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Exam Code: Property-and-Casualty Practice test 2022 by Killexams.com team
Property-and-Casualty Property and Casualty Insurance

TOPIC: Overview of Insurance Operations
1. The candidate will understand how insurance companies are organized, their goals, how success is measured, and their functions.
Learning Outcomes
The candidate will be able to:
a) Explain how insurers have organized to provide property-casualty insurance
b) Describe the major goals of an insurer
c) Describe the internal and external constraints that impede insurers from achieving their major goals
d) Describe the measurements used to evaluate how successful an insurer is at meeting its established goals
e) Describe the core and supporting functions performed by insurers

TOPIC: Insurance Regulation
2. The candidate will understand the reasons for and the types of regulation.
Learning Outcomes
The candidate will be able to:
a) Describe the effect each of the following acts and legal decisions have had on insurance regulation: Paul v. Virginia, Sherman Antitrust Act, South-Eastern Underwriters Association, McCarran-Ferguson Act, Insurance Services Office and the Attorneys General Lawsuit, and Gramm-Leach-Bliley Act
b) Explain how insurance regulation protects consumers, contributes to maintaining insurer solvency, and assists in preventing destructive competition
c) Identify the regulatory activities of state insurance departments and the duties typically performed by state insurance commissioners
d) Describe the arguments for and against federal regulation of insurance
e) Describe the licensing requirements for insurers and insurance personnel
f) Describe the methods that regulators use to maintain the solvency of insurers and to manage insolvencies, and the reasons why insurers become insolvent
g) Describe the goals of insurance rate regulation, the major types of state rating laws, and the reasons supporting and opposing rate regulation
h) Explain how the contract language contained in insurance policies is regulated
i) Explain how the market conduct areas in insurance are regulated and how regulatory activities protect consumers
j) Explain how organizations that act as unofficial regulators affect insurance activities

TOPIC: Insurance Marketing and Distribution
3. The candidate will understand the insurance marketplace and marketing and distribution systems.
Learning Outcomes
The candidate will be able to:
a) Describe the following attributes of the competitive property-casualty insurance marketplace: distinguishing characteristics of insurance customers, insurer marketing differentiations, and unique factors in the insurance marketplace
b) Explain how typical insurer marketing activities are performed and why they are performed
c) Describe the main types of insurance distribution systems and channels, including the principal characteristics that distinguish one distribution system from another
d) Describe the functions performed by insurance producers
e) Describe the key factors an insurer should evaluate during the distribution-system and distribution-channel selection process

TOPIC: The Underwriting Function
4. The candidate will understand the purpose, role, and function of underwriting.
Learning Outcomes
The candidate will be able to:
a) Describe the purpose of underwriting
b) Describe the underwriting activities typically performed by line and staff underwriters
c) Describe the importance of compliance with underwriting authority in individual account selection
d) Describe the constraining factors considered in the establishment of underwriting policy
e) Describe the purposes that underwriting guidelines and underwriting audits serve
f) Describe the steps in the underwriting process
g) Explain how an insurers underwriting results are measured and how financial measures can be distorted

TOPIC: Underwriting Property and Liability Insurance
5. The candidate will understand the different policy considerations in underwriting property and liability insurance policies. Learning Outcomes
The candidate will be able to:
a) Describe in detail each of the COPE factors used to evaluate property loss exposures
b) Explain how insurable interest, policy provisions for valuing losses, and insurance to value affect a loss payment amount under property insurance
c) Explain how underwriters use policy amount, amount subject, normal loss expectancy (NLE), probable maximum loss (PML), and maximum foreseeable loss (MFL) to measure potential loss severity
d) Describe the underwriting considerations for business income and extra expense coverage
e) Describe the underwriting considerations and risk control techniques associated with employee dishonesty and crimes committed by others
f) Describe the loss exposures and the underwriting considerations for commercial general liability insurance
g) Describe the underwriting considerations for personal and commercial auto insurance
h) Describe the key underwriting considerations relevant to the evaluation of submissions for workers compensation insurance
i) Describe the underwriting considerations for umbrella and excess liability insurance

TOPIC: Risk Control and Premium Auditing
6. The candidate will understand the purpose and function of risk control and premium auditing.
Learning Outcomes
The candidate will be able to:
a) Describe the goals of insurer risk control activities
b) Describe the risk control services provided by insurers
c) Explain how risk control cooperates with other insurer functions
d) Explain why premium audits are conducted
e) Describe the premium auditing process
f) Explain why premium audits must be accurate
g) Explain how premium auditing contributes to other insurer functions

TOPIC: The Claim Function
7. The candidate will understand the claim function and related elements.
Learning Outcomes
The candidate will be able to:
a) Identify goals of the claim function, the users of claim information, and the parties with whom claim personnel interact
b) Describe the claim department structure, types and functions of claim personnel, and claim personnel performance measures
c) Describe the key activities in the claim handling process: Acknowledging and assigning the claim, Identifying the policy and setting reserves, Contracting the insured or the insureds representative, Investigating the claim, Documenting the claim, Determining the cause of loss, liability, and the loss amount, and Concluding the claim
d) Explain how the law of bad faith relates to an insurers duty of good faith and fair dealing and how the legal environment affects the law of bad faith
e) Describe the elements of good-faith claim handling

TOPIC: Adjusting Property and Liability Claims
8. The candidate will understand the claim handling process for property and liability claims.
Learning Outcomes
The candidate will be able to:
a) Explain how and why the activities in the framework for handling property claims are accomplished
b) Describe the challenges of handling various types of property claims: Residential dwelling, Residential personal property, Commercial structure, Business income, Merchandise, Transportation and bailment, and Catastrophe
c) Explain how and why the activities in the framework for handling a liability claim are accomplished
d) Describe the challenges of handling various types of liability claims: Auto bodily injury liability, Auto property damage, Premises liability, Operations liability, Products liability, Workers compensation, and Professional liability
e) Given a claim, determine coverage for a loss using the framework for coverage analysis and the activities in the claim handling process

TOPIC: Reinsurance
9. The candidate will understand the function and types of reinsurance and its application. Learning Outcomes
The candidate will be able to:
a) Describe reinsurance and its principal functions
b) Describe the three sources of reinsurance
c) Describe treaty reinsurance and facultative reinsurance
d) Describe the types of pro rata reinsurance and excess of loss reinsurance and their uses
e) Describe finite risk reinsurance and other methods that rely on capital markets as alternatives to traditional and non-traditional reinsurance
f) Describe the factors that should be considered in the design of a reinsurance program
g) Given a case, identify the reinsurance needs of an insurer and recommend an appropriate reinsurance program to address those needs
h) Explain how reinsurance is regulated

