuclear Law, and will not be repeated in this paper. Rather, this paper examines some specific aspects of liability during transport, and particularly draws on some of the work of the IAEA International Expert Group on Nuclear Liability (INLEX). In that regard, particular reference is made to the Explanatory Texts published in 2004

  1. Sharing Residual Liability

    DEFF Research Database (Denmark)

    Carbonara, Emanuela; Guerra, Alice; Parisi, Francesco

    2016-01-01

    Economic models of tort law evaluate the efficiency of liability rules in terms of care and activity levels. A liability regime is optimal when it creates incentives to maximize the value of risky activities net of accident and precaution costs. The allocation of primary and residual liability...... for policy makers and courts in awarding damages in a large number of real-world accident cases....

  2. General Principles Governing Liability

    International Nuclear Information System (INIS)

    Reyners, P.

    1998-01-01

    This paper contains a brief review of the basic principles which govern the special regime of liability and compensation for nuclear damage originating on nuclear installations, in particular the strict and exclusive liability of the nuclear operator, the provision of a financial security to cover this liability and the limits applicable both in amount and in time. The paper also reviews the most important international agreements currently in force which constitute the foundation of this special regime. (author)

  3. Managing UK nuclear liabilities

    International Nuclear Information System (INIS)

    Sadnicki, Mike; MacKerron, Gordon.

    1997-01-01

    This paper sets out a framework for a fundamental reappraisal of the management of nuclear liabilities in the United Kingdom, built around two policy objectives, sustainable development and cost-effectiveness. The practical implications of the policy objectives are explored in relation to nuclear liability strategies, such as the adequacy or otherwise of current funding arrangements, the completeness of liability estimates and the distribution of financial responsibility between the public and private sector. A fundamental review of the management of nuclear liabilities is urged in the light of inadequacies identified in this paper. (UK)

  4. Unlimited liability will not automatically establish unlimited coverage

    International Nuclear Information System (INIS)

    Breining, W.

    1980-01-01

    Comments from the point of view of insurance companies. The plans of the Federal Ministry of the Interior to reform nuclear liability law in the Federal Republic of Germany, especially the intention to abolish the maximum liability limit, were commented upon also from the point of view of the insurance companies at the 6th German Atomic Energy Law Symposium. Reference was made, above all, to the problems which could arise from the fact that insurance companies need broad international backing and, accordingly, harmonization with the liability rules and conditions valid in other countries, in order to cover the high nuclear risks. Another problem to which attention was drawn was the need for evidence in catastrophic cases and the capability to settle cases of damage arising under such conditions. (orig.) 891 HP/orig. 892 MB [de

  5. Civil liability related to imaging exams in Brazil

    OpenAIRE

    Fontana, Mathias Pante; Liedke, Gabriela Salatino; Fontoura, Helena da Silveira; Silveira, Heraldo Luis Dias da; Silveira, Heloísa Emilia Dias da

    2015-01-01

    Aim: To analyze all court lawsuits in Brazil in relation to civil liability involving radiographic and tomographic images up to February 2014. Methods: All Brazilian courts were surveyed for “civil liability,” “error,” “radiology,” “radiography,” and “tomography,” returning 3923 second-instance lawsuits. Out of them were excluded labor legislation, health insurance coverage of radiological examinations, and criminal liability cases and 359 were selected. Compliance with expert reports, involv...

  6. CURRENT CHANGES ON INSURANCE MARKET

    Directory of Open Access Journals (Sweden)

    Madalina Giorgiana MANGRA

    2016-12-01

    Full Text Available The offer of insurance products is about the requirements and needs of the consumer who must always have information regarding: the type of insurance risk covered and the excluded risks, the sum insured, the payment of premiums and their duration. The accurate information of customer requires, from the commencement of contract and throughout its duration, that he or she is aware of the obligations throughout the contractual period. Most of the Romanians are turning their attention to one of the insurance companies found in the top 10 in 2016, supervised by F.S.A. (Financial Supervision Authority, preferring to have a policy of mandatory household and goods insurance, auto liability or life insurance, but are also interested in travel health insurance when going abroad, private health insurance or private pension insurance. Romanians' reluctance regarding the conclusion of an insurance comes from their distrust in insurance companies (see the situations of companies like Astra Insurance, Carpatica Insurance etc., their personal financial situation and the fear that they will not receive protection if the risk is covered but the insured sum is insufficient

  7. The United States nuclear insurance program: an update of recent developments and trends

    International Nuclear Information System (INIS)

    Cummings, L.G.

    1978-01-01

    There are numerous developments concerning nuclear insurance in the United States at present. The debate on the constitutionality of the Price-Anderson Act questions the principle of the limitation of the operators liability. The insurance market is undergoing changes with the reorganisation of the four main pools, NELIA (Nuclear Energy Liability Insurance Association), NEPIA (Nuclear Energy Property Insurance Association), MAELU (Mutual Atomic Energy Liability Underwriters), MAERP (Mutual Atomic Energy Reinsurance Pool). Insurance premiums for damage have been revised on several occasions following industrial demand and the development of the insurance market capacity. (NEA) [fr

  8. Assets, liabilities and risks

    OpenAIRE

    R. Thomson

    2014-01-01

    Financial economists and actuaries do not always talk the same language. One particular difference of concern to actuaries is the method of treatment (or non-treatment) of the liabilities of an investor in the portfolio selection problem. Another difference relates to the way in which liabilities are valued. In this paper, these differences are discussed and possible way forward are suggested.

  9. Nuclear damage - civil liability

    International Nuclear Information System (INIS)

    Simoes, A.C.

    1980-01-01

    An analysis is made of the civil liability for nuclear damage since there is a need to adjust the existing rules to the new situations created. The conventions that set up the new disciplining rules not considered in the common law for the liability of nuclear damage are also mentioned. (A.L.) [pt

  10. Medical liability and health care reform.

    Science.gov (United States)

    Nelson, Leonard J; Morrisey, Michael A; Becker, David J

    2011-01-01

    We examine the impact of the Affordable Care Act (ACA) on medical liability and the controversy over whether federal medical reform including a damages cap could make a useful contribution to health care reform. By providing guaranteed access to health care insurance at community rates, the ACA could reduce the problem of under-compensation resulting from damages caps. However, it may also exacerbate the problem of under-claiming in the malpractice system, thereby reducing incentives to invest in loss prevention activities. Shifting losses from liability insurers to health insurers could further undermine the already weak deterrent effect of the medical liability system. Republicans in Congress and physician groups both pushed for the adoption of a federal damages cap as part of health care reform. Physician support for damages caps could be explained by concerns about the insurance cycle and the consequent instability of the market. Our own study presented here suggests that there is greater insurance market stability in states with caps on non-economic damages. Republicans in Congress argued that the enactment of damages caps would reduce aggregate health care costs. The Congressional Budget Office included savings from reduced health care utilization in its estimates of cost savings that would result from the enactment of a federal damages cap. But notwithstanding recent opinions offered by the CBO, it is not clear that caps will significantly reduce health care costs or that any savings will be passed on to consumers. The ACA included funding for state level demonstration projects for promising reforms such as offer and disclosure and health courts, but at this time the benefits of these reforms are also uncertain. There is a need for further studies on these issues.

  11. Recent developments in the European nuclear insurance scene

    International Nuclear Information System (INIS)

    Francis, H.W.

    1978-01-01

    Despite the development of a strong anti-nuclear feeling in Europe, the nuclear programme in the main European countries has not been stopped. The European insurance market has evolved considerably and the liability limits have been raised in several countries. Insurers must face the twin problem of increased insurance capacity to cover material damage, as well as the higher liability amounts for operators of nuclear installations in certain countries. (NEA) [fr

  12. Romanian Nuclear Liability Legislation

    International Nuclear Information System (INIS)

    Banu, R.

    2006-01-01

    The regime of civil liability for nuclear damages in the Romanian legislation is defined especially by the Law no. 703/2001 on civil liability for nuclear damage, as well as the Government Decision no. 894/2003 for the approval of the Norms for the enforcement of Law no. 703/2001. These two documents constitute the legal framework that regulates the third party civil liability for nuclear damages. The paper is proposing to present the main elements of the relatively recent legal framework, namely: the principles content in the international acts on civil liability for nuclear damages, the subject to whom such law applies, the regime of civil liability for nuclear damages in Romania and provisions regarding the terrorist acts.(author)

  13. Nuclear energy and insurance

    International Nuclear Information System (INIS)

    Dow, J.C.

    1989-01-01

    It was the risk of contamination of ships from the Pacific atmospheric atomic bomb tests in the 1940's that seems first to have set insurers thinking that a limited amount of cover would be a practical possibility if not a commercially-attractive proposition. One Chapter of this book traces the early, hesitant steps towards the evolution of ''nuclear insurance'', as it is usually called; a term of convenience rather than exactitude because it seems to suggest an entirely new branch of insurance with a status of its own like that of Marine, Life or Motor insurance. Insurance in the field of nuclear energy is more correctly regarded as the application of the usual, well-established forms of cover to unusual kinds of industrial plant, materials and liabilities, characterised by the peculiar dangers of radioactivity which have no parallel among the common hazards of industry and commerce. It had, and still has, the feature that individual insurance underwriters are none too keen to look upon nuclear risks as a potential source of good business and profit. Only by joining together in Syndicates or Pools have the members of the national insurance markets been able to make proper provision for nuclear risks; only by close international collaboration among the national Pools have the insurers of the world been able to assemble adequate capacity - though still, even after thirty years, not sufficient to provide complete coverage for a large nuclear installation. (author)

  14. The modernization of the international nuclear third party liability regime - does exclusive liability still make sense?

    International Nuclear Information System (INIS)

    Kolehmainen, H.

    2000-01-01

    In order to create a perspective for the presentation, it might be useful to recall the general aims and purposes of the existing system for exclusive liability in the international nuclear liability regime. As is well-known, the compensation system is based on two conventions (The Paris Convention on Third Party Liability in the Field of Nuclear Energy of 1960 and the Vienna Convention on Civil Liability for Nuclear Damage of 1963). The norms in these Conventions define the level at which the compensation system for nuclear accidents is based. The international co-operation which resulted in the conventions was inspired by the aim to construct a system which awards a fair and sufficient compensation for the victims of a nuclear accident. Secondly, the aim was to promote the peaceful use of nuclear energy. The purpose was also to harmonize regulations concerning nuclear energy. The preparatory works for these conventions demand a general goal to balance the interests of the potential victims of a nuclear accident and the interest of society to promote the peaceful use of nuclear energy. National legislation on nuclear third party liability is based on these conventions. There are four basic principles which guide the normative framework of these conventions. The liability of the operator of a nuclear installation is not based on fault but is strictly based on its nature. Secondly, the liability is restricted to a certain sum per accident. Thirdly, the liability of the operator ought to be covered by insurance or state guarantee. Fourthly, the liability is channeled exclusively to the operator of a nuclear plant, meaning that there are no other persons to be held liable for a possible nuclear accident. Any new orientation on third party liability for nuclear damages should be within the context of existing regulations in the field. Exceptions from established international principles in the area of nuclear liability should be openly discussed and their consequences

  15. Understanding legacy liabilities

    Energy Technology Data Exchange (ETDEWEB)

    Ossi, G.J. [Venable, LLP (United States)

    2005-08-01

    Among the most immediate issues facing operations with a workforce represented by the United Mine Workers of America (UMWA) are the so-called 'legacy liabilities'. Legacy liabilities fall under two categories: retiree health care and pension. The retiree health benefit obligations fall into two categories; statutory - those created under the Coal Industry Retiree Health Benefit Act of 1992 and contractual - the 1993 Employer Benefit Plan and the Individual Employer Plans. The pension liabilities are more straightforward; there are three different retirement plans in the NBCWA; the UMWA 1950 Pension Plan, the UMWA 1974 Pension Plan and the UMWA Cash Deferred Savings Plan of 1988.

  16. The risks at nuclear power stations and their insurance

    International Nuclear Information System (INIS)

    Schludi, H.N.

    1994-01-01

    Insurance can offer an uninterrupted insurance cover from start-up-to shut-down of a nuclear power station. This is assured by the insurance for the erection, for the nuclear liability, for the nuclear/fire, for the engines, for operational interruptions and for the transport. For each of the above mentioned insurance branches, essential characteristic features, such as risk carrier, protection range and insurance costs, are given. (orig.) [de

  17. On the road again: traffic fatalities and auto insurance minimums

    Directory of Open Access Journals (Sweden)

    Pavel A. Yakovlev

    2018-03-01

    Full Text Available Prior research on policy-induced moral hazard effects in the auto insurance market has focused on the impact of compulsory insurance, no-fault liability, and tort liability laws on traffic fatalities. In contrast, this paper examines the moral hazard effect of a previously overlooked policy variable: minimum auto insurance coverage. We hypothesize that state-mandated auto insurance minimums may “over-insure” some drivers, lowering their incentives to drive carefully. Using a longitudinal panel of American states from 1982 to 2006, we find that policy-induced increases in auto insurance minimums are associated with higher traffic fatality rates, ceteris paribus.

  18. Nuclear Liability, State of the Art

    International Nuclear Information System (INIS)

    Reitsma, S. M. S.

    2010-01-01

    Over fifty years ago states started to introduce legislation protecting the public against the potential magnitude and peculiarity of risks arising from the nuclear energy production. They did so trough a specific liability and compensation regime. Whether legislation was based on national initiatives or, as more frequently, related to international nuclear liability conventions, it was based on a number of principles being applied universally. Furthermore, it at the same time strived for not preventing the development of the nuclear industry because of an unbearable liability. This paper aims at explaining the broad outline of the above legislation, its development since its early years, the state of the art as regards its modernisation as well as the (alleged) problems underlying the delay in its introduction in a number of countries. When dealing with those problems it will be inevitable to touch upon a number of insurance related matters, which, as an insurer I am happy to tell, will lead me to familiar territory.(author).

  19. Assets, liabilities and risks

    Directory of Open Access Journals (Sweden)

    R. Thomson

    2014-01-01

    Full Text Available Financial economists and actuaries do not always talk the same language. One particular difference of concern to actuaries is the method of treatment (or non-treatment of the liabilities of an investor in the portfolio selection problem. Another difference relates to the way in which liabilities are valued. In this paper, these differences are discussed and possible way forward are suggested.

  20. Nuclear Insurance Pools: Worldwide Practice and Development

    International Nuclear Information System (INIS)

    Reitsma, S. M. S.

    1998-01-01

    The development of nuclear installations to produce electricity led to the establishment of Nuclear Insurance Pools and the introduction of international Conventions on Third Party Liability. Nuclear Pools offer both Third Party Liability insurance, reflecting the Conventions' principles, and other insurance products. They are market-wide, providing a facility for participation by insurers who could not otherwise write the insurance for the particularly sensitive nuclear risk. All acceptances are for the net retention of each Member without recourse to individual reinsurance protection. Common account reinsurance is arranged with other Nuclear Pools all over the world. Thus, a transparency is created, which ensures the highest degree of reinsurance security and imposes a known finite limit to each participating insurer's commitment. Therefore, Pool-members are prepared to make a greater commitment to nuclear risks than would be case where they felt uncertain as regards their total exposure following a significant loss. (author)

  1. The Liabilities Management Group

    International Nuclear Information System (INIS)

    Whitehead, A.W.

    1998-01-01

    The Liabilities Management Group (LMG) was initiated by DTI. It is a cooperative forum which was set up in 1995. The current participants are DTI, UKAEA, NLM (for BNFL), MOD and Magnox Electric. The LMG was initiated to produce closer cooperation between public sector liability management organizations, achieve more cost-effective management of UK nuclear liabilities and enhance development of the UK nuclear decommissioning and waste management strategy. The objectives are to compare practices between liabilities management organizations discuss the scope for collaboration identify priority areas for possible collaboration agree action plans for exploring and undertaking such collaboration.Four task forces have been formed to look at specific areas (R and D, safety, contracts, and project management) and each reports separately to the LMG. The LMG has achieved its original aim of bringing together those with public sector liability management responsibilities. All participants feel that the LMG has been useful and that it should continue. Looking to the future, there is a continuing need for the LMG to facilitate removal of barriers to the achievement of best value for money. The LMG might also consider addressing the 'business process' elements that a liability management organization must be good at in order to define best practice in these. (author)

  2. Essays on valuation and risk management for insurers

    NARCIS (Netherlands)

    Plat, H.J.

    2011-01-01

    In recent years there has been increasing attention of the insurance industry for market consistent valuation of insurance liabilities and the quantification of insurance risks. Important drivers of this development are the new regulatory requirements resulting from the introduction of IFRS 4 Phase

  3. 7 CFR 762.123 - Insurance and farm inspection requirements.

    Science.gov (United States)

    2010-01-01

    ... requirements. (a) Insurance. (1) Lenders must require borrowers to maintain adequate property, public liability, and crop insurance to protect the lender and Government's interests. (2) By loan closing, applicants must either: (i) Obtain at least the catastrophic risk protection (CAT) level of crop insurance...

  4. 26 CFR 31.3111-4 - Liability for employer tax.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 15 2010-04-01 2010-04-01 false Liability for employer tax. 31.3111-4 Section...) EMPLOYMENT TAXES AND COLLECTION OF INCOME TAX AT SOURCE EMPLOYMENT TAXES AND COLLECTION OF INCOME TAX AT SOURCE Federal Insurance Contributions Act (Chapter 21, Internal Revenue Code of 1954) Tax on Employers...

  5. They're Suing Us? Liability and Risk Management.

    Science.gov (United States)

    Hollander, Patricia A.

    1982-01-01

    Legal issues in liability for and prevention of injuries through negligence are discussed: proving negligence, who is owed a duty of care, who may be sued, remedies, risk management (shifting risk, insurance, indemnification, waivers and releases), and preventing claims (warning of known danger, proper supervision, school maintenance, security,…

  6. The IASB Discussion Paper on Insurance: A CFO Forum Perspective*

    OpenAIRE

    Denis Duverne; Jacques Le Douit

    2008-01-01

    The IASB has issued a Discussion Paper on accounting for insurance and reinsurance contracts. This project is based on a prospective measurement of the insurance liabilities, the current exit value, which corresponds to a “market consistent” transfer value of insurance contracts to another market participant. This project is similar to the Elaborated Principles (the EPs) proposed by the CFO Forum in June 2006: a single model for measuring the insurance liabilities based on a three building bl...

  7. Nuclear insurance in Central and Eastern Europe

    International Nuclear Information System (INIS)

    Warren, G.

    1998-01-01

    In the world outside the former Soviet Union, insurance industries in their respective domestic markets have pooled their resources so as to provide a secure and cost-effective conduit for the transaction of insurance business on behalf of the nuclear industry. These are the so-called nuclear pools. This paper explains the four main principles behind nuclear liability insurance and discusses their application to Central Europe and in particular to the problems facing the nuclear industry in Eastern Europe. (author)

  8. Liability concerns in contraceptive research and development.

    Science.gov (United States)

    Segal, S J

    1999-12-01

    The history of liability claims in the US against contraceptive products is among the issues that discourage manufacturers from investing in discovery and development in this field. Other factors are the high cost of new drug development, elevated insurance rates for contraceptives, and the desire to avoid controversy that can disturb corporate tranquility. General features of the American legal system influence the large number and cost of product liability claims in the US compared to Europe. These differences pertain to issues such as the role of judges, how lawyers receive their compensation, and the use of expert scientific testimony. The history of litigation in the US against pharmaceutical products and devices pertaining to women's health suggests that interventions that involve the reproductive system are held to different standards or elicit different emotional responses than other pharmaceutical products or devices.

  9. Risk assessment and nuclear insurance: an overview

    International Nuclear Information System (INIS)

    Deitchman, J.V.; King, W.T. Jr.; Olding, R.P.

    1976-01-01

    In the nascent years of commercial nuclear power, the insurance industry expressed confidence in the safety of nuclear operations by committing unprecedented insurance capacity to nuclear risks. As the nuclear industry has developed, it has compiled an enviable safety record. The initial confidence of the insurance industry has thus been justified and an ever-increasing portion of the financial liability associated with nuclear operations has been accepted by the world-wide insurance markets. This increasing acceptance and understanding of nuclear risks by the insurance industry has resulted in significantly reduced rates and large premium refunds for nuclear operators

  10. 7 CFR 1400.204 - Limited partnerships, limited liability partnerships, limited liability companies, corporations...

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 10 2010-01-01 2010-01-01 false Limited partnerships, limited liability partnerships..., limited liability partnerships, limited liability companies, corporations, and other similar legal entities. (a) A limited partnership, limited liability partnership, limited liability company, corporation...

  11. Harmonisation of Nuclear Liability Regimes in Europe

    International Nuclear Information System (INIS)

    Sladonja, B.

    2000-01-01

    After we have learned about the current discussions concerning the Paris Convention revision exercise and the open matters relating to the liability limits and insurance for nuclear damages, prescription period, definition of nuclear damage etc. and different approaches in some PCC in adopting their legislation as well as about the adoption of the Protocol to Amend the Vienna Convention and Convention on Supplementary Compensation for Nuclear Damage, within the Vienna Convention countries, during the obtained Session 9 of this Conference we will focus our attention on the matters which has been discovered from the moment when the reports has been written till the date of this Conference

  12. A CONCEPTUAL PERSPECTIVE REGARDING PRODUCT LIABILITY

    Directory of Open Access Journals (Sweden)

    Daniela POPESCU

    2010-01-01

    Full Text Available This study analyses a current and highly important problem because we are in front of an unrecorded growth of the production volume in parallel with its diversification. Due to the fact that the introduction in production of the new products is preceded by the subsequent execution of some manually manufactured prototypes, the products are manufactured afterwards on an industrial scale. Under these circumstances there is the possibility of small errors which affect the consumer’s behaviour towards the new products. That is why, in auditing the focus is on the careful supervision of the opinions of the consumers and especially of the shortcomings of some products indicated by consumers in order to remove these from the manufacturing line. Under these circumstances, a very tight connection is required between the producers and the consumers, and a special liability of the producers towards those products. At the same time this is also a worldwide concern for the regulation of the products responsibility which has already been adopted by some large manufacturing countries. The recent example of USA was followed by the European legislation. That is why American organisations which export to Europe have to be warned because the law of product liability has been adopted in many European countries. The insurance companies are usually paying the initial losses for the cases of product liability. The manufacturer of a product has to protect itself from the risk of being brought to trial or at least to reduce the risk to a level where he could afford a reasonable profit or a continuous growth. In order to meet this objective, we need a product liability prevention program. This study analyses the product liability prevention program and presents some of the essential common elements for such a program. Therefore, one can argue that in order to have an effective product liability prevention program, some operations are required as for example

  13. 25 CFR 166.608 - What types of insurance may be required?

    Science.gov (United States)

    2010-04-01

    ... Bonding and Insurance Requirements § 166.608 What types of insurance may be required? We may require liability or casualty insurance (such as for fire, hazard, or flood), depending upon the activity conducted... 25 Indians 1 2010-04-01 2010-04-01 false What types of insurance may be required? 166.608 Section...

  14. 22 CFR 151.8 - Evidence of insurance for motor vehicles.

    Science.gov (United States)

    2010-04-01

    ... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Evidence of insurance for motor vehicles. 151.8... LIABILITY INSURANCE FOR DIPLOMATIC MISSIONS AND PERSONNEL § 151.8 Evidence of insurance for motor vehicles... insurance throughout the period of registration on all motor vehicles owned or leased or otherwise regularly...

  15. Interest rate models for pension and insurance regulation

    NARCIS (Netherlands)

    Broeders, Dirk; de Jong, Frank; Schotman, Peter

    2016-01-01

    Liabilities of pension funds and life insurers typically have very long times to maturity. The valuation of such liabilities introduces particular challenges as it relies on long term interest rates. As the market for long term interest rates is less liquid, financial institutions and the regulator

  16. Interest Rate Models for Pension and Insurance Regulation

    NARCIS (Netherlands)

    Broeders, D.W.G.A.; de Jong, Frank; Schotman, Peter

    Liabilities of pension funds and life insurers typically have very long times to maturity. The valuation of such liabilities introduces particular challenges as it relies on long term interest rates. As the market for long term interest rates is less liquid, financial institutions and the regulator

  17. Liability in nuclear establishments

    International Nuclear Information System (INIS)

    Bockli, H.R.

    1980-01-01

    The paper gives a history of safety legislation in nuclear plants. A change has been suggested to the present law which would put total liability for damage or injury on the owner of the plant. This new legislation is being introduced in Switzerland. It covers even natural disasters as well as acts of war, but excludes injuries caused through negligence or irresponsibility of employee, however, third party injured as a consequence is to be compensated. The liability stretches over 30 years after the event. (G.R.S.)

  18. 75 FR 76946 - Demurrage Liability

    Science.gov (United States)

    2010-12-10

    ... because the warehouseman--which otherwise has no incentive to agree to liability--can avoid liability... based on an unjust enrichment theory? The court rejected such an approach in Middle Atlantic, 353 F...

  19. INSURANCE - A RISK COVERING STRATEGY

    Directory of Open Access Journals (Sweden)

    Marius Dan GAVRILETEA

    2014-12-01

    Full Text Available Insurance industry in Romania is facing for a few years a continuous decreasing in Gross Written Premium. The negative trend may be caused by the effects of financial crises for companies and also for individuals. In order to keep theirs market share, insurance companies must identify new opportunities to increase theirs’ GWP. Among these new market niches hospitality industry may represent an option to be followed. In this paper, we will analyze the types of insurance policies available for hospitality industry (except mandatory motors’ third party liability and motors’ own vehicle insurance. The conclusion represents solution both for insurance companies and for hotel as a part of theirs’ risk financing process.

  20. Market valuation in the framework of modern life insurance mathematics

    OpenAIRE

    Petrač, Maja

    2013-01-01

    In the traditional actuarial life insurance mathematics, liabilities to beneficiaries (technical reserves) are calculated based on conservative assumptions of mortality and interest rates. However, this approach was found to be incomplete since it does not contain the market component which has become essential due to the development of the financial market. Since about 80% of total liabilities of life insurance companies are made up of technical reserves, this issue has a major i...

  1. Standards and producers' liability

    International Nuclear Information System (INIS)

    Kretschmer, F.

    1979-01-01

    The author discusses the liability of producers and the diligence required, which has to come up to technical standards and the latest state of technology. The consequences of this requirement with regard to claims for damages are outlined and proposals for reforms are pointed out. (HSCH) [de

  2. Cargo liability regimes

    Science.gov (United States)

    2001-01-01

    There are at present at least three international regimes of maritime cargo liability in force in different countries of the world - the original Hague rules (1924), the updated version known as the Hague-Visby rules (1968, further amended 1979), and...

  3. Nuclear liability legislation in the Republic of Croatia

    International Nuclear Information System (INIS)

    Sladonja, B.

    2000-01-01

    This paper contains same basic data about the legal norms relating to the third party liability system for nuclear damage that are in force in Croatia. It also describes the provisions of the new Croatian Act on Liability for Nuclear Damage, giving emphasis on those implementing substantial changes compared to the old Act. Finally, it contains some remarks relating to the possible adoption of Vienna Protocol and Convention on Supplementary Compensation of 1997 or Pariz/Brussels conventions as an alternative and at the end about the practice on the insurance of nuclear risks in the last twenty years by the Croatian Pool. (author)

  4. The law concerning liability for nuclear damage

    International Nuclear Information System (INIS)

    Kinouchi, Kazuo

    1978-01-01

    This treatise outlines the Law on Compensation for Nuclear Damage (Law No. 147, June 17, 1961) and the Law on Indemnity Agreement for Compensation of Nuclear Damage (Law, No. 148, June 17, 1961) which are both came into effect in March, 1962, and describes how these laws will be executed if an accident occurs actually in nuclear facilities. The first law which prescribes various provisions for compensation of nuclear damage is characterised as having the principle of no-fault liability and hence making a nuclear enterpriser responsible for securing adequate financial resources to indemnify general public for their damages from nuclear accidents. Thus, in compliance with the law a nuclear enterpriser should effect both the contract of the indemnity responsible insurance and the indemnity agreement for compensation of nuclear damage. The second law deals with the indemnity agreement which is concluded by a nuclear enterpriser with the government and constitutes a full measure for compensation of nuclear damage supplementing the indemnity responsible insurance. The indemnity agreement is to insure compensation liabilities for nuclear damages which the indemnity responsible insurance can not cover-that is, damages caused by earthquakes and volcanic eruptions, and also damages from normal operations of nuclear facilities and those occurs after 10 years of an accident. Then, the author describes in detail how these laws apply in a nuclear accident to damages to third parties and those to facilities of related nuclear enterpriser himself and to his employees. Finally, the author refers to the legal systems for compensation of nuclear damage in the United States, Britain, France and West Germany. (Matsushima, A.)

  5. The concept of ''pollution damage'' in the maritime conventions governing liability and compensation for oil spills

    International Nuclear Information System (INIS)

    Jacobsson, M.

