Financial instability threatens the global economy. The volatility of capital movements across national borders has led many observers to argue for a reformed "global financial architecture," a body ...of consistent rules and institutions to prevent financial crises. Yet regulators have a decidedly mixed record in their attempts to create global standards for the financial system. David Andrew Singer seeks to explain the varying pressures on regulatory agencies to negotiate internationally acceptable rules and suggests that the variation is largely traceable to the different domestic political pressures faced by regulators.
InRegulating Capital, Singer provides both a theory of the effects of domestic pressures on international regulation and a detailed analysis of regulators' attempts at international rulemaking in banking, securities, and insurance. Singer addresses the complexities of global finance in an accessible style, and he does not turn away from the more dramatic aspects of globalization; he makes clear the international implications of bank failures and stock-market crashes, the rise of derivatives, and the catastrophic financial losses caused by Hurricane Katrina and the events of September 11.
"In excess of loss reinsurance, the reinsurer covers the amount of a loss exceeding the policy’s deductible but not piercing its cover limit. Accordingly, a policy’s quantitative scope of cover is ...significantly affected by the parties’ agreement of a deductible and a cover limit. Yet, the examination of whether a loss has exceeded deductible or cover limit necessitates an educated understanding of what constitutes one loss. In so-called aggregation clauses, the parties to (re-)insurance contracts regularly provide that multiple individual losses are to be added together for presenting one loss to the reinsurer when they arise from the same event, occurrence, catastrophe, cause or accident. Aggregation mechanisms are one of the core instruments for structuring reinsurance contracts. This book systematically examines each element of an aggregation mechanism, tracing the inconsistent usage of aggregation language in the markets and scrutinizing the tests developed by courts and arbitral tribunals. In doing so, it seeks to support insurers, reinsurers, brokers and lawyers in drafting aggregation clauses and in settling claims. Focusing on an analysis of primary sources, particularly judicial decisions, the book interprets each judicial decision to describe a system of inter-related rules, collating, organising and describing the English law of aggregation as applied by the courts and arbitral tribunals. It further draws a comparison between the English position and the corresponding rules in the Principles of Reinsurance Contract Law (PRICL)."
Around 1900, standard contracts and clauses spread throughout international industries such as transport, insurance and finance. The "earthquake clause", which was globally introduced by reinsurers ...after the 1906 San Francisco catastrophe, exemplifies this paradigmatic change of the law.
Access to care, access to justice Flood, Colleen M; Roach, Kent; Sossin, Lorne
Access to care, access to justice,
c2005, 20060425, 2006, 2014, 2005, 2005-01-01
eBook
Edited by Colleen Flood, Lorne Sossin, and Kent Roach, the collection explores the role that courts may begin to play in health care and how this new role is of crucial importance to the Canadian ...public and their governments.
INSURANCE REGULATION Brito, Christian; Buhite, Russell S; Cotter, Daniel A ...
Tort trial & insurance practice law journal,
03/2021, Volume:
56, Issue:
2
Journal Article
The insurance business is changing fast integrating Artificial Intelligence into its chain of value. Despite remarkable benefits for both the industry and society, this raises significant regulatory ...challenges that need to be addressed. Indeed, where important parts of business functions are delegated to algorithms, technical limitations, machine errors and biases may result in unfair discriminations leading to suboptimal or socially unacceptable outcomes. Notably, Japanʼs insurance sector is going towards a technologically driven shift, which brings about concerns regarding the adequacy of the relevant legal framework. In view of the Japanese policymakersʼ intent of not enforcing new mandatory rules on AI-governance, this paper identifies the main issues concerning Artificial Intelligence usage in insurance and provides an overview of the regulatory tools to tackle algorithmic unfair discrimination currently within the Japanese law arsenal.
In Regulating the Business of Insurance in a Federal System, Joseph F. Zimmerman provides an up-to-date historical description and analysis of the regulation of the business of insurance in the ...United States. He focuses on the controversial issue of whether Congress should authorize optional federal charters for insurance companies, thereby establishing a dual charter system superficially similar to the dual banking system. Reviewing the evidence between federal and state level regulation of the financial securities industry, Zimmerman finds that federal regulation falls woefully short of its state counterpart. He concludes that the current system, rather than the proposed dual insurance regulatory system, is the most efficient and effective.
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