TOPIC: Personal Auto Policy
10. The candidate will understand the role of automobile insurance in society and the contents of the Personal Auto Policy. Learning Outcomes
The candidate will be able to:
a) Evaluate various laws and systems regarding approaches to compensating automobile accident victims: Tort liability system, Financial responsibility laws, Compulsory insurance laws, Uninsured motorists coverage, Underinsured motorists coverage, and No-fault insurance
b) Describe no-fault automobile laws in terms of their types and required benefits
c) Explain how high-risk drivers may obtain auto insurance
d) Describe automobile insurance rate regulation in terms of rating factors, matching price to exposure, competition, and other regulatory issues
e) Summarize the sections of the Personal Auto Policy
f) Identify the types of information typically contained on the declarations page of a personal auto policy
g) For each of Part A – Liability Coverage, Part B – Medical Payments Coverage, Part C – Uninsured Motorists Coverage, and Part D – Coverage for Damage to Your Auto: Summarize the provisions; given a case describing a claim, determine if that part of the coverage applies and, if so, the amount the insurer would pay for the claim
h) Describe underinsured motorist insurance in terms of its purpose and the ways in which it can vary by state
i) Describe the insureds duties following a covered auto accident or loss as shown in Part E
j) Summarize each of the general provisions in Part F
k) Describe the Personal Auto Policy endorsements that are used to handle common auto loss exposures
l) Given a case describing a claim, determine whether the Personal Auto Policy would cover the claim and, if so, the amount the insurer would pay for the claim

TOPIC: Homeowners Coverage
11. The candidate will understand the contents of the ISO Homeowners Program and describe some specialty plans. Learning Outcomes
The candidate will be able to:
a) Describe how individuals and families can use the ISO 2011 Homeowners insurance program to address their personal risk management needs
b) Summarize the structure of the Homeowners Policy (HO-3), key changes in the ISO 2011 program revision, and factors important to rating homeowners insurance
c) Determine whether the 2011 HO-3 policy provisions in Section I – Property Coverages provide coverage for a given loss or loss exposure: Coverage A – Dwelling, Coverage B – Other Structures, Coverage C – Personal Property, Coverage D – Loss of Use, and additional coverages
d) Summarize the 2011 HO-3 policy provisions concerning Perils Insured Against and Exclusions
e) Summarize each of the 2011 HO-3 policy provisions in Section I – Conditions
f) Given a scenario describing a homeowners property claim, determine whether the 2011 HO-3 Policy Section I – Property Coverages would cover the claim and, if so, the amount the insurer would pay for the claim
g) Determine whether the 2011 HO-3 policy provisions in Section II – Liability Coverage provide coverage for a given loss or loss exposure: Coverage E – Personal Liability, Coverage F – Medical Payments to Others, and additional coverages
h) Determine whether one or more exclusions preclude the coverage provided by Section II of the 2011 HO-3 policy provisions in Section II – Exclusions
i) Summarize the 2011 HO-3 policy provisions concerning Conditions applicable to Section II and Conditions applicable to Sections I and II
j) Given a case describing a homeowners liability claim, determine whether the 2011 HO-3 policy Section II – Liability Coverage would cover the claim, and if so, the amount the insurer would pay for the claim
k) Compare the coverage provided by each of the following 2011 Homeowners policies to the coverage provided by the 2011 HO-3 policy: HO-2 Broad Form, HO-5 Comprehensive Form, HO-4 Contents Broad Form, HO-6 Unit-Owners Form, and HO-8 Modified Coverage Form
l) Summarize the coverages provided by the various 2011 ISO Homeowners policy endorsements
m) Given a case describing a homeowners claim, determine whether a 2011 HO-3 Policy that may include one or more endorsements would cover the claim, and, if so, the amount the insurer would pay for the claim
n) Describe the operation of the National Flood Insurance Program and the coverage it provides
o) Describe the operation of FAIR plans and beachfront and windstorm plans and the coverage they provide

TOPIC: Commercial Property Insurance
12. The candidate will understand the nature of Commercial Property Insurance.
Learning Outcomes
The candidate will be able to:
a) Describe commercial property insurance in terms of the major categories of loss exposures that can be covered and the components of a commercial property coverage part
b) Determine whether a described item of property qualifies as Covered Property under one or more of these categories in the Building and Personal Property Coverage Form: Building, Your Business Personal Property, and Personal Property of Others
c) Determine which of the additional coverages and coverage extensions of the Building and Personal Property Coverage Form apply to a described loss
d) Determine whether the cause of a described loss is a covered cause of loss under the Causes of Loss – Basic Form or the Causes of Loss – Broad Form
e) Determine whether the cause of a described loss is a covered cause of loss under the Causes of Loss – Special Form
f) Apply the Limits of Insurance and Deductible provisions of the Building and Personal Property Coverage Form to a described loss
g) Explain how each of the Loss Conditions and Additional Conditions affects coverage under the Building and Personal Property Coverage Form
h) Explain how each of the following optional coverages described in the BPP modifies the basic coverage of the BPP: Agreed Value, Inflation Guard, Replacement Cost, and Extension of Replacement Cost to Personal Property of Others
i) Summarize each of the Commercial Property Conditions
j) Explain how each of the conditions contained in the Common Policy Conditions affects coverage under a commercial property coverage part
k) Explain how each of these documents modifies the Building and Personal Property Coverage Form: Ordinance or Law Coverage endorsement, Spoilage Coverage endorsement, Flood Coverage endorsement, Earthquake and Volcanic Eruption Coverage endorsement, Peak Season Limit of Insurance endorsement, and Value Reporting Form
l) Identify the factors that affect commercial property insurance premiums
m) Given a case, determine whether, and for what amount, a described loss would be covered by a commercial property coverage part that includes the Building and Personal Property Coverage Form and any of the three causes of loss forms

TOPIC: Commercial General Liability Insurance
13. The candidate will understand the nature of Commercial General Liability Insurance.
Learning Outcomes
The candidate will be able to:
a) Describe commercial general liability insurance in terms of the types of losses that can be covered by general liability insurance and the components of a commercial general liability coverage part
b) Determine whether a described claim meets the conditions imposed by the Coverage A insuring agreement of the Commercial General Liability Coverage Form (occurrence version)
c) Determine whether any of the exclusions applicable to Coverage A of the Commercial General Liability Coverage Form eliminate coverage for a described claim
d) Determine whether a described claim meets the conditions imposed by the Coverage B insuring agreement of the Commercial General Liability Coverage Form and whether any of the Coverage B exclusions eliminate coverage for the claim
e) Determine whether a described claim meets the conditions imposed by the Coverage C insuring agreement of the Commercial General Liability Coverage Form and whether any of the Coverage C exclusions eliminate coverage for the claim
f) Summarize the supplementary payments of the Commercial General Liability Coverage Form
g) Determine whether a described person or organization is an insured under the Commercial General Liability Coverage Form
h) Explain how the following limits of insurance in the CGL Coverage Form are applied: Each occurrence limit, Personal and advertising injury limit, Damage to premises rented to you limit, Medical expense limit, General aggregate limit, and Productscompleted operations aggregate limit
i) Apply the Commercial General Liability Conditions to claims or other interactions between the insurer and the insured
j) Explain how the premium for CGL coverage is determined
k) Given a case, determine whether, and for what amount, the Commercial General Liability Coverage Form (occurrence version) covers a described claim