    2000-01-01

    Compensation for pollution damage caused by spills from oil tankers is governed by an international regime elaborated under the auspices of the International Maritime Organization (I.M.O.). The framework for the regime was originally by the 1969 International Convention on Civil Liability for Oil Pollution Damage (1969 Civil liability convention) and the 1971 International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage (1971 Fund Convention). This old regime was amended in 1992 by two protocols, and the amended Conventions are known as 1992 Civil Liability Convention and the 1992 Fund Convention. The Civil Liability conventions govern the liability of ship-owners for oil pollution damage. The Conventions lay down the principle of strict liability for ship-owners and create a system of compulsory liability insurance. The ship-owner is normally entitled to limit his liability to an amount which is linked to the tonnage of his ship. The regime of liability and the funds created by the 1971 and 1992 Conventions are analyzed in detail. Are studied as following: the concepts of pollution damage and the safeguard measures or preventive measures, the question of receivability for compensation demands (damage to properties, cleansing operations, costs, economic loss). The question of compensation conditions for the only economic loss and the damage to environment are tackled. This expose is concluded by enlightening the contribution brought by the previously named Conventions to the International law about the civil liability. (N.C.)

  6. The international liability funds in the maritime field

    Directory of Open Access Journals (Sweden)

    Mišo Mudrić

    2009-08-01

    Full Text Available This Paper aims to explore the current system of the international liability funds in the maritime field. Through the systematic economical, legal and political analysis of the current and envisaged international, regional and national liability funds connected to the pollution of the seas, an overview of the function, efficiency and critical considerations of the chosen liability funds will be presented. A comparison between the international system of the compensation for the oil pollution damage (and the pending hazardous and noxious substances compensation model, and that of the United States is necessary, in order to determine a difference in approaches these two systems use to tackle the burning issues of oil (and hazardous and noxious substances spills. A special consideration will be devoted to the questions of limited or unlimited liability, scope and strength of the Protection & Indemnity insurance and reinsurance market, problems of the channeling of the liability, moral hazard of the financial caps, and the general lack of the liability funds in the maritime field. Finally, an attempt will be made to consolidate the difference in opinions regarding the previously mentioned issues, and to predict the possible routes of changes awaiting the fund compensation systems.

  7. Analytical assessment of current insurance as part of management of consequences of emergencies

    Directory of Open Access Journals (Sweden)

    K.Yu. Polyak

    2017-03-01

    Full Text Available The article examines the current state of the insurance system as a component of managing the consequences of emergencies. The researches are presented in the following areas: the insurance against accidents and fire risks and risks of natural disasters; property insurance (property, goods and agricultural products; the insurance of transport (by modes; liability insurance (by liability. So, the author made the statistical and analytical assessment of consequences of emergencies that was learned through the study of modern insurance system, which enabled to identify the complex of accounting objects in the management of consequences of emergencies.

  8. Chernobyl: Lessons in nuclear liability

    International Nuclear Information System (INIS)

    Kwaczek, A.S.; Mooney, S.; Kerr, W.A.

    1990-01-01

    Chernobyl dumped significant quantities of radioactive fallout as far as 1,300 miles away, causing severe economic loss in nations stretching from Sweden to Greece. It cost innocent sheep growers in Wales, fishermen in Switzerland, reindeer-dependent Laplanders in Norway, dairymen in Sweden and Austria, and cheese makers in Greece. European nations have calculated costs from deposition of nuclear materials in the hundreds of millions report the authors. The accident at chernobyl and the European experience with the consequences can offer several insights relevant to the US commercial nuclear industry, the authors note: (1) the aggregate effect of such an accident is extremely large and unpredictable; (2) adequate disaster planning can significantly reduce costs and ease the disruption; and (3) the experience raises questions about the adequacy of the nation's nuclear insurance and liability programs. given the number of commissioned nuclear reactors today, the present scheme would provide financial compensation of approximately $7 billion per incident. Depending on the circumstances, the authors say this may not be sufficient

  9. Price-Anderson Act and nuclear insurance

    International Nuclear Information System (INIS)

    Long, J.D.; Long, D.P.

    1979-01-01

    The nuclear incident at Three Mile Island has served to intensify debate about elimination of the federal limit on liability of utilities (and others) for operation of private nuclear reactions and about elimination of possible federal indemnification of utilities (or others) for claims paid in nuclear incidents. Not all those who debate these issues appear to be fully informed about the present nuclear liability and insurance system. This paper provides a brief description of the Price-Anderson Act, as amended, and of the operation of the nuclear insurance pools. It also includes a comment on the recent federal district court award against the Kerr-McGee Corporation

  10. Constant Proportion Portfolio Insurance

    DEFF Research Database (Denmark)

    Jessen, Cathrine

    2014-01-01

    on the theme, originally proposed by Fischer Black. In CPPI, a financial institution guarantees a floor value for the “insured” portfolio and adjusts the stock/bond mix to produce a leveraged exposure to the risky assets, which depends on how far the portfolio value is above the floor. Plain-vanilla portfolio...... insurance largely died with the crash of 1987, but CPPI is still going strong. In the frictionless markets of finance theory, the issuer’s strategy to hedge its liability under the contract is clear, but in the real world with transactions costs and stochastic jump risk, the optimal strategy is less obvious...

  11. Contractual liability: In European, comparative and Serbian law

    Directory of Open Access Journals (Sweden)

    Salma Jožef

    2011-01-01

    liability is also specific that, according to the principle of parties' autonomy, the parties always may in advance agree on the extent of damages for the case of breach of contract, in a form of a clause on liquidated damages, forfeit money, suretyship for indemnification, the limitation of the sum insured in insurance contracts, clauses in the general conditions of business, etc. The author calls attention to the fact that these clauses in certain extent limit the scope of the indemnification for breach of a contract, according to which this liability differs from the liability for torts, where the principle of full indemnification applies as a rule.

  12. The United States nuclear liability regime under the Price-Anderson Act

    International Nuclear Information System (INIS)

    Brown, O. F.

    2011-01-01

    The 1958 U. S. Price-Anderson Act created the worlds first national nuclear liability regime. It now provides US $12,6 Billion of nuclear liability coverage for the 104 nuclear power plants in the United States, by far the highest monetary coverage of any nuclear liability regime in the world. Each power plant operator provides nuclear hazards coverage for anyone liable through a combination of private insurance from the American nuclear insurance pool (now US$ 375 million) and a retrospective assessment (now US$111,9 million per power plant per incident plus 5 percent for claims and costs). The United States in 2008 ratified the International Atomic Energy Agency's Convention on Supplementary Compensation for Nuclear Damage (CSC). and is promoting it as the basis for a more global nuclear liability regime uniting States that are party to the Vienna Convention or the Paris Convention, or have a domestic law consistent with the CSC Annex. The CSC Annex was written to grad father the Price-Anderson Acts economic channeling of liability to the installation operator. The omnibus feature of Price-Anderson is similar to the legal channeling of all liability to the installation operator under the international nuclear liability conventions and domestic laws of many other countries. The Price-Anderson system (like the Vienna and Paris Conventions) does not provide liability coverage for nuclear damage to or loss of use of on-site property. (Author)

  13. Act of 18 July 1966 on Third Party Liability in the Field of Nuclear Energy, establishing certain measures regarding implementation of the Paris Convention and its additional protocol

    International Nuclear Information System (INIS)

    1966-01-01

    This Act on nuclear third party liability lays down that certain Articles (definitions, liability, scope and amounts of liability, insurance) of the Convention on Third Party Liability in the Field of Nuclear Energy (Paris Convention) are immediately applicable in Belgium. It stipulates that a nuclear operator is recognised as such by the King when he furnishes proof that he has taken out insurance or other financial security to cover his liability under this Act, without prejudice to implementation of legal and regulatory provisions on protection of the population against the hazards of ionizing radiations. Finally, the operator of a nuclear installation must take out and maintain, for each installation, insurance approved by the appropriate authorities; if the State itself operates a nuclear installation, it has no obligation to take out insurance or other financial security. (NEA) [fr

  14. The creation and operation of the European Mutual Association for Nuclear Insurance - EMANI

    International Nuclear Information System (INIS)

    Van Gulck, M.A.

    1980-03-01

    This general survey of the evolution of the nuclear operator's liability, with reference to the revision of the Paris Convention and the Brussels Supplementary Convention, describes the context in which the European Mutual Association for Nuclear Insurance (EMANI) was created and its operation. The author considers the repercussions of the European operator's increased liability on the nuclear insurance pool market and the consequences of the Three Mile Island accident for property damage insurance. (NEA) [fr

  15. Standard rules for liability and cover for nuclear installations

    International Nuclear Information System (INIS)

    Pfaffelhuber, J.K.; Kuckuck, B.

    1980-01-01

    To afford full protection for possible victims, the authors of this article are in favour of doing away with the limitation of liability of nuclear operators presently provided under the German Atomic Energy Act, the principle of which is based on the Paris Convention and the Brussels Supplementary Convention. In support of this argument reference is made to the recent accident at Three Mile Island, trends in other national legislation towards unlimited liability as well as high safety standards in German nuclear plants. Finally, possible ways of providing unlimited liability are proposed, in particular increased insurance cover and the constitution of an interest-bearing fund in addition to State intervention in case of a major nuclear incident. (NEA) [fr

  16. Practical problems of third party liability connected with nuclear installations

    International Nuclear Information System (INIS)

    Lacroix, F.

    1975-01-01

    A special regime of liability for nuclear damage was established by the Paris Convention, 1960, and the Vienna Convention, 1963. The same basic principles are embodied in both Conventions. Some discrepancies, however, still exist between them despite the adoption of an additional protocol to the Paris Convention in 1964 for harmonization purposes. Practical problems facing insurers and suggestions for suitable solutions are presented. International transport of nuclear material raises, in particular, complex issues. With regard to civil liability arising out of the carriage of nuclear material by sea, a possible conflict between maritime transport conventions and nuclear liability conventions was resolved by the Brussels' Convention, 1971. Wider ratification of the nuclear conventions appears to be the only way for coping with some remaining difficulties, in particular with respect to nuclear material in transit

  17. Courts, Scheduled Damages, and Medical Malpractice Insurance

    DEFF Research Database (Denmark)

    Bertoli, Paola; Grembi, Veronica

    We assess the impact of the introduction of schedules of non-economic damages (i.e. tiered caps systems) on the behavior of insurers operating in the medical liability market for hospitals while controlling the performance of the judicial system, measured as court backlog. Using a difference......-in-differences strategy on Italian data, we find that the introduction of schedules increases the presence of insurers (i.e. medical liability market attractiveness) only in inefficient judicial districts. In the same way, court inefficiency is attractive to insurers for average values of schedules penetration...... of the market, with an increasing positive impact of inefficiency as the territorial coverage of schedules increases. Finally, no significant impact is registered on paid premiums. Our analysis sheds light on a complex set of elements affecting the decisions of insurers in malpractice markets. The analysis...

  18. Civil liability on nuclear activities

    International Nuclear Information System (INIS)

    Bittar, C.A.

    1982-01-01

    The civil liability theory in the actual context is shown in the first and second part of this thesis, including some considerations about concepts and types of liability in dangerous and not dangerous activities. In the third part, the legal aspects of civil liability for the nuclear activities are analyzed, with a brief description of the history evolution, standard systems, inspection corporation and juridical regulation. (C.G.C.). 239 refs

  19. Order on nuclear third party liability (ORCN) Amendment of 2 December 1985

    International Nuclear Information System (INIS)

    1985-01-01

    According to the 1983 Act on Nuclear Third Party Liability the Federal Council must increase the minimum amount of three hundred million francs covered by private insurance when the insurance market offers a higher coverage at acceptable conditions. The Swiss insurers being in a position to cover the sum of four hundred million francs as from January 1986, the Government accordingly amended the Ordinance of 5th December 1983 on Nuclear Third Party Liability (ORCN). The Confederation continues to act as an insurer for the difference between this amount and one thousand million francs; contributions due in this respect will be reduced to take account of the greater sum to be covered by private insurance. The New Ordinance entered into force on 1st January 1986. (NEA) [fr

  20. Present state of nuclear power plants insurance in Belgium

    International Nuclear Information System (INIS)

    Lacroix, F.

    1976-01-01

    A brief recall is given of the main provisions of international conventions on civil liability in the scope of the nuclear energy and a description of the insurance conditions. The insurance problems of damages including the security of some special risks are considered. (A.F.)

  1. Information Processing and Limited Liability

    OpenAIRE

    Bartosz Mackowiak; Mirko Wiederholt

    2012-01-01

    Decision-makers often face limited liability and thus know that their loss will be bounded. We study how limited liability affects the behavior of an agent who chooses how much information to acquire and process in order to take a good decision. We find that an agent facing limited liability processes less information than an agent with unlimited liability. The informational gap between the two agents is larger in bad times than in good times and when information is more costly to process.

  2. Practical Liability Issues of Information Technology Education: Internship and Consulting Engagements

    Directory of Open Access Journals (Sweden)

    Daniel A. Peak

    1998-01-01

    Full Text Available This article examines university liability created by internship and consulting relationships. Business clients participating in outreach relationships formulate performance expectations based on perceptions of experience and / or qualifications. Clients assign tasks accordingly, and the university incurs liability that is conditioned by business clients’ expectations. Substantial liability is related to unusually large and rare unfavorable outcomes in the outreach engagement, known as tail events. Tail events can significantly and negatively impact the client. Both the liability for and the probability of tail events increase as universities continue to expand business outreach activities. As internship and consulting engagements increase, the probability of a tail event also increases. The responsibilities of IT intern engagements and potential liability of the sponsoring university are analyzed. The university is the primary insurer for the client and indemnifies its representatives. All internship engagements should be formalized by written contract. An example contract is attached.

  3. Do Insurers Have to Pay for Bad Behaviour in Settling Claims? Legal Aspects of Insurers' Wrongful Claims Handling

    NARCIS (Netherlands)

    W.H. van Boom (Willem)

    2011-01-01

    textabstractAbstract: This article presents a comparative legal analysis of wrongful claims handling by insurance companies in indemnity and liability insurance. From the outset, it is clear that it may be difficult to draw the line between legitimate claims denial and refusal to pay, on the one

  4. Fukushima: liability and compensation

    International Nuclear Information System (INIS)

    Vasquez-Maignan, Ximena

    2012-01-01

    On 11 March 2011, Japan endured one of the worst natural disasters in its history when a massive earthquake struck the Pacific coast of the country and was followed by a tsunami which led to considerable loss of lives. It also led to a major accident at the Fukushima Daiichi nuclear power plant. Soon afterwards, the operator of the plant, Tokyo Electric Power Company (TEPCO), assumed responsibility and liability for the nuclear accident. On 28 April 2011, TEPCO established a dedicated contact line to provide consulting services for financial compensation related to the damage caused

  5. Price--Anderson Act: an imaginative approach to public liability concerns

    International Nuclear Information System (INIS)

    Lowenstein, R.

    1977-01-01

    Opposition to the Price-Anderson Indemnity Law is felt to be motivated by opposition to new nuclear power plant construction rather than against the insurance industry. Those who oppose nuclear power plants view them as an alternative rather than the additional source of energy needed to meet demand. The Act's historical background is reviewed, leading up to the insurance industry's conclusion that lack of actuarial statistics would prevent it from providing adequate insurance for potential liability claims. The 1957 Act was intended to provide public compensation in the event of an accident and to limit the liability of private industry. Several modifications were enacted over the years to close gaps in the original law and extend protection to new developments. Amendments were passed in 1975 that extend coverage to August 1, 1987, allow industry-financed indemnity to be substituted for government indemnity beyond the insurance available, and increase the limit of liability. Critics contend that (1) although the government has yet to pay out any claims, government indemnity amounts to a subsidy; (2) limits on liability are not reasonable if reactors are safe and licensable; and (3) liability coverage is a disincentive for reactor safety measures. These criticisms are not felt to be valid, however, and the amended bill's provisions are listed and found to be adequate

  6. Survey of nuclear insurance - Parts 1 and 2

    International Nuclear Information System (INIS)

    Francis, H.W.

    1979-01-01

    The use of nuclear energy developed comparatively suddenly and introduced hazards with which insurers were quite unfamiliar as compared to conventional hazards such as fire or explosion. In addition to the possibility of severe contamination to property and serious injury to persons on a large scale, radiation damage may become apparent long after actual exposure to radiation. All these factors made nuclear insurance mandatory. In order to marshall the large insurance capacity needed, 23 nuclear insurance pools similar to the British Insurance Committee, were set up and are operating in some 22 countries. The insurance covers written by nuclear pools are related to material damage, liability, losses, machinery breakdown contingent liabilities of suppliers of goods and services and finally transport risks and nuclear-propelled ships. (NEA) [fr

  7. 42 CFR 411.51 - Beneficiary's responsibility with respect to no-fault insurance.

    Science.gov (United States)

    2010-10-01

    ...-fault insurance. 411.51 Section 411.51 Public Health CENTERS FOR MEDICARE & MEDICAID SERVICES... PAYMENT Limitations on Medicare Payment for Services Covered Under Liability or No-Fault Insurance § 411.51 Beneficiary's responsibility with respect to no-fault insurance. (a) The beneficiary is...

  8. Civil liability and nuclear coverage: synthesis report

    International Nuclear Information System (INIS)

    1995-01-01

    The report has been written considering the advanced work which has been done by the Expert Committee, sponsored by the International Atomic Energy Agency (IAEA), Vienna, having the purpose to examine the modifications issued in course of Vienna Convention as well as the Paris convention and the complementary Brussels Convention, in view to adapt the legislation to the actual context and to answer the populations expectations. The work has been organized in three majors chapters: the first one in concerned to the damage definition, proposition to the to reach the environment, the prevention and charges. the research and military installations are also considered. The second chapter has been dedicated to the civil responsibility, its limits, financing modes, the national and international legal competence besides the litigation charges due to the nuclear accidents born on the occasion. In the third chapter the insurance considering the damage nature, the capacity to assure liability coverage and the damage management are harmonized

  9. Health Insurance

    Science.gov (United States)

    Health insurance helps protect you from high medical care costs. It is a contract between you and your ... Many people in the United States get a health insurance policy through their employers. In most cases, the ...

  10. Insurance crisis

    International Nuclear Information System (INIS)

    Williams, P.L.

    1996-01-01

    The article discusses the effects of financing and technology advances on the availability of insurance for independent power producers operating gas turbines. Combined cycle units which require new materials and processes make it difficult to assess risk. Insurers are denying coverage, or raising prices and deductibles. Many lenders, however, are requiring insurance prior to financing. Some solutions proposed include information sharing by industry participants and insurers and increased risk acceptance by plant owners/operators

  11. Through the looking glass: placing India's new civil liability regime for nuclear damage in context

    International Nuclear Information System (INIS)

    Gruendel, Robert J.; Kini, Els Reynaers

    2012-01-01

    Until India adopted the Civil Liability for Nuclear Damage Act, 2010 (Liability Act) and the Civil Liability for Nuclear Damage Rules, 2011 (Liability Rules or Rules), no specific legislation was in place to govern nuclear liability or to compensate victims for damages due to a nuclear incident in India. Before delving into a more legal-technical analysis of the Liability Act and Rules (Part B), it is worth first briefly touching upon India's general energy situation, which necessarily influences India's policies, laws and negotiating strategies while also driving the significant business opportunities in the nuclear energy sector (Part A). Taking a look at India's energy sector today also underscores the sheer size of India's plans to build new nuclear power plants, which stands in dramatic contrast to the goals of many other countries. In this article, we will address the relationship of the Liability Act with the Convention on Supplementary Compensation for Nuclear Damage (CSC) (Part C), while also touching upon the current status of an Indian nuclear insurance pool (Part D) and discussing some recent domestic developments, including the filing of public interest litigations and amendments to the Liability Rules (Part E), before presenting some concluding thoughts (Part F)

  12. Probabilistic Insurance

    NARCIS (Netherlands)

    Wakker, P.P.; Thaler, R.H.; Tversky, A.

    1997-01-01

    Probabilistic insurance is an insurance policy involving a small probability that the consumer will not be reimbursed. Survey data suggest that people dislike probabilistic insurance and demand more than a 20% reduction in premium to compensate for a 1% default risk. These observations cannot be

  13. Probabilistic Insurance

    NARCIS (Netherlands)

    P.P. Wakker (Peter); R.H. Thaler (Richard); A. Tversky (Amos)

    1997-01-01

    textabstractProbabilistic insurance is an insurance policy involving a small probability that the consumer will not be reimbursed. Survey data suggest that people dislike probabilistic insurance and demand more than a 20% reduction in the premium to compensate for a 1% default risk. While these

  14. Liability for Diagnosing Malingering.

    Science.gov (United States)

    Weiss, Kenneth J; Van Dell, Landon

    2017-09-01

    Malingering is a medical diagnosis, but not a psychiatric disorder. The label imputes that an evaluee has intentionally engaged in false behavior or statements. By diagnosing malingering, psychiatrists pass judgment on truthfulness. Evaluees taking exception to the label may claim that the professional has committed defamation of character (libel or slander) when the diagnosis is wrong and costs the claimant money or benefits. Clinicians may counter by claiming immunity or that the diagnosis was made in good faith. This problem has come into focus in military and veterans' contexts, where diagnoses become thresholds for benefits. Through historical and literary examples, case law, and military/veterans' claims of disability and entitlement, the authors examine the potency of the malingering label and the potential liability for professionals and institutions of making this diagnosis. © 2017 American Academy of Psychiatry and the Law.

  15. Government-sponsored microfinance program: Joint liability vs. individual liability

    Directory of Open Access Journals (Sweden)

    Arghya Kusum Mukherjee

    2014-12-01

    Full Text Available Swarnajayanti Gram Swarozgar Yojana (SGSY is a government-sponsored microfinance program. The scheme is based on four features: group lending with joint liability, progressive lending, back-ended subsidy, and social capital. We propose a new model of SGSY having these features: group lending with individual liability, progressive lending, back-ended subsidy, and social capital. “Joint liability” clause of the existing model is replaced with individual liability in the new model. The paper shows that problem of adverse selection is removed in both models, i.e. in “SGSY with group lending and joint liability” and “SGSY with group lending and individual liability.” The problem of “moral hazard” is more severe in the existing model of SGSY compared with the proposed model of SGSY. Borrowers are also benefitted from participation in the proposed scheme of SGSY than that in the existing model of SGSY.

  16. Some considerations on disciplinary liability overlapping criminal liability

    Directory of Open Access Journals (Sweden)

    Ştefania DUMITRACHE

    2011-12-01

    Full Text Available Among the various forms of legal liability there are many points of contact reflected in their common goal - the encouragement of active members of society. Starting from the statement - the independent nature of the various forms of legal liability does not mean they are excluded - in what follows, given the legal autonomy of spheres of social relations protected by various laws, we will consider disciplinary overlapping with other forms of legal liability - criminal liability. Of course, this is possible only if the act committed by the employee is both disciplinary and criminal. This form of accumulation are possible without violating the principle of non bis in idem that since each of the envisaged legal rules protect different social relations. In addition of this applying the same principle prohibits two or more same kind sanctions for an unlawful action

  17. Environmental risk management for: insurance requirements, mergers and acquisitions and plant closures

    Energy Technology Data Exchange (ETDEWEB)

    Pizzi, F.P.

    1985-03-01

    Industry cannot rely on external sources such as EIL Insurance as the primary vehicle for minimizing or reducing environmental liabilities. We must develop strong internal risk management programs and procedures to eliminate or minimize the risks from operations.

  18. Third party nuclear liability regime in the Romanian legislation - current status

    International Nuclear Information System (INIS)

    Chirica, T.; Chiripus, V.

    2004-01-01

    The regime of civil liability for nuclear damages in the Romanian legislation is defined by Law no. 703/2001 on civil liability for nuclear damages, as well as Government Decision no. 894/2003 for the approval of the Norms for the enforcement of Law no. 703/2001. These two documents constitute the legal framework that regulates the third party civil liability for nuclear damages. The paper aims at presenting to the audience the main elements of the relatively recent legal framework, namely: the scope of Law no. 703/2001, as well as the subjects to whom such law applies, the regime of civil liability for nuclear damages in Romania (with special emphasis on the relevant responsibilities of nuclear operators), the Romanian nuclear damages compensation system, statute of limitation for claims, types of insurance and financial guarantees covering against civil liability for nuclear damages, limits of nuclear operators' liability, specific requirements regarding the insurance, responsibilities of control and supervision bodies, assessment of nuclear damage.(author)

  19. Decommissioning of nuclear installations - regulations - financing - responsibility - insurance

    International Nuclear Information System (INIS)

    Hubert, E.H.; Andersson, C.; Deprimoz, J.; Mayoux, J.C.; Richard, M.; Sartorelli, C.; Nocera, F.

    1983-01-01

    This paper highlights three aspects of decommissioning of nuclear installations which relate, more or less directly, to legal options already applied or advocated. It reviews the regulatory conditions for decommissioning a nuclear installation and indicates legal provisions for financing decommissioning expenditures. It also describes the legal provisions to determine liabilities in case of nuclear damage and the assistance which insurers may provide to cover the consequences of such liabilities. (NEA) [fr

  20. Role of American Nuclear Insurers in reducing occupational radiation exposure

    International Nuclear Information System (INIS)

    Forbes, J.L.

    1980-01-01

    Since 1957 the nuclear insurance pools have provided liability and property insurance for the nation's nuclear power generating stations as mandated by the Price-Anderson Act. Although the insurance was originally structured to give financial protection to the insured in the event of a major accident, the potential for third-party claims arising from routine occupational exposure is becoming a more realistic pathway for a loss to the pools. In order to give maximum protection to the pools' assets, the Liability Engineering Department of American Nuclear Insurers (ANI) performs periodic inspections of the power plants. By concentrating on programs and management areas, ANI inspections complement regulatory inspections so that all major areas of common interest are reviewed. This paper presents the nature, results, and findings of those periodic inspections particularly in the general area of plant radiation protection

  1. Insurance and nuclear power

    International Nuclear Information System (INIS)

    Whipple, C.

    1985-01-01

    The Price-Anderson Act is discussed, which establishes procedures for insuring nuclear facilities (including nuclear power plants). The act was enacted with the dual purpose of protecting the public and encouraging the development of a private nuclear energy industry. Criticisms that can generally be grouped into four categories regarding the Act are presented, the most controversial aspect being that should an accident occur, the aggregate liability of the reactor operator, the NRC, or any others who might be at fault is limited to $560 million. Lawsuits for amounts in excess of $560 million are prohibited. The 1975 renewal of the Price-Anderson Act does provide that damages in excess of the $560 million prompt Congress to review the particular incident and take action to protect the public from the consequences of a disaster of such magnitude

  2. Modeling non-maturing liabilities

    OpenAIRE

    von Feilitzen, Helena

    2011-01-01

    Non‐maturing liabilities, such as savings accounts, lack both predetermined maturity and reset dates due to the fact that the depositor is free to withdraw funds at any time and that the depository institution is free to change the rate. These attributes complicate the risk management of such products and no standardized solution exists. The problem is important however since non‐maturing liabilities typically make up a considerable part of the funding of a bank. In this report different mode...

  3. Current US nuclear liability regime

    International Nuclear Information System (INIS)

    Brown, O.F.

    2000-01-01

    The Price-Anderson Act Adopted by US Congress in 1957 as the world's first national nuclear liability regime. It is a comprehensive, complicated and unique system and stems from special features of US legal regime and federal system of government. It differs from other systems by providing for 'economic', not legal; channeling of liability to facility operator and not recommended as model for other states, but most features adopted by other states and international conventions

  4. Aviation or space policy: New challenges for the insurance sector to private human access to space

    Science.gov (United States)

    van Oijhuizen Galhego Rosa, Ana Cristina

    2013-12-01

    The phenomenon of private human access to space has introduced a new set of problems in the insurance sector. Orbital and suborbital space transportation will surely be unique commercial services for this new market. Discussions are under way regarding space insurance, in order to establish whether this new market ought to be regulated by aviation or space law. Alongside new definitions, infrastructures, legal frameworks and liability insurances, the insurance sector has also been introducing a new approach. In this paper, I aim to analyse some of the possibilities of new premiums, capacities, and policies (under aviation or space insurance rules), as well as the new insurance products related to vehicles, passengers and third party liability. This paper claims that a change toward new insurance regimes is crucial, due to the current stage in development of space tourism and the urgency to adapt insurance rules to support future development in this area.

  5. Some legal-liability considerations on the Romanian concerns in the nuclear field

    International Nuclear Information System (INIS)

    Chirica, T.; Sandru, P.; Vatamanu, M.

    1995-01-01

    The national nuclear legislation is concerned with specific issues related to nuclear safety radiation protection clean-up activities, liability and financial guarantees for nuclear damages; it may be noted that Romania adhered to the nuclear third party liability Vienna Convention and Joint Protocol on December 29, 1992. The Romanian National Nuclear Program, which includes not only the nuclear fuel cycle but also nuclear research facilities and other peaceful applications of radioactivity implies that Romania government is aware for its own facilities, by the settlement of the insurance and pooling system for its own nuclear facilities, as well as for the regional aspects for the liability system for nuclear damage. It must be point out the opportunity and the priority to cooperate with the developed country having in mind the necessity for nuclear insurance coverage of the financial capital invested in Romania's power sector, as well as in the eastern Europe and the former Soviet Union. (Author)

  6. Liability Risks in Agri-food supply chains: the case of wet feed

    NARCIS (Netherlands)

    Meuwissen, M.P.M.; Asseldonk, van M.A.P.M.; Huirne, R.B.M.

    2008-01-01

    Abstract: Recent animal feed crises caused substantial damage throughout food supply chains and, consequently, initiated debates on the liability insurance cover of animal feed companies. In this framework, a quantitative risk analysis for wet feed producers in the Netherlands is presented. The

  7. Probabilistic insurance

    OpenAIRE

    Wakker, P.P.; Thaler, R.H.; Tversky, A.

