THE PRIVY COUNCIL AND THE DOCTRINE OF LEGITIMATE EXPECTATIONS MEET AGAIN

2016 ◽  
Vol 75 (3) ◽  
pp. 449-452
Author(s):  
Joanna Bell
Keyword(s):  
Trinidad And Tobago ◽  
Attorney General ◽  
Insurance Company ◽  
Privy Council ◽  
Life Insurance Company ◽  
Group V ◽  
Financial Difficulties ◽  
Legitimate Expectations ◽  
The Government ◽  
A Company

UNITED Policyholder Group v Attorney General for Trinidad and Tobago [2016] UKPC 17 provided the Privy Council with its second opportunity in recent years to consider the doctrine of legitimate expectations (the first being Paponette v Attorney General of Trinidad and Tobago [2010] UKPC 32; [2012] 1 A.C. 1). The appellants were a group of individuals who held policies in a company known as the Colonial Life Insurance Company (CLICO). On learning in 2009 that CLICO was in serious financial difficulty, the then Government of Trinidad and Tobago had publicly issued a number of assurances to the effect that it would undertake a vast restructuring programme in order to ensure that CLICO's contractual liabilities to such policyholders were fulfilled. Following its election in 2010, the new Government changed direction; it found that CLICO's financial difficulties were much graver than had been originally anticipated and, accordingly, determined that the Government would take a different course with the consequence that CLICO's liabilities would be fulfilled to a less generous degree than originally represented.

scholarly journals PENGARUH RISK BASED CAPITAL TERHADAP PROFITABILITAS PADA PERUSAHAAN ASURANSI JIWA

2017 ◽  
Vol 6 (1) ◽  
pp. 1
Author(s):  
Tevi Leviany ◽  
Wiwin Sukiati
Keyword(s):  
Life Insurance ◽  
Government Regulation ◽  
Pearson Correlation ◽  
Descriptive Analysis ◽  
T Test ◽  
Coefficient Of Determination ◽  
Insurance Company ◽  
Analysis Method ◽  
Life Insurance Company ◽  
The Government

Abstract. The writer conducted this research to know the influence of Risk Based Capital (RBC) towards profitability of life-insurance company. According to the Government Regulation, Regulation of the Minister of Finance of Republic of Indonesia Number 424/KMK/.06/2003, decidedthe solvability level to determine the level of Risk Based Capital (RBC) achieved by every insurance company, was ≥ 120%. RBC that is owned by insurance company would influence the result of its profitability level. The purpose of this research was to find out the influence of Risk Based Capital towards Profitability of Life-Insurance Company, PT. BNI Life Insurance year 2007-2011. The method used in this research was descriptive analysis method and the use of statistics. The hypothesis testing used t-test. The data analysis used linear regression statistics, Pearson correlation, and coefficient of determination.  The t-test showed that Risk Based Capital did not give significant influence towards profitability. The result could be observed in the analysis of determination coefficient which showed r value was 0.0231 or 2.31%. It means that there was a correlation of Risk Based Capital towards Profitability, but it was not too significant.    Keywords: risk based capital;  profitabilityAbstrak. Pada penelitian ini, penulis ingin menguji pengaruh Risk Based Capital (RBC) terhadap profitabilitas perusahaan asuransi jiwa. Risk Based Capital (RBC) adalah suatu ukuran  yang menginformasikan tingkat keamanan financial atau kesehatan suatu perusahaan asuransi. Semakin besar rasio kesehatan RBC perusahaan asuransi, maka semakin sehat kondisi financial perusahaan tersebut. Peraturan pemerintah melalui Keputusan Menteri Keuangan No 424/KMK.06/2003 menetapkan batas tingkat solvabilitas untuk menentukan tingkat risk based capital (RBC) yang harus dicapai setiap perusahaan asuransi, yaitu ≥ 120%. RBC yang dimiliki perusahaan asuransi akan mempengaruhi tingkat profitabilitas yang dihasilkan. Tujuan penelitian ini untuk mengetahui apakah Risk Based Capital berpengaruh terhadap Profitabilitas pada perusahaan asuransi jiwa PT. BNI Life Insurance . Metode yang digunakan dalam penelitian ini adalah metode analisis deskriptif dan penggunaan statistik. Pengujian hipotesis menggunakan uji t. Penganalisaan data menggunakan statistik regresi linier, korelasi Pearson, dan koefisien determinasi.  Hasil Uji t menunjukkan bahwa Risk Based Capital tidak berpengaruh secara  signifikan terhadap Profitabilitas. Hasil ini dapat dilihat pada analisis koefisien determinasi, nilai r sebesar 0,0231 atau 2,31% yang berarti terdapat hubungan antara Risk Based Capital terhadap Profitabilitas, namun tidak terlalu signifikan.Kata Kunci: risk based capital;  profitability