TOPIC: Commercial Auto Insurance
14. The candidate will understand the nature of Commercial Auto Insurance.
Learning Outcomes
The candidate will be able to:
a) Describe commercial auto insurance in terms of the loss exposures that can be covered and the components of a commercial auto coverage part
b) Select the symbols needed to provide a described organization with appropriate commercial auto coverage(s) under the Business Auto Coverage Form
c) Summarize the provisions contained in Section II – Covered Autos Liability Coverage of the Business Auto Coverage Form
d) Summarize the provisions contained in Section III – Physical Damage of the Business Auto Coverage Form
e) Describe the conditions contained in the business Auto Coverage form
f) Describe the following coverages that may added by endorsement to the Business Auto Coverage Form: medical payments, personal injury protection and added personal injury protection, and uninsured and underinsured motorists
g) Explain how private passenger vehicles and trucks, tractors, and trailers are rated for commercial auto coverage
h) Given a case, determine whether, and for what amount, the Business Auto Coverage Form covers a described claim

TOPIC: Workers Compensation and Employers
Liability Insurance
15. The candidate will understand workers compensation and employers liability coverages.
Learning Outcomes
The candidate will be able to:
a) Describe workers compensation statutes in terms of: Basic purpose, Benefits provided, and Persons and employments covered
b) Describe workers compensation statutes in terms of: Extraterritorial provisions, Federal jurisdiction, and Methods for meeting employers obligations
c) Summarize these sections of the Workers Compensation and Employers Liability Insurance Policy: Information Page, General Section, and Part One – Workers Compensation Insurance
d) Explain why employers liability insurance is needed and how the Workers Compensation and Employers Liability Insurance Policy addresses this need
e) Describe the purpose and operation of Part Three – Other States Insurance in the Workers Compensation and Employers Liability Insurance Policy
f) Describe the need for and the coverage provided by the Voluntary Compensation and Employers Liability Coverage Endorsement and the Longshore and Harbor Workers Compensation Act Coverage Endorsement
g) Explain how premium bases, classifications, and premium adjustments affect the rating of workers compensation insurance
h) Given a case, determine whether the Workers Compensation and Employers Liability Insurance Policy covers a described injury or illness and, if so, what types of benefits or what amount of damages is covered

TOPIC: Specialty Coverages
16. The candidate will understand various specialty coverages.
Learning Outcomes
The candidate will be able to:
a) Describe commercial excess liability insurance and commercial umbrella liability insurance in terms of: The three basic types of commercial excess liability insurance and The provisions commonly found in commercial umbrella liability policies that distinguish them from other types of commercial liability policies
b) Describe professional liability insurance and management liability insurance in terms of: How they differ from each other, How they differ from commercial general liability policies, and The common types of professional and management liability policies
c) Describe the purpose and characteristics of each of these types of environmental insurance policies: Site-specific environmental impairment liability (EIL) policies, Underground storage tank compliance policies, Remediation stop-loss policies, Contractors pollution liability policies, and Environmental professional errors and omissions liability policies
d) Describe aircraft insurance in terms of: The purpose-of-use categories that insurers use to classify aircraft and The coverages that can be included in an aircraft policy
e) Describe the types of losses that can be covered by each of the insuring agreements generally available in cyber risk insurance policies
f) Explain how an organization domiciled in the United States can insure foreign loss exposures that would not be covered under standard property and liability insurance policies
g) Summarize the purpose and provisions of the terrorism endorsements developed by Insurance Services Office, Inc., and the National Council on Compensation Insurance, Inc.
h) Summarize the ensure provided by the particular types of surety bonds within the following bond classifications: Contract bonds, License and permit bonds, Public official bonds, Court bonds, and Miscellaneous bonds

Property and Casualty Insurance
P-and-C Insurance basics
Killexams : P-and-C Insurance basics - BingNews https://killexams.com/pass4sure/exam-detail/Property-and-Casualty Search results Killexams : P-and-C Insurance basics - BingNews https://killexams.com/pass4sure/exam-detail/Property-and-Casualty https://killexams.com/exam_list/P-and-C Killexams : Insurance Broker Tool Market Set for Strong Growth Outlook : Oracle, Comarch, AgencyBloc, Radiusbob

New Jersey, USA -- (SBWIRE) -- 10/12/2022 -- Advance Market Analytics published a new research publication on "Insurance Broker Tool Market Insights, to 2027" with 232 pages and enriched with self-explained Tables and charts in presentable format. In the Study you will find new evolving Trends, Drivers, Restraints, Opportunities generated by targeting market associated stakeholders. The growth of the Insurance Broker Tool market was mainly driven by the increasing R&D spending across the world.

Get Free Exclusive PDF trial Copy of This Research @ https://www.advancemarketanalytics.com/sample-report/192428-global-insurance-broker-tool-market

Some of the key players profiled in the study are:
DICEUS (Poland), Comarch (Poland), Simson Softwares Pvt. Limited (India), Damco Group (United States), Oracle Corporation (United States), Radiusbob (United States), AgencyBloc (United States), Zoho (India), Applied Systems (United States), Freshworks (United States).

Scope of the Report of Insurance Broker Tool
Insurance broker tools provide customersa€™ history. It works with all lines of insurance such as P&C insurance, life insurance, and health insurance. North America is leading the insurance broker tool market. Huge demand for insurance broker tools from various industries is expected to drive the market during the forecast period. An insurance broker tool helps both individual people and companies to get the right insurance for themselves, their homes, businesses, and family.

The titled segments and sub-section of the market are illuminated below:
by End-User (Banking, Insurance, Fintech, Logistics, Others), Deployment (Cloud-Based, Web-Based, Others), Features (Easily Customizable, SMS & Emails, Renewal Tracking, Others), Solution (Customer Relationship Management, Broker Relationship Management, Insurance/Claims/Policies/Renewals/Midterm, Business Reporting and Dashboards, Others)

Market Trends:
Integration of Software such as IT and Analytics Solutions

Opportunities:
The Increasing Demand for Software to Eliminate Manual Tasks and offer personalized experiences to Customers
The Growing Deployment of Cloud-based Solutions is expected to create
Opportunities for the Market

Market Drivers:
Rapid Changing Market Dynamics and Consumer Preferences
The Rising Adoption of Insurance Broker Tools to Reduce Turnaround Time

Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & Africa

Country Level Break-Up: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.