    1997-01-01

    textabstractProbabilistic insurance is an insurance policy involving a small probability that the consumer will not be reimbursed. Survey data suggest that people dislike probabilistic insurance and demand more than a 20% reduction in the premium to compensate for a 1% default risk. While these preferences are intuitively appealing they are difficult to reconcile with expected utility theory. Under highly plausible assumptions about the utility function, willingness to pay for probabilistic i...

  8. METHODICAL BASES OF MANAGEMENT OF INSURANCE PORTFOLIO

    Directory of Open Access Journals (Sweden)

    Serdechna Yulia

    2018-01-01

    Full Text Available Introduction. Despite the considerable arsenal of developments in the issues of assessing the management of the insurance portfolio remains unresolved. In order to detail, specify and further systematize the indicators for the indicated evaluation, the publications of scientists are analyzed. The purpose of the study is to analyze existing methods by which it is possible to formulate and manage the insurance portfolio in order to achieve its balance, which will contribute to ensuring the financial reliability of the insurance company. Results. The description of the essence of the concept of “management of insurance portfolio”, as the application of actuarial methods and techniques to the combination of various insurance risks offered for insurance or are already part of the insurance portfolio, allowing to adjust the size and structure of the portfolio in order to ensure its financial stability, achievement the maximum level of income of an insurance organization, preservation of the value of its equity and financial security of insurance liabilities. It is determined that the main methods by which the insurer’s insurance portfolio can be formed and managed is the selection of risks; reinsurance operations that ensure diversification of risks; formation and placement of insurance reserves, which form the financial basis of insurance activities. The method of managing an insurance portfolio, which can be both active and passive, is considered. Conclusions. It is determined that the insurance portfolio is the basis on which all the activities of the insurer are based and which determines its financial stability. The combination of methods and technologies applied to the insurance portfolio is a management method that can be both active and passive and has a number of specific methods through which the insurer’s insurance portfolio can be formed and managed. It is substantiated that each insurance company aims to form an efficient and

  9. NEW VECTORS OF THE MOTOR INSURANCE DEVELOPMENT IN UKRAINE

    Directory of Open Access Journals (Sweden)

    N. Prikazyuk

    2015-04-01

    Full Text Available The essence and features of different forms of motor insurance are studied. As investigated, the motor insurance is one of the most popular types of insurance in many countries, and continues its further quality development. It is stated that the following new vectors of development has been recently observed in developed countries: Internet sales are getting significantly prevalent along with the traditional channels of insurance distribution; insurers’ websites provide a wide range of online features in motor insurance; innovations in motor insurance based on the use of telematics, particularly the usage-based insurance, are widely spread. Basic types of motor insurance, which represent the domestic market, are analyzed. It was found that the share of motor insurance in the insurance market of Ukraine is significant. As established, the proportion of net premiums of motor insurance is decreasing, because its development is significantly influenced by economic factors. Measures, applied by insurance companies in the domestic market of motor insurance to attract new customers and retain the existing ones, are defined. In particular, insurers are trying to develop the implementation of insurance services online, and use possibilities offered by mobile technologies. It was found that the domestic market of motor insurance is characterized by a high level of fraud, that is why some innovative measures in the domestic and international motor insurance agreements are taken to decrease it, such as the introduction of mandatory registration of insurance agents, who have the right to perform mediatory activity in compulsory civil liability insurance of owners of motor vehicles (CCLIOMV, and procedures for contracting the international insurance “Green Card” agreements with simultaneous entering the information on concluded agreement into a unified centralized database of Motor (transport insurance bureau of Ukraine using the “Green Card online

  10. 48 CFR 1252.217-76 - Liability and insurance.

    Science.gov (United States)

    2010-10-01

    ...) The Contractor shall not make any allowance in the contract price for the inclusion of any premium... of and shall not affect the pricing structure of the contract, and are additional to the compensation...

  11. 48 CFR 252.217-7012 - Liability and insurance.

    Science.gov (United States)

    2010-10-01

    ...) The Contractor shall not make any allowance in the job order price for the inclusion of any premium... of and shall not affect the pricing structure of the contract, and are additional to the compensation...

  12. 7 CFR 1436.15 - Maintenance, liability, insurance, and inspections.

    Science.gov (United States)

    2010-01-01

    ... borrower must maintain the loan collateral in a condition suitable for the storage of one or more of the facility loan commodities. For purpose of this section the term “loan collateral” will mean any property of... has been repaid, the borrower will be liable for all damages to or destruction of the loan collateral...

  13. Counselor Liability: Does the Risk Require Insurance Coverage?

    Science.gov (United States)

    Hendrickson, Robert M.

    1982-01-01

    Discusses the legal concept of liabiltiy and the potential risks facing the practicing counselor. Outlines the standard of care that psychiatrists must meet to protect themselves against negligence charges. Discusses actions resulting in false imprisonment, battery, infliction of mental distress, defamation, and "duty to warn." (RC)

  14. Nuclear liability and the Price--Anderson Act

    International Nuclear Information System (INIS)

    Wilson, R.

    1977-01-01

    The Price-Anderson Act is viewed as meeting public needs in a unique and responsible way, reflecting the far-sightedness of those involved in the early development of nuclear power who saw the importance of building safety into each step of the program. An extension of the Act is advised as a first step in recognizing that many potential and real disasters (e.g., dam breaks, floods, etc.) are man-made rather than ''Acts of God''. Rather than abolish the Price-Anderson Act because it is unique, the case is made for extending it to cover these other situations. Provisions of the Act are examined in terms of the role of negligence in nuclear accidents, and the conclusion is reached that public concern for reactor safety should not be affected. Limited assets on the part of insurers and insurance pools have made government involvement important but not a real subsidy because of high premiums. Premiums in the new amendment are paid retroactively when there is an accident, which relieves the problem of anticipating what premiums may be needed in the future. This limits government liability and, combined with the waiver of defenses against liability, offers better protection for the public. Recommendations for allowing tort law to operate above the $560 million Price-Anderson limits are criticized, and a counter proposal is made for reassessing the figure at an appropriate limit and extending insurance to competitive industries

  15. Nuclear safety and nuclear insurance

    International Nuclear Information System (INIS)

    Abramovitz, A.

    1983-01-01

    To an extent, public opinion is against Koeberg, inspite of the fact that Escom, Koeberg's prospective licensee, are liable for damages caused in the event of an accident, that they carry public liability insurance bought in the market place to the maximum of ten million rand, and if that is not enough the government will take over responsibility for the rest. A question is put that if this kind of protection carries on, won't there always be a minority of the public who will find nuclear power socially, psychologically and politically unacceptable

  16. School Insurance.

    Science.gov (United States)

    1964

    The importance of insurance in the school budget is the theme of this comprehensive bulletin on the practices and policies for Texas school districts. Also considered is the development of desirable school board policies in purchasing insurance and operating the program. Areas of discussion are: risks to be covered, amount of coverage, values,…

  17. Forest insurance

    Science.gov (United States)

    Ellis T. Williams

    1949-01-01

    Standing timber is one of the few important kinds of property that are not generally covered by insurance. Studies made by the Forest Service and other agencies have indicated that the risks involved in the insurance of timber are not unduly great, provided they can be properly distributed. Such studies, however, have thus far failed to induce any notable development...

  18. Third party liability for nuclear damage

    International Nuclear Information System (INIS)

    Crancher, D.W.

    1976-12-01

    Basic principles of nuclear liability legislation are discussed including absolute and limited liability and the role of the Sovereign State in idemnifying the operator for damage in excess of limited liability. European counrties realised the need for unifying the law of nuclear instability and efforts were made accordingly towards producing workable international conventions. The world's first legislation on nuclear liability - the USA Price-Anderson Act - is described in detail and a digest of nuclear liability claims experience is given. Observations of the present status of nuclear third party liability are outlined. (Author)

  19. Liability of statutory organs in limited liability companies

    Directory of Open Access Journals (Sweden)

    Martin Janků

    2011-01-01

    Full Text Available Statutory organs of business companies (and similarly of co-operatives have numerous obligations imposed by generally binding provisions; relied with these is the liability for non-fulfilment of the latter. Some of the obligations are imposed directly by the laws, some are assumed on contractual basis. Their infringements may lead to the liability for the situation and consequences occurred. The regulation of the liability of persons engaged in the company’s bodies covers persons that are entrusted by the management of foreign assets. Sometimes these are in fact not entirely foreign assets because, although the assets are legally owned by the business company, persons acting as statutory organs are mostly partners (shareholders in these companies as well. As such they manage the foreign assets but the company properties were created by their contributions or through the business by themselves. The paper analyses the requirements laid down for the function of managing directors (jednatel in the limited company. Consequently it analyses the scope of the liability of managing directors firstly, in relationship to the company’s creditors (persons standing outside the company and, subsequently, in relationship to the shareholders. It also presents and characterises the recent trends in the Commercial Court’s judgement of the conditions required for the liability for damage and claims for damages put forward by action to recover damages by the managing directors. De lege ferenda the paper recommends that the legal regulation will be amended by provisions limiting the scope of persons to be appointed as executive director and/or extending the liability for damages for the partners of the company in cases where the damage in such cases can not be compensated by the executive director and the partners should bear consequences for their culpa in eligendo.

  20. Founding of ''European Mutual Association for Nuclear Insurance'' (EMANI)

    International Nuclear Information System (INIS)

    Gulck, A. van

    1979-01-01

    A brief account is given of the study leading to and the founding of the European pool for Nuclear Insurance concerning the liability for damage to property. The subject is dealt with under the following headings: the structure of insurance guarantee in a nuclear plant, insurances against nuclear risks and fires, founding project of a European Mutual Insurance, following the American experience and founding of ENAMI by the nuclear power plants operators and energy producers of Belgium, Denmark, Finland, France, United Kingdom, Ireland, the Netherlands, Sweden and Switzerland. (AF)

  1. Insurance and indemnification implications of future space projects

    Science.gov (United States)

    O'Brien, John E.

    1987-01-01

    NASA options regarding insurance and indemnification policies as they relate to NASA customers and contractors are described. The foundation for the discussion is the way in which NASA is planning to return the Space Shuttle fleet to safe flight as well as current U.S. policy concerning future uses of the Shuttle fleet. Issues discussed include: the nature of the Shuttle manifest; the policy regarding property damage or destruction; insurance against liability to third parties; the reduction of the scope of the risk to be insured; NASA as the insurer; a sharing arrangement between the user and NASA; and contractors and subcontractors involved in Shuttle operations.

  2. Civil liability for nuclear damage

    International Nuclear Information System (INIS)

    1963-01-01

    An international Convention on Civil Liability for Nuclear Damage was adopted in Vienna on 19 May 1963 by a sixty-nation conference convened by the International Atomic Energy Agency. The Convention, which is subject to ratification by the States signing it, will come into force three months after the deposit of the fifth instrument of ratification. The Convention is designee only to establish minimum rules regarding civil liability for nuclear damage; it may thus well be described as a framework convention, the main provisions of which represent the essential common denomination acceptable to as many States as possible. It leaves wide scope for national legislation and regional arrangements with a view to implementing these provisions The Convention does not purport to create a uniform civil law in this field, but it contains the minimal essential for protection of the public and forms the legal basis for uniform world-wide liability rules

  3. INSURANCE INTERMEDIARIES

    Directory of Open Access Journals (Sweden)

    Andreea Stoican

    2013-11-01

    Full Text Available The actual Civil code regulates for the first time in the Romanian legislation the intermediation contract, until its entering into force existing multiple situations that lent themselves to this legal operation, but did not benefit of such particular legal rules. Yet, the case law has shown that the situations that arise in the activity of the legal or natural persons are much more complex, this leading, in time, to the reglementation of such particular rules. Such a case is that found in the matter of insurance contracts, the position of the insurance intermediaries being regulated especially by Law no. 32/2000, according to which they represent the natural or legal persons authorized in the conditions of the above mentioned legal document, that perform intermediation activities in the insurance field, in exchange of a remuneration, as well as the intermediaries from the EU member states that perform such an activity on the Romanian territory, in accordance with the freedom in performing services. Therefore, the present paper aims to analyze the conclusion of such insurance contracts and to underline the particular position of the insurance brokers, having the following structure: 1 Introduction; 2 The reglementation of the intermediation contract/brokerage agreement in the Romanian Law; 3 The importance of the intermediaries in the insurance contracts; 4 The conclusion of the insurance contracts; 5 Conclusions.

  4. Fiscal Liability of State Contractors

    Directory of Open Access Journals (Sweden)

    Santiago Fajardo-Peña

    2017-06-01

    Full Text Available The State contract is one of the most important tools for public management. The formation, execution and liquidation of State contracts are also a potential cause of State patrimonial damages. Perhaps for this reason, many State contractors are prosecuted as if they were public spending managers. The question, however, is not as simple. The fiscal liability process has a qualified recipient: the fiscal manager. In this article, through a conceptual exposition and a case study, we identify the criterion for determining in which cases a State contractor acquires the function of controlling public funds and when he/she can be subjected to a fiscal liability.

  5. The House of Commons of Canada, Bill C-249: An act to amend the nuclear liability act

    International Nuclear Information System (INIS)

    1996-01-01

    The purpose of this bill is to increase the maximum level of liability for which a private sector nuclear facility operator may be required to have insurance coverage from 75 million dollars to 500 million dollars. If the Governor in Council is of the opinion that liability could exceed the insured amount and a Commission created under Part II of the Act orders that further compensation should be made. At present, the Crown may make such payments but is not required to do so

  6. The Limited Liability Company: An Analysis

    OpenAIRE

    Wayne Wells; Gary Yoshimoto

    1993-01-01

    In recent years, businesses in many states have been given the opportunity to select a new form in which to conduct business called the limited liability company. This form provides the advantage of the personal liability protection of a corporation, while being taxed as a partnership. If most states create the limited liability company and current issues of uncertainty are favorably resolved, the limited liability company should become the most advantageous business form for most small and m...

  7. The insurance industry and unconventional gas development: Gaps and recommendations

    International Nuclear Information System (INIS)

    Wetherell, Daniel; Evensen, Darrick

    2016-01-01

    The increasingly growing and controversial practice of natural gas development by horizontal drilling and high volume hydraulic fracturing (‘fracking’) faces a severe environmental insurance deficit at the industry level. Part of this deficit is arguably inherent to the process, whereas another part is caused by current risk information shortfalls on the processes and impacts associated with development. In the short and long terms, there are several conventional and unconventional methods by which industry-level and governmental-level policy can insure against these risks. Whilst academic attention has been afforded to the potential risks associated with unconventional natural gas development, little consideration has been given to the lack of insurance opportunities against these risks or to the additional risks promulgated by the dearth of insurance options. We chronicle the ways in which insurance options are limited due to unconventional gas development, the problems caused by lack of insurance offerings, and we highlight potential policy remedies for addressing these gaps, including a range of government- and industry-specific approaches. - Highlights: •A gap exists in provision of liability insurance for ‘fracking’-related risks. •The market gap is due primarily to uncertainties about probabilistic risk. •Insurance for risks similar to ‘fracking’ highlight potential policy options. •Government regulation and/or industry agreements can effectively fill the gap. •Policies on insurance and liability coverage necessitate ethical considerations.

  8. Insurance dictionary

    International Nuclear Information System (INIS)

    Mueller-Lutz, H.L.

    1984-01-01

    Special technical terms used in the world of insurance can hardly be found in general dictionaries. This is a gap which the 'Insurance dictionary' now presented is designed to fill. In view of its supplementary function, the number of terms covered is limited to 1200. To make this dictionary especially convenient for ready reference, only the most commonly used translations are given for each key word in any of the four languages. This dictionary is subdivided into four parts, each containing the translation of the selected terms in the three other languages. To further facilitate the use of the booklet, paper of different colours was used for the printing of the German, English, French and Greek sections. The present volume was developed from a Swedish insurance dictionary (Fickordbok Foersaekring), published in 1967, which - with Swedish as the key language- offers English, French and German translations of the basic insurance terms. (orig./HP) [de

  9. Global warming and the insurance industry

    Science.gov (United States)

    Berz, G. A.

    1992-06-01

    In the last few decades, the international insurance industry has been confronted with a drastic increase in the scope and frequency of great natural disasters. The trend is primarily attributable to the continuing steady growth of the world population and the increasing concentration of people and economic values in urban areas. An additional factor is the global migration of populations and industries into areas like the coastal regions which are particularly exposed to natural hazards. The natural hazards themselves, on the other hand, have not yet shown any significant increase. In addition to the problems the insurance industry has with regard to pricing, capacity and loss reserves, the assessment of insured liabilities, preventive planning and the proper adjustment of catastrophe losses are gaining importance. The present problems will be dramatically aggravated if the greenhouse predictions come true. The increased intensity of all convective processes in the atmosphere will force up the frequency and severity of tropical cyclones, tornados, hailstorms, floods and storm surges in many parts of the world with serious consequences for all types of property insurance. Rates will have to be raised and in certain coastal areas insurance coverage will only be available after considerable restrictions have been imposed, e.g., significant deductibles and/or liability or loss limits. In areas of high insurance density the loss potential of individual catastrophes can reach a level where the national and international insurance industries run into serious capacity problems. Recent disasters showed the disproportionately high participation of reinsurers in extreme disaster losses and the need for more risk transparency if the insurance industry is to fulfill its obligations in an increasingly hostile environment.

  10. 12 CFR 229.21 - Civil liability.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 3 2010-01-01 2010-01-01 false Civil liability. 229.21 Section 229.21 Banks and Banking FEDERAL RESERVE SYSTEM (CONTINUED) BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM... Availability Policies § 229.21 Civil liability. (a) Civil liability. A bank that fails to comply with any...

  11. 12 CFR 965.2 - Authorized liabilities.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Authorized liabilities. 965.2 Section 965.2 Banks and Banking FEDERAL HOUSING FINANCE BOARD FEDERAL HOME LOAN BANK LIABILITIES SOURCE OF FUNDS § 965.2 Authorized liabilities. As a source of funds for business operations, each Bank is authorized to...

  12. How Federal Antitrust Principles Would Impact the Insurance Ratemaking Function

    OpenAIRE

    Youssef I. Kouatly; Iskander S. Hamwi

    1992-01-01

    This study focuses on basic federal antitrust principles and their potential impact on property and liability insurance ratemaking. The authors believe that, in view of the growing debate around the issue of repeal or amendment of the McCarran Act, it has become necessary to focus more fully on the impact of such a potential change in the antitrust exemption accorded the business of insurance under the Act. In addition to ratemaking technicalities, state legislatures and regulators should be ...

  13. Interest rate risk of life insurers: Evidence from accounting data

    OpenAIRE

    Möhlmann, Axel

    2017-01-01

    Life insurers are exposed to interest rate risk, and their liability side is typically more sensitive to interest rate changes than their asset side. This paper develops an accounting-based measure of interest rate sensitivity. My approach uses the coexistence of historical cost and market value accounting, which permits the observation of valuations for different discount rates. Using microdata, I show that German life insurers have a significant exposure to interest rate risk. However, ther...

  14. The Principal and Tort Liability.

    Science.gov (United States)

    Stern, Ralph D.

    The emphasis of this chapter is on the tort liability of principals, especially their commission of unintentional torts or torts resulting from negligent conduct. A tort is defined as a wrongful act, not including a breach of contract or trust, which results in injury to another's person, property, or reputation and for which the injured party is…

  15. University Liability for Sports Injuries.

    Science.gov (United States)

    Rieder, Robert W.; Woodruff, William B., Jr.

    1993-01-01

    Analyzes sports injury claims against colleges and universities in recent years to help administrators better understand and minimize liability risks for certain curricular and cocurricular activities. Reviews court cases in areas of duty of care and negligence and proximate cause, and discusses defenses. (Author/NB)

  16. Do Insurers Have to Pay for Bad Behaviour in Settling Claims? Legal Aspects of Insurers' Wrongful Claims Handling

    OpenAIRE

    Boom, Willem

    2011-01-01

    textabstractAbstract: This article presents a comparative legal analysis of wrongful claims handling by insurance companies in indemnity and liability insurance. From the outset, it is clear that it may be difficult to draw the line between legitimate claims denial and refusal to pay, on the one hand, and malicious protraction, procrastination and rejection of valid claims, on the other hand. Therefore, it is interesting to find that European legal systems diverge considerably in their stance...

  17. 26 CFR 1.1402(h)-1 - Members of certain religious groups opposed to insurance.

    Science.gov (United States)

    2010-04-01

    ... insurance. 1.1402(h)-1 Section 1.1402(h)-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Tax on Self-Employment Income § 1.1402(h)-1... 1402(h) and this section refer does not include liability insurance of a kind that provides only for...

  18. 24 CFR 242.33 - Covenant for malpractice, fire, and other hazard insurance.

    Science.gov (United States)

    2010-04-01

    ... for malpractice, fire, and other hazard insurance. The mortgage shall contain a covenant binding the mortgagor to maintain adequate liability, fire, and extended coverage insurance on the property. The... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Covenant for malpractice, fire, and...

  19. 7 CFR Exhibit L to Subpart A of... - Insured 10-Year Home Warranty Plan Requirements

    Science.gov (United States)

    2010-01-01

    ...) RURAL HOUSING SERVICE, RURAL BUSINESS-COOPERATIVE SERVICE, RURAL UTILITIES SERVICE, AND FARM SERVICE... is an insurer which is licensed in one state and is authorized, under the Products Liability Risk... insurance commission or regulatory agency challenges the legal authority of such group, FmHA or its...

  20. 12 CFR 714.7 - What are the insurance requirements applicable to leasing?

    Science.gov (United States)

    2010-01-01

    ... to leasing? 714.7 Section 714.7 Banks and Banking NATIONAL CREDIT UNION ADMINISTRATION REGULATIONS AFFECTING CREDIT UNIONS LEASING § 714.7 What are the insurance requirements applicable to leasing? (a) You must maintain a contingent liability insurance policy with an endorsement for leasing or be named as...

  1. 22 CFR 151.4 - Minimum limits for motor vehicle insurance.

    Science.gov (United States)

    2010-04-01

    ... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Minimum limits for motor vehicle insurance. 151.4 Section 151.4 Foreign Relations DEPARTMENT OF STATE DIPLOMATIC PRIVILEGES AND IMMUNITIES COMPULSORY LIABILITY INSURANCE FOR DIPLOMATIC MISSIONS AND PERSONNEL § 151.4 Minimum limits for motor vehicle...

  2. Problematic of mining environmental liabilities in Colombia

    International Nuclear Information System (INIS)

    Arango Aramburo, Marcela; Olaya, Yris

    2012-01-01

    Mining environmental liabilities (PAM from its acronym in Spanish) are areas where there is a need for restoration, mitigation or compensation for environmental damage or unmanaged impact, produced by inactive or abandoned mining that threatens health, quality of life or public or private property. In Colombia the environmental liabilities from mining have not been regulated, but given the age and the prevalence of informality in mining, there is increasing interest in defining, regulating and managing these obligations. In this paper we approach the problem of valuing mining environmental liabilities by examining different management approaches for such liabilities around the world. We also identify key information requirements to manage mining environmental liabilities in Colombia.

  3. 26 CFR 1.803-1 - Life insurance reserves.

    Science.gov (United States)

    2010-04-01

    ... reserves” is defined in section 803(b). Generally, such reserves, as in the case of level premium life... covered by the premiums are not included in life insurance reserves. Unpaid loss reserves for... do they include the net value of risks reinsured in other solvent companies; liability for premiums...

  4. Proportionality in the New German Insurance Contract Act 2008

    NARCIS (Netherlands)

    H. Heiss (Helmut)

    2013-01-01

    markdownabstract__Abstract__ In 2008, the German legislature enacted a completely revised Insurance Contract Act, in which a new rule of proportionality replaced the former all-or-nothing principle for questions of liability. This article outlines the reasons for this shift and the impact of the

  5. 7 CFR 1405.6 - Crop insurance requirement.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 10 2010-01-01 2010-01-01 false Crop insurance requirement. 1405.6 Section 1405.6 Agriculture Regulations of the Department of Agriculture (Continued) COMMODITY CREDIT CORPORATION, DEPARTMENT... sentence, if the total expected liability under the catastrophic risk protection endorsement is equal to or...

  6. Performance Management in Insurance Firms by Using Transfer Pricing

    NARCIS (Netherlands)

    Doff, René; Bilderbeek, J.; Bruggink, Bert; Emmen, Pieter

    2009-01-01

    In this article, we analyze the asset and liability management and market risk systems of insurance companies. We discuss that the current system is not goal congruent and does not satisfy necessary conditions for effective control. It follows that managers are unable to run their business

  7. THE LIABILITY FORMS OF THE MEDICAL PERSONNEL.

    Science.gov (United States)

    Bărcan, Cristian

    2015-01-01

    Current legislation, namely Law no. 95/2006 on healthcare reform in the medical malpractice domain stipulates that medical staff can be held accountable in the following forms: disciplinary liability, administrative liability, civil liability and criminal liability. Each form of legal liability presents its features, aspects that are found mainly in the procedural rules. However, the differences between the various legal forms of liability are not met only in the procedural rules but also in their effects and consequences. It is necessary to know what the procedure for disciplinary responsibility, administrative liability, civil liability, or criminal liability is. In addition to the differentiation determined by the consequences that may arise from the different forms of legal liability, it is important to know the competent authorities to investigate a case further and the solutions which various public institutions can take regarding the medical staff. Depending on the type of legal liability, authorities have a specialized authority. If the Disciplinary Committee is encountered at the College of Physicians, it may not intervene in cases before the monitoring and competence for malpractice cases Committee. The latter two committees cannot intervene directly in the legal assessment of civil or criminal cases, as no criminal investigation authorities cannot intervene in strictly civilian cases. Therefore, the importance of knowing the competent institutions is imperative.

  8. Insurance and nuclear power: The Price-Anderson act

    International Nuclear Information System (INIS)

    Whipple, C.

    1985-01-01

    This chapter evaluates the Price-Anderson Act, which establishes procedures for insuring nuclear facilities (including nuclear power plants) and was enacted in order to protect the public and to encourage the development of a private nuclear energy industry. Under the Act, the aggregate liability of the reactor operator, the US NRC, or any others who might be at fault (e.g. equipment manufacturers) is limited to $560 million. The reactor operator assumes all public liability, including that of the manufacturers of the plant or its equipment. The Price-Anderson Act has been criticized on the grounds that the limitation on liability removes a significant safety incentive and that the public would not be protected in the event of accident damages exceeding $ million. It is pointed out that under Price-Anderson, the limitation on liability at $560 million is not intended to be absolute

  9. Insurance concerns relative to onsite storage of low level radioactive waste

    International Nuclear Information System (INIS)

    Fox, P.R.

    1995-01-01

    ANI and MAELU are voluntary associations made up of approximately 80 stock ampersand 98 mutual insurance companies who insure nuclear risks on a syndicate or pooling basis. The purpose of the pools is to provide for the insurance needs of the nuclear industry in the United States as mandated by the Congress and the NRC. ANI and MAELU provide two types of insurance policies: (1) liability policies - In general, nuclear liability policies provide protection for third party bodily injury and off-site property damage resulting from the nuclear hazard. (2) property policies - The property policies insure against radioactive contamination as the primary peril, but also provide coverage of many conventional property insurance perils. These range from boiler and machinery type losses to fire, extended coverage and vandalism to earthquake and flood coverage

  10. The German insurance industry. Yearbook 1990 of the Gesamtverband der Deutschen Versicherungswirtschaft e.V

    International Nuclear Information System (INIS)

    1990-01-01

    The DKVG (German nuclear power plant insurance association), founded in 1957, has 104 member insurance companies, all registered in the Federal Repbulic of Germany. At present property insurance amounts to 1.5 billion DM, and liability insurance to 200 million DM. The overall damage ratio was 15.4 (1988: 5.9) percent, whereby home business remained claim-free in 1989. The relatively low damage ratio of 15 percent should not deviate from the fact that nuclear insurers always have to reckon with large damage. At the moment it would cost them a maximum gross sum of 1.7 billion DM (property and liability insurance); on account of DKVG 685 million DM. (orig./HP) [de

  11. Nuclear insurance risk assessment using risk-based methodology

    International Nuclear Information System (INIS)

    Wendland, W.G.

    1992-01-01

    This paper presents American Nuclear Insurers' (ANI's) and Mutual Atomic Energy Liability Underwriters' (MAELU's) process and experience for conducting nuclear insurance risk assessments using a risk-based methodology. The process is primarily qualitative and uses traditional insurance risk assessment methods and an approach developed under the auspices of the American Society of Mechanical Engineers (ASME) in which ANI/MAELU is an active sponsor. This process assists ANI's technical resources in identifying where to look for insurance risk in an industry in which insurance exposure tends to be dynamic and nonactuarial. The process is an evolving one that also seeks to minimize the impact on insureds while maintaining a mutually agreeable risk tolerance

  12. Civil liability and compensation for damages caused by certain hazardous and noxious substances during their carriage by sea

    International Nuclear Information System (INIS)

    Bievre, A. de.