Thomas and Hilaire v. Baptiste and the Attorney-General of Trinidad and Tobago

2000 ◽  
Vol 49 (2) ◽  
pp. 463-466
Author(s):  
Margaret Demerieux
Keyword(s):  
Trinidad And Tobago ◽  
Attorney General ◽  
Fundamental Rights ◽  
Bill Of Rights ◽  
Fundamental Issue ◽  
Privy Council ◽  
Legal Regime ◽  
The Law

The extent to which it is appropriate to interpret constitutional provisions and in particular fundamental rights in accordance with the law and understanding current at the time of their promulgation, is a fundamental issue in any legal regime into which a Bill of Rights is introduced. This is well illustrated in a recent decision by the Judicial Committee of the Privy Council.

scholarly journals ANALISIS CADANGAN MANFAAT DENGAN MENGGUNAKAN METODE RETROSPEKTIF PADA ASURANSI JIWA BERJANGKA

2020 ◽  
Vol 2 (1) ◽  
pp. 1
Author(s):  
Bachyurah Bachyurah ◽  
Ikhsan Maulidi ◽  
Intan Syahrini ◽  
Nurmaulidar Nurmaulidar
Keyword(s):  
Life Insurance ◽  
Insurance Contract ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Risk Of Death ◽  
The Future ◽  
A Company

The insurance company is a company that protects its customers from unwanted events in the future. A life insurance company should prepare a benefit reserve funds to be given to customers if the customers experience a risk of death in the future. Therefore, the insurance company must manage the benefit reserves so that the company does not have a loss. The purposes of this study are to calculate both the amount of annual net premiums and the amount of benefit reserves in term life insurance. The method used to calculate the value of the benefit reserve was a retrospective method. The results of the calculation of annual net premiums for large annual premiums for expenditures that are greater than those greater for the same period. While the value of insurance reserves will continue to increase at the beginning of the insurance contract begins and the value of insurance reserves will continue to increase towards 0 at the end of the insurance contract. This is because at the beginning of the company insurance payments obtained from annual net premium payments will be greater than the amount of benefits that must be approved.

On the Liquidation and Reconstruction of an Insolvent Life Insurance Company

1871 ◽  
Vol 16 (4) ◽  
pp. 229-243 ◽  
Author(s):  
T. B. Sprague
Keyword(s):  
Life Insurance ◽  
Practical Importance ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Life Assurance ◽  
Court Of Chancery ◽  
First Time ◽  
A Company

The first question that must be considered in connection with this subject is,—When is a Life Insurance Company insolvent? This question has recently acquired greater practical importance in consequence of the passing of the “Life Assurance Companies Act, 1870,” by which it is for the first time in effect enacted that an insolvent Life Office may be wound up, altho it has not committed any act of bankruptcy. Under the old law, even if such a Company were notoriously insolvent, it may be said that practically there was no means of putting a stop to its operations until it failed to pay an accrued claim. This has now been altered, and a Company that is proved to be insolvent can be wound up. The 21st section of the above Act provides that the Court of Chancery “may order “the winding up of any Company in accordance with the Companies “Act, 1862, on the application of one or more policyholders or “shareholders, upon its being proved to the satisfaction of the “Court that the Company is insolvent, and in determining whether “or not the Company is insolvent the Court shall take into account “its contingent or prospective liability under policies and annuity “and other existing contracts.”