Have Any Questions Regarding Global Insurance Broker Tool Market Report, Ask Our [email protected] https://www.advancemarketanalytics.com/enquiry-before-buy/192428-global-insurance-broker-tool-market

Strategic Points Covered in Table of Content of Global Insurance Broker Tool Market:
Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Insurance Broker Tool market
Chapter 2: Exclusive Summary – the basic information of the Insurance Broker Tool Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the Insurance Broker Tool
Chapter 4: Presenting the Insurance Broker Tool Market Factor Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.
Chapter 5: Displaying the by Type, End User and Region/Country 2015-2020
Chapter 6: Evaluating the leading manufacturers of the Insurance Broker Tool market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile
Chapter 7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions (2021-2027)
Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source

finally, Insurance Broker Tool Market is a valuable source of guidance for individuals and companies.

Read Detailed Index of full Research Study at @ https://www.advancemarketanalytics.com/reports/192428-global-insurance-broker-tool-market

Thanks for practicing this article; you can also get individual chapter wise section or region wise report version like North America, Middle East, Africa, Europe or LATAM, Southeast Asia.

For more information on this press release visit: http://www.sbwire.com/press-releases/insurance-broker-tool-market-set-for-strong-growth-outlook-oracle-comarch-agencybloc-radiusbob-1361103.htm

Nidhi BhawsarPR & Marketing Manager
AMA Research & Media LLP
Telephone: 2063171218
Email: Click to Email Nidhi Bhawsar
Web: https://www.advancemarketanalytics.com

Thu, 21 Jul 2022 11:04:00 -0500 en-US text/html https://insurancenewsnet.com/oarticle/insurance-broker-tool-market-set-for-strong-growth-outlook-oracle-comarch-agencybloc-radiusbob-35
Killexams : What to look out for in home insurance when it comes to natural disasters

Advisors say clients may not realize the actual costs to rebuild their homes in wake of a disaster.Frank Gunn/The Canadian Press

Are you a professional financial advisor? Register for Globe Advisor and then sign up for the weekly newsletter on our newsletter sign-up page. Get exclusive investment industry news and insights, the week’s top headlines, and what you and your clients need to know.

In the wake of hurricanes, tornados, and other natural disasters such as forest fires and floods, advisors increasingly need to explore disaster recovery strategies with their clients, starting with their homes.

While advisors cannot assess home insurance policies – strictly the domain of property and casualty insurance brokers – they can still ask their clients one basic question: have you reviewed your policy?

As senior property and casualty broker Paul Martin, who is president and chief operating officer at KRGinsure, pointed out to delegates at the Institute of Advanced Financial Planners Symposium in September, “My home is part of my financial plan. I would expect my financial planner to ask my plan for [that asset].”

Advisors can also follow up with clients and make sure a discussion took place with their P&C brokers, says Catherine Hurlburt, senior financial planner at Assante Financial Management Ltd., in Vancouver.

“It’s part of our job to identify risk and problems,” she says. “Anything that threatens their financial security is something that may require more investigation. Some of the things we can’t do because we’re not licensed in that area, but we can still say ‘look, there’s a cliff over there, don’t fall over it.’”

An under-insured property affected by a disaster could wreak havoc on a client’s savings and plans for retirement.

“A lot of clients just get the renewal in the mail and pay the bill without reviewing the policy each year,” Ms. Hurlburt says. “They don’t check to see if their jewelry is worth more now. They don’t take a critical look at the value of the contents in their house.”

Ms. Hurlburt lived through what she speaks. Last year, a fire in a neighbour’s townhouse spread to her family’s townhouse, causing the unit to have to be rebuilt from the studs. It had significant water and smoke damage, and most of the contents were destroyed. Ms. Hurlburt says the interplay between her personal insurance coverage for the unit and the strata’s (development’s) insurance resulted in some unexpected surprises.

While the strata’s insurance covered the structural damage, Ms. Hurlburt and her spouse were on the hook for replacing some of the improvements and under-insured contents in her home.

“You would be amazed at the value of the stuff in your house,” she says.

She used the example of one kitchen drawer, which might contain knives, a potato peeler, wooden spoons and other small tools. “Every one of those items cost $8 to $10 a piece, so the drawer contents would easily be worth a few hundred dollars. And yet we look at it and think it’s just old junk.”

Ms. Hurlburt notes that clients may bring up home insurance to advisors when they are concerned about a hefty increase in premiums. They want to know whether the amount is a reasonable figure to pay, but the clients may not also realize the actual costs to rebuild their house in wake of a disaster.

“Building costs have gone up tremendously,” she says. “In B.C., for example, it’s probably around double the cost of what it was eight years ago.”

How to fund rebuilding costs

Unfortunately, some clients don’t find out about the true building costs until they make a claim and their payout is much lower than expected, says Shannon Tatlock, associate advisor with Kevin R. Williams Financial Services Inc., at Sun Life Financial Investment Services (Canada) Inc., in Moncton.

The client may come to her for advice on the financial options for replacing a damaged roof, deck, or other area of their home.

“We typically try to have our clients set aside emergency savings, but the amounts saved may not be enough,” she says. “We look at lines of credit, the consequences of taking money out of their retirement savings, or using some of the cash value in their life insurance if they have it.”

In the wake of any disaster, most recently post-tropical storm Fiona, Ms. Tatlock’s firm makes it a point to stay on top of any federally and provincially government-funded programs where clients can apply for relief.

“This could be a large monetary issue for clients,” she says. “We want to be the person they can come to and get advice. We don’t want to be another stressor, so we try to walk them through all the options and if it means taking money out of their retirement, there’s no guilt or shame in that.”

That’s the point of being a holistic advisor and taking care of the whole person, Ms. Tatlock adds.

Other factors to consider

Storing important papers securely are also discussed with clients, namely in a fire and/or waterproof location.

Russel Jarvis, certified financial planner (CFP) at Assante Financial Management Ltd. in Vancouver, who works with Ms. Hurlburt, says older clients may have fireproof safes at home or one at a financial institution. Some clients have taken things a step further by also storing a copy of their wills, powers of attorney, tax returns, and other key documents in the cloud.

“We can store them for the clients within our Assante network and they can be stored in a way that clients can access them as well,” Mr. Jarvis says.

Finally, clients – and advisors – may consider a communication strategy with family, friends, and their work in anticipation of prolonged power outages during a disaster.

Roger Sinclair, managing partner and CFP at SBW Wealth Management in Dartmouth, N.S., says he wishes he had sent out a memorandum to clients and his team the day before Fiona hit. He would have notified them of a possible extended closure.