    1985-01-01

    In this paper current international efforts directed at the establishment of a special legal regime for civil liability and compensation for damages caused by hazardous and noxious substances during their transport by sea, specifically chemicals and liquid gas products, are described and analysed. Special attention is given to the way in which concern with the development of an 'environment oriented' regime which provides full recovery for victims in a reliable manner, on the one hand, and, on the other, considerations relating to cost effectiveness complement or conflict with each other. Another important area of investigation concerns the potential role of the marine insurance industry in accident prevention through the provision of incentives for careful (i.e. safe and environmentally sound) behaviour. There is a distinct regulatory trend in favour of strict liability (i.e. liability without fault) and compulsory insurance. There is also a growing perception of the need to depart from the traditional pattern of maritime liability which channels liability automatically to the person exercizing operational control during transport by sea (i.e. the carrier), and to additionally impose liability on those responsible for the risks attached to the inherently harmful characteristics of the cargoes carried. (orig.) [de

  13. Inflation Insurance

    OpenAIRE

    Zvi Bodie

    1989-01-01

    A contract to insure $1 against inflation is equivalent to a European call option on the consumer price index. When there is no deductible this call option is equivalent to a forward contract on the CPI. Its price is the difference between the prices of a zero coupon real bond and a zero coupon nominal bond, both free of default risk. Provided that the risk-free real rate of interest is positive, the price of such an inflation insurance policy first rises and then falls with time to maturity....

  14. Aspects of nuclear penal liability

    International Nuclear Information System (INIS)

    Faria, N.M. de; Cruz, A.S.C. da

    1986-01-01

    Topics are treated with reference to articles of the Law 6.453 of october 17, 1977, relating to the nuclear penal liability. At the same time, the Penal Code disposes on illicits which may involve nuclear activity. With regard to the Jurisdiction, mention is made to the Federal Justice competence, due to the constitutional disposal. On the international field, the Convention on Physic Protection on Nuclear Material Transport disposes on illicit fact in which nuclear material may be involved. (Author) [pt

  15. Environmental Liability and Organizational Structure

    OpenAIRE

    Laurent Franckx; F.P. de Vries

    2004-01-01

    This paper presents a multitask principal-agent model to examine how environmental liability rules for individual managers within a corporate hierarchy affect, on the one hand, the incentive schemes the organization provides and, on the other hand, the choice between a functional or a product-based organizational structure. If managers are risk neutral, a product-based organization dominates a functional organization and allows to obtain first-best effort level. If, moreover, there are no dis...

  16. Yugoslavia-Act on Liability for Nuclear Damage of 19 April 1978

    International Nuclear Information System (INIS)

    Anon.

    1979-01-01

    This Act, which came into force eight days after its publication, is based to a great extent on the provisions of the 1963 Vienna Convention on Civil Liability for Nuclear Damage, ratified by Yugoslavia on 12 August 1977. Under the Act, a nuclear operator is held absolutely liable for any nuclear damage caused by a nuclear indicent occurring in his installation. This liability is limited to 450 million dinars (approximately 22 million US$). To cover his liability, an operator must take out insurance or other financial security, whose amount will be determinated by the competent authority according to the characteristics of the installation involved but in no event should it be below 150 million dinars. Within the meaning of the Act, the operator may be an organisation of associated labour which has obtained site approval, licences for test runs and entry into operation of the installation, or any person recognised as such by the State. (NEA) [fr

  17. Historical Drawbacks of Limited Liability

    Directory of Open Access Journals (Sweden)

    Denis Boyle

    2016-07-01

    Full Text Available Limited liability is a human invention which has facilitated enormous economic growth around the world, particularly since the time of its general application in advanced countries during the nineteenth century. The individual legal identity of companies, coupled with the limited liability of their owners, has provided protection for investors from the risks associated with their investments. It has thus contributed to increase the sources of capital available to finance projects which might otherwise have been considered unviable. However, the legal protection offered to investors has negative consequences for other participants in economies. Speculation in stock markets often damages society. It is very important to study the drawbacks of limited liability and to suggest modifications to achieve a more stable, less volatile, economic growth in the world. Although this article goes to some lengths to recognise the work of authors who emphasise the positive historical economic contribution of limited lability, its main objective is to provoke a reflection around texts which point out the drawbacks and propose solutions.

  18. Draft Federal Act of the Russian Federation 'The Civil Liability for Nuclear Damage and its Financial Security'

    International Nuclear Information System (INIS)

    Lebedeva, Yulia

    2014-01-01

    The use of nuclear power by states in the modern world requires supplements to international law through the development of national legislation on civil liability for nuclear damage and compensation. The situation in the Russian Federation is no exception. Russian law on civil liability for nuclear damage has not fully evolved, and currently, there is no specific law covering liability for nuclear damage, nor is there a law regarding the financial and insurance mechanisms for compensation. Instead, the current laws establish a state system of benefits and compensation for damage to health and property of citizens. Since 1996, Russia has been actively working to develop a draft federal act to cover liability for nuclear damage. A bill was first introduced in the State Duma of the Federal Assembly of the Russian Federation on 16 July 1996, and was originally called 'The Compensation for Nuclear Damage and Nuclear Insurance'. In 1997, the official representative of the Government of the Russian Federation, Head of Russian Federal Inspectorate for Nuclear and Radiation Safety, Yuri Vishnevsky, was appointed to present this bill for discussion in the chambers of the Federal Assembly of the Russian Federation. In September 1998, the State Duma rejected the draft federal act and instead adopted in the first reading a different draft federal act: No. 96700118-2, 'The Civil Liability for Nuclear Damage and its Financial Security' ('the bill'). In this case, the State Duma Committee on Ecology was charged with incorporating the incoming amendments into a final bill and submitting it to the State Duma for a second reading. In 2005, Russia ratified the Vienna Convention on Civil Liability for Nuclear Damage. This ratification required significant amendments to 'The Civil Liability for Nuclear Damage and its Financial Security' bill. But, even though the Russian Federation had not yet ratified the Vienna Convention, the drafters were still careful to take into account the

  19. Ordinance of 30 November 1981 on cover for civil liability resulting from nuclear power plant operation - RS 732.44

    International Nuclear Information System (INIS)

    1981-01-01

    Until the end of 1981, the amount of insurance for third party liability resulting from operating a nuclear electricity generating plant was limited to 200 million Swiss francs. This ordinance provides that, as from 1 january 1982, this amount is raised to 300 million Swiss francs. (NEA) [fr

  20. National Assembly report on the bill authorizing joining the 2001 International Convention on Civil Liability for Bunker Oil Pollution Damage

    International Nuclear Information System (INIS)

    2010-01-01

    This report first gives an overview of the progressive implementation of measures and international convention to prevent pollution by ships: the Oilpol convention (Convention for the Prevention of Pollution of the Sea by Oil), the Marpol convention (Marine Pollution), and the different international conventions on liability and compensation (International Convention on Civil Liability for Oil Pollution, International Convention on Liability and Compensation for Damage in Connection with the Carriage of Hazardous and Noxious Substances by Sea, convention on other damages). It also describes the French system to struggle against marine pollution. Then, it presents the main arrangements of the 2001 Convention (liability, mandatory insurance and certificate, and so on), expresses some reserves on the chosen arrangement, and comments the impact of this convention

  1. Standards applicable to owners and operators of hazardous waste treatment, storage, and disposal facilities; liability coverage requirements--Environmental Protection Agency. Final rule and notice of extension of effective date.

    Science.gov (United States)

    1982-07-13

    The effective date for qualifications of insurers providing liability insurance used to satisfy liability coverage requirements applicable to owners or operators of hazardous waste management facilities, as such requirements are included in 40 CFR Parts 264 and 265, is extended from July 15, 1982, to October 16, 1982. The effective date for the rest of the liability coverage requirements remains July 15, 1982. This extension is being provided to allow 6 months between the date of promulgation and the effective date for the insurer qualification provision, in accordance with Section 3010(b) of the Resource Conservation and Recovery Act of 1976, as amended. During the period between July 15 and October 16, 1982, owners or operators may use certificates of insurance or policy endorsements that do not certify to the qualifications of the insurer.

  2. Management of UKAEA graphite liabilities

    International Nuclear Information System (INIS)

    Wise, M.

    2001-01-01

    The UK Atomic Energy Authority (UKAEA) is responsible for managing its liabilities for redundant research reactors and other active facilities concerned with the development of the UK nuclear technology programme since 1947. These liabilities include irradiated graphite from a variety of different sources including low irradiation temperature reactor graphite (the Windscale Piles 1 and 2, British Energy Pile O and Graphite Low Energy Experimental Pile at Harwell and the Material Testing Reactors at Harwell and Dounreay), advanced gas-cooled reactor graphite (from the Windscale Advanced Gas-cooled Reactor) and graphite from fast reactor systems (neutron shield graphite from the Dounreay Prototype Fast Reactor and Dounreay Fast Reactor). The decommissioning and dismantling of these facilities will give rise to over 6,000 tonnes of graphite requiring disposal. The first graphite will be retrieved from the dismantling of Windscale Pile 1 and the Windscale Advanced Gas-cooled Reactor during the next five years. UKAEA has undertaken extensive studies to consider the best practicable options for disposing of these graphite liabilities in a manner that is safe whilst minimising the associated costs and technical risks. These options include (but are not limited to), disposal as Low Level Waste, incineration, or encapsulation and disposal as Intermediate Level Waste. There are a number of technical issues associated with each of these proposed disposal options; these include Wigner energy, radionuclide inventory determination, encapsulation of graphite dust, galvanic coupling interactions enhancing the corrosion of mild steel and public acceptability. UKAEA is currently developing packaging concepts and designing packaging plants for processing these graphite wastes in consultation with other holders of graphite wastes throughout Europe. 'Letters of Comfort' have been sought from both the Low Level Waste and the Intermediate Level Waste disposal organisations to support the

  3. Comment: Legal Liability as Climate Change Policy

    OpenAIRE

    Hilary Sigman

    2007-01-01

    Several U.S. states have attempted to use of legal liability imposed on greenhouse gas emitters as a public policy instrument for climate change. This brief comment considers the desirability of this approach, focusing on three possible roles for climate change liability: as a source of compensation, as a direct influence on greenhouse gas concentrations, and as a means to facilitate the adoption of ex ante public policies to control greenhouse gases. The strongest argument for liability may ...

  4. Intangible liabilities: beyond models of intellectual assets

    OpenAIRE

    García Parra, Mercedes; Simó Guzmán, Pep; Sallán Leyes, José María; Mundet Hiern, Joan

    2009-01-01

    Purpose – Most models of intellectual capital measurment equal intellectual capital with intellectual assets. Nevertheless, companies sometimes must incur liabilities to make intellectual assets truly actionable. This fact suggests the existence of intangible liabilities. The aim of this paper is to refine the methods of assessment of intellectual capital by refining and extending the concept of intangible liabilities. Design/methodology/approach – The paper consists of a literature revi...

  5. THE BUILDER?S LIABILITY BEYOND THE DEFECTS LIABILITY

    Directory of Open Access Journals (Sweden)

    Johnson I IKPO

    2005-01-01

    Full Text Available This paper reviews the obligations of a builder after the expiration of the contracted defects liability period using relevant decided cases. The common areas identified as forming the bedrock of litigation pertain to structural and dimensional stability, freedom from damp, durability, adequate drainage, good waste disposal works, and effective service installations. Particular reference is made to walls, roofs, and services, which from the pilot study account for about 46%, 23%, and 17% respectively of the total defects attributable to the builder. It is concluded that the builder is responsible for defects arising from his product till the effluxion of reasonable time, except he establishes an element of contributory negligence.

  6. Crop insurance: Risks and models of insurance

    Directory of Open Access Journals (Sweden)

    Čolović Vladimir

    2014-01-01

    Full Text Available The issue of crop protection is very important because of a variety of risks that could cause difficult consequences. One type of risk protection is insurance. The author in the paper states various models of insurance in some EU countries and the systems of subsidizing of insurance premiums by state. The author also gives a picture of crop insurance in the U.S., noting that in this country pays great attention to this matter. As for crop insurance in Serbia, it is not at a high level. The main problem with crop insurance is not only the risks but also the way of protection through insurance. The basic question that arises not only in the EU is the question is who will insure and protect crops. There are three possibilities: insurance companies under state control, insurance companies that are public-private partnerships or private insurance companies on a purely commercial basis.

  7. New legislation on civil liability for nuclear facilities; Nueva legislacion sobre responsabilidad civil en instalaciones nucleares

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2011-07-01

    The criteria followed by the new regulation is to both qualitatively and quantitatively broaden the liability of a nuclear power plant operator. This increase, in both senses, goes above and beyond what the traditional insurance market is technically in a position to handle. This has resulted in the need for public funds to cover what the insurance companies cannot. Enforcement of the requirements of the new regulation has been postponed because most of the signatory countries have not ratified the 2004 Protocol to the Paris convention. At this time it is difficult to say when this will take place. (Author)

  8. International Liability Issues for Software Quality

    National Research Council Canada - National Science Library

    Mead, Nancy

    2003-01-01

    This report focuses on international law related to cybercrime, international information security standards, and software liability issues as they relate to information security for critical infrastructure applications...

  9. Limiting the liability of the nuclear operator

    International Nuclear Information System (INIS)

    Reyners, P.

    1986-01-01

    This article discusses the questioning of a fundamental principle of the special nuclear third party liability regime by certain NEA countries: the limitation of the nuclear operator's liability. This regime, set up since the late fifties at European then at worldwide level, had until now been widely adopted in the national legislation of most of the countries with a nuclear power programme. The author analyses the different arguments in favour of restoring unlimited liability for the nuclear operator and attempts to define its implications for the future of the nuclear third party liability regime in NEA countries. (NEA) [fr

  10. Act No 6453 of 17th October, 1977 on civil liability for nuclear damage and criminal responsibility for acts relating to nuclear activities, and other provisions

    International Nuclear Information System (INIS)

    1978-01-01

    This Act was published on 17 October 1977. It is based to a great extent on the provisions of the Vienna Convention on Civil Liability for Nucler Damage of 21 May 1963. Under the Act the operator of a nuclear installation is exclusively liable regardless of fault for compensation of nuclear damage due to a nuclear incident. This exclusive liability is limited to an amount equal to 1,500,000 Treasury Bonds and the operator must take out and maintain insurance or other financial security to cover his liability. The Federative Government will guarantee, up to the prescribed limit, payment of compensation for nuclear damage where it is acknowledged that the operator's liability is involved. As regards apportionment of compensation, persons are granted priority over property. This Act is original in that it contains provisions on criminal liability with penalties ranging from two to ten years imprisonment. (NEA) [fr

  11. HEALTH INSURANCE

    CERN Multimedia

    Division HR

    2000-01-01

    Change of name for AUSTRIA As of October 1, the AUSTRIA Assurances S.A. company will change its name to: UNIQA Assurances S.A. It inherits the same name as its parent Austrian company, which adopted it towards the end of 1999. This change has no effect on the contract which binds it to CERN for the administration of our Health Insurance Scheme. New insurance cards will be sent to you by UNIQA and the printed forms and envelopes will gradually be updated with the new name. Postal and phone addresses remain unaffected by the change. You should address your postal mail to: UNIQA Assurances rue des Eaux Vives 94 case postale 6402 1211 Genève 6 You may telephone your usual contact persons at the same numbers as before and send e-mails to the UNIQA office at CERN at: UNIQA.Assurances@cern.ch

  12. Export insurance

    International Nuclear Information System (INIS)

    1981-01-01

    These notes are intended as a general guide for the use of members of the Canadian Nuclear Association who are, or may become, involved in supplying goods or services or contracting/ erecting as part of a contract to supply a nuclear facility to an overseas country. They give information to the type of insurances needed and available, the parties normally responsible for providing the coverages, the intent and operation of the various policies, general methods of charging premiums, and main exclusions

  13. HEALTH INSURANCE

    CERN Multimedia

    2000-01-01

    The CERN-AUSTRIA Agreement, which implemented CERN's health insurance scheme, expired on 31 December 1999.In accordance with CERN's rules, a call for tenders for the management of the health insurance scheme was issued and the contract was once again awarded to AUSTRIA. In June 1999, the Finance Committee thus authorised the Management to conclude a new contract with AUSTRIA, which came into force on 1st January 2000.Continuity is thus assured on favourable conditions and the transition from one contract to the other will entail no substantial changes in the system for those insured at CERN except for a few minor and purely formal amendmentsWHAT REMAINS UNCHANGEDThe list of benefits, i.e. the 'cover' provided by the system, is not changed;Neither is the reimbursement procedure.AUSTRIA's office at CERN and its opening hours as well as its city headquarters remain the same. The envelopes containing requests for reimbursement have had to be sent (since the end of 1998) to :Rue des Eaux-Vives 94Case postale 64021...

  14. Liability for the nuclear risk

    International Nuclear Information System (INIS)

    Faure, M.; Govaerts, P.; Malbrain, C.; Veuchelen, L.; Spriet, B.

    1993-01-01

    Results of a cooperative research project on the juridical aspects of nuclear risk (criminal, civil and administrative aspects), according to the Belgian and Dutch laws, are presented. In this multi-disciplinary project also attention is paid to the economic impacts and positive-scientific aspects of the nuclear risk regarding radioactive waste problems and nuclear accidents. The liability for and the decision-making regarding the site selection of nuclear power plants is dealt with as well. 9 figs., 23 tabs., 198 refs

  15. Financial security and insurance for damage caused by use of the seabed for radioactive waste disposal

    International Nuclear Information System (INIS)

    Lagorce, Maurice.

    1982-10-01

    This paper reviews radioactive waste sea dumping operations conducted since 1967 by several European countries, in particular France, under the auspices of the OECD Nuclear Energy Agency in the context of the Paris Convention liability system. The author analyses the relevant provisions of the Convention and their applicability to the different stages of sea dumping operations. State intervention above insurance limits is discussed as well as limitation of liability in time. (NEA) [fr

  16. The nuclear liability conventions revised

    International Nuclear Information System (INIS)

    Reyners, P.

    2004-01-01

    The signature on 12 February 2004 of the Protocols amending respectively the 1960 Paris Convention and the 1963 Brussels Supplementary Convention was the second step of the process of modernisation of the international nuclear liability regime after the adoption in September 1997 of a Protocol revising the 1963 Vienna Convention and of a new Convention on Supplementary Compensation for Nuclear Damage. The common objective of the new instruments is to provide more funds to compensate a larger number of potential victims in respect of a broader range of damage. Another goal of the revision exercise was to maintain the compatibility between the Paris and Vienna based systems, a commitment enshrined in the 1988 Joint Protocol, as well as to ascertain that Paris/Brussels countries could also become a Party to the Convention on Supplementary Compensation. However, while generally consistent vis a vis the Joint Protocol, the provisions of the Paris and Vienna Conventions, as revised, differ on some significant aspects. Another remaining issue is whether the improved international nuclear liability regime will succeed in attracting in the future a larger number of countries, particularly outside Europe, and will so become truly universal. Therefore, the need for international co-operation to address these issues, to facilitate the adoption of new implementing legislation and to ensure that this special regime keeps abreast of economic and technological developments, is in no way diminished after the revision of the Conventions.(author)

  17. Radiological risks and civil liability

    International Nuclear Information System (INIS)

    Miller, C.E.

    1989-01-01

    In this paper, attention is first concentrated on the substantive issue of nuclear safety-a matter on which, Friends of the Earth claimed, the Secretary of State had misdirected himself in law. The Court of Appeal's interpretation of a central element of the Nuclear Installations Act 1965 implies certain inherent problems associated with the law relating to compensation for radiation-induced injury. These problems-on the nature of causation and strict liability-are such that they cannot be solved by simple reform of current law and, it is further argued, extra-legal means of compensating those affected by radiation (and other environmental agents) are required. Before attempting to justify this assertion, it is necessary to examine the substance of the judgement in more detail. First the nature of acceptable risk is considered from absolutist and probabalistic viewpoints. The permitted discharges are reviewed followed by a discussion of the accidental discharges of radioactivity into the environment. Incidents at BNFL's Sellafield site are listed. Genetic risks are also considered. The notion of strict liability is discussed for radiation-induced injury, and an alternative approach of increased social security payments financed in part by those organisations discharging radioactivity into the environment is considered. (author)

  18. Radiological risks and civil liability

    Energy Technology Data Exchange (ETDEWEB)

    Miller, C.E. (Salford Univ. (UK). Environmental Health and Housing Div.)

    1989-01-01

    In this paper, attention is first concentrated on the substantive issue of nuclear safety-a matter on which, Friends of the Earth claimed, the Secretary of State had misdirected himself in law. The Court of Appeal's interpretation of a central element of the Nuclear Installations Act 1965 implies certain inherent problems associated with the law relating to compensation for radiation-induced injury. These problems-on the nature of causation and strict liability-are such that they cannot be solved by simple reform of current law and, it is further argued, extra-legal means of compensating those affected by radiation (and other environmental agents) are required. Before attempting to justify this assertion, it is necessary to examine the substance of the judgement in more detail. First the nature of acceptable risk is considered from absolutist and probabalistic viewpoints. The permitted discharges are reviewed followed by a discussion of the accidental discharges of radioactivity into the environment. Incidents at BNFL's Sellafield site are listed. Genetic risks are also considered. The notion of strict liability is discussed for radiation-induced injury, and an alternative approach of increased social security payments financed in part by those organisations discharging radioactivity into the environment is considered. (author).

  19. Nuclear civil liability international system. Evolution prospects

    International Nuclear Information System (INIS)

    Reyners, P.

    1996-01-01

    This paper sets out the necessity of a special system of international conventions in the scope of nuclear civil liability. Then the main principles of the conventions in Paris and Vienna are described. Recently, works have been carried out in order to improve and modernize the civil liability system. (TEC). 4 tabs

  20. Liability for nuclear damage and compensation therefor

    International Nuclear Information System (INIS)

    Prochazkova, D.

    1996-01-01

    The basic principles are outlined of the Paris Convention on Third Party Liability in the Field of Nuclear Energy, the Brussels Convention Supplementary to the Paris Convention, the Vienna Convention on Civil Liability for Nuclear Damage, and the Joint Protocol Relating to the Application of the Paris Convention and the Vienna Convention. (P.A.)

  1. Clinical safety and professional liability claims in Ophthalmology.

    Science.gov (United States)

    Dolz-Güerri, F; Gómez-Durán, E L; Martínez-Palmer, A; Castilla Céspedes, M; Arimany-Manso, J

    2017-11-01

    Patient safety is an international public health priority. Ophthalmology scientific societies and organisations have intensified their efforts in this field. As a tool to learn from errors, these efforts have been linked to the management of medical professional liability insurance through the analysis of claims. A review is performed on the improvements in patient safety, as well as professional liability issues in Ophthalmology. There is a high frequency of claims and risk of economic reparation of damage in the event of a claim in Ophthalmology. Special complaints, such as wrong surgery or lack of information, have a high risk of financial compensation and need strong efforts to prevent these potentially avoidable events. Studies focused on pathologies or specific procedures provide information of special interest to sub-specialists. The specialist in Ophthalmology, like any other doctor, is subject to the current legal provisions and appropriate mandatory training in the medical-legal aspects of health care is essential. Professionals must be aware of the fundamental aspects of medical professional liability, as well as specific aspects, such as defensive medicine and clinical safety. The understanding of these medical-legal aspects in the routine clinical practice can help to pave the way towards a satisfactory and safe professional career, and help in increasing patient safety. The aim of this review is to contribute to this training, for the benefit of professionals and patients. Copyright © 2017 Sociedad Española de Oftalmología. Publicado por Elsevier España, S.L.U. All rights reserved.

  2. The insurance business and the nuclear fuel cycle

    International Nuclear Information System (INIS)

    Multhaup, H.T.

    1989-01-01

    The legally required financial security is provided by the insurance business by way of liability insurance systems. Insurance coverage is given for the obligation to pay damages in compliance with section 13 Atomic Energy Act, which refers to all objects of legal protection also defined in section 823, sub-sec. (1) BGB. The legal provisions valid in the F.R.G. are very similar to the provisions in most western countries. They comply with the Paris Convention which determines the legal bases of the international third party liability system which have been supplemented by the Brussels Convention. The reactor accident at Chernobyl has induced discussions and changes in the insurance sector. A major conclusion was that liability criteria must have unambiguous definition and delimitation. A compensation system is feasible only on the basis of clear-cut definitions. A first step in this direction has been done by issuing maximum permissible limits for foodstuffs. Another major instrument for coping with a nuclear accident is the distribution scheme defined in section 35 Atomic Energy Act. (orig./HSCH) [de

  3. CREATIVE ACCOUNTING TECHNIQUES ON EQUITY AND LIABILITIES TO TOURISM ENTITIES

    Directory of Open Access Journals (Sweden)

    Luminita PAIUSAN

    2017-12-01

    Full Text Available Our research is topical in the context in which accounting takes an increasingly important role in the social life of each individual and implicitly of the society it belongs to and aims to present the alternative accounting concepts and practices of creative accounting on equity and liabilities to tourism entities. In determining the arguments to justify the real need for knowledge in this area we must delineate the research field Creative Accounting. In this sense, the research envisaged a systematization and reconsideration as well a synthesis and antithesis of the concepts presented on this topic in the specialized literature, in the regulations of various professional bodies and authorities. The knowledge of the patrimonial system, of its capacity to generate profits at a time is insured with both accounting and an accurate and effective control.

  4. Current operating practices of nuclear insurance pools

    International Nuclear Information System (INIS)

    O'Connell, J.M.

    1993-01-01

    This paper discusses the nuclear pooling system and co-operation between the pools, present practice and capacity, with a breakdown of the limits for third party liability and material damage. The author also describes the relationship between the pools and the nuclear operators (the policyholders), and concludes that the nuclear pools have been successful in serving the interests of their member companies, their policyholders and the governments as they have provided a stable insurance market by making available capacity in amounts that had never before been assembled and placed at risk in a single location. 2 tabs

  5. Apportioning liability for transborder damages

    International Nuclear Information System (INIS)

    Krause-Ablass, W.-D.

    1988-01-01

    The legal situation in the case of cross border damage being caused by reactor accidents or transportation of nuclear material through more than one country is analysed. Two questions have to be asked - which country's courts have jurisdiction over the claims for damage? and which law is applicable? In considering the jurisdiction problem, the Paris and Vienna Conventions are discussed and also other rules of jurisdiction. The way the law is applicable is discussed in the second section. When the action for liability is based on the Paris or Vienna Convention the issue of reciprocity may arise and this is discussed. After a nuclear incident a potential plaintiff may have a choice amongst various jurisdictions and various available laws. Success may depend on the right choice of the forum chosen. This is illustrated by two examples. (U.K.)

  6. The art of alternative risk transfer methods of insurance

    Directory of Open Access Journals (Sweden)

    Athenia Bongani Sibindi

    2015-11-01

    Full Text Available The very basis of insurance is risk assumption. Hence it is the business of insurance to give risk protection. The notion that all ‘risk is risk’ and hence should be treated as such, has become the driving force on the risk landscape. Insurance companies have no room to be selective, as there are competitive threats posed by other financial players who are waiting on the wings to invade the market segment. There has been an emergence of new risks, such as cyber, terrorism as well as liability risks. The insurance cycles have made traditional insurance cover expensive. In this article we sought to interrogate whether Alternative Risk Transfer techniques represent a cost effective way of balancing insurability and the bottom line by analysing global trends. On the basis of the research findings it can be concluded that indeed the ART solutions are a must buy for both corporates and insurance companies, as they result in the organisation using them achieving financial efficiency. The present study also demonstrates that there is a paradigm shift in insurance from that of indemnity to that of value enhancement. Lastly the study reveals that ART solutions are here to stay and are not a fad. Insurance companies cannot afford the luxury of missing any further opportunities, such as happened with Y2K, which proved to be a free lunch.

  7. Insurances in the petroleum industry; Seguros na industria do petroleo

    Energy Technology Data Exchange (ETDEWEB)

    Lima, Juliana S.F. [IRB-Brasil Resseguros, Rio de Janeiro, RJ (Brazil)

    2004-07-01

    This work shows an overview, focused mainly Brazil, of the insurance branch that deals with the upstream activities. The oil industry represents a substantial exposition for insurance international market because of the catastrophic nature of its risks, that entails a capacity dependency. The most of Insurance split into several insurers and reinsurer and are distributed into several markets and several regions of the world. The oil and gas branch of insurance covers: physical damage to equipment (platforms, vessels, drill ship etc), build, operation and liability in consequence of claims. The contract of insurance is complex because it is specific and demands much negotiation of rates and conditions. Moreover it is needed to find reliable insurers which want to accept the risk. There are alternatives to insurance market created by oil companies such as Captive and Mutual companies. The insurance international market built a complex and customized structure in order to be able to offer coverage to upstream risks and to participate in the amounts related to oil and gas production. (author)

  8. Fusion energy and nuclear liability considerations

    International Nuclear Information System (INIS)

    Fork, William E.; Peterson, Charles H.

    2014-01-01

    For over 60 years, fusion energy has been recognised as a promising technology for safe, secure and environmentally-sustainable commercial electrical power generation. Over the past decade, research and development programmes across the globe have shown progress in developing critical underlying technologies. Approaches ranging from high-temperature plasma magnetic confinement fusion to inertial confinement fusion are increasingly better understood. As scientific research progresses in its aim to achieve fusion 'ignition', where nuclear fusion becomes self-sustaining, the international legal community should consider how fusion power technologies fit within the current nuclear liability legal framework. An understanding of the history of the civil nuclear liability regimes, along with the different risks associated with fusion power, will enable nations to consider the proper legal conditions needed to deploy and commercialise fusion technologies for civil power generation. This note is divided into three substantive parts. It first provides background regarding fusion power and describes the relatively limited risks of fusion technologies when compared with traditional nuclear fission technologies. It then describes the international nuclear liability regime and analyses how fusion power fits within the text of the three leading conventions. Finally, it examines how fusion power may fall within the international nuclear liability framework in the future, a discussion that includes possible amendments to the relevant international liability conventions. It concludes that the unique nature of the current civil nuclear liability regime points towards the development of a more tailored liability solution because of the reduced risks associated with fusion power. (authors)

  9. Improvement of nuclear third party liability system

    International Nuclear Information System (INIS)

    Kim, S. W.; Oh, B. J.; Yoo, S. O.; Kang, S. C.; Lee, J. I.

