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Insurance is a sophisticated financial vehicle that can be best understood through the lens of risk management. Experiencing dramatic growth, captive insurance is owned and controlled by its insureds, pooling the risks of its owners. Captive insurance provides businesses with unmatched flexibility regarding coverage, claims, premium, and control, while also offering advantages such as lucrative dividends and innovative financing techniques. This state-of-the-art guide traces the development of small captive insurance and addresses how to set up and properly manage a captive. Modern Captive Insurance: A Legal Guide to Formation, Operation, and Exit Strategies, begins with an overview of what captive insurance is and detail the advantages in setting up a captive for a range of different business situations. Chapters explain how to incorporate and start up a new captive insurance program, including basic terminology and the roles different professionals play in running captive programs. Captive insurance is an intricate yet effective risk management strategy. For guidance in properly establishing a captive, the authors address critical issues evaluated by the IRS, such as risk shifting and distribution, and explore ethical considerations arising out of off-shore captive management, such as how to identify money laundering red flags and how to properly manage the investments of reserves. Modern Captive Insurance takes an in-depth look at the topics and issues that are common in insurance and in businesses, but are often handled differently for captives, such as: Financial statements, investments, and financial ratings Policy drafting and coverage Risk pools and structuring the pooling arrangement to be valid Federal, state and local taxation Tax-exempt organizations Risk retention groups (RRP) Reinsurance, and more Table of Contents Chapter 1: Captive Company Formation Chapter 2: Captives and Capitalists Chapter 3: Risk Pools Chapter 4: Financial Statements, Investments, and Financial Ratings Chapter 5: Policy Drafting and Coverage Chapter 6: Underwriting and Claims Reserving Chapter 7: Federal Income Tax and Captives Chapter 8: State and Local Captive Insurance Issues Chapter 9: Tax-Exempt Organizations and Captive Insurance Chapter 10: Risk Retention Groups and How They Work Chapter 11: Reinsurance Chapter 12: Workers' Compensation and the Grand Bargain Chapter 13: Employee Benefits Conclusion Table of Cases and Index
The growth of Islamic finance today is undeniable given its services, product innovation, performance and achievements, with the Islamic insurance market being no exception; it has retained global market recognition in a parallel platform as Islamic finance moves forward. There is much written regarding the Islamic insurance system, but rarely do researchers present the various Islamic insurance products and their structures in one collective place. This book is a timely addition in meeting contemporary market demands by providing a much-needed overview of the Islamic insurance products and their Shari’ah compliant structures. This book would be of interest to academics, researchers, students and professionals who are seeking to understand the products offered.
Focusing 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 executive level, this book should prove a useful resource to students and academics of actuarial science as well as practitioners.
This book examines the challenges for the life insurance sector in Europe arising from new technologies, socio-cultural and demographic trends, and the financial crisis. It presents theoretical and applied research in all areas related to life insurance products and markets, and explores future determinants of the insurance industry’s development by highlighting novel solutions in insurance supervision and trends in consumer protection. Drawing on their academic and practical expertise, the contributors identify problems relating to risk analysis and evaluation, demographic challenges, consumer protection, product distribution, mortality risk modeling, applications of life insurance in contemporary pension systems, financial stability and solvency of life insurers. They also examine the impact of population aging on life insurance markets and the role of digitalization. Lastly, based on an analysis of early experiences with the implementation of the Solvency II system, the book provides policy recommendations for the development of life insurance in Europe.
The book compiles a comprehensive set of case of studies in business and accounting from the MENA region. These case studies consist of practical research studies with strong theoretical foundations. Hence, the book is a guide to the industries in various sectors regarding the best practices for efficient business and accounting management. In addition, the book will serve as an important teaching reference for business and accounting courses in the MENA region.
This new edition of the Handbook of Insurance reviews the last forty years of research developments in insurance and its related fields. A single reference source for professors, researchers, graduate students, regulators, consultants and practitioners, the book starts with the history and foundations of risk and insurance theory, followed by a review of prevention and precaution, asymmetric information, risk management, insurance pricing, new financial innovations, reinsurance, corporate governance, capital allocation, securitization, systemic risk, insurance regulation, the industrial organization of insurance markets and other insurance market applications. It ends with health insurance, longevity risk, long-term care insurance, life insurance financial products and social insurance. This second version of the Handbook contains 15 new chapters. Each of the 37 chapters has been written by leading authorities in risk and insurance research, all contributions have been peer reviewed, and each chapter can be read independently of the others.
This treatise offers comprehensive treatment of many of the issues driving contemporary insurance claims and coverage litigation and reinsurance cessions and arbitrations.