International Expansion — A United Kingdom Perspective: A Discussion Paper

2000 ◽  
Vol 6 (1) ◽  
pp. 3-54 ◽  
Author(s):  
D.J. Grenham ◽  
D.C. Chakraborty ◽  
A. Chatterjee ◽  
P.J. Daelman ◽  
B. Heistermann ◽  
...  
Keyword(s):  
United Kingdom ◽  
Life Insurance ◽  
Insurance Markets ◽  
Insurance Company ◽  
International Expansion ◽  
Life Insurance Company ◽  
Discussion Paper ◽  
A Company ◽  
Overseas Market

ABSTRACTThis paper looks at the reasons why a UK life insurance company would wish to consider expanding into an overseas market, the factors it ought to bear in mind when deciding upon which country or countries to enter and the entry routes open to a company wishing to expand overseas.By way of examples of overseas life insurance markets, the paper provides a detailed description of the German and Indian life insurance markets.

Life Office Solvency and Insolvency.

1978 ◽  
Vol 22 ◽  
pp. 1-44
Author(s):  
D. G. R. Ferguson
Keyword(s):  
Life Insurance ◽  
High Order ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
The Law ◽  
A Company

It is quite impracticable to devise an equitable mode of winding-up an insolvent life insurance company (5).A company being found to be insolvent, what is to be done with it ?… The actuaries have unanimously recommended a reduction of the sums assured, the same premiums being paid, but the lawyers have agreed that this is impracticable … The actuaries are able to take a much higher view; they need not consider what is the law, but what is most consistent with real and substantial justice to all parties. In fact, we may sum it up by saying that the courts of this country are not courts of justice but courts of law (4).[In relation to a method of treating insolvent life insurance companies as a closed fund] Its simplicity, and the entire absence of opportunity for the kind of deception and fraud usually committed by those who manipulate the assets of insolvent companies, are its most striking merits, and are certainly merits of a high order (1).

scholarly journals The Determinants of Insurance Firm’s Profitability in Tanzania: An Empirical Investigation

2020 ◽  
Vol 2 (2) ◽  
pp. p30
Author(s):  
Irene J. Horera ◽  
Mnaku H. Maganya
Keyword(s):  
Financial Services ◽  
Random Effect ◽  
Random Effect Model ◽  
Preliminary Test ◽  
Insurance Companies ◽  
Insurance Company ◽  
Effect Model ◽  
Insurance Firms ◽  
The Government ◽  
A Company

This paper sought to analyze some of the supposed determinants of profitability for insurance firms in Tanzania. Though the success of insurance companies has been linked to the accessibility of financial services by various scholars, yet the way profitability of companies influence success of firms has not been well explored. To undertake the study 10 insurance companies were involved out of 25 general insurance companies operating in Tanzania for 10 years from 2008 to 2017. The data was obtained from financial statements given on TIRA Report and some of them from documentary review. The paper carried out preliminary test of panel unit root to check for stationarity of variables. The appropriate fixed and random effect model test was employed to determine the fitness of the model using the Hausman specification test. Age of the firm found to be statistically influence profit of a company at 5% level while claims cost found to be statically significant at 1% level. Size of a company was found to have no significant contribution to the firms’ profitability. It is therefore recommended that the government and the regulator should smoothen rules, regulations and procedures so that penetration of insurance business to be high and also insurance company should have proper management of claims so that they can reduce expenses and increase profit of a company.