    2001-01-01

    A special regime for nuclear third party liability is necessary since the ordinary common law is not well suited to deal with the particular problems in the field of nuclear industry. The basic principles of this regime is i) strict liability (other than traditional fault liability), ii) channelling and the exclusive liability of operator, iii) compulsory financial security, iv) limits on liability in amount and in time v) intervention by the state, etc. In Korea, a revision was made to the Nuclear Damage Compensation Act on 16th January, 2001. The revision aimed at the reflection of the spirit of the new Vienna Convention on Nuclear Liability (1997) such as i) limit of liability to an amount of 300mil SDR, ii) increase of the level of financial protection (in the presidential decree, the 'Phasing-In' system would be introduced), iii) Extension of the definition 'nuclear damage', iv) extension of the scope of application to EEZ, v) deletion of 'natural calamity' from the causes of immunity, vi) extension of prescription period for personal injury to a length of 30 year

  10. Federal Deposit Insurance Corporation (FDIC) Insured Banks

    Data.gov (United States)

    Department of Homeland Security — The Summary of Deposits (SOD) is the annual survey of branch office deposits for all FDIC-insured institutions including insured U.S. branches of foreign banks. Data...

  11. Nuclear liability legislation in Ukraine

    International Nuclear Information System (INIS)

    Hamankov, V.

    2000-01-01

    The present report contains certain information concerning the current situation dealing with provision of nuclear and radiation safety during the performance of all types of activity associated with nuclear installations, facilities of radioactive waste management and utilization of ionizing radiation sources in 1999. We try to make a concise analysis o legal bases of ensuring safety and to present general information concerning the Nuclear Insurance Pool of Ukraine. (author)

  12. Electronuclear Park, Privatization and Civil Strict Liability

    International Nuclear Information System (INIS)

    Mondello, Gerard Camille

    2008-01-01

    The civil strict liability regime of the electronuclear industry is a fundamental variable for preventing risk. Because prices of other energies as oil or gas are becoming higher and unpredictable, nuclear power becomes cost-effective and may favour the partial privatization of nuclear parks. By considering theoretical traditional liability models, we study the conditions that ensure the most efficient safety level when comparing natural monopoly situation and Bertrand duopoly. Our results are that natural monopoly is safer than duopoly only when strict liability is fully applied. We define conditions that neutralize risk for applying some privatization plan to nuclear park

  13. Unemployment Insurance Query (UIQ)

    Data.gov (United States)

    Social Security Administration — The Unemployment Insurance Query (UIQ) provides State Unemployment Insurance agencies real-time online access to SSA data. This includes SSN verification and Title...

  14. Joint liability lending and the peer selection effect

    NARCIS (Netherlands)

    Gangopadhyay, S; Ghatak, M; Lensink, R

    2005-01-01

    We show that the joint liability lending contracts derived in Ghatak (2000) violate an ex post incentive-compatibility constraint which says that the amount of joint liability cannot exceed the amount of individual liability. We derive and characterise optimal separating joint liability contracts

  15. Including district heating pipelines in absolute liability laws

    Energy Technology Data Exchange (ETDEWEB)

    Gronau, W

    1977-10-01

    On January 1, 1978 the provisions of the Act Amending the Rules of Liability Damages have entered into force. Formally this means that the provisions of the Reich Liability Act (Reichshaftpflichtgesetz, RHG) and those of the Act on Liability with Respect to Property Damage of Railways and Tramways (SHG) are now combined under the new term of Liability Act (Haftpflichtgesetz). In material terms it means that the district heat industry with its supply pipelines is subject to absolute liability. This creates a liability situation for this industry which has been existing for the electricity and gas industries since 1943 as a result of an amendment of the Reich Liability Act.

  16. Working capital, profitability, liquidity and solvency of healthcare insurance companies

    Directory of Open Access Journals (Sweden)

    André Luiz de Souza Guimarães

    2010-01-01

    Full Text Available The purpose of this study is to analyze the adequacy of a working capital management normative model, in terms of profitability, liquidity and solvency. Through an empirical and analytical research, the analysis of variance results (ANOVA of a sample containing financial information from 621 healthcare insurance companies for the year 2006 ,show that different working capital structures are associated with different levels of profitability, liquidity and solvency, suggesting a preference order different from the one theorized by Fleuriet / Braga. The results indicate that a certain structure - where financial current assets exceed onerous current liabilities, and cyclical current assets exceed cyclical current liabilities ¿ is associated with higher levels of profitability, liquidity and solvency. In addition, the study reiterates the importance of efficient management of working capital to the performance and survival of healthcare insurance companies.

  17. Dependent interest and transition rates in life insurance

    DEFF Research Database (Denmark)

    Buchardt, Kristian

    2014-01-01

    For market consistent life insurance liabilities modelled with a multi-state Markov chain, it is of importance to consider the interest and transition rates as stochastic processes, for example in order to consider hedging possibilities of the risks, and for risk measurement. In the literature......, this is usually done with an assumption of independence between the interest and transition rates. In this paper, it is shown how to valuate life insurance liabilities using affine processes for modelling dependent interest and transition rates. This approach leads to the introduction of so-called dependent...... forward rates. We propose a specific model for surrender modelling, and within this model the dependent forward rates are calculated, and the market value and the Solvency II capital requirement are examined for a simple savings contract....

  18. Aspects of Valuation and Optimization in Life Insurance

    DEFF Research Database (Denmark)

    Henriksen, Lars Frederik Brandt

    liabilities or decrease assets. The increase of liabilities could be used in the modelling of non-for-prot mutual funds or pension funds. On the other hand, the decrease in assets could be used for modelling of for-prot companies. We impose a simple solvency constraint and prove optimality of barrier......-case scenarios and reserves in a life insurance model in the case where the interest rate and the various transition intensities are mutually dependent. The calculations are based on deterministic optimal control theory. The results of a single insurance contract are extended to inhomogeneous portfolios......, multistate Markov chains. The ane setup makes the calculations computationally tractable because we only need to solve systems of ordinary dierential equations and not partial dierential equations. The setup allows for mutual dependence between interest rate and transition intensities which makes it possible...

  19. The regulatory system governing liability, financial security, and the funding of decommissioning

    International Nuclear Information System (INIS)

    Pelzer, N.

    1991-01-01

    Principally speaking, the nuclear liability law and the law on financial security constitute a modern system determining indemnification for nuclear damage with due regard to the risks concerned. This holds especially since the introduction of the unlimited financial liability of the owner. The question as to the security through available financial means is of foremost importance: at present the German insurance market can cover up to 500 million DM, another 500 million DM could be provided by a civil-law nuclear liability insurance company; thus the proposal to raise private provision finds to 1 billion DM. Indemnification through the state could consist in a loan for the liable party. As yet there is no obligation under atomic energy law to make provisions for the decommissioning of nuclear installations. Even if negotiations with the industry lead to satisfactory results, a legislative bridge, i.e. regularization through law, is not wholly dispensable and can be realized in various ways: as a precondition for the issue of a licence or as a specific obligation of the operator under atomic energy law. (orig./HSCH) [de

  20. Liability for industrial disasters: law and democracy

    Energy Technology Data Exchange (ETDEWEB)

    Lalo, A. [Nice Univ., 06 (France)

    1998-07-01

    Full text of publication follows: a sociological sample survey was carried out with 1200 people living in the industrial area of Le Havre and its surroundings in Normandy where there is the greatest concentration of high risk industrial plants in France. The collected data was interpreted according to the German philosopher J. Habermas's political concept of 'public space' which formalizes the methods of democratic debate between citizens and authorities. The results show, according to the legal history of 'prudence', i.e. cautionary measures, that citizens do not reduce the liability for major technological accidents simply to the individual dimension, be it the fault committed or the error,of the company director as a person, but that they tend to insist on the 'risks' inherent to the complexity of modem production systems and to the dangerousness of the products used such as chemicals, oil or gas. The people questioned prefer the idea of 'shared responsibility'. The economic aspect of this notion of 'sharing' refers to the collective sharing of the costs for damages which corresponds to the legal principles of 'solidarity' and 'compensation' which, since the beginning of the 20. Century, have been a basis to the logic of 'insurance', and the government's policy emphasizing technical precaution and risk prevention. However, the ethical aspect of this notion of 'sharing' also, reveals the refusal of any impunity and shows that the attribution of responsibility is not to be 'diluted' into an anonymous collective entity. Emphasis is put neither on the individual person nor on the authorities as a whore, but rather on the system and positions within the organization. Between the paradigms of guilt and individual error on the one hand and collective solidarity and risk on the other hand, a third possibility may be seen which is systemic responsibility and

  1. Liability for industrial disasters: law and democracy

    International Nuclear Information System (INIS)

    Lalo, A.

    1998-01-01

    Full text of publication follows: a sociological sample survey was carried out with 1200 people living in the industrial area of Le Havre and its surroundings in Normandy where there is the greatest concentration of high risk industrial plants in France. The collected data was interpreted according to the German philosopher J. Habermas's political concept of 'public space' which formalizes the methods of democratic debate between citizens and authorities. The results show, according to the legal history of 'prudence', i.e. cautionary measures, that citizens do not reduce the liability for major technological accidents simply to the individual dimension, be it the fault committed or the error, of the company director as a person, but that they tend to insist on the 'risks' inherent to the complexity of modem production systems and to the dangerousness of the products used such as chemicals, oil or gas. The people questioned prefer the idea of 'shared responsibility'. The economic aspect of this notion of 'sharing' refers to the collective sharing of the costs for damages which corresponds to the legal principles of 'solidarity' and 'compensation' which, since the beginning of the 20. Century, have been a basis to the logic of 'insurance', and the government's policy emphasizing technical precaution and risk prevention. However, the ethical aspect of this notion of 'sharing' also, reveals the refusal of any impunity and shows that the attribution of responsibility is not to be 'diluted' into an anonymous collective entity. Emphasis is put neither on the individual person nor on the authorities as a whore, but rather on the system and positions within the organization. Between the paradigms of guilt and individual error on the one hand and collective solidarity and risk on the other hand, a third possibility may be seen which is systemic responsibility and function. The ethics of responsibility on which the citizens insisted shows the developing notion of 'precaution

  2. Progress towards a global nuclear liability regime

    International Nuclear Information System (INIS)

    2014-01-01

    During its April 2014 meeting, the Steering Committee for Nuclear Energy held a policy debate on 'Progress towards a Global Nuclear Liability Regime'. The Steering Committee heard presentations from several experts on nuclear liability issues. To prepare the delegates to the Steering Committee for the policy debate, the NEA Secretariat prepared a background note on the status of the nuclear liability regimes, as well as on current issues and challenges in implementing the regimes. This article is based on the background note and is intended to provide basic information on the relevant international conventions and an overview of recent developments to enhance the understanding of the legal framework in which policy-makers and practitioners are engaging to respond to the call for broader adherence to the international liability instruments. (authors)

  3. Liability exposure for surgical robotics instructors.

    Science.gov (United States)

    Lee, Yu L; Kilic, Gokhan; Phelps, John Y

    2012-01-01

    Surgical robotics instructors provide an essential service in improving the competency of novice gynecologic surgeons learning robotic surgery and advancing surgical skills on behalf of patients. However, despite best intentions, robotics instructors and the gynecologists who use their services expose themselves to liability. The fear of litigation in the event of a surgical complication may reduce the availability and utility of robotics instructors. A better understanding of the principles of duty of care and the physician-patient relationship, and their potential applicability in a court of law likely will help to dismantle some concerns and uncertainties about liability. This commentary is not meant to discourage current and future surgical instructors but to raise awareness of liability issues among robotics instructors and their students and to recommend certain preventive measures to curb potential liability risks. Published by Elsevier Inc.

  4. A Danish Twin Study of Schizophrenia Liability

    DEFF Research Database (Denmark)

    Kläning, Ulla; Trumbetta, Susan L; Gottesman, Irving I

    2016-01-01

    whether variance in schizophrenia liability attributable to environmental factors may have decreased with successive cohorts exposed to improvements in public health. ICD-10 diagnoses were determined by clinical interview. Although the best-fitting, most parsimonious biometric model of schizophrenia...

  5. Comprehensive Environmental Response, Compensation and Liability Act

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — This data represents geographic terms used within the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA). CERCLA, commonly known as...

  6. Alcohol on Campus and Possible Liability.

    Science.gov (United States)

    Buchanan, E. T.

    1983-01-01

    Reviews laws and court cases relating to alcohol and possible civil and criminal liability. Suggests a number of risk management principles, including knowledge of the law, policies forbidding hazing, fostering alcohol awareness, and discipline. (JAC)

  7. Roadway related tort liability and risk management.

    Science.gov (United States)

    2010-06-01

    This workbook provide government employees background information related to tort liability and risk management. Past experience with lawsuits against government entities are summarized. The reasons for the lawsuits and results are analyzed. The obje...

  8. Failure to adapt infrastructure: is legal liability lurking for infrastructure stakeholders

    International Nuclear Information System (INIS)

    Gherbaz, S.

    2009-01-01

    'Full text:' Very little attention has been paid to potential legal liability for failing to adapt infrastructure to climate change-related risk. Amendments to laws, building codes and standards to take into account the potential impact of climate change on infrastructure assets are still at least some time away. Notwithstanding that amendments are still some time away, there is a real risk to infrastructure stakeholders for failing to adapt. The legal framework in Canada currently permits a court, in the right circumstances, to find certain infrastructure stakeholders legally liable for personal injury and property damage suffered by third parties as a result of climate change effects. This presentation will focus on legal liability of owners (governmental and private sector), engineers, architects and contractors for failing to adapt infrastructure assets to climate change risk. It will answer commonly asked questions such as: Can I avoid liability by complying with existing laws, codes and standards? Do engineers and architects have a duty to warn owners that existing laws, codes and standards do not, in certain circumstances, adequately take into account the impact of climate change-related risks on an infrastructure asset? And do professional liability insurance policies commonly maintained by architects, engineers and other design professionals provide coverage for a design professional's failure to take into account climate change-related risks?. (author)

  9. Impact of hazardous waste risks and liabilities on the contracting process

    International Nuclear Information System (INIS)

    Gleason, G.L.

    1991-01-01

    Hazardous waste risks include the following: (1) An emerging environmental cleanup industry that differs significantly from traditional engineering; (2) The inability to predict and control the subsurface environment; (3) The implementation of new and often untested technologies; (4) The statutory imposition of strict, joint and several, as well as retroactive, liability; (5) The lack of insurance and other risk-transfer mechanisms to protect against losses; (6) Costly and time consuming litigation to determine liability; and (7) Others. The liabilities associated with the risks inherent in hazardous waste cleanup directly impact hazardous waste contracting. Contract negotiations become onerous during discussions of liability, indemnification, and issues surrounding scope of work and other clauses. Other impacts include (1) Defensive engineering; (2) Lack of incentive to implement innovative technologies; (3) Increased costs to cover risks. Required client indemnification is a necessary and responsible risks management practice, regardless of whether the client is a federal or private client. Federal government indemnification authorities, as well as private contract indemnification mechanisms, will be explained and analyzed. Conflict of interest concerns are also of critical importance in the hazardous waste market, particularly due to concerns over the complexity of the litigation surrounding hazardous waste sites and the need to ensure unbiased results. Other examples of hazardous waste risk management impacts on contracting in the following market sectors will also be provided: (1) U.S. Environmental Protection Agency; (2) Department of Defense; (3) Department of Energy; and (4) Private sector contracts

  10. Direct liability of corporations and their personnel under CERCLA

    International Nuclear Information System (INIS)

    Landreth, L.W.

    1991-01-01

    The prevailing liability theory applied to those persons who have caused, through their action or inaction, the release of a hazardous substance is that CERCLA provides a statutory basis for direct personal liability This direct avenue to liability is in conflict with well-settled principles of corporate limited liability. This paper discusses the impact CERCLA has had on the common law concepts of liability for corporations and their members

  11. Insurance: new approach to long-term care

    International Nuclear Information System (INIS)

    Helsing, L.D.

    1981-01-01

    The Environmental Protection Agency (EPA) and the insurance industry may have found a way to finance the closure and post-closure care of waste-management facilities that will be less costly than a traditional trust fund. The new concept insures against a premature closing and provides funds for both closure and post-closure expenses by having the facility owner/operator pay regular premiums to provide closure funds. Liability questions do not come into play, as the policy deals exclusively with the facility's financial reliability. The program under development will attract medium and small firms. Questions about the new plan remain to be addressed during the hearing period

  12. The Investment Strategy of With-Profits Life Insurance Firms

    OpenAIRE

    Jaafar, Karim Chawki

    2008-01-01

    Abstract Within the context of an increasingly fragile life insurance industry, this paper conducts a quantitative investigation on the determinants of investment strategy within with profit life assurers in the UK, a dominant segment within the global industry. Examining a range of possible defining characteristics on investment strategy of such firms including size, financial strength (solvency), proprietary/mutual status, open/closed status and the level of guaranteed liabilities, th...

  13. International P/L Insurance Output, Input, and Productivity Comparisons

    OpenAIRE

    Mary A. Weiss

    1991-01-01

    This research provides (bilateral) divisia and multilateral divisia indexes of output, input, and productivity for the property-liability (P-L) insurance industry for the following countries: United States, West Germany, Switzerland, France, and Japan. The time period studied is 1975 to 1987. The results indicate that considerable diversity exists among different countries, with Japan showing the weakest productivity growth. The United States and West Germany are associated overall with high ...

  14. Perspectives on medical malpractice self-insurance financial reporting.

    Science.gov (United States)

    Frese, Richard C; Kitchen, Patrick J

    2012-11-01

    Financial reporting of medical malpractice self-insurance is evolving. The Financial Accounting Standards Board Accounting Standards Codification Section 954-450-25 provides guidance for accounting and financial reporting for medical malpractice. Discounting of medical malpractice liabilities has been reassessed in recent years. Malpractice litigation reform efforts continue in several states. Accountable care organizations could increase the frequency of medical malpractice claims because of patients' heightened expectations regarding quality of care.

  15. Optimization of the company tax liability

    OpenAIRE

    Jelínková, Blanka

    2010-01-01

    This thesis introduces the tax system of the Czech Republic. The corporate income tax in particular is specified in bigger detail. Its basic structural elements are described with the focus on the transformation of the accountable profit to the tax base. The practical part is divided into chapters, each of which deals with the optimization of the amount of the real tax liability. The content, instruments mentioned and methods for decreasing company tax liability applied suggest this work more...

  16. Asset liability management using stochastic programming

    OpenAIRE

    Pirbhai, M; Mitra, G; Kyriakis, T

    2003-01-01

    This chapter sets out to explain an important financial planning model called asset liability management (ALM); in particular, it discusses why in practice, optimum planning models are used. The ability to build an integrated approach that combines liability models with that of asset allocation decisions has proved to be desirable and more efficient in that it can lead to better ALM decisions. The role of uncertainty and quantification of risk in these planning models is con...

  17. Nuclear liability, nuclear safety, and economic efficiency

    International Nuclear Information System (INIS)

    Wood, W.C.

    1980-01-01

    This dissertation applies the methods of economic analysis to nuclear liability and Price-Anderson. First the legislative history is reviewed; in that history the economic role of liability in affecting safety and allocating risk was virtually ignored. Succeeding chapters reformulate issues from the policy debate and subject them to economic analysis. A persistent issue is whether nuclear utilities respond to their limited liability by allowing a higher probability of serious accident. Comparative-static analysis shows that limited liability does lead to a higher chance of accidents, though the effect may be small. The analysis also shows that safety is achieved in a more capital-intensive manner than is cost-minimizing and that limited liability causes reactor owners to favor more heavily populated sites for plants. Therefore, the siting decision makes potential loss greater even if there is no change in the probability of an accident. Citizens' preferences on nuclear liability are examined next, starting with the nature of coverage that would be just in the sense of contraction theories such as John Rawls' Theory of Justice. Citizens behind Rawls' veil of ignorance, forced to be fair because of their ignorance of whether they will be harmed, unanimously choose a high level of coverage. The just level of coverage is greater than the existing $560 million. Second, the nature of economically efficient liability coverage is determined and contrasted with coverage that would emerge from a democratic system of public choice. Population and expected damage profiles indicate that majorities could easily be formed among groups of citizens expecting to suffer little of the damage of a nuclear accident. Thus, majority voting on liability arrangements is likely to produce an inefficiently low level of coverage

  18. Liability for nuclear damage. An international perspective

    International Nuclear Information System (INIS)

    Lopuski, J.

    1993-01-01

    The book deals with some of the complex issues of liability and compensation for nuclear damage which have been considered in the course of the work of the IAEA concerning the revision of the Vienna Convention on nuclear liability. It presents, in an orderly way, personal reflections of its author based on this experience gathered in years 1989-1992 when participating in this work. Necessarily it contains in some of its parts references to documents of the IAEA Standing Committee on Nuclear Liability; these documents because of their length could not be reproduced. Consequently these parts may be fully intelligible for those who have not participated in or closely followed in Committee's work. The IAEA work on liability for nuclear damage was initiated in the wake of the impact made on the world's public opinion by the Chernobyl incident and its transboundary effects; issues of international state liability and full compensation have been raised. But humanitarian ideas have quickly been confronted with cold calculations of the cost of financial protection for victims and an open unwillingness of some nuclear states the engage their liability; conflict of interests between nuclear and non-nuclear states has been manifested. After three years of discussion no wide consensus could be reached on some basic issues, such as: relationship between international state and civil liability regimes, structures of international legislation, concept of nuclear damage, limits of compensation, role of public funds or jurisdiction. The author presents his approach to these controversial issues, trying to provide at the same time a theoretical outline for the future international legislation on nuclear liability. (author)

  19. New Trends in European Nuclear Liability Law

    International Nuclear Information System (INIS)

    Getz, H.; Steinkemper, M.H.

    1981-10-01

    This paper analyses recent developments in nuclear liability legislation in Europe. The first part deals with the planned revision of the Paris Convention and the Brussels Supplementary Convention; the second part focuses on the reforms envisaged in the field in Switzerland and in the Federal Republic of Germany, in particular concerning unlimited liability. Finally, the author concludes that national reform plans and work at international level are not opposed, but supplementary activities. (NEA) [fr

  20. Implications of European Directives in the Assessment of Insurance Companies

    Directory of Open Access Journals (Sweden)

    Ionel BOSTAN

    2011-03-01

    Full Text Available The objective of this paper is to present a vision in the sphere of the problematic of assets and liabilities’ evaluation that are reflected in the balance sheet of the insurance companies, inside the theory of the contingent claims, and of the marginal theory inside the insurance sphere. Our references take into consideration all the principles and evaluation norms of a company’s liabilities, company operating in the life insurance domain, including the general request introduced by the IFRS. Also, we argument the fact that the making of the new IFRS standards’ frame must take into consideration the accelerated globalization of the trading and the internalization of the financial markets, factors that have made pass onto the first place the necessity of a standardized financial reporting system. Because for so long the evaluating inadequacy of the assets at their fair value and the liabilities at their fair cost has persisted for so long, we underline that we find even in this a vast debate subject between the insurance companies’ representatives and the IASB, especially in the second step of the IFRS4’s implementation in the life insurance contract.

  1. Market valuation in the framework of modern life insurance mathematics

    Directory of Open Access Journals (Sweden)

    Maja Petrač

    2013-12-01

    Full Text Available In the traditional actuarial life insurance mathematics, liabilities to beneficiaries (technical reserves are calculated based on conservative assumptions of mortality and interest rates. However, this approach was found to be incomplete since it does not contain the market component which has become essential due to the development of the financial market. Since about 80% of total liabilities of life insurance companies are made up of technical reserves, this issue has a major impact on the overall performance of insuran - ce companies. The introduction of financial components into the actuarial valuation resulted in actuarial mathematics using more and more the elements of financial mathematics thus creating new, modern life insurance mathematics. Using a simple example, this paper compares the traditional and market approaches to valuation. For this purpose, one of the principles of modern life insurance mathematics, the principle of equivalence, was observed. The above market approach to valuation, together with operational risk management, forms the basis of Solvency II Directive, the new legislative and regulatory framework for insurance and reinsurance companies in the European Union.

  2. BNFL nuclear decommissioning liabilities management program

    International Nuclear Information System (INIS)

    Colquhoun, A.P.

    1995-01-01

    The objective of this paper is to describe BNFL's policy and strategy for decommissioning and also to summarize the overall scope of nuclear liabilities in the wider field of waste retrieval and storage, as well as the dismantling and demolition aspects of decommissioning. BNFL's recently established organisational arrangements for discharging all types of these liabilities are explained, together with a review of practical progress in dealing with them. Organisational changes in recent years have amalgamated decommissioning work with operations covering waste storage and retrieval operations. A strategy of minimising residual activity in shutdown plants is pursued, followed by dismantling and demolition on appropriate time scales to minimise risk and cost. Since April 1995, a new BNFL subsidiary, Nuclear Liabilities Management Company Limited has taken responsibility for discharge of BNFL's Waste Retrieval and Decommissioning liabilities on all BNFL sites. NLM has the objectives of optimal and lowest cost management of liabilities and much clearer segregation of physical operations from project specification and planning. The Ministry of Defense (MoD) policy, strategy, work programmes and progress for the Atomic Weapons Establishment (AWE) are also outlined. MoD/AEA has established an equivalent strategy for dealing with its liabilities. (J.S.). 5 refs., 2 figs., 4 appends

  3. Women's Health Insurance Coverage

    Science.gov (United States)

    ... Women's Health Policy Women’s Health Insurance Coverage Women’s Health Insurance Coverage Published: Oct 31, 2017 Facebook Twitter LinkedIn ... that many women continue to face. Sources of Health Insurance Coverage Employer-Sponsored Insurance: Approximately 57.9 million ...

  4. Alternative health insurance schemes

    DEFF Research Database (Denmark)

    Keiding, Hans; Hansen, Bodil O.

    2002-01-01

    In this paper, we present a simple model of health insurance with asymmetric information, where we compare two alternative ways of organizing the insurance market. Either as a competitive insurance market, where some risks remain uninsured, or as a compulsory scheme, where however, the level...... competitive insurance; this situation turns out to be at least as good as either of the alternatives...

  5. Health Insurance Basics

    Science.gov (United States)

    ... Staying Safe Videos for Educators Search English Español Health Insurance Basics KidsHealth / For Teens / Health Insurance Basics What's ... thought advanced calculus was confusing. What Exactly Is Health Insurance? Health insurance is a plan that people buy ...

  6. Law no. 6.453 of 17th October, 1977 on civil liability for nuclear damage and criminal responsibility for acts relating to nuclear activities, and other provisions

    International Nuclear Information System (INIS)

    1977-01-01

    This Act was published on 17 october 1977. Under the Act the operator of a nuclear installation is exclusively liable regardless of fault for compensation of nuclear damage due to a nuclear incident. This exclusive liability is limited to an amount equal to 1,500,000 Treasury Bonds and the operator must take out the maintain insurance or other financial security to cover his liability. The Federative Government will guarantee, up to the prescribed limit, payment of compensation for nuclear damage where it is acknowledged that the operator's liability is involved. As regards apportionment of compensation, persons are granted priority over property. This Act is original in that it contains provisions on criminal liability with penalties ranging from two to ten years imprisonment

  7. Common Purpose Liability versus Joint Enterprise: A Practical View on the ICC's Hierarchy of Liability Theories

    NARCIS (Netherlands)

    Cupido, M.

    2016-01-01

    On 7 March 2014, Trial Chamber II of the International Criminal Court (ICC) convicted Germain Katanga for war crimes and crimes against humanity. Katanga's conviction is based on the concept of common purpose liability as regulated in Article 25(3)(d) of the Rome Statute. This liability theory

  8. Prescription period in the revised Paris convention and its consequences for insurers

    International Nuclear Information System (INIS)

    Stanislas, A.

    2000-01-01

    Despite the high level of safety and technical improvements achieved in nuclear industry over more than thirty years of operation, the original reasons for which this industry enjoys a special liability regime are still valid. ''The possibility remains that incidents capable of causing considerable damage should occur'' and Common law is still not well adapted to deal with the specific problems in this field. Consequently, whatever the conclusions of the Paris Convention revision exercise in progress at the NEA of the OECD may be, it is likely that the future specific liability regime will still need limits both in amount and in time for insurance purposes at least. While, at present, insurers can cope with a 10-year prescription period in their Nuclear Third Party Liability policies, the possible extension of this period to thirty years for personal injuries would not be acceptable without clear provisions in the Protocol and in National legislation. (author)

  9. 40 CFR 280.97 - Insurance and risk retention group coverage.

    Science.gov (United States)

    2010-07-01

    ... UNDERGROUND STORAGE TANKS (UST) Financial Responsibility § 280.97 Insurance and risk retention group coverage... information and the brackets deleted: (1) Endorsement Name: [name of each covered location] Address: [address... liability, and exclusions of the policy.] I hereby certify that the wording of this instrument is identical...

  10. A U.S. Perspective on Nuclear Liability: A Continuing Impediment to International Trade and Public Protection

    International Nuclear Information System (INIS)

    Brown, O. F.