The neighbourhood where Mr. Sinclair’s firm is located lost power for more than five days. But he figures clients more than got the message, as many parts of the province are still without power nearly two weeks after the hurricane.

For more from Globe Advisor, visit our homepage.

Mon, 10 Oct 2022 16:50:00 -0500 en-CA text/html https://www.theglobeandmail.com/investing/globe-advisor/advisor-news/article-what-to-look-out-for-in-home-insurance-when-it-comes-to-natural/
Killexams : Need car insurance? 4 most important auto insurance basics to know

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as "Credible" below, is to deliver you the tools and confidence you need to Improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.

Car insurance is required in most states. Learn some auto insurance basics, as well as how to lower your premium. (Shutterstock)

Auto insurance protects your vehicle against many risks, such as car accidents, theft, and vandalism. And most U.S. states require car insurance — only New Hampshire and Virginia do not. 

Understanding some auto insurance basics can help ensure you don’t overpay for coverage. Here’s what you need to know about auto insurance, as well as some tips for how to lower your premium.

With Credible, you can compare auto insurance quotes from top carriers.

How does auto insurance work?

Car insurance is a contract between you and an insurance provider that helps pay for damages to your vehicle and other vehicles, any other property damage, and bodily injury that an accident causes. The specific claims process depends on the state you live in and who’s responsible for the accident, but in general, you’ll file a claim after a car accident and wait for your insurer to approve it.

Insurers determine your auto insurance premium by assessing several factors, such as your vehicle, how much coverage you get, and your driving record. Once you’re approved for a policy, you can pay it in full up front or in regular installments — you can typically choose to pay monthly, every six months, or yearly.

What is a deductible?

Your car insurance deductible is what you pay before your insurer pays the rest for a covered claim. For example, say your deductible is $1,000 and you get into an accident that causes $5,000 worth of damage to your vehicle. In that case, your insurance payout would be $4,000.

Typically, the higher your deductible, the lower your car insurance premium, and vice versa. If you choose a higher deductible to save money during the year, just be sure you can afford to pay that amount in the event of an accident. 

Credible makes it easy to compare auto insurance rates from various carriers, all in one place.

What types of auto insurance do you need?

You can choose from several types of auto insurance coverage — each one protects you in different ways. Keep in mind that you must purchase at least the minimum required insurance in your state. Here are the types of car insurance you should consider:

  • Liability — If you’re involved in a car accident and you’re at fault, liability coverage pays for property damage and any bodily injury you cause, up to your policy limits. Liability insurance is required in almost every state, and each state sets its own minimum liability coverage limits.
  • Personal injury protection — Personal injury protection (PIP) covers medical expenses for you or your passengers if you’re involved in an accident, regardless of who's at fault. You may need to purchase this type of insurance if you live in a no-fault state — a state where you have to file a claim with your own insurance carrier, no matter who’s at fault.
  • Medical payments — Similar to PIP, medical payments insurance covers your medical expenses and your passengers’ medical expenses, regardless of who’s at fault. But PIP and medical payments coverage aren’t the same. Medical payments coverage is only offered in at-fault states — these states require the person who’s deemed at fault to pay for covered damages. And unlike PIP, medical payments coverage is always optional. This coverage may be beneficial if you don’t have health insurance.
  • Comprehensive — Comprehensive coverage protects your car against damages not caused by a collision with another vehicle or object. Some examples include damages to your vehicle from a wildfire, windstorm, or vandalism. If you’re financing a vehicle, your lender will likely require you to purchase this type of insurance to protect its interest in your vehicle.
  • Collision — Collision insurance helps you pay to repair or replace your car if it’s involved in an accident with another vehicle or a non-moving object, like a pole. Similar to comprehensive insurance, a lender may require you to purchase collision coverage.
  • Uninsured and underinsured motorist — Uninsured motorist coverage helps pay for damages to your vehicle caused by a motorist who doesn’t have insurance. It may also cover repairs if you’re the victim of a hit-and-run accident. Underinsured motorist coverage helps pay for damages to your car if the driver responsible for them doesn’t have enough coverage. Depending on your state, you may be required to purchase one or both of these coverages.

How much auto insurance should you buy?

The amount of coverage you need depends on the state you live in and your individual situation. You should buy enough liability insurance to protect your assets in the event someone sues you after an accident. 

How much collision coverage you need depends on your car’s value and whether you make payments on your vehicle or own it outright. It’s important to note that you may not need collision insurance if your deductible is greater than the value of your car — if you have an old vehicle, for instance. But if you lease your car or have an auto loan, the lender or leasing company will require you to carry collision and comprehensive coverage.

A good rule of thumb is to buy as much coverage over the minimum as you can comfortably afford. For example, if you own your car outright, collision and comprehensive coverage aren’t required. But adding those coverages can help you protect yourself in case of an accident or an unexpected event, like vandalism.

How to lower your auto insurance premium

If you’re looking to save money on car insurance, consider taking these steps:

  • Comparison shop for the best deal. One of the best ways to lower your car insurance is to shop around. To find the best deal, get quotes from at least three to five insurance providers. You can get auto insurance quotes online or by reaching out to an insurance agent. When getting quotes, make sure to compare policies that offer similar coverages.
  • Bundle with homeowners insurance or another policy. Some insurance carriers will deliver you a discount for buying multiple policies from them, such as your home insurance and auto insurance. You can also get a discount if you purchase renters insurance and auto insurance from the same insurer.
  • Choose a higher deductible. If you choose a higher deductible, you can lower your insurance rate. But before you do so, review your finances to make sure you can comfortably afford to pay the higher out-of-pocket costs to repair or replace your vehicle if it’s damaged.
  • Ask about additional discounts. Contact your insurance carrier to see if it offers any discounts. Some common car insurance discounts include those for members of the military, low mileage, being a good student, and using autopay.
  • Boost your credit score. When you apply for auto insurance, many insurers will review your credit history to determine how risky you are to insure. If you have good credit, you’ll likely receive a lower rate. You can Improve your credit score by adopting good credit-building habits, like paying all your bills on time and paying down any outstanding debt.

Credible lets you easily compare insurance rates from top carriers in minutes.

Wed, 21 Sep 2022 08:44:00 -0500 Jerry Brown en-US text/html https://www.foxbusiness.com/personal-finance/auto-insurance-basics
Killexams : Two Sigma (TSIQ) enters into partnership with Central Analysis Bureau

Two Sigma Insurance Quantified (TSIQ), an underwriting technology company for the commercial property and casualty (P&C) industry, has announced a partnership with Central Analysis Bureau (CAB), a provider of risk assessment tools and data for the transportation insurance industry.

Through this partnership, CAB’s entire industry-standard commercial trucking dataset will be embedded directly into SubmissionIQ, TSIQ’s underwriting workbench.

