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INSURANCE CLASS
Report Outline
2nd
Year, 2nd
Semester
Chapter III Business of Insurance
Objectives:
To be able to identify and distinguish those persons involved in
the organization,capitalization, and authorization of insurance
companies;
To be able to classify the assets of an insurance company; To be
able to identify investments by insurance companies and to
understand the
necessity of approval of investments by the Insurance
Commission;
To be able to understand the distinction between reserves in
general, reserves in lifeinsurance and reserves in property
insurance;
To be able to understand the limit of single risk; To be able to
identify the reinsurance transactions and understand the rules
andregulations on reinsurance;
To be able to identify and understand the reports and statements
required in thebusiness of insurance;
To be able to understand the policy forms adopted in the
insurance contract; To be able to understand the fundamental idea
behind variable life contract; To be able to identify and
distinguish claims settlement in an insurance contract; To be able
to understand the examination of insurers and reinsurance brokers;
To be able to understand how an authority to insure be suspended
and be revoked; To be able to identify and understand the
appointment of conservator and the nature of
conservator proceedings;
To be able to understand the proceedings in the occurrence of
insolvency; To be able to define the consolidation and merger of
insurance companies To be able to identify the types of insurance
organization and status of members of
mutual insurance companies;
To be able to understand the rules and regulations in the
withdrawal of foreigninsurance companies;
To be able to identify the different types of reinsurers; To be
able to understand the regulation of holding companies and why
there is a need
for a regulation.
I. Title 1: Insurance Companies: Organization, Capitalization,
andAuthorization (Sections 184 to 193)
II. Title 2: Margin of Insolvency (Sections 194 to 195)III.
Title 3: Assets (Sections 196 to 197)IV. Title 4: Investments
(Sections 198 to 209)
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V. Title 5: Reserves (Sections 210 to 214)VI. Title 6: Limit of
Single Risk (Section 215)VII. Title 7: Reinsurance Transactions
(Sections 216 to 222)VIII. Title 8 Annual Statements (Sections 223
to 225)IX. Title 9: Policy Forms (Sections 226 to 231)X. Title 10:
Variable Contracts (Sections 232 to 240)XI. Title 11: Claims
Settlement (Sections 241 to 244)XII. Title 12: Examination of
Companies (Sections 245 to 246)XIII. Title 13: Suspension and
Revocation of Authority (Section 247)XIV. Title 14: Appointment of
Conservator (Section 248)XV. Title 15: Proceedings Upon Insolvency
(Sections 249 to 251)XVI. Title 16: Consolidation and Merger of
Insurance Companies (Sections
252 to 261)
XVII. Title 17: Mutualization of Stock Life Insurance Companies
(Sections262 to 272)
XVIII.Title 18: Withdrawal of Foreign Insurance Companies
(Sections 273 to279)
XIX.
Title 19: Professional Reinsurers (Sections 280 to 281)XX. Title
20: Holding Companies (Sections 282 to 298)