    2008-01-01

    More than two decades after the 1986 events at Chernobyl demonstrated nuclear power plant accidents can have cross-border consequences, there still is not a unified international legal regime for liability associated with nuclear accidents. This continues to present an impediment to international nuclear trade and protection of the public. Liability potentially associated with international nuclear commerce remains a labyrinth of statutes and treaties not yet interpreted by the courts. Countries with a majority of the world's 439 operating nuclear power plants are not yet parties to any nuclear liability convention in force. The global Vienna Convention on Civil Liability for Nuclear Damage now covers only about 73 operating nuclear power plants; the regional Paris Convention on Third Party Liability in the Field of Nuclear Energy now covers about 126; and, the Joint Protocol that links those two Conventions covers only about 68. The best solution would be for more countries to join the United States (with 104 operating nuclear power plants) in ratifying the Convention on Supplementary Compensation for Nuclear Damage (CSC) adopted by the International Atomic Energy Agency (IAEA) in 1997. As soon as the CSC enters into force, it will cover more nuclear power plants than either the Vienna or Paris Convention. This presentation also provides an update on insurance coverage in the United States for acts of terrorism.(author)

  11. Transfrontier nuclear civil liability without international conventions

    International Nuclear Information System (INIS)

    Dogauchi, M.

    1992-01-01

    Japan is not a contracting party of any international convention in the field of nuclear civil liability, and neither are other east Asian countries who have or will soon have nuclear plants. Therefore, the ordinary rules on private international law will play an important role in dealing with transfrontier nuclear civil liability. Above all, the problems on judicial jurisdiction and governing law are crucial points. With regard to the relations between the above countries and the countries whose legal systems are within the framework of Paris or Vienna Conventions, geographical scopes of these conventions are to be considered. There are two different parts in the international civil liability conventions: uniform civil liability law and mutual funds. As to the first, it is important that, even without the conventions, the basic structure of the nuclear civil liability laws in non-member countries are almost the same with those of members. In any event, considering that the establishment of a single international regime to cover all countries will be hardly possible, legal consequences under the private international law will be explored. (author)

  12. Liability for damage to the global commons

    International Nuclear Information System (INIS)

    Leigh, K.

    1993-01-01

    The 'global commons' discussed in this paper are the areas beyond the limits of national jurisdiction. Responsibility to prevent environmental damage to these areas is clearly recognized in customary international law. On the other hand, although liability for such damage undoubtedly has a useful role to play in protecting these areas, the precise nature of liability for such damage is unclear. Some issues, such as whether liability for such damage is strict or tied to breaching a standard of care and the definition of environmental damage, equally arise in relation to damage to the environment of States. Others, such as who could take action to enforce the liability and the nature of the remedy, raise special problems in the case of damage to the global commons. The work under way in the IAEA Standing Committee on Liability for Nuclear Damage provides an opportunity for clarifying these issues in relation to nuclear damage to the global commons. Treaties dealing with particular types of damage which have recently been adopted or are currently being developed in other fields provide a starting point in dealing with this matter. More work, however, needs to be done

  13. Future financial liabilities of nuclear activities

    International Nuclear Information System (INIS)

    1996-01-01

    This report deals with future financial liabilities arising from nuclear activities, in particular electricity generation. Future financial liabilities are defined as costs which an organisation or company is expected to meet beyond some five years as a consequence of its current and past activities. The study provides a comprehensive picture on policies for recognizing and funding future financial liabilities arising from nuclear activities and their implementation schemes in Nea Member countries. Mechanisms for reporting and funding future financial liabilities are described, analysed and compared. The report offers some findings, conclusions and recommendations for consideration by Member countries. The nuclear activities considered in the report include nuclear research and development, nuclear industry sectors such as uranium mining and milling, conversion and enrichment, nuclear fuel fabrication, nuclear power plant operation and maintenance, and radioisotopes production. Future financial liabilities arising from these activities cover management and disposal of radioactive wastes, reprocessing of spent fuels when applicable and decommissioning of facilities at the end of their life time. 12 refs., 14 figs., 16 tabs

  14. Nuclear Insurance Subsidies Cost from Post-Fukushima Accounting Based on Media Sources

    Directory of Open Access Journals (Sweden)

    John J. Laureto

    2016-12-01

    Full Text Available Quantification of nuclear liability insurance is difficult without arbitrary liability caps; however, post-mortem calculations can be used to calculate insurance costs. This study analyzes the Fukushima (Daiichi nuclear power plant disaster to quantify the cost per unit electricity ($/kWh of nuclear energy from the lifetime of the plant after accounting for the true cost of the liability needed to cover the damages from the nuclear disaster determined from news reports. These costs are then compared to the cost of electricity currently paid by Japanese consumers, and then are aggregated to determine the indirect subsidy for nuclear power providers in both Japan and the USA. The results show that the reported costs of the Fukushima nuclear disaster are $20–525 billion, which results in a real insurance cost from the lifetime of electricity produced at the plants between $0.22–5.78/kWh. These values are far higher than the current insurance costs by Japanese law of $0.01/kWh and even the total costs consumers pay for electricity. Although the spread in the input costs is large and the reported metrics are incomplete, the nuclear insurance subsidy is clearly substantial in Japan and in the USA. Ideally, energy sources should be economically sustainable without the need for a government insurance subsidy. For the electricity market to function effectively and efficiently in all other countries using nuclear power, the insurance costs should be reported accurately and included in nuclear electricity costs without arbitrary government liability caps.

  15. Pricing of the Policy Life in Absence of Default Risk and Asset Liability Management

    OpenAIRE

    Giandomenico, Rossano

    2006-01-01

    The model, by using the option theory, determines the fair value of the life insurance policies in absence of default risk and shows that the fair fixed guaranteed interest-rate is less than the risk free interest rate due to the exchange of options between policyholders and shareholders. Furthermore, it shows that the effective liabilities duration is different from the duration of a default free zero coupon bond with the same time of maturity such that the equity value is immunized by using...

  16. Chernobyl and the international liability regime

    International Nuclear Information System (INIS)

    Brunner, G.; Schmidt, C.

    1986-01-01

    The authors investigate whether Federal German citizens would have any success in claiming compensation for damage as a result of the Chernobyl reactor accident in a Soviet court, and the answer is positive in terms of substantive law. Actions would have to be filed against the AES at Chernobyl to the Chernobyl county court, which would examine the claims according to Soviet (Ukrainian) civil law, and taking into account two aspects of liability, namely strict liability, and liability in tort. However, it would indeed be more realistic to expect that any such action would be dismissed by the court upon the directive of political authorities, as the Soviet Government certainly would have no interest at all to give any foreign citizen the chance to win a case in such a politically significant matter. (orig./HSCH) [de

  17. The Pulse of Liability of Foreignness

    DEFF Research Database (Denmark)

    Kaiser, Ulrich; Sofka, Wolfgang

    companies. Such liabilities of foreignness are persistent in nature. We investigate the causes behind these detrimental effects. We identify two major factors conceptually: a lack of legitimacy in the host country on the demand side and a lack of responsiveness on the side of the multinational corporation......Globalization has provided many companies with new opportunities for growth and efficiency. This requires them to operate successfully across cultural and social borders. These can be stumbling blocks to internationalization and have been found to cause frequent errors and delays for multinational...... that legitimacy is the dominant factor behind the effects of liability of foreignness. As customer experience increases, liability of foreignness caused by a lack of responsiveness becomes more of an issue....

  18. Liability in maritime transport of dangerous goods

    International Nuclear Information System (INIS)

    Feldhaus, H.

    1985-01-01

    The first part contains a description of national liability standards for maritime transport in the French, English, US-American and West German legislation. This is followed up by a detailed review of the existing international agreements. The book is rounded off by a critical evaluation of the presently held discussion and suggested solutions on the problems of liability in the maritime transport of dangerous goods other than mineral oil. The author takes a close look at the 'Entwurf eines Internationalen Uebereinkommens ueber die Haftung und den Schadenersatz bei der Befoerderung schaedlicher und gefaehrlicher Stoffe auf See' ('draft of an international agreement on liability and compensation for damage in maritime transport of noxious and dangerous goods') in the version of May 23, 1983, which was discussed on an international diplomat's conference in London without however, yielding any concrete results. (orig./HP) [de

  19. The safety-incentive theory of liability

    International Nuclear Information System (INIS)

    Marshall, J.M.

    1977-11-01

    The use of liability law to improve incentives for safety is supported by certain recent theoretical results. The main ideas and the key argumants are summarized. Basic weaknesses of the theory are discussed, namely: (1) the simple model of Calabresi does not generalize; (2) the more complex systems of J.P. Brown, P. Diamond, and J. Green require that courts possess a great deal of information and use it to set appropriate standards of due care; (3) in practice safety incentives also depend upon fear of criminal penalties and the sense of social responsibility. The questions whether and when liability rules can significantly affect incentives are addressed. It is concluded that the theory in its present state can hardly serve as a basis for altering liability rules

  20. The Principles Of Liability On Telemedicine Practices

    Directory of Open Access Journals (Sweden)

    Arman Anwar

    2016-09-01

    Full Text Available This research was aimed at analyzing and finding the principle of liability in telemedicine medical practice proportionally.This research is a legal research with the approach of statute approach, conceptual approach and comparative approach, as well as the approach to the case approach. According to Article 24 paragraph (1 of the 1945 Constitution and Article 5 (1 of Act No. 48 of 2009 on Judicial Authority, determine that the judge shall explore, and understand the legal values and sense of justice in society. Thus Article 1367 paragraph (3 BW and Article 46 of Act No. 44 of 2009 on Hospitals in the application must be in the context of the intended. The principle of liability risk in medical practice telemedicine in proportion refers to professional liability among medical practitioners telemedicine. The theoretical legitimacy is based on professional relationships in the delegation of medical action based on the code of ethics, professional standards, and service standards, and standard operating procedures. Consequences on liability does not necessarily have to be based on errors primary physician (primary care physician / PCP or primary nurse as subordinate as mean vicarious liability doctrine. Nomenclature "proportional" in a significant liability risk as the distribution of rights and obligations of professionals in proportion to each party's fault based on the values of equality (equitability, feasibility and appropriateness (fair and reasionableness. Accountability based on the viewpoint of interactive justice according to the values of professional skill, prudence or accuracy, responsibility, and colleague and the desire to do good for the sake of healing patients (doing good.

  1. Global Cities and Liability of Foreignness

    DEFF Research Database (Denmark)

    Wernicke, Georg; Mehlsen, Kristian

    2016-01-01

    In this paper, we combine the concepts of location, liability of foreignness (LoF), and their relation to factors that drive multinational enterprises (MNEs) towards, or away from, global cities. We argue that three interrelated characteristics of global cities - cosmopolitanism, availability...... indicate that MNEs have a stronger propensity to locate in global cities than in metropolitan or peripheral areas, and that these locational choices are affected by institutional distance and industrial characteristics. The results provide empirical support for our argument that locating in a global city...... can reduce the liability of foreignness suffered by MNEs, and that global cities play a central role in the process of globalisation....

  2. Search Engine Liability for Copyright Infringement

    Science.gov (United States)

    Fitzgerald, B.; O'Brien, D.; Fitzgerald, A.

    The chapter provides a broad overview to the topic of search engine liability for copyright infringement. In doing so, the chapter examines some of the key copyright law principles and their application to search engines. The chapter also provides a discussion of some of the most important cases to be decided within the courts of the United States, Australia, China and Europe regarding the liability of search engines for copyright infringement. Finally, the chapter will conclude with some thoughts for reform, including how copyright law can be amended in order to accommodate and realise the great informative power which search engines have to offer society.

  3. DISCIPLINAIRIE LIABILITIES OF THE EUROPEAN PUBLIC SERVANTS

    Directory of Open Access Journals (Sweden)

    Mihaela Tofan

    2009-09-01

    Full Text Available Work discipline is essential for the proper conduct of business within an organization with implications for productivity and efficiency. Disciplinary liability arises as a direct result of breach of service obligations and rules of behaviour. At EU level, disciplinary responsibility of community public servant is governed by the provisions of the Statute of the European Community published in the Official Journal of the European Community no. L 56 March 4, 1968 and amended on numerous occasions. This paper proposes an analysis of concrete conditions which require disciplinary liability of the European public servant, disciplinary sanctions and procedures for implementing them.

  4. Chinese nuclear insurance and Chinese nuclear insurance pool

    International Nuclear Information System (INIS)

    Gong Zhiqi

    2000-01-01

    Chinese Nuclear Insurance Started with Daya Bay Nuclear Power Station, PICC issued the insurance policy. Nuclear insurance cooperation between Chinese and international pool's organizations was set up in 1989. In 1996, the Chinese Nuclear Insurance Pool was prepared. The Chinese Nuclear Insurance Pool was approved by The Chinese Insurance Regulatory Committee in May of 1999. The principal aim is to centralize maximum the insurance capacity for nuclear insurance from local individual insurers and to strengthen the reinsurance relations with international insurance pools so as to provide the high quality insurance service for Chinese nuclear industry. The Member Company of Chinese Nuclear Pool and its roles are introduced in this article

  5. Disability Income Insurance

    OpenAIRE

    Hayhoe, Celia Ray; Smith, Mike, CPF

    2009-01-01

    The purpose of disability income insurance is to partially replace your income if you are unable to work because of sickness or an accident. This guide reviews the types of disability insurance, important terms and concepts and employer provided benefits.

  6. Understanding health insurance plans

    Science.gov (United States)

    ... page: //medlineplus.gov/ency/patientinstructions/000879.htm Understanding health insurance plans To use the sharing features on this ... plan for you and your family. Types of Health Insurance Plans Depending on how you get your health ...

  7. 18 CFR 367.2440 - Account 244, Derivative instrument liabilities.

    Science.gov (United States)

    2010-04-01

    ..., Derivative instrument liabilities. This account must include the change in the fair value of all derivative instrument liabilities not designated as cash flow or fair value hedges. Account 426.5, Other deductions... the fair value of the derivative instrument. ...

  8. motor vehicle lessors' liability for damages to third parties: acomment

    African Journals Online (AJOL)

    eliasn

    of defining the scope of application of the Ethiopian law on liability for damages ... Federal Supreme Court in a recent case has rendered a decision that allows. ♧ .... 3.1 Whether Third Party Practice Exonerates Joint and Several. Liability.

  9. On the optimal environmental liability limit for marine oil transport

    International Nuclear Information System (INIS)

    Di Jin; Kite-Powell, H.L.

    1999-01-01

    Recent changes in the US liability regime for oil pollution damage have intensified a policy debate about environmental liability limits. Economic theory suggests that some type of limit may be needed under certain conditions, and that such a limit should be set so that the marginal social benefit and cost are equal. However, it is unclear how a liability limit may be determined specifically for tanker shipping in US waters. We first examine conditions under which corner solutions (no liability or unlimited liability) are desirable. We then formulate a model to determine a socially optimal liability limit for oil pollution damage in US waters when a non-zero, finite liability limit is desirable. The model captures the tradeoff between less expensive energy supply and more stringent protection of the marine environment. Numerical simulations illustrate the properties of the model and major factors affecting the public policy decision regarding a liability limit. (author)

  10. Harmonization of the Romanian legislation in the field of civil liability for nuclear damages with the international legislation in the field

    International Nuclear Information System (INIS)

    Chiripus, Vlad

    2005-01-01

    The paper is an overview of the Romanian legal provisions in the filed of civil liability for nuclear damages in the last three decades introducing the concept and the evolution of its legal regime towards a total harmonization with the European legislation. Its modernity even from (and in spite of) its communist beginnings in 1947 (Law no. 61 regarding the deployment of nuclear activities in the Romanian Socialist Republic) is emphasized. It focuses on the key laws - Law no. 703/2001 on civil liability for nuclear damages, and Government Decision no. 894/2003 for the approval of the Norms for enforcement of Law no. 703/2001- that currently define the Romanian regime for civil liability for nuclear damages. This encompasses the relevant responsibilities of nuclear operators, the Romanian nuclear damage compensation system, statute of limitation for claims, types of insurance and financial guarantees. These refer civil liability for nuclear damages, limits of nuclear operators' liability, specific requirements regarding the insurance, responsibilities of control and supervision bodies, assessment of nuclear damage. This makes Romania - in terms of legislation - one of the most advanced countries in the field. (author)

  11. The German insurance industry. 1988 yearbook of the Gesamtverband der Deutschen Versicherungswirtschaft e.V

    International Nuclear Information System (INIS)

    1988-01-01

    The annual report presents among other things the figures of the nuclear insurance line. The Association of Nuclear Insurers in the F.R.G., the DKVG, counts 105 member companies in the year 1988, who offer reinsurance protection for West German nuclear power stations up to DM 1.5 billions in the property insurance sector, and up to DM 200 millions in the nuclear liability sector. The inland portfolio of the DKVG' covers 22 nuclear power stations. The expenses to satisfy claims in 1987 amounted to DM 6.5 millions. (DG) [de

  12. Liability-driven investment in longevity risk management

    OpenAIRE

    Helena Aro; Teemu Pennanen

    2013-01-01

    This paper studies optimal investment from the point of view of an investor with longevity-linked liabilities. The relevant optimization problems rarely are analytically tractable, but we are able to show numerically that liability driven investment can significantly outperform common strategies that do not take the liabilities into account. In problems without liabilities the advantage disappears, which suggests that the superiority of the proposed strategies is indeed based on connections b...

  13. 24 CFR 266.602 - Mortgage insurance premium: Insured advances.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Mortgage insurance premium: Insured... Contract Rights and Obligations Mortgage Insurance Premiums § 266.602 Mortgage insurance premium: Insured.... On each anniversary of the initial closing, the HFA shall pay an interim mortgage insurance premium...

  14. Farmers Insures Success

    Science.gov (United States)

    Freifeld, Lorri

    2012-01-01

    Farmers Insurance claims the No. 2 spot on the Training Top 125 with a forward-thinking training strategy linked to its primary mission: FarmersFuture 2020. It's not surprising an insurance company would have an insurance policy for the future. But Farmers takes that strategy one step further, setting its sights on 2020 with a far-reaching plan to…

  15. Focus on the future of nuclear liability law

    International Nuclear Information System (INIS)

    Pelzer, N.

    2000-01-01

    The main nuclear liability principles are examined. Then, aspects newly introduced by the 1997 Convention on Supplementary Compensation and by the new austrian nuclear liability law are studied. Then general deliberations on the extent and the limits of a civil nuclear liability regime are tackled. (N.C.)

  16. 26 CFR 50.5 - Liability for the tax.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 17 2010-04-01 2010-04-01 false Liability for the tax. 50.5 Section 50.5... TAXES (CONTINUED) REGULATIONS RELATING TO THE TAX IMPOSED WITH RESPECT TO CERTAIN HYDRAULIC MINING § 50.5 Liability for the tax. Liability for tax attaches to any person engaged at any time during the...

  17. 43 CFR 29.7 - Imposition of strict liability.

    Science.gov (United States)

    2010-10-01

    ... LIABILITY FUND § 29.7 Imposition of strict liability. (a) Notwithstanding the provisions of any other law... prove that the damages were caused by an act of war or by the negligence of the United States or other... negligence of such damaged party. (c)(1) Strict liability for all claims arising out of any one incident...

  18. 46 CFR 5.69 - Evidence of criminal liability.

    Science.gov (United States)

    2010-10-01

    ... INVESTIGATION REGULATIONS-PERSONNEL ACTION Statement of Policy and Interpretation § 5.69 Evidence of criminal liability. Evidence of criminal liability discovered during an investigation or hearing conducted pursuant... 46 Shipping 1 2010-10-01 2010-10-01 false Evidence of criminal liability. 5.69 Section 5.69...

  19. Spectral decomposition of optimal asset-liability management

    NARCIS (Netherlands)

    Decamps, M.; de Schepper, A.; Goovaerts, M.

    2009-01-01

    This paper concerns optimal asset-liability management when the assets and the liabilities are modeled by means of correlated geometric Brownian motions as suggested in Gerber and Shiu [2003. Geometric Brownian motion models for assets and liabilities: from pension funding to optimal dividends.

  20. 37 CFR 10.78 - Limiting liability to client.

    Science.gov (United States)

    2010-07-01

    ... 37 Patents, Trademarks, and Copyrights 1 2010-07-01 2010-07-01 false Limiting liability to client... Office Code of Professional Responsibility § 10.78 Limiting liability to client. A practitioner shall not attempt to exonerate himself or herself from, or limit his or her liability to, a client for his or her...

  1. New Swiss legislation on nuclear third party liability

    International Nuclear Information System (INIS)

    Fischer, U.

    1981-10-01

    Following a description of the Paris Convention and Brussels Supplementary Convention system for nuclear third party liability and that prevailing until now in Switzerland, the paper reviews the new Swiss nuclear third party liability Bill prepared after a popular consultation. The new provisions are analysed and in particular, that providing for unlimited liability. (NEA) [fr

  2. 77 FR 74121 - Limited Liability Partnerships (LLPs)

    Science.gov (United States)

    2012-12-13

    ... protected against personal liability for corporate obligations. Both forms of business entity may opt for treatment as an association, and consequently for corporate tax treatment, without regard to State law...''). LLPs are created under State law and share certain characteristics with both partnerships and...

  3. 12 CFR 229.38 - Liability.

    Science.gov (United States)

    2010-01-01

    ... affect a paying bank's liability to its customer under the U.C.C. or other law. (b) Paying bank's failure... provision, but not both. (c) Comparative negligence. If a person, including a bank, fails to exercise... person under § 229.38(a) shall be diminished in proportion to the amount of negligence or bad faith...

  4. Institutional Liability for Student Activities and Organizations.

    Science.gov (United States)

    Richmond, Douglas R.

    1990-01-01

    Examines higher education institutional liability in the following areas: (1) in tort, based on negligence, for physical harm to students; (2) in tort, for defamation flowing from student media; and (3) in contract, arising out of student organizations' business relationships with third parties. (222 references) (MLF)

  5. 7 CFR 1209.74 - Personal liability.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 10 2010-01-01 2010-01-01 false Personal liability. 1209.74 Section 1209.74 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (MARKETING..., AND CONSUMER INFORMATION ORDER Mushroom Promotion, Research, and Consumer Information Order...

  6. Directors’ and Officers’ Liability: Economic Analysis

    NARCIS (Netherlands)

    P. C. Leyens (Patrick); M.G. Faure (Michael)

    2017-01-01

    markdownabstractThis paper will be published as a chapter of the forthcoming volume ‘Directors & Officers Liability’ edited by Simon F. Deakin, Helmut Koziol, and Olaf Riss. It explores D&O liability from a law and economics perspective with a view to identify trade-offs of different legal settings.

  7. 42 CFR 424.555 - Payment liability.

    Science.gov (United States)

    2010-10-01

    ... covered items or services furnished to a Medicare beneficiary by a provider or supplier if the billing... Health CENTERS FOR MEDICARE & MEDICAID SERVICES, DEPARTMENT OF HEALTH AND HUMAN SERVICES (CONTINUED... Billing Privileges § 424.555 Payment liability. (a) No payment may be made for otherwise Medicare covered...

  8. Sexual Harassment at Camp: Reducing Liability.

    Science.gov (United States)

    Oakleaf, Linda; Grube, Angela Johnson

    2003-01-01

    Employers are responsible for sexual harassment perpetrated by a supervisor. Camps may be responsible for sexual harassment between campers. Steps to reduce liability include providing multiple channels for reporting sexual harassment; having written policies prohibiting sexual harassment and procedures for reporting it; posting these policies and…

  9. Trends in nuclear third party liability law

    International Nuclear Information System (INIS)

    Avossa, G.

    1992-01-01

    For some ten years now, nuclear third-party liability has been changing at an ever-faster pace, further accelerated by the Chernobyl catastrophe. Some of these changes are discussed in this article. A joint protocol drawn up by the International Atomic Energy Agency (IAEA) and the Nuclear Energy Agency (NEA) mutually extends the benefit of the special third-party liability system regarding nuclear damage instituted by virtue of previous Conventions and settles the conflicts of law likely to result from the simultaneous application of the two international instruments. Within the framework of the IAEA, a review procedure of the Convention of Vienna has been underway since 1989, in which the NEA has taken an integral part. At the outcome of the process underway, not only will the Convention of Vienna be revised, but so, indirectly but very rapidly, will the Conventions of Paris and Brussels. Ultimately, the entire field of nuclear third-party liability will be recast for decades to come. The texts under discussion are as yet nowhere near their final stage but two areas of consideration have already emerged, which will be discussed. Substantial modifications are made in nuclear third-party liability law. Secondly, the indemnification process for nuclear damage will be vastly modified, due to the subsidiary nature of government intervention and new obligations on operators to become members of a Nuclear Operator Pool. (author)

  10. 40 CFR 267.147 - Liability requirements.

    Science.gov (United States)

    2010-07-01

    ... consideration of the guarantee. If the guarantor is a firm with a “substantial business relationship” with the... PERMIT Financial Requirements § 267.147 Liability requirements. (a) Coverage for sudden accidental... facilities, must demonstrate financial responsibility for bodily injury and property damage to third parties...

  11. 31 CFR 210.10 - RDFI liability.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false RDFI liability. 210.10 Section 210.10 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE FEDERAL GOVERNMENT PARTICIPATION IN THE AUTOMATED...

  12. 31 CFR 210.11 - Limited liability.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Limited liability. 210.11 Section 210.11 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE FEDERAL GOVERNMENT PARTICIPATION IN THE AUTOMATED...

  13. [The "specific" liability regime for blood products].

    Science.gov (United States)

    Byk, Christian

    2017-10-13

    Based on the system of liability for defective products as organized by the European Directive of 25 July 1985, responsibility for blood products does not therefore constitute a genuine specific regime. However, European law leaves States a margin of discretion in the implementation of the Directive with regard to health products. This is the case in particular with the exemption for development risk.

  14. Nuclear insurance overview: suggestions for improving the system

    International Nuclear Information System (INIS)

    Boylan, F.X.

    1977-01-01

    Federal District Court Judge James B. McMillan has declared that the Price-Anderson limitation of liability is unconstitutional. The author lays out his personal observations on the subject. He then advances ideas that reflect his personal views regarding what he considers to be the real role of Price-Anderson and NELIA-MAELU for the future (assuming a way is found to overcome the problems associated with Judge McMillan's decision). Price-Anderson is the government indemnity available, and the private insurance companies are Nuclear Energy Liability Insurance Association and Mutual Atomic Energy Liability Underwriters. The author, a former general manager of NELIA, while avoiding a detailed discussion of the new industry retrospective plan, the Hathaway Amendment (the likelihood of a serious nuclear accident) and Judge McMillan's decision, compiled a list of 12 recommendations. His aim is to stimulate new thinking regarding ways to convert a system originally conceived in 1956 into a streamlined program for the 1980s

  15. Nuclear third party liability in Germany

    International Nuclear Information System (INIS)

    Raetzke, Christian

    2016-01-01

    The German system of nuclear third party liability has always been, and arguably still is, the object of considerable interest in the international nuclear law community. This may seem surprising since Germany adheres to the Paris Convention and is therefore a party to a community of 15 states all following the same principles enshrined in this Convention. In fact, when implementing the PC, Germany chose the approach ensuring the most literal adherence to the PC's principles: it adopted the PC in its entirety, thus directly transposing the PC text into binding German law, instead of enacting a national law derived from, but not literally translating, the PC. At the same time, perhaps no other nation has made use of the options, choices and margins offered or abandoned by the PC to the national legislators, or kept in store by way of a reservation at signature of the Convention, in such an extended manner, testing - and as has even been contended in the past: stressing - the boundaries of the PC system. Unlimited liability introduced in 1985, the highest financial security of any PC state (EUR 2.5 billion), unlimited territorial scope combined with the principle of reciprocity and liability of German operators even in the force majeure cases of Article 9 of the PC are probably the most interesting decisions made by Germany in this context, established in the Atomic Energy Act (Atomgesetz). These choices betray a certain tendency of the German government to give the greatest possible benefit to victims, and in parallel to achieve a 'normalisation' of the nuclear liability regime, without stifling the industry. Within the compromise underlying the international nuclear liability regime - enabling the nuclear industry to create and sustain an energy sector highly relevant for national electricity production on the one hand and protecting potential victims on the other - Germany has more and more shifted the balance, as far as practically possible, to the

  16. Public Insurance and Equality

    DEFF Research Database (Denmark)

    Landes, Xavier; Néron, Pierre-Yves

    2015-01-01

    Heath (among other political theorists) considers that the principle of efficiency provides a better normative explanation and justification of public insurance than the egalitarian account. According to this view, the fact that the state is involved in the provision of specific insurance (primarily......Public insurance is commonly assimilated with redistributive tools mobilized by the welfare state in the pursuit of an egalitarian ideal. This view contains some truth, since the result of insurance, at a given moment, is the redistribution of resources from the lucky to unlucky. However, Joseph...... surrounding public insurance as a redistributive tool, advancing the idea that public insurance may be a relational egalitarian tool. It then presents a number of relational arguments in favor of the involvement of the state in the provision of specific forms of insurance, arguments that have been overlooked...

  17. Third Party Liability governing Dangerous and Nuclear Activities

    International Nuclear Information System (INIS)

    Di Martino, Vittorio.