scholarly journals LIFE INSURANCE INDUSTRY IN INDIA-AN OVERVIEW

2016 ◽  
Vol 4 (10(SE)) ◽  
pp. 30-36
Author(s):  
N.Senthil Kumar ◽  
K. Selvamani
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Effective Control ◽  
Insurance Company ◽  
Marine Insurance ◽  
Life Insurance Company ◽  
Insurance Sector ◽  
Life Insurance Industry ◽  
The Government

The first insurer of life was the marine insurance underwriters who started issuing life insurance policies on the life of master and crew of the ship, and the merchants. The first insurance policy was issued on 18th June 1583,on the life of WILLIAM GIBBONS for the period of 12 months. The oriental life insurance company is the first insurance companies in India which is started on 1818 by Europeans at Kolkata. The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate life business. In 1928, the Indian Insurance Companies Act was enacted to enable the Government to collect statistical information about both life and non-life business transacted in India by Indian and foreign insurers including provident insurance societies. In 1938, with a view to protecting the interest of the Insurance public, the earlier legislation was consolidated and amended by the Insurance Act, 1938 with comprehensive provisions for effective control over the activities of insurers. In 1956 the life insurance companies was nationalized. The LIC absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies—245 Indian and foreign insurers in all. The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector.

scholarly journals Application of Game Theory to Some Problems in Automobile Insurance

1962 ◽  
Vol 2 (2) ◽  
pp. 208-221 ◽  
Author(s):  
Karl Borch
Keyword(s):  
Game Theory ◽  
Automobile Insurance ◽  
Insurance Company ◽  
Probability Of Ruin ◽  
Von Neumann ◽  
The Game Theory ◽  
Government Inspection ◽  
The Government ◽  
Image Position ◽  
A Company

In this paper we shall study the problem of determining “correct” premium rates for sub-groups of an insurance collective. This problem obviously occurs in all branches of insurance. However, it seems at present to be a really burning issue in automobile insurance. We shall show that the problem can be formulated as a conflict between groups which can gain by co-operating, although their interests are opposed. When formulated in this way, the problem evidently can be analysed and solved by the help ot the “Game Theory” of Von Neumann and Morgenstern (5).We shall first illustrate the problem by a simple example. We consider a group of n1 = 100 persons, each of whom may suffer a loss of 1, with probability p1 = 0.1. We assume that these persons consider forming an insurance company to cover themselves against this risk. We further assume that for some reason, government regulations or prejudices of managers, an insurance company must be organized so that the probability of ruin is less than 0.001If such a company is formed, expected claim payment will beand the standard deviation of the claim payments will beIf the government inspection (or the company's actuary) agrees that the ruin probability can be calculated with sufficient approximation by assuming that the claim payments have a normal distribution, the company must have funds amounting to

Proprietary Claims and Their Priority in Insolvency

1995 ◽  
Vol 54 (2) ◽  
pp. 377-429 ◽  
Author(s):  
A. J. Oakley
Keyword(s):  
Hong Kong ◽  
New Zealand ◽  
Attorney General ◽  
Public Prosecutor ◽  
Privy Council ◽  
The Public ◽  
Official Position ◽  
The Government ◽  
Court Of Appeal

Two recent successful appeals to the Privy Council from the Court of Appeal of New Zealand have once again emphasised the importance of proprietary claims in conferring priority in insolvency over the claims of the general creditors of a bankrupt. Attorney-General for Hong Kong v. Reid1 concerned land in New Zealand purchased with the proceeds of bribes accepted by a Hong Kong Public Prosecutor as an inducement to exploit his official position to obstruct the prosecution of certain criminals. The Privy Council imposed a constructive trust where the Court of Appeal of New Zealand had, in accordance with precedent,2 denied one and thus enabled the Government of Hong Kong to recover the land in priority to any other creditors of the Public Prosecutor. In Re Goldcorp Exchange3 concerned the liquidation of a gold-dealer which had offered its purchasers the option of leaving their gold in its custody as “non-allocated bullion”.

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