The partnership will also allow for clients to be able to automatically verify, enrich or replace application data and perform additional analytics at the individual risk and portfolio levels by combining submission data with the CAB dataset.

Moreover, CAB data available through the connection will include Basic Scores such as Unsafe Driving, Hours of Service, Driver Fitness and Vehicle Maintenance, and Safety Scores such as Insured Vehicle Out of Service Rates (OOS), Insured Driver OOS and Insured Hazmat OOS.

CAB’s proprietary system for rating, tracking and analysing the financial and safety strength of motor carriers has been developed over the company’s 80-year history and will now be accessible in SubmissionIQ through a dedicated API connection.

Tremor - The modern way to place reinsurance

Jeff Tyler, Head of Product, Data Science and Engineering at Two Sigma Insurance Quantified, commented: “We appreciate that access to quality, relevant third-party data is critical for distribution responsiveness, risk selection and exposure analyses.

“For decades, the CAB team has been the trusted source of this data for the commercial transportation sector. By tightly integrating CAB data with our platform, we’ve further enhanced the underwriter’s experience by simplifying the workflow, bringing the power of CAB directly into the same platform teams are using to ingest submission data, and prioritize and evaluate individual and portfolio-level risks.”

Shuie Yankelewitz, CAB Chief Operating Officer, added: “TSIQ has unmatched data and analytics capabilities, which they are making available to the commercial P&C industry via their SubmissionIQ platform. SubmissionIQ is one of the only underwriting workbench technologies that has a tailored approach for commercial trucking.

“We are excited to make CAB data available to their growing client base and look forward to furthering our joint mission of promoting safer practices within the transportation space through our partnership.”

Wed, 05 Oct 2022 00:40:00 -0500 Jack Willard en text/html https://www.reinsurancene.ws/two-sigma-tsiq-enters-into-partnership-with-central-analysis-bureau/
Killexams : Profiling and Automated Decision-Making: How to Prepare in the Absence of Draft CPRA Regulations

Friday, October 14, 2022

We are quickly approaching the Jan. 1, 2023 operative date of most of the provisions of the California Privacy Rights Act (“CPRA”), which, as most of us know by now, substantially amends the CCPA. Under the CPRA, the California Privacy Protection Agency (“CPPA” or “Agency”) has a mandate to issue regulations on a number of specific topics. With just fewer than three months to go until January 1, regulations are not even close to being finalized.  The Agency released the first draft of proposed regulations on May 24, and the first public comment period ended on August 23. In a meeting held by the CPPA on Friday, September 23, the Agency gave no concrete sense of timing or any comments on topics, such as those discussed in this post, for which regulations have not even been issued. This has left many businesses feeling left in the lurch, uncertain of what to do.

This feeling of uncertainty and lack of direction is particularly acute with respect to automated decision-making and profiling; Topics on which we do not yet have draft regulations (along with cybersecurity). Given that the Agency’s mandate as to automated decision-making technology and profiling is akin to the Agency receiving a blank check, as we discuss below, the regulations that the Agency eventually promulgates on these Topics will, no doubt, have broad and sweeping consequences and require significant additional compliance and operational efforts for most businesses. The mandate, which we discuss in further detail below, is as follows:

“Issuing regulations governing access and opt-out rights with respect to businesses’ use of automated decision-making technology, including profiling and requiring businesses’ response to access requests to include meaningful information about the logic involved in such decisionmaking [sic] processes, as well as a description of the likely outcome of the process with respect to the consumer.”

Regardless of where the Agency ends up on the subject – whether in alignment with the EU General Data Protection Regulation’s (“GDPR”) strict regime or the more lax frameworks in, for example, Virginia– your compliance program will have to, at a minimum, address the following:

  1. Is profiling involved?

  2. Is automated decision-making involved?

    1. Solely automated? Or

    2. With human involvement?

  3. Did it subject the consumer to “legal or similarly significant effects”?

  4. What is the logic (e.g. the algorithm) involved in the decision-making process?

  5. How can the logic be described in simple terms to consumers?

  6. What is the outcome of the decision-making process with respect to consumers?

Fortunately, the Agency has gathered public input on these issues in informal rulemaking and given us some clues as to its considerations with respect to these topics, which will certainly inform where it lands on the regulations. In addition, these concepts show up in the GDPR, as well as in some of the forthcoming 2023 state privacy laws in Virginia, Colorado, Connecticut, and Utah. Based on these, below we set out a roadmap for what to collect, at a minimum, in order to identify your business’ ADM and profiling processes, and to be prepared for wherever the Agency lands in the regulations on ADM and profiling to address consumer rights, data protection impact assessments, and any potential restrictions (e.g. in the event of a GDPR-esque approach).

Level-Setting: Profiling v. ADM

As an initial matter, it is important to understand how profiling and ADM differ from one another.

In general, “profiling” is defined similarly across the laws to involve:

  • Automated processing

  • Of personal data/personal information

  • Evaluating/analyzing/predicting personal aspects

    • Performance at work, economic situation, health, personal preferences, interests, reliability, behavior, location or movements.

  • Does NOT necessarily involve taking action

In other words, profiling effectively means gathering information about an individual (or group of individuals) and evaluating their characteristics or behavior patterns in order to place them into a certain category or group, in particular to analyze and/or make predictions about, for example, their ability to perform a task, interests, or likely behavior.

“Automated Decision-Making,” on the other hand, involves taking action.  As we’ll see a bit later, whether automated decision-making is solely automated or conducted with human involvement is important to understand, as certain laws require heightened compliance obligations if the decision-making is solely automated.

CPPA Rulemaking Thus Far

Under the statutory mandate stated above, the CPPA must issue regulations regarding:

  1. A definition of “automated decision-making technology”

  2. Opt-out rights for “automated decision-making technology, including profiling”

  3. Access rights for ADM and profiling, including

    1. Provision of information regarding the logic involved in such “decision-making processes” in response to access requests

    2. Description of the likely outcome of “of the process” for the consumer in response to access requests

Of all the concepts and terms in the statutory mandate, the CPRA only defines “profiling” (though the definition points to the mandate to provide leeway to alter the definition). Under the CCPA, as amended by the CPRA:

“Profiling” means any form of automated processing of personal information, as further defined by regulations pursuant to paragraph (16) of subdivision (a) of Section 1798.185, to evaluate certain personal aspects relating to a natural person, and in particular to analyze or predict aspects concerning that natural person’s performance at work, economic situation, health, personal preferences, interests, reliability, behavior, location or movements.