    1979-01-01

    The introductory chapters of this book analyse the concept of fault as a basis for third party liability and the evolution of jurisprudence and doctrine towards the concept of absolute liability. The following part covers the Italian system of liability for hazardous activities. The nuclear third party liability system is then analysed according to existing international conventions and nuclear legislation in several countries. The Appendix contains various legislative and regulatory texts on nuclear third party liability in Italy and in other countries which provide for special legislation in this field. (NEA) [fr

  18. Financing long term liabilities (Germany)

    International Nuclear Information System (INIS)

    2003-01-01

    implementation of the measures will cover a period of 15 to 20 years depending on the site. The necessary expenses are carried by the Federal Government and estimated to amount to about EUR 6.5 billion. In addition the Federal Republic of Germany inherited 6 operating NPPs of soviet design from the former GDR. Comprehensive safety analyses after the German reunification arrived at the conclusion that they did not correspond to Western German safety standards. They had to be shut down in 1990. As the power industry was not prepared to carry the financial risks of backfitting and re-licensing the reactors, the Federal Republic of Germany took over the liabilities. The aim is to finish the decommissioning activities around the year 2012. The total costs for dismantling the plants and storing the resulting waste are estimated to amount to about EUR 3.1 billion

  19. Genetic liability to disability pension in women and men: a prospective population-based twin study.

    Directory of Open Access Journals (Sweden)

    Jurgita Narusyte

    Full Text Available BACKGROUND: Previous studies of risk factors for disability pension (DP have mainly focused on psychosocial, or environmental, factors, while the relative importance of genetic effects has been less studied. Sex differences in biological mechanisms have not been investigated at all. METHODS: The study sample included 46,454 Swedish twins, consisting of 23,227 complete twin pairs, born 1928-1958, who were followed during 1993-2008. Data on DP, including diagnoses, were obtained from the National Social Insurance Agency. Within-pair similarity in liability to DP was assessed by calculating intraclass correlations. Genetic and environmental influences on liability to DP were estimated by applying discrete-time frailty modeling. RESULTS: During follow-up, 7,669 individuals were granted DP (18.8% women and 14.1% men. Intraclass correlations were generally higher in MZ pairs than DZ pairs, while DZ same-sexed pairs were more similar than opposite-sexed pairs. The best-fitting model indicated that genetic factors contributed 49% (95% CI: 39-59 to the variance in DP due to mental diagnoses, 35% (95% CI: 29-41 due to musculoskeletal diagnoses, and 27% (95% CI: 20-33 due to all other diagnoses. In both sexes, genetic effects common to all ages explained one-third, whereas age-specific factors almost two-thirds, of the total variance in liability to DP irrespective of diagnosis. Sex differences in liability to DP were indicated, in that partly different sets of genes were found to operate in women and men, even though the magnitude of genetic variance explained was equal for both sexes. CONCLUSIONS: The findings of the study suggest that genetic effects are important for liability to DP due to different diagnoses. Moreover, genetic contributions to liability to DP tend to differ between women and men, even though the overall relative contribution of genetic influences does not differ by sex. Hence, the pathways leading to DP might differ between women and

  20. Introduction of unlimited liability into the atomic law with special regard to the international nuclear liability conventions

    International Nuclear Information System (INIS)

    Hohlefelder, W.

    1984-01-01

    The paper was read at the international symposium on nuclear liability held in Munich in September 1984 by OECD/NEA and IAEA. It outlines the basic principles of the Paris liability convention and the international development. The author pleads in favour of unlimited liability for hazards on grounds of history, legal policy, legal dogmatics and practice. Moreover he thinks it useful and appropriate because it also improves the protection of the citizens. The same as the federal government the author holds that unlimited liability for hazards is compatible with the maximum damages and the congruity regulations of the Paris and Brussels liability convention. An amendment to the liability convention, though not necessary, would be desirable to make clear that both options - limited and unlimited liability - are open. (HSCH) [de

  1. Planning outstanding reserves in general insurance

    Science.gov (United States)

    Raeva, E.; Pavlov, V.

    2017-10-01

    Each insurance company have to ensure its solvency through presentation of accounts for its own reserves in the start of the year. Usually the task of the actuary is to estimate the state of the company on an annual basis and the expectation of the status of the company for a future period. One of the major problem when calculating the liabilities of the incurred claims, is related to the delay of payments. Object of consideration in the present note are the outstanding claim reserves, which are set aside to cover claims, occurred before the date of the annual account, but still not paid, and related with them expenses. There may be different reasons for the delay of claims settlement. For example, continuation the process of the liquidation of the damage waiting for necessary documents or the presence of controversial cases whose permission takes time, etc. Thus the claims, which determine the outstanding reserves could be divided in the following types: claims, which are reported, but not settled (RBNS); claims, which are incurred but not reported (IBNR); claims, whose case is finished, but it is possible to be reopened. When calculating the reserves for IBNR claims, most widely used is the Chain-ladder method and its modification presented by the Bornhuetter - Ferguson method. For modeling the outstanding claims, the available data should be presented in so called run-off triangle, which underlies in the basis of such methods. The present work provides a review of the algorithm for calculating insurance outstanding claim reserves according to the Chain-ladder method. Using available data for claims related to liability of drivers, registered in Bulgaria an example is constructed to illustrate the methodology of the Chain-Ladder method. Back-testing approach is used for validating the results.

  2. A scoping study on the costs of indoor air quality illnesses:an insurance loss reduction perspective

    Energy Technology Data Exchange (ETDEWEB)

    Chen, Allan; Vine, Edward L.

    1998-08-31

    The incidence of commercial buildings with poor indoor air quality (IAQ), and the frequency of litigation over the effects of poor IAQ is increasing. If so, these increases have ramifications for insurance carriers, which pay for many of the costs of health care and general commercial liability. However, little is known about the actual costs to insurance companies from poor IAQ in buildings. This paper reports on the results of a literature search of buildings-related, business and legal databases, and interviews with insurance and risk management representatives aimed at finding information on the direct costs to the insurance industry of poor building IAQ, as well as the costs of litigation. The literature search and discussions with insurance and risk management professionals reported in this paper turned up little specific information about the costs of IAQ-related problems to insurance companies. However, those discussions and certain articles in the insurance industry press indicate that there is a strong awareness and growing concern over the "silent crisis" of IAQ and its potential to cause large industry losses, and that a few companies are taking steps to address this issue. The source of these losses include both direct costs to insurers from paying health insurance and professional liability claims, as weIl as the cost of litigation. In spite of the lack of data on how IAQ-related health problems affect their business, the insurance industry has taken the anecdotal evidence about their reality seriously enough to alter their policies in ways that have lessened their exposure. We conclude by briefly discussing four activities that need to be addressed in the near future: (1) quantifying IAQ-related insurance costs by sector, (2) educating the insurance industry about the importance of IAQ issues, (3) examining IAQ impacts on the insurance industry in the residential sector, and (4) evaluating the relationship between IAQ improvements and their impact on

  3. Nonlife Insurance Pricing:

    Science.gov (United States)

    Darooneh, Amir H.

    We consider the insurance company as a physical system which is immersed in its environment (the financial market). The insurer company interacts with the market by exchanging the money through the payments for loss claims and receiving the premium. Here, in the equilibrium state, we obtain the premium by using the canonical ensemble theory, and compare it with the Esscher principle, the well-known formula in actuary for premium calculation. We simulate the case of car insurance for quantitative comparison.

  4. Review of the nuclear liability act

    International Nuclear Information System (INIS)

    1990-01-01

    There has always been concern that nuclear materials have the potential to cause injury and property damage. For this reason, nuclear operators have always been required by national regulatory authorities to exercise special precautions in the operation of their facilities. Federal legislation was drafted in Canada as the Nuclear Liability Act in 1970. The Act ensures that funds are available from all operators of nuclear facilities to provide financial compensation to third parties for injuries or damages suffered as a result of a nuclear incident; at the same time the Act provides protection to the operators by limiting their related liability. The Act also protects persons other than operators. The review of the Act has progressed in stages. The first stage was conducted by the staff of the Atomic Energy Control Board and catalogued previously identified difficulties with the Act. The second stage was a preliminary examination of the Act by an Interdepartmental Working Group. 2 figs

  5. Insurance cost of Swedish nuclear power plants

    International Nuclear Information System (INIS)

    Kaellstrand, Aasa.

    1992-01-01

    What happens if a reactor accident occurs? Can victims of a nuclear accident be compensated for losses? The rights of a victim of a nuclear accident to be compensated for losses are governed by international conventions. These conventions make the licensee of a nuclear plant strictly liable. However, the maximum amount of compensation is limited. In Sweden the total liability of the plant-owner is maximized to 1.2 million Swedish Crowns, that is 0.02 oere/kWh. After the accidents of Harrisburg (1979) and Chernobyl (1986), it has become clear that the amounts of the various conventions are not at all sufficient to cover the damages caused by such an accident. In spite of these facts, there are a large number of reliable sources, who think that the insurance costs are negligible in the cost of production. A cost-benefit analysis based on a study performed by Ottinger et al. in 'Environmental costs of electricity' is therefore adopted to derive the costs of the external effects of nuclear plant operation and from releases to the environment during operation. The environmental externality costs of Swedish nuclear power plant operations are in this report estimated to 18.3 oere/kWh. This figure can be compared to the insurance cost, which for the present is 0.02 oere/kWh. The 'real' insurance cost including the external effects is calculated to approximately 1.12 billion Swedish Crowns] That is 900 times larger than the insurance premium, which the licensee of a nuclear plant faces] (au)

  6. Catastrophic risks and insurance

    International Nuclear Information System (INIS)

    Deprimoz, J.

    1988-01-01

    This short communication deals with compensation for nuclear damage and compensation for environmental pollution through industrial activities and compress both systems and their insurance coverage [fr

  7. Prescriptions and Insurance Plans

    Science.gov (United States)

    ... contributed by: familydoctor.org editorial staff Categories: Healthcare Management, Insurance & Bills, Your Health ResourcesTags: brand name, co-pay, drug, formulary, generic, isurance, medicine, ...

  8. Uninsured vs. insured population

    DEFF Research Database (Denmark)

    Andersen, Z. J.; Lin, Chyongchiou J; Chang, Chung-Chou H

    2003-01-01

    analyzed. Approximately 74 percent of uninsured Americans are nonelderly Americans. Among the nonelderly Americans, about 17 percent are uninsured. Our findings show that insurance status varies significantly by region, age, race, gender, marital status, income, education, employment status, and health......This study identified the underlying demographic and socioeconomic factors associated with insurance status among nonelderly Americans (age 19-64), as well as compared health care utilization between insured and uninsured. Data from the Community Tracking Study 1996-1997 Household Survey were...... status. Also, the insured nonelderly Americans were found to have better access to health care than the uninsured nonelderly....

  9. Risiko Likuiditas Bank dan Asset Liabilities Management

    OpenAIRE

    Lesmana, Iwan

    2007-01-01

    Uquidity is of critical importance to companies in the banking services sector. Most failures of financialintermediaries have occured in large part due to insufficient liquidity resulting from adverse circumstances.Goldman Sachs has in piace a comprehensive set of liquidity and funding policies that are intended tomaintain significant flexibility to address specific and broader industry or market liquidity events.In asset liabilities mal1agement or liquidity management, liquidity risk is mana...

  10. Office gossip: a surprising source of liability.

    Science.gov (United States)

    Gregg, Robert E

    2003-01-01

    Rumors and gossip are inevitable ingredients of work life. Within limits, they may have some beneficial functions. Still, practitioners and managers must be aware of the dangers inherent in defamation of character and harassment. This article defines workplace comments and activities that should be avoided and the employer's legal liability when situations get out of hand. It also outlines the manager's responsibilities and lists privacy rights that are codified by state and federal laws.

  11. Liability for international nuclear transport: an overview

    International Nuclear Information System (INIS)

    Brown, O.F.; Horbach, N.

    2000-01-01

    Many elements can bear on liability for nuclear damage during transport. For example, liability may depend upon a number of facts that may be categorized as follows: shipment, origin or destination of the shipment, deviation from the planed route, temporary storage incidental to carriage; content of shipment, type of nuclear material involved, whether its origin is civilian or defence-related; sites of accident, number and type of territories damaged (i.e. potential conventions involved), applicable territorial limits, exclusive economic zone, high seas, etc.; nature of damages, personal injury, property damage, damage to the means of carriage, indirect damage, preventive measures, environmental cleanup or retrieval at seas, res communis, transboundary damages etc.; victims involved, nationality and domiciles of victims; jurisdiction, flag (for ships) or national registration (for aircraft) of the transporting vessel, courts of one or more states may have (or assert) jurisdiction to hear claims, and may have to determine what law to apply to a particular accident; applicable law, the applicability laws and/or international nuclear liability conventions; the extent to which any applicable convention has been implemented or modified by domestic legislation, conflicts with the 1982 Law of the Sea Convention or other applicable international agreements, and finally, also written agreements between installation operators and carriers can define applicable law as well as responsibilities. Harmonizing nuclear liability protection and applying it to additional international shipments would be facilitated by more countries being in treaty relations with each other as soon as possible. Adherence to an international convention by more countries (including China, Russia, the United States, etc.) would promote the open flow of services and advanced technology, and better facilitate international transport. The conventions protect the public, harmonize legislation in the

  12. Contractual medical liability in Portugal and Macao

    Directory of Open Access Journals (Sweden)

    Rui Miguel Prista Patrício Cascão

    2016-09-01

    Full Text Available Liability of healthcare providers can be framed under the theory of contract in the law of Portugal and Macao, to obtain compensation for injury suffered by aggrieved patients, as a result of medical adverse events. However, shortcomings in the law, court practice and literature lead to some uncertainty in adjudication. This article aims at reducing said uncertainty, setting forward a clear-cut adjudication paradigm, while recommending legal reform.

  13. Development of international law concerning nuclear liability

    International Nuclear Information System (INIS)

    Ifflaender, G.; Kantner, G.

    1979-01-01

    A short overview is given of the most important international conventions relating to civil liability for damage to, or loss of, life of persons or property, caused by nuclear incidents during the operation of stationary and non-stationary nuclear installations or transport of nuclear material. In accord with the international provisions, in the German Democratic Republic too, nuclear operators are exclusively liable for such damage unless it has been caused intentionally by the injury party. (author)

  14. Comparative evaluation of civil liability conventions on radioactive and oil pollution and liability under international law

    International Nuclear Information System (INIS)

    Hoche, A.

    1988-01-01

    In the event of transfrontier radioactive pollution or oil pollution, compensation for damage may be sought under two different liability systems: there is the framework of international law of liability of international persons, and there is the liability regime established by international conventions. The latter system has adopted a very friendly attitude towards the claims of a private victim claiming compensation from the private polluter. The book first sets out the basic principles and practice of the two liability systems, also considering the latest developments and current discussions advocating the acknowledgement of the principle of strict and absolute liability in international law. The relationship of the two systems is the major issue of the book, and the Chernobyl reactor accident has made it a particularly topical issue at that. The problems arising in the wake of this accident have shown the need for clarification in this field. The author suggests as a practical approach a strict separation of the two bases of claims, so that parallel or successive procedure on the level of international law or civil law is possible. Finally the problem of avoiding duplication in the payment of compensation is discussed. (orig./HP) [de

  15. Mechanisms of Protection from Interest Rate Risk with Reference to the Life Insurance Market in Montenegro

    Directory of Open Access Journals (Sweden)

    Burić Milijana Novović

    2018-01-01

    Full Text Available Insurance companies are facing major challenges that point to the need for control process and risk management. Risk management in insurance has a direct impact on solvency, economic security, and overall financial stability of insurance companies. It is very important for insurance companies to adequately calculate risks to which they are exposed. Asset liability management (ALM, as an integrated approach to financial management, requires simultaneous decision-making about categories and values of assets and liabilities in order to establish the optimum volume and the ratio of assets and liabilities, with the understanding of complexity of the financial market in which financial institutions operate. ALM focuses on a significant number of risks, whereby the emphasis in this paper will be on interest rate risk which indicates potential losses that may reflect in a lower interest margin, a lower value of assets or both, in terms of changes in interest rates. In the above context, the aim of this paper is to show how to protect from interest rate changes and how these changes influence the insurance market in Montenegro, both from the theoretical and the practical point of view. The authors consider this to be an interesting and very important topic, especially because the life insurance market in Montenegro is underdeveloped and subject to fluctuations. Also, taking into account the fact that Montenegro is a country that has been making serious efforts to join the EU, it is expected that insurance companies in Montenegro will strengthen their financial position in the market even using the ALM traditional techniques, which is shown in this paper.

  16. Minimizing generator liability while disposing hazardous waste

    International Nuclear Information System (INIS)

    Canter, L.W.; Lahlou, M.; Pendurthi, R.P.

    1991-01-01

    Potential liabilities associated with hazardous waste disposal are related to waste properties, disposal practices and the potential threat to people and the environment in case of a pollutant release. Based on various regulations, these liabilities are enforceable and longstanding. A methodology which can help hazardous waste generators select a commercial disposal facility with a relatively low risk of potential liability is described in this paper. The methodology has two parts. The first part has 8 categories encompassing 30 factors common to all facilities, and the second part includes one category dealing with 5 factors on specific wastes and treatment/disposal technologies. This two-part evaluation feature enables the user to adapt the methodology to any type of waste disposal. In determining the scores for the factors used in the evaluation. an unranked paired comparison technique with slight modifications was used to weight the relative importance of the individual factors. In the methodology it is possible for the user to redefine the factors and change the scoring system. To make the methodology more efficient, a user-friendly computer program has been developed; the computer program is written so that desired changes in the methodology can be readily implemented

  17. Environmental liability and the independent contractor

    International Nuclear Information System (INIS)

    Gilmour, B.S.

    1999-01-01

    The provisions of the Environmental Protection and Enhancement Act (EPEA) regarding the relationship between a company and an independent contractor were reviewed. The EPEA was introduced in September 1993 and significantly altered the environmental laws in the province of Alberta. The provisions of the EPEA that apply to the petroleum industry are conservation and reclamation as well as provisions concerning release of substances, contaminated sites and penalties. Companies that pollute may be held liable for reclamation, even if the work was carried out by an independent contractor and despite the fact that the independent contractor is not an employee of the company. Under the current EPEA laws, companies may not be able to effectively shift responsibility for environmental liabilities to independent contractors even where the contractor was negligent. This paper presented suggestions regarding contractor agreements and due diligence to help minimize the risk of liability to companies. The paper also discussed the following two types of liabilities under the EPEA's harmful substances section: (1) the obligation to clean up an affected area, and (2) fines and penalties that may be imposed when an offence is committed

  18. THE UNPREDICTABILITY THEORY AND THE CONTRACTUAL LIABILITY

    Directory of Open Access Journals (Sweden)

    CRISTINA ZAMSA

    2011-04-01

    Full Text Available The purpose of the present study is to establish a relationship between the unpredictability theory and the contractual liability, from both theoretical and practical point of view. Usually, the unpredictability is invoked by way of defense by the debtor, refusing to perform the excessively onerous obligation. However the unpredictability theory shall apply also to the hypothesis of a performed obligation, by way of main action, depending on more factors: the nature of the agreement, investigating the attitude of the party affected by the unpredictability. Observing the conditions and the effects of these two ways of invoking the unpredictability will form the objectives of the present study.The debtor of the excessively onerous, in order to avoid the contractual liability, shall nevertheless perform such obligation, by carrying along some additional costs. If subsequently, the creditor shall refuse to revise the agreement and implicitly, to reimburse the exorbitant costs, the debtor will have to raise the unpredictability by way of action, in order to recover the exorbitant costs in performing the obligation. In such case, the unpredictability is accompanied by another legal issue: the contractual liability of the co-contractor of the party affected by unpredictability.

  19. Accounting and tax implications of the creation and use of technical provisions of commercial insurance companies

    Directory of Open Access Journals (Sweden)

    Jana Gláserová

    2013-01-01

    Full Text Available Entities such as commercial insurance companies are obliged to create technical provisions in order to fulfill their activities. Technical provisions are used to cover liabilities of commercial insurance companies arising from insurance and reinsurance activities. The principal aim of this paper is to determine the impact of the creation and use of technical provisions for some important items of the financial statements, which are liabilities, a balance sheet, profit and an income tax base. A prerequisite to fulfill the objective of the paper is to analyze the accounting legislation for technical provisions in an insurance company. The intention of the presented paper can be divided according to its conception into two parts. The first part of the paper is devoted to methodological aspects in relation to the general definition of the accounting principles and their importance in the accounting of commercial insurance companies. The second part deals with the methodological procedure of the accounting of the creation and use of technical provisions and the specifics of how they are reported in the financial statements of commercial insurers. Conclusions of the paper show contemporary issues in the analyzed area in the context of the financial crisis.

  20. Insuring against Health Shocks: Health Insurance and Household Choices

    OpenAIRE

    Liu, Kai

    2015-01-01

    This paper provides empirical evidence on the role of public health insurance in mitigating adverse outcomes associated with health shocks. Exploiting the rollout of a universal health insurance program in rural China, I find that total household income and consumption are fully insured against health shocks even without access to health insurance. Household labor supply is an important insurance mechanism against health shocks. Access to health insurance helps households to maintain investme...

  1. An overview of the insurance of nuclear power plants

    International Nuclear Information System (INIS)

    Tannion, T.

    2011-01-01

    Insurance is the transfer of financial risk. It is used to offset losses on the happening of a contingent and uncertain event. It is, in effect, the transfer of the financial risk of a loss, from one entity to another, in exchange for the payment of a premium. In the interest of brevity, this paper does not address the issue of civil liabilities applying to the operation of nuclear power plants and arising out of the Paris or Vienna Conventions or any of the protocols thereto. For detailed information on these, please refer to the IAEA or WNA web sites. (Author)

  2. Social health insurance

    CERN Document Server

    International Labour Office. Geneva

    1997-01-01

    This manual provides an overview of social health insurance schemes and looks at the development of health care policies and feasibility issues. It also examines the design of health insurance schemes, health care benefits, financing and costs and considers the operational and strategic information requirements.

  3. Insurance industry guide

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    This is an insurance industry guide for the independent power industry. The directory includes the insurance company's name, address, telephone and FAX numbers and a description of the company's area of expertise, products and services, and limitations. The directory is international in scope. Some of the companies specialize in independent power projects

  4. Marketing in life insurance

    Directory of Open Access Journals (Sweden)

    Njegomir Vladimir

    2006-01-01

    Full Text Available Insurance industry has traditionally been oriented on sale of its products i.e. at the stage which from the aspect of marketing theory can be characterized as sales phase, phase which proceeds the marketing orientation. However, faced with numerous challenges of modern business environment such as globalization, deregulation and sophisticated information technology insurance companies must change their way of doing business. Competition is becoming fierce as insurance companies are faced with competition not only from insurance industry but also from other competitors, such as banks, that are in position to offer product substitutes for life insurance products. In this new environment information about customers and their education are becoming critical factors. Insurance companies must know their customers what influences their demand for life insurance, what is the amount of their income, what is inflation rate, their expenditures on other goods i.e. opportunity costs, etc. Those are factors that force insurance companies to concentrate more on present and potential buyers and their needs and force them to give their best to satisfy those needs in a way that will produce delighted customers.

  5. Organization A Comprehensive System Of Insurance Coverage In The Potential Chemical And Biological Contamination Zone In Regions

    Directory of Open Access Journals (Sweden)

    Nina Vladimirovna Zaytseva

    2014-12-01

    Full Text Available The article provides a scientific rationale for an integrated approach to the provision of insurance coverage in the potential chemical and biological contamination zone. The following modern forms of chemical safety in the Russian Federation were considered: state reserve’s system, target program financing, state social insurance. The separate issue tackles the obligatory civil liability insurance for owners of dangerous objects. For improvement of the existing insurance protection system against emergency situations, risks were analyzed (shared on exogenous and endogenous. Among the exogenous risks including natural and climatic conditions of a region, its geographical arrangement, economic specialization, the seismic and terrorist risks were chosen and approaches to its solution were suggested. In endogenous risks’ group, the special focus is on wear and tear and obsolescence of hazardous chemical and biological object’s fixed assets. In case of high risk of an incident, it is suggested to increase in extent of insurance protection through self-insurance, a mutual insurance in the form of the organization of societies of a mutual insurance or the self-regulating organizations, and also development of voluntary insurance of a civil liability, both the owner of hazardous object, and regions of the Russian Federation and municipalities. The model of insurance coverage in the potential chemical and biological contamination zone is based on a differentiated approach to the danger level of the area. A matrix of adequate forms and types of insurance (required for insurance coverage of the population in the potential chemical and biological contamination zone was constructed. Proposed health risk management toolkit in the potential chemical and biological contamination zone will allow to use financial resources for chemical and biological safety in the regions more efficiently.

  6. Unemployment Insurance and Inequality

    DEFF Research Database (Denmark)

    Larsen, Birthe; Waisman, Gisela

    This paper examines the impact of higher unemployment insurance on the fraction of the work force paying into an unemployment insurance fond, wage differences and therefore inquality and education letting worker initial wealth being important for the decisions and implied values. As usually higher...... educated workers receive a lower fraction of their wages as unemployment insurance, we consider how the impact on labour market performance and wage differences and thereby inequality differ dependent on whether educated or uneducated workers receive higher benefits. The model can help shed light...... on the the puzzle why only some workers, for given educational level, pay into an unemployment insurance fond, the lower wealth mobility than income mobility as well as the relative compressed wage structure in countries with generous social assistance as well as unemployment insurance for low income workers...

  7. Health insurance for "frontaliers"

    CERN Multimedia

    2013-01-01

    The French government has decided that, with effect from 1 June 2014, persons resident in France but working in Switzerland (hereinafter referred to as “frontaliers”) will no longer be entitled to opt for private French health insurance provision as their sole and principal health insurance.   The right of choice, which was granted by the Bilateral Agreement on the Free Movement of Persons between Switzerland and the European Union and which came into force on 1 June 2002, exempts “frontaliers” from the obligation to become a member of Switzerland’s compulsory health insurance scheme (LAMal) if they can prove that they have equivalent coverage in France, provided by either the French social security system (CMU) or a private French insurance provider. As the latter option of private health insurance as an alternative to membership of LAMal will be revoked under the new French legislation that will come into force on 1 June 2014, current “...

  8. Terrorism Risk Insurance: An Overview

    National Research Council Canada - National Science Library

    Webel, Baird

    2005-01-01

    .... Addressing this problem, Congress enacted the Terrorism Risk Insurance Act of 2002 (TRIA) to create a temporary program to share future insured terrorism losses with the property-casualty insurance industry and policyholders...

  9. Disposition of Insurance Allotment Payments

    National Research Council Canada - National Science Library

    Young, Shelton

    2001-01-01

    .... The request was prompted by action taken by the Florida Department of Insurance against two life insurance companies that had received large numbers of insurance allotments from Service members...

  10. Liability for the Payment of Public School Fees

    Directory of Open Access Journals (Sweden)

    M Carnelley

    2011-10-01

    Full Text Available The author highlights some legal issues regarding the liability of parents and other individuals to pay public school fees in the light of recent judicial precedent, specifically Fish Hoek Primary School v GW 2009 JOL 24624 (SCA. The various possible legal bases for the liability for such fees are examined. In this regard the common law duty to maintain as amended by legislation; contractual liability; and the concepts of household necessaries, stipulatio alteri, negotiorum gestio and unjustified enrichment are considered.

  11. Civil liability on nuclear activities; Responsabilidade civil nas atividades nucleares

    Energy Technology Data Exchange (ETDEWEB)

    Bittar, C A

    1983-12-31

    The civil liability theory in the actual context is shown in the first and second part of this thesis, including some considerations about concepts and types of liability in dangerous and not dangerous activities. In the third part, the legal aspects of civil liability for the nuclear activities are analyzed, with a brief description of the history evolution, standard systems, inspection corporation and juridical regulation. (C.G.C.). 239 refs.

  12. Catastrophes and Climate Change. Concerns and Possible Countermeasures of the Insurance Industry

    Energy Technology Data Exchange (ETDEWEB)

    Berz, G.A. [Geoscience Research, Munich Reinsurance Company, D-80791 Munich (Germany)

    1999-07-01

    In the last few decades, the international insurance industry has been confronted with a drastic increase in the scope and frequency of great natural disasters. The trend is primarily attributable to the continuing steady growth of the world population and the increasing concentration of people and economic values in urban areas. An additional factor is the global migration of populations and industries into areas such as coastal regions, which are particularly exposed to natural hazards. The natural hazards themselves, on the other hand, are showing a change for the worse as many atmospheric extremes are strongly influenced by global warming. In addition to the problems the insurance industry has with regard to pricing, capacity and loss reserves, the assessment of insured liabilities, preventive planning and the proper adjustment of catastrophe losses are gaining importance. The present problems will be dramatically aggravated if the greenhouse predictions come true. The changing probability distributions of many processes in the atmosphere will force up the frequency and severity of heat waves, droughts, bush fires, tropical and extratropical cyclones, tornados, hailstorms, floods and storm surges in many parts of the world with serious consequences for all types of property insurance, apart from the consequences of the stratospheric ozone destruction for health and life insurance. Rates will have to be raised and in certain areas insurance cover will only be available after considerable restrictions have been imposed, as for example significant deductibles and low liability or loss limits. In areas of high insurance density the loss potential of individual catastrophes can reach a level at which the national and international insurance industries will run into serious capacity problems. Recent disasters showed the disproportionately high participation of reinsurers in extreme disaster losses and the need for more risk transparency if the insurance industry is

  13. Catastrophes and Climate Change. Concerns and Possible Countermeasures of the Insurance Industry

    International Nuclear Information System (INIS)

    Berz, G.A.

