The debt laden Irish-owned insurer, Quinn Insurance Limited (QIL), is grappling to sustain its position in the international market as the upfront bill for the banks hit the mark of €70 billion.
As per reports, deciphering the financial condition of QIL, the central bank had designated administrators in March 2010 to track the flow of funds in the QIL.
Moreover, the company suffered a major loss of €706 in 2009 and a €160 million loss for the first three months of 2010, which resulted in an excess burden of €600 million on the State’s Insurance Compensation Fund.
Moreover, a review is expected to be done by the Central Bank in near future to take final call on how to utilize the funds after proposing it to the Minister for Finance Michael Noonan.
As per market experts, QIL had failed miserable to sustain the growth momentum of its Ireland business in the UK under the financial constraints.
With the upcoming acquisition by Anglo and Liberty Mutual, run by Armagh-born Ted Kelly, the new company is expecting to retain the existing workforce in the Republic and Northern Ireland. Apparentl
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Thanksgiving marks the beginning of holiday season and for many that means party time.
But hosts who serve alcohol should take steps to limit their liquor liability and make sure they have the proper insurance, according to the Insurance Information Institute.
Social host liability, the legal term for the criminal and civil responsibility of a person who furnishes liquor to a guest, can have a serious impact on party throwers, according to the Institute.
Dram Shop Liability
Social host liability is also known as dram shop liability. Laws vary widely from state to state, but 43 states have them on the books.
Most of these laws also offer an injured person, such as the victim of a drunk driver, a method to sue the person who served the alcohol, the Institute explains.
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Submitted in part by ICBA Asia, Brazil, India and the USA via the IRC Read & Delete Monthly European countries are not the only ones facing a crisis of currency, credit and confidence these days. Harkening back to its 2002 debt restructuring, Argentina has introduced new foreign exchange controls to bolster the peso. The new regulations, which require a tax identification number and verification of funds, have shut down many of the country’s forex offices. In its first days, The Economist estimates that the currency regime has denied 70% of legitimate hard currency transfers. Uncertainty has driven investors from peso-denominated funds to expensive dollar-denominated government bonds. The peso has lost a third of its value since Christina Fernandez-Kirchner was elected president in 2007. Even with her decidedely mixed economic performance, with recent re-election success (last month), she has clearly won an electoral mandate and her party has regained control of Congress. Thanks largely to strong commodity prices, many Argentinians are, in real terms, much better off now than they were before her first election. However, in the face of rampant inflation (estimated to be about 25% annually), a ballooning public spending tab, and $9 billion in debt outstanding to the Paris Club, the road ahead will not be easy. The outcome
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AXA is warning homeowners about the dangers of burst pipes due to adverse winter weather.
The last two winters have both been historically severe, and saw one in every thousand people fall victim to burst pipes, with claims averaging £25,000.
Escape of water claims have spiked by 50% during the last two winters, putting tens of thousands of people out of their homes and comprising a total insurance bill of £1bn.
AXA has calculated that the 20% of people who lack contents insurance could have cost consumers an additional £23m.
The average claim for contents was £6,100, with buildings claims averaging £19,200.
The vast majority of homeowners seriously underestimate the potential cost of burst pipes, with 83% believing the cost would fall below £5,000 and 93% estimating the cost at under £10,000.
Worryingly, only half of people take the most basic measures that can help stave off burst pipes (namely insulating pipes and leaving the heat on a low level to prevent pipes freezing).
AXAs advice echoes that of Aviva, which last week advised people to ensure proper lagging and insulation to help protect their pipes from the winter weather.
It is time for this week’s Insurance Podcast Roundup. The biggest insurance related news this week is that the Supreme Court has decided to hear the case regarding the insurance mandate. Several podcasts covered this topic, while other podcasts focused on entirely different news.
NPR has an episode of “All Things Considered” that was released on November 14, 2011. This episode is called “Supreme Court Sets Historic Showdown For Health Law”. This episode discusses the Supreme Court’s decision to hear the case regarding the insurance mandate. This episode talks about the biggest questions that will be answered when the case is heard.
PBS NewsHour has an episode that was released on November 15, 2011.
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