In light of the dearth of statutory text and the broad grant of authority granted to the Agency, the CPPA has dedicated a great deal of initial attention on rulemaking with respect to these concepts, with industry and consumer rights groups providing extensive feedback regarding various issues involved. This focus began in the fall of 2021 when profiling and automated decision-making were included as part of nine Topics on which the Agency sought public comment. In late March, the CPPA hosted informational sessions—during which time the Agency discussed automated decision-making for the majority of an entire day, including cross-jurisdictional approaches to automated decision-making and profiling under the GDPR. Based on the CPPA’s preliminary rulemaking activities to date, the Agency appears to be focusing a significant amount of attention on how ADM and profiling are treated under GDPR, while also likely considering input from a number of commenters that consistency with the other U.S. state law frameworks is the right approach.

To issue effective regulations satisfying its entire regulatory mandate, the CPPA will likely have to address a number of issues and definitions in its regulations, including the following:

  1. “Automated Decision-Making Technology”

The CPPA is tasked with defining “automated decision-making technology” as that term is not defined in the statute.  While none of the other regulatory schemes specifically define “automated decision-making technology”, an examination of how they regulate automated decisions or automated decision-making, along with profiling, is helpful to understand the comparative landscape, and perhaps will inform how the CPPA will define the term.

  1. Automated Decision-Making and Profiling Opt-Outs

Immediately below is a table which includes the regulatory and statutory language of the GDPR and state laws, particularly as to restrictions and opt-out rights for ADM and profiling. Below that, we break down the restrictions (in the case of GDPR) and opt-out rights (in the case of all) that apply to automated decision-making and profiling. Notably, we refer to “human involvement” in the tables; if you search for “human involvement” in the GDPR or any of these other laws, you are not going to find it absent a passing reference in one of the GDPR’s recitals.  The GDPR does, however, have the concept of solely automated decision-making, and drawing a distinction between that concept and ADM with human involvement will be helpful when we know where the CPRA regs land on these issues. If the CPRA does end up introducing the concept of solely automated decision-making and corresponding rights and obligations, you will have to apply those accordingly.

Table 1.  Profiling and Automated Decision-Making (“ADM”): Restrictions and Opt-Out Rights under the General Data Protection Regulation (“GDPR”), Consumer Privacy Rights Act (“CPRA”), Virginia Consumer Data Privacy Act (“VCDPA”), Colorado Privacy Act (“CPA”), and Connecticut Act Concerning Personal Data Privacy and Online Monitoring (referred to as the “CTPA” herein).  Note: neither the California Consumer Privacy Act (“CCPA”) (pre-CPRA amendments) nor the UCPA include profiling or automated decision-making concepts.

 

GDPR

CPRA

VCDPA

CPA

CTPA

 

Restriction (subj. to numerous exceptions): The data subject shall have the right not to be subject to a decision based solely on automated processing, including profiling, which produces legal effects concerning him or her or similarly significantly affects him or her. Art 22(1).

The data subject shall have the right to object, on grounds relating to his or her particular situation, at any time to processing of personal data concerning him or her which is based on [consent or the legitimate interests of the controller] including profiling based on those provisions. Art 21(1).

“Opt-out rights with respect to businesses’ use of automated decision-making technology, including profiling” [to be further defined in regulations].

Opt-out right: “To opt out of profiling in furtherance of decisions that produce legal or similarly significant effects concerning the consumer.”

Opt-out right: “To opt out of profiling in furtherance of decisions that produce legal or similarly significant effects concerning the consumer.”

Opt-out right:  “A consumer shall have the right to . . . opt out of the processing of the personal data for purposes of . . . profiling in furtherance of solely automated decisions that produce legal or similarly significant effects concerning the consumer.”

Profiling generally

Opt-out right (if based on legitimate interest or consent)

TBD by Regs.

No opt-out right absent decisions that produce legal or similarly significant effects

No opt-out right absent decisions that produce legal or similarly significant effects

No opt-out right absent decisions that produce legal or similarly significant effects

ADM with human involvement (including profiling)

Opt-out right for profiling under the legal bases of public interest or legitimate interest and profiling for direct marketing purposes

TBD by Regs.

Opt-out right for profiling in furtherance of decisions that produce legal or similarly significant effects concerning the consumer

Opt-out right for profiling in furtherance of decisions that produce legal or similarly significant effects concerning the consumer

No. See below.

Solely ADM (including profiling)

Prohibited if results in legal or similarly significant effects (subj. to exceptions, including opt-in consent).

TBD by Regs.

Opt-out right for profiling in furtherance of decisions that produce legal or similarly significant effects concerning the consumer

Opt-out right for profiling in furtherance of decisions that produce legal or similarly significant effects concerning the consumer

No. CTPA provides the right to opt-out of “profiling in furtherance of solely automated decisions that produce legal or similarly significant effects concerning the consumer.” Note, this is distinct from VCDPA and CPA.

Solely ADM (no profiling)

Prohibited if results in legal or similarly significant effects (subj. to exceptions, including opt-in consent)

TBD by Regs.

No opt-out right if profiling not involved

No opt-out right if profiling not involved

No. See above.

Based on the above tables, the key issues are as follows:

  1. Is profiling implicated? A GDPR-like approach would include an opt-out for just profiling without regard to legal or similarly significant effects, at least under certain circumstances, and a Virginia or Colorado-like approach would require this to be considered as well.

  2. Is automated decision making implicated? A GDPR-like approach would necessitate further analysis as to whether the decision-making is solely automated or includes human involvement. The approach outlined in the Colorado Privacy Act Regulations similarly requires companies to permit individuals to opt out of profiling if it is based solely on automated processing.

    1. Is it solely automated?

    2. Or, does it include human involvement.

  3. And finally, the third key issue is whether the decisions have produced or resulted in legal or similarly significant effects. Certainly, this is a key aspect of both a GDPR-inspired construct and Virginia/Colorado where the presence of legal or similarly significant effects will have a bearing on whether the processing can occur (as in the case of GDPR), whether an opt-out right is implicated (as in the case of Virginia and Colorado), and whether heightened compliance obligations will apply (in the case of Colorado).

Notably, Connecticut is similar to Virginia and Colorado but its opt out is limited to solely automated decision-making that result in legal or similarly significant effects.

  1. Legal or Similarly Significant Effects

With regard to what constitutes “legal or similarly significant effects,” GDPR guidance and the definitions provided under the Virginia and Colorado laws provide some insight. The European Data Protection Board (“EDPB”) states that in order for the outcome of an automated decision to amount to a “legal effect”, the decision must “affect[] someone’s legal rights, such as the freedom to associate with others, vote in an election, or take legal action. A legal effect may also be something that affects a person’s legal status or their rights under a contract.” In the same vein, an automated decision would amount to “similarly significant effects” if it is “sufficiently great or important to be worthy of attention. In other words, the decision must have the potential to: significantly affect the circumstances, behavior or choices of the individuals concerned; have a prolonged or permanent impact on the data subject; or at its most extreme, lead to the exclusion or discrimination of individuals.”