    1999-01-01

    In the last few decades, the international insurance industry has been confronted with a drastic increase in the scope and frequency of great natural disasters. The trend is primarily attributable to the continuing steady growth of the world population and the increasing concentration of people and economic values in urban areas. An additional factor is the global migration of populations and industries into areas such as coastal regions, which are particularly exposed to natural hazards. The natural hazards themselves, on the other hand, are showing a change for the worse as many atmospheric extremes are strongly influenced by global warming. In addition to the problems the insurance industry has with regard to pricing, capacity and loss reserves, the assessment of insured liabilities, preventive planning and the proper adjustment of catastrophe losses are gaining importance. The present problems will be dramatically aggravated if the greenhouse predictions come true. The changing probability distributions of many processes in the atmosphere will force up the frequency and severity of heat waves, droughts, bush fires, tropical and extratropical cyclones, tornados, hailstorms, floods and storm surges in many parts of the world with serious consequences for all types of property insurance, apart from the consequences of the stratospheric ozone destruction for health and life insurance. Rates will have to be raised and in certain areas insurance cover will only be available after considerable restrictions have been imposed, as for example significant deductibles and low liability or loss limits. In areas of high insurance density the loss potential of individual catastrophes can reach a level at which the national and international insurance industries will run into serious capacity problems. Recent disasters showed the disproportionately high participation of reinsurers in extreme disaster losses and the need for more risk transparency if the insurance industry is

  14. Satisfaction of staff of Swiss insurance companies with medical appraisals: a cross sectional study

    Directory of Open Access Journals (Sweden)

    Gyr Niklaus

    2011-03-01

    Full Text Available Abstract Background A high quality of timely delivered medical appraisals is crucial for social and other insurances to judge possible occupational reintegration measures for patients with medical conditions who are in danger to lose their job. However, little is known about the satisfaction of staff of insurance companies with medical appraisals that they have commissioned. Our questionnaire survey prospectively included all medical appraisals arriving at Swiss insurances from FEB to APR 2008. We assessed the satisfaction of the commissioner with medical appraisals performed by medical assessors. In addition, we evaluated the contribution of several factors to overall satisfaction. The unit of sample was the medical appraisal. Findings We analysed 3165 medical appraisals, 2444 (77% of them from the public disability insurance, 678 (22% from private accident, liability and loss of income insurances and 43 (1% from other insurances. Overall satisfaction of staff of insurance companies in Switzerland was high, but satisfaction of the disability insurance with appraisals was generally lower compared to satisfaction of private insurances. The staff of the disability insurance judged time for preparation as too long in 30%. For staff of private insurance companies 20% of appraisals were not "worth its price". Well-grounded and comprehensible conclusions were the single most important factor for high overall satisfaction (OR 10.1; 95%-CI: 1.1-89.3. Conclusions From the viewpoint of staff of insurance companies, a relevant part of medical appraisals arrives too late. Medical assessors have to take the specific needs of insurances into account, to perform more appraisals with sound conclusions in due time.

  15. Insurance: Accounting, Regulation, Actuarial Science

    OpenAIRE

    Alain Tosetti; Thomas Behar; Michel Fromenteau; Stéphane Ménart

    2001-01-01

    We shall be examining the following topics: (i) basic frameworks for accounting and for statutory insurance rules; and (ii) actuarial principles of insurance; for both life and nonlife (i.e. casualty and property) insurance.Section 1 introduces insurance terminology, regarding what an operation must include in order to be an insurance operation (the legal, statistical, financial or economic aspects), and introduces the accounting and regulation frameworks and the two actuarial models of insur...

  16. Risk Management in Insurance Companies

    OpenAIRE

    Yang, Xufeng

    2006-01-01

    Insurance is the uncertain business in uncertain society. Today, insures face more complex and difficult risks. Efficient risk management mechanisms are essential for the insurers. The paper is set out initially to explore UK insurance companies risk management and risk disclosure by examining companies annual report after all the listed insurance companies are required to disclose risk information in their annual report, which seeks to reflect the recent development in UK insurance companies...

  17. Nuclear operators' third party liability amounts and financial security limits (Last updated: December 2017)

    International Nuclear Information System (INIS)

    2017-12-01

    This table aims to gather information on the amounts available to compensate potential victims of a nuclear incident in countries and economies having nuclear power plants and/or having ratified at least one of the international conventions on nuclear third party liability. In the table: Public funds correspond to the amounts provided from public funds beyond the Operator's Liability Amount to be made available by the States parties to the BSC or CSC according to such conventions, or by any public authority pursuant to applicable laws and regulations. International funds correspond to public funds contributed jointly by all the States parties to the BSC or CSC according to a pre-determined formula provided in the respective conventions. The amount provided in the table corresponds to the total amount of the international funds calculated the day the table was updated. For the CSC international fund, an on-line calculator is available at https://ola.iaea.org/ola/CSCND/index.html Under Article V, subparagraph 1 of the Vienna Convention, 'The liability of the operator may be limited by the Installation State to not less than US $5 million for any one nuclear incident'. Subparagraph 3 of the same article further provides that 'The United States dollar referred to in this Convention is a unit of account equivalent to the value of the United States dollar in terms of gold on 29 April 1963, that is to say US $35 per one troy ounce of fine gold'. Therefore, in this table (1963: USD 5 million) means that a country applies the Operator's Liability Amount as provided under the Vienna Convention. With regard to the BSC, in 1992 the OECD Council issued a recommendation [C(92)166/FINAL] that the contracting parties to the BSC shall not invoke Article 3 (b)(i) of the BSC in cases where the amount of the insurance or other financial security of the operator is higher than SDR 175 million per incident (i.e. public funds tier) of the BSC. As a

  18. Exposing government response action contractors to environmental tort liability

    International Nuclear Information System (INIS)

    Roy, M.J.

    1991-01-01

    Government contractors, particularly those involved with hazardous waste response action activities, are encountering increased risks for environmental tort liabilities. Contracts often include tasks and work assignments requiring the management of industrial, chemical, nuclear or mining wastes, spent fuels, munitions or other toxic substances. Contractors exposure to liability for damages results directly from the environmental laws and regulations pursuant to which the Government has contracted them to respond. Additionally, contractors may be exposed to common law liability under such dogmas as nuisance, trespass and strict liability in tort

  19. Vicarious liability and criminal prosecutions for regulatory offences.

    Science.gov (United States)

    Freckelton, Ian

    2006-08-01

    The parameters of vicarious liability of corporations for the conduct of their employees, especially in the context of provisions that criminalise breaches of regulatory provisions, are complex. The decision of Bell J in ABC Developmental Learning Centres Pty Ltd v Wallace [2006] VSC 171 raises starkly the potential unfairness of an approach which converts criminal liability of corporations too readily into absolute liability, irrespective of the absence of any form of proven culpability. The author queries whether fault should not be brought back in some form to constitute a determinant of criminal liability for corporations.

  20. Unlimited - nuclear liabilities in the Federal Republic of Germany

    International Nuclear Information System (INIS)

    Arendt, W.

    1986-01-01

    Unlimited nuclear liabilities as in force in the Federal Republic of Germany go beyond the international rules of the Paris liability agreement. The unlimited liability mainly roots in the positive operational experiences and safety balance of the 20 nuclear power plants which meanwhile are in operation in the Federal Republic of Germany. Nuclear liabilities must not be confounded with scepticism as to the utilization of nuclear power. Extraordinary requirements of that kind should rather be reflecting responsibility and clear ideas and notions of the advantages and risks of nuclear energy. (HSCH) [de

  1. Due diligence duties for an environmental liability

    International Nuclear Information System (INIS)

    Huebsch, M.

    2000-04-01

    Jurisdiction turned out well to create a basic ruling for due diligence duties. These due diligence duties are high standards for the law of torts (outside of contracts) within the Austrian civil law and represent a liability-extension for the holder of the source of danger. They establish an action for injunction in particular for preventing (further) damages. Therewith due diligence duties get a general sense in the range of a civil law for environmental liability. The responsible holder of a danger zone will therefore influence his way of acting to protect potential victims and the environment. The burden of proof is on the plaintiff (victims) under the Civil Code. Victims have specific sources of danger including high endangering special facilities in their argumentation with the so-called prima-facie-proof or first-appearance-proof. A turning back of the presentation of evidence to the polluter is wrong. The polluter himself has a continuing liability for dangerous activities and his clerks in the case of an extremely high danger of damage. All due diligence duties can be arranged in three areas: in information-, danger-avoidance- and danger-prevention-duties. The determination of range and essence of the duties has to be adjusted to each individual case. The range of the specific danger area is the essential link. The intensity of due diligence duties is increasing with the size of danger in the way of a movable system depending on the protected interest. Due diligence duties have to be kept within reasonable limits with two criterions: necessarity and demand. Proportionality of actions is a third criterion to avoid exaggeration of due diligence duties to obtain an effective protection for victims including the environment. (author)

  2. The limited liability company in Romania versus the limited liability company in the Republic of Moldova

    Directory of Open Access Journals (Sweden)

    Silvia Lucia CRISTEA

    2013-06-01

    Full Text Available The article presents parallel legislation in Romania and Republic of Moldova, in the matter of Limited Liability Company (LLC Ltd, aiming to extract similarities and differences to draw reliable conclusions regarding the advantages of setting up this type of company in the two countries.

  3. Negligent Liability Issues Involving Colleges and Students: Does an Ethic of Caring Heighten Institutional Liability?

    Science.gov (United States)

    Beckham, Joseph; Pearson, Douglas

    This paper--part of a collection of 54 papers from the 48th annual conference of the Education Law Association held in November 2002--addresses the question of how and to what extent institutions of higher learning could be held liable for negligence involving students. The paper is, mainly, a review of recent case law related to the liability of…

  4. The limited liability company in Romania versus the limited liability company in the Republic of Moldova

    OpenAIRE

    Silvia Cristea; Nicoleta Cristina Ifrim

    2013-01-01

    The article presents parallel legislation in Romania and Republic of Moldova, in the matter of Limited Liability Company (LLC) Ltd, aiming to extract similarities and differences to draw reliable conclusions regarding the advantages of setting up this type of company in the two countries.

  5. [Beginners' operations and medical specialist standards : Avoidance of criminal liability and civil liability].

    Science.gov (United States)

    Schneider, H

    2018-05-16

    In all phases, patients are entitled to receive medical treatment according to medical specialist standards. This does not mean that patients necessarily have to be treated by a medical specialist. Operations performed by "beginners", e. g. assistant physicians, are permitted. However, there are increased liability risks, both for the specialist and the assistant physician. Furthermore, there are risks of criminal responsibility for causing bodily harm by negligence or negligent manslaughter. This article portrays the requirements of civil liability and criminal responsibility concerning beginners' operations on the basis of cases and judgments of the Federal Court and the Higher Regional Courts in Germany. Additionally, the reception of the jurisprudence by the relevant legal literature will be discussed. Jurisprudence and legal literature categorize breaches of duty of care. Assistant physicians can be subject to contributory negligence liabilities, while specialists can bear liabilities for negligent selection, organization or supervision. Responsible specialist and assistant physicians can protect themselves (and the patient) and avoid legal risks by only performing operations adequate to their educational level or by delegating operations to beginners and ensuring intervention by a specialist by supervision of the operation which is suitable to the assistant physician's level of education.

  6. Who pays the bill: insuring against the risks from low level nuclear waste disposal

    International Nuclear Information System (INIS)

    Cohen, L.

    1981-01-01

    Long-range financial liability for low-level waste (LLW) activities is not currently assured. Part of the problem with finding an acceptable solution to liability has been a tendency to lump all long-term financial commitments, both risky and anticipated, together. It is suggested that only risks arising from unforeseen technical problems require special federal policies. Other long-term costs are more efficiently handled by traditional private insurance. Special policies are needed, however, for the unforeseen risks. The analysis concludes that state insurance of operators with federal reinsurance may be the most reasonable concept. Reinsurance levels should be set to balance federal information requirements, relative control of the three main parties over outcomes, and solvency requirements

  7. Management of nuclear liabilities in Germany

    International Nuclear Information System (INIS)

    Roser, T.

    1995-01-01

    The management of nuclear liabilities in the Federal Republic of Germany is explored in this article. The intermediate storage and final disposal of spent fuels from the country's twenty nuclear power stations is discussed. Flexible solutions to the changing problems of nuclear fuel cycle economics are needed. Financing the back end of the nuclear power station lifetimes is currently underfunded. Monies should be accumulated during the plant's active life. The political, technical, legal and economic aspects of the nuclear industry must also be included. (UK)

  8. The international nuclear liability and compensation regime put to the test of a nuclear accident

    International Nuclear Information System (INIS)

    Reyners, P.; Tetley, M.

    2003-01-01

    Full text: It appears that nuclear emergency plans place generally more emphasis on the nuclear safety and radiation protection aspects of the management of an accident, both inside the installation concerned and off-site, than on the particular requirements of local residents who would find themselves suddenly in such an emergency situation and of possible victims of nuclear damage. In a similar vein, studies focusing on the international nuclear third party liability regime usually take a global perspective and leave little room for the treatment of individual cases. The albeit welcome dearth of practical experience in Western countries in providing compensation for accidents of nuclear origin has, however, meant that public and local authorities are not always fully conscious of the importance of this question which should be dealt with in as practical a manner as possible. In order to cover all the legal and practical questions that could arise during the management of the consequences of a nuclear accident with regard to third party liability, insurance and compensation, the OECD/NEA held in co-operation with French authorities a workshop in November 2001. It was decided to organize this workshop according to three main stages: the alert phase, the accident phase and the post-accident phase; and to examine during these three stages the various roles played by local and national authorities, the nuclear operator and his insurer, as well as the nature and form of their respective actions. These questions were addressed both from the angle of applicable domestic legislation and of the relevant international conventions. From the analysis of different national experiences and of the information exchanged during the workshop, a striking diversity may be noted of solutions adopted or envisaged to address various aspects of civil liability, insurance and indemnification of damage in a nuclear emergency situation. This lack of uniformity should not necessarily be

  9. Health insurance basic actuarial models

    CERN Document Server

    Pitacco, Ermanno

    2014-01-01

    Health Insurance aims at filling a gap in actuarial literature, attempting to solve the frequent misunderstanding in regards to both the purpose and the contents of health insurance products (and ‘protection products’, more generally) on the one hand, and the relevant actuarial structures on the other. In order to cover the basic principles regarding health insurance techniques, the first few chapters in this book are mainly devoted to the need for health insurance and a description of insurance products in this area (sickness insurance, accident insurance, critical illness covers, income protection, long-term care insurance, health-related benefits as riders to life insurance policies). An introduction to general actuarial and risk-management issues follows. Basic actuarial models are presented for sickness insurance and income protection (i.e. disability annuities). Several numerical examples help the reader understand the main features of pricing and reserving in the health insurance area. A short int...

  10. Insurability of Terrorism Risks

    International Nuclear Information System (INIS)

    Harbruecker, D.

    2006-01-01

    Until 2001 losses caused by terrorist attacks have been covered under fire policies worldwide with two exceptions: Spain and UK where major and multiple losses caused by ETA and IRA had led to specific insurance solutions. The September 11, 2001 attacks on the World Trade Centre have changed the world in many aspects. This includes the insurance industry, which was compelled to exclude terrorism from coverage and to offer special solutions for extra premium. Nuclear power plants have been repeatedly called targets for terrorists as their destruction could cause a large catastrophe and more victims than the September 2001 attacks. How does the insurance industry respond? (author)

  11. Measurement Issues of Financial Placement and Technical Provisions of Czech Insurance Companies

    OpenAIRE

    Bokšová, Jiřina

    2011-01-01

    Measurement represents one of the most important methodological elements of accounting because it affects the overall informative ability of financial statements. The chosen method of valuation affects not only the amount of assets and liabilities, but the size of costs and revenues of the entity as well; therefore it has a major impact on profit and solvency of insurance companies. Each accounting regulation – whether at national or supranational level – includes relatively thorough provisio...

  12. Insuring against health shocks: Health insurance and household choices.

    Science.gov (United States)

    Liu, Kai

    2016-03-01

    This paper provides empirical evidence on the role of public health insurance in mitigating adverse outcomes associated with health shocks. Exploiting the rollout of a universal health insurance program in rural China, I find that total household income and consumption are fully insured against health shocks even without access to health insurance. Household labor supply is an important insurance mechanism against health shocks. Access to health insurance helps households to maintain investment in children's human capital during negative health shocks, which suggests that one benefit of health insurance could arise from reducing the use of costly smoothing mechanisms. Copyright © 2016 Elsevier B.V. All rights reserved.

  13. Optimum amount of an insurance sum in life insurance

    Directory of Open Access Journals (Sweden)

    Janez Balkovec

    2001-01-01

    Full Text Available Personal insurance represents one of the sources of personal social security as a category of personal property. How to get a proper life insurance is a frequently asked question. When insuring material objects (car, house..., the problem is usually not in the amount of the taken insurance. With life insurance (abstract goods, problems as such occur. In this paper, we wish to present a model that, according to the financial situation and the anticipated future, makes it possible to calculate the optimum insurance sum in life insurance.

  14. Managing environmental liabilities at manufactured gas sites

    International Nuclear Information System (INIS)

    Koch, G.S.; Ammann, P.R.; Kolbe, A.L.

    1994-01-01

    Many gas and electric utilities have inherited environmental liabilities from some of the more than 1,500 former manufactured gas plants (MGPs) which supplied a major source of energy in the US from the early 1800s to the mid 1900s. Common materials found at these sites include coal and oil tars, tar/water emulsions, sludges, spent oxides (including cyanide compounds), lampblack, ash, and clinker. There are several issues related to the cleanup of these former MGP sites that benefit from strategic management. First, utilities faced with near-term decisions can carefully analyze and document the value and impact of alternative strategies under various uncontrollable ''future states of the world'', expanding the analysis to review the more global, long-term impacts of near-term decisions, while at the same time creating the necessary documentation in case prudence becomes an issue in the future. Second, throughout the site assessment and remedial process, utilities can employ decision analytic tools to map out possible remediation, cost recovery, and litigation strategies as well as their potential costs, thus providing early information to focus management attention and expenditures on areas with the highest benefit. Third, in many states, utilities are and will be involved in rate hearings concerning the recovery of environmental costs, requiring attention to questions concerning who should pay--the ratepayer or the shareholder. This paper describes analytical tools and economic arguments that have been sued by several utilities to address management of these environmental liabilities

  15. Group life insurance

    CERN Multimedia

    2013-01-01

    The CERN Administration wishes to inform staff members and fellows having taken out optional life insurance under the group contract signed by CERN that the following changes to the rules and regulations entered into force on 1 January 2013:   The maximum age for an active member has been extended from 65 to 67 years. The beneficiary clause now allows insured persons to designate one or more persons of their choice to be their beneficiary(-ies), either at the time of taking out the insurance or at a later date, in which case the membership/modification form must be updated accordingly. Beneficiaries must be clearly identified (name, first name, date of birth, address).   The membership/modification form is available on the FP website: http://fp.web.cern.ch/helvetia-life-insurance For further information, please contact: Valentina Clavel (Tel. 73904) Peggy Pithioud (Tel. 72736)

  16. Vaccines as Epidemic Insurance.

    Science.gov (United States)

    Pauly, Mark V

    2017-10-27

    This paper explores the relationship between the research for and development of vaccines against global pandemics and insurance. It shows that development in advance of pandemics of a portfolio of effective and government-approved vaccines does have some insurance properties: it requires incurring costs that are certain (the costs of discovering, developing, and testing vaccines) in return for protection against large losses (if a pandemic treatable with one of the vaccines occurs) but also with the possibility of no benefit (from a vaccine against a disease that never reaches the pandemic stage). It then argues that insurance against the latter event might usefully be offered to organizations developing vaccines, and explores the benefits of insurance payments to or on behalf of countries who suffer from unpredictable pandemics. These ideas are then related to recent government, industry, and philanthropic efforts to develop better policies to make vaccines against pandemics available on a timely basis.

  17. Vaccines as Epidemic Insurance

    Directory of Open Access Journals (Sweden)

    Mark V. Pauly

    2017-10-01

    Full Text Available This paper explores the relationship between the research for and development of vaccines against global pandemics and insurance. It shows that development in advance of pandemics of a portfolio of effective and government-approved vaccines does have some insurance properties: it requires incurring costs that are certain (the costs of discovering, developing, and testing vaccines in return for protection against large losses (if a pandemic treatable with one of the vaccines occurs but also with the possibility of no benefit (from a vaccine against a disease that never reaches the pandemic stage. It then argues that insurance against the latter event might usefully be offered to organizations developing vaccines, and explores the benefits of insurance payments to or on behalf of countries who suffer from unpredictable pandemics. These ideas are then related to recent government, industry, and philanthropic efforts to develop better policies to make vaccines against pandemics available on a timely basis.

  18. M. Nuclear insurance

    International Nuclear Information System (INIS)

    1976-01-01

    Nuclear insurance and some of the features associated with it, such as the International Conventions and the operation of Atomic Risk Pools, are discussed both in general and with specific reference to the USA, Canada and the United Kingdom

  19. Building and Contents Insurance.

    Science.gov (United States)

    Freese, William C.

    Insurance coverage of school buildings and contents is becoming increasingly difficult to obtain, and increases of 50 percent or more in the premium are not uncommon. Methods of reducing premium increases are outlined in this speech. (MLF)

  20. HUD Insured Hospitals

    Data.gov (United States)

    Department of Housing and Urban Development — The Office of Healthcare Programs (OHP), previously known as the Office of Insured Health Care Facilities, is located within the Office of Housing and administers...

  1. Deductibles in health insurance

    Science.gov (United States)

    Dimitriyadis, I.; Öney, Ü. N.

    2009-11-01

    This study is an extension to a simulation study that has been developed to determine ruin probabilities in health insurance. The study concentrates on inpatient and outpatient benefits for customers of varying age bands. Loss distributions are modelled through the Allianz tool pack for different classes of insureds. Premiums at different levels of deductibles are derived in the simulation and ruin probabilities are computed assuming a linear loading on the premium. The increase in the probability of ruin at high levels of the deductible clearly shows the insufficiency of proportional loading in deductible premiums. The PH-transform pricing rule developed by Wang is analyzed as an alternative pricing rule. A simple case, where an insured is assumed to be an exponential utility decision maker while the insurer's pricing rule is a PH-transform is also treated.

  2. 7 CFR 1767.19 - Liabilities and other credits.

    Science.gov (United States)

    2010-01-01

    ... this section shall be used by all RUS borrowers. Liabilities and Other Credits Margins and Equities... Income Taxes—Other Liabilities and Other Credits Margins and Equities 200Memberships A. This account... conformance with the bylaws of the cooperative. 219Other Margins and Equities A. This account shall include...

  3. 33 CFR 153.405 - Liability to the pollution fund.

    Science.gov (United States)

    2010-07-01

    ... 33 Navigation and Navigable Waters 2 2010-07-01 2010-07-01 false Liability to the pollution fund... (CONTINUED) POLLUTION CONTROL OF POLLUTION BY OIL AND HAZARDOUS SUBSTANCES, DISCHARGE REMOVAL Administration of the Pollution Fund § 153.405 Liability to the pollution fund. The owner or operator of the vessel...

  4. Torts Liability for Strike Action and Third Party Rights.

    Science.gov (United States)

    Raday, Frances

    1979-01-01

    Studies the nature of the torts liability incurred in strikes and the extent of existing immunities bestowed on strikers and their organizers, and explores the principles that should govern liability and immunity. Available from Israel Law Review Association, c/o Faculty of Law, Hebrew University of Jerusalem, Mount Scopus, P.O.B. 24100, Jerusalem…

  5. Liability for Unknown Risks: A Law and Economics Perspective

    NARCIS (Netherlands)

    M.G. Faure (Michael); L.T. Visscher (Louis); F. Weber (Franziska)

    2017-01-01

    textabstractIn the law and economics literature liability is generally regarded as an instrument which provides potential tortfeasors with incentives for optimal care taking. The question, however, arises whether liability can still provide those incentives when risks are unknown. That is the

  6. 17 CFR 256.242 - Miscellaneous current and accrued liabilities.

    Science.gov (United States)

    2010-04-01

    ... COMMISSION (CONTINUED) UNIFORM SYSTEM OF ACCOUNTS FOR MUTUAL SERVICE COMPANIES AND SUBSIDIARY SERVICE COMPANIES, PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 7. Current and Accrued Liabilities § 256.242... as to show the nature of each liability included herein. 8. deferred credits ...

  7. Optimal Joint Liability Lending and with Costly Peer Monitoring

    NARCIS (Netherlands)

    Carli, Francesco; Uras, R.B.

    2014-01-01

    This paper characterizes an optimal group loan contract with costly peer monitoring. Using a fairly standard moral hazard framework, we show that the optimal group lending contract could exhibit a joint-liability scheme. However, optimality of joint-liability requires the involvement of a group

  8. 29 CFR 4043.32 - Transfer of benefit liabilities.

    Science.gov (United States)

    2010-07-01

    ... the value of the assets being transferred— (i) Equals the present value of the accrued benefits... actuarial assumptions used in determining the value of benefit liabilities (and, if appropriate, the value... 29 Labor 9 2010-07-01 2010-07-01 false Transfer of benefit liabilities. 4043.32 Section 4043.32...

  9. 27 CFR 479.31 - Liability for tax.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 3 2010-04-01 2010-04-01 false Liability for tax. 479.31... OTHER FIREARMS Special (Occupational) Taxes § 479.31 Liability for tax. (a) General. Every person who... United States shall pay a special (occupational) tax at a rate specified by § 479.32. The tax shall be...

  10. 75 FR 1735 - Section 3504 Agent Employment Tax Liability

    Science.gov (United States)

    2010-01-13

    ... Section 3504 Agent Employment Tax Liability AGENCY: Internal Revenue Service (IRS), Treasury. ACTION... employment tax liability of agents authorized by the Secretary under section 3504 of the Internal Revenue Code (Code) to perform acts required of employers with respect to taxes under the Federal Unemployment...

  11. 7 CFR 760.113 - Refunds; joint and several liability.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 7 2010-01-01 2010-01-01 false Refunds; joint and several liability. 760.113 Section... Agricultural Disaster Assistance Programs § 760.113 Refunds; joint and several liability. (a) In the event that... provided that interest will in all cases run from the date of the original disbursement. (b) All persons...

  12. Product Liability: A Neo-Austrian Based Perspective

    NARCIS (Netherlands)

    Folmer, H.; Heijman, W.J.M.; Leen, A.R.

    2002-01-01

    The paper is an exercise in a neo-Austrian based economic analysis of product liability. After a short historical introduction, we take two of the basic premises of Austrian economic thought and see which system of product liability results. If costs are subjective and entrepreneurship is the

  13. Risk management and liability for environmental harm caused by ...

    African Journals Online (AJOL)

    This calls for the existence of a liability regime that will place some legal responsibility on the party responsible for the harm. This paper assesses the South African regulatory framework of relevance to GMOs, which is composed of a fragmented set of laws that deals with risk assessment, risk management and liability for ...

  14. 31 CFR 315.56 - General instructions and liability.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false General instructions and liability. 315.56 Section 315.56 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued... and, where one is available, a corporate stamp or issuing or paying agent's stamp. (b) Liability. The...

  15. 42 CFR 455.202 - Limitation on contractor liability.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 4 2010-10-01 2010-10-01 false Limitation on contractor liability. 455.202 Section... § 455.202 Limitation on contractor liability. (a) A program contractor, a person, or an entity employed... contractor will not be held to have violated any criminal law and will not be held liable in any civil action...

  16. 31 CFR 321.15 - Liability for losses.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Liability for losses. 321.15 Section... INSTITUTIONS OF UNITED STATES SAVINGS BONDS AND UNITED STATES SAVINGS NOTES (FREEDOM SHARES) Losses Resulting From Erroneous Payments § 321.15 Liability for losses. Under the governing statute, as amended (31 U.S...

  17. "Contributory intent" as a defence limiting delictual liability | Ahmed ...

    African Journals Online (AJOL)

    In terms of delictual liability, the term "fault" generally refers to the defendant's conduct, whereas "contributory fault" refers to the plaintiff's conduct. "Contributory intent" is a form of "contributory fault" and may apply as a defence limiting delictual liability within the ambit of the Apportionment of Damages Act 34 of 1956 ...

  18. Organizational Mortality: The Liabilities of Newness and Adolescence.

    Science.gov (United States)

    Bruderl, Josef; Schussler, Rudolf

    1990-01-01

    Contains a theoretical discussion and an empirical test of Stinchcombe's "liability of newness" hypothesis, which assumes higher failure risks for young organizations than for older ones. This hypothesis does not adequately represent mortality hazards of German business organizations. A "liability of adolescence" concept…

  19. Nuclear Liability Legislation in the Republic of Croatia

    International Nuclear Information System (INIS)

    Sladonja, B.

    1998-01-01

    This paper contains a basic data about the legislation referring to third party liability for nuclear damage in Croatia. It also, gives some drafting provisions in the Croatian Nuclear Liability Act, but only those which implements a substantial changes compared to the Act currently in force. (author)

  20. Sub-seabed burial of radioactive waste and liabilities

    International Nuclear Information System (INIS)

    Reyners, Patrick.

    1982-10-01

    The author of this report discusses the problems raised by application of the special third party liability system to damage which may result from embedding radioactive waste in the sub-seabed. The matter of general liability of the State for nuclear damage caused to the environment is also dealt with in this paper. (NEA) [fr