The EDPB provides a number of examples in its guidance. In addition, in May 2022, the Future of Privacy Forum released a comprehensive report on automated decision-making cases from EU courts and data protection authorities. The report is a compilation and summary of decisions on key issues in ADM, such as what is a legal and similarly significant effect, what is automated decision making, and so on. The timing of the FPF report is pretty fortuitous in light of the CPPA’s rulemaking activities, and perhaps the FPF is trying to provide this information for the CPPA’s consideration during the rulemaking process. Certainly the FPF is a very reputable and renowned organization and it would make sense for the Agency to be exploring various thought leadership, including by the FPF, as it considers regulations.

Under the EDPB guidance, several relatively routine business activities are considered to produce “legal or similarly significant effects,” particularly processing activities involving employees and applicants, including automatic refusal of job applications or making automated decisions about workers in relation to performance reviews.  Certain online behavioral advertising use cases may also have legal or similarly significant effects. In particular, the EDPB advises that factors such as intrusiveness of the profiling, expectations of the individual, the manner of delivery of the advertisement, and use of knowledge of vulnerabilities of the individual may result in the profiling activity having legal or similarly significant effects on an individual (for example, targeting a person known to be experiencing financial difficulties with ads for high-interest loans). This is of note because, depending on the outcome of the CPPA’s rulemaking activities, consumers may have additional rights related to digital advertising on top of do not sell and share.

As to Virginia and Colorado, the opt out right is limited to “profiling in furtherance of decisions that produce legal or similarly significant effects concerning the consumer.” As defined by these laws, such profiling includes decisions that results in the provision or denial of financial/lending services, housing, insurance, education or educational opportunities, criminal justice, employment, health-care services, or access to essential goods or services. However, in light of the fact that government agencies, and GLBA regulated entities such as financial institutions, insurance companies are not subject to the law, as well as the exclusion of employee and applicant data, these profiling opt-outs are seemingly pretty limited.

Table 2. Profiling and ADM: Legal and Similarly Significant Effects.

GDPR

CPRA

VCDPA

CPA

Examples:

 

  • Automatically refusing job applications.

  • Algorithmically ranking workers.

  • Online behavioral advertising (under certain circumstances).

  • Cancellation of a contract (e.g., Terms of Service).

  • Certain applications of facial recognition technologies.

  • Credit scoring practices resulting in rejection of financial services.

  • Housing and benefits decisions.

TBD by Regs.

“Decisions that produce legal or similarly significant effects concerning a consumer” means a decision made by a controller of financial and lending services, housing, insurance, education enrollment, criminal justice, employment opportunities, health care services, or access to basic necessities, such as food and water.

“Decisions that produce legal or similarly significant effects concerning a consumer” means a decision made by the controller that results in the provision or denial by the controller of financial and lending services, housing, insurance, education, enrollment, criminal justice, employment opportunities, health care services, or access to essential goods or services.

  1. Access Rights

In addition to the three key issues above—profiling, ADM (solely automated or with human involvement), and legal or similarly significant effects—the other areas where we know we are definitely getting regs relate to access rights. In particular, the statute specifically mandates the Agency to issue regulations “ requiring businesses’ response to access requests to include meaningful information about the logic involved in such decision-making processes, as well as a description of the likely outcome of the process with respect to the consumer.”[1]

The first draft of the CPPA regulations includes detailed requirements with respect to other CCPA / CPRA rights (like the rights to know, access, correct, delete, and opt out of sales or sharing). These requirements will apply to ADM and profiling, in addition to any restrictions specific to those technologies. Assuming the CPPA regulations regarding ADM are similarly detailed, businesses should expect the Agency to define specific expectations with respect to the mechanics by which a business must respond to requests involving ADM and/or profiling. Such requirements should be built into the business’s process for handling consumer rights. As the draft regulations make clear, “[a] business that has failed to put in place adequate processes and procedures to comply with consumer requests in accordance with the CCPA and these regulations cannot claim that responding to a consumer’s request requires disproportionate effort.”[2]

Table 3. Profiling and ADM: Notice/Transparency, Access Rights.

 

GDPR

CPRA

VCDPA

CPA

Access to meaningful logic

Disclose in privacy policy and in responses to access request.

Disclose in responses to access requests (subject to requirements set forth by Regs).

No.

Disclose in privacy policy and if denying request to opt out of profiling which does not produce legal or similarly significant effects.

Description of the likely outcome of the process with respect to the consumer

Disclose in privacy policy and in responses to access request.

Disclose in responses to access requests (subject to requirements set forth by Regs).

No.

Disclose in privacy policy and if denying request to opt out of profiling which does not produce legal or similarly significant effects.

 

  1. Notice at Collection

Under the GDPR Articles 13 and 14, data subjects are entitled to information regarding “the existence of” qualifying ADM, including profiling, “and, at least in those cases, meaningful information about the logic involved, as well as the significance and envisaged consequences of such processing for the data subject.” Note, these disclosure requirements only apply to qualifying ADM (decisions without human involvement producing legal or similarly significant effects on an individual). Under a similar approach, only qualifying ADM producing consequential impacts on an individual would require enhanced disclosures. Consumers are entitled to similar disclosures under the Colorado Privacy Act Regulations, as well as: (1) what decision was subject to profiling; (2) the categories of personal data used in the profiling; (3)  why profiling is relevant to the decision made; (4) if the profiling was used to serve ads regarding housing, employment, or financial or lending services; (5) if the profiling systems have been evaluated for accuracy, fairness, or bias, including the impact of the use of sensitive data; (6) information regarding the right to opt out.[3]

While we do not yet have any regs on ADM and profiling, the CPRA draft regulations broadly state that “The purpose of the notice at collection is to provide consumers with timely notice…so that consumers can exercise meaningful control over the business’s use of their personal information….For example, upon receiving the notice at collection, the consumer have all the information necessary to choose whether or not to engage with the business.” As a result, it is conceivable that the CPPA could issue specific regulations touching on profiling or ADM or perhaps expect that ADM and/or profiling activities be meaningfully disclosed in a business’s notice at collection.

 

  1. Data Protection Impact Assessments (“DPIAs”)

The CPRA requires the Agency to “[i]Issu[e] regulations requiring businesses whose processing of consumers’ personal information presents significant risk to consumers’ privacy or security, to” perform cybersecurity audits and submit risk assessments to the Agency.[4] Similarly, GDPR Article 35 requires companies to conduct DPIAs for “high risk” processing activities and identifies a number of activities which are presumptively high risk. Enumerated in the list of presumptively high risk activities is “a systematic and extensive evaluation of personal aspects relating to natural persons which is based on automated processing, including profiling, and on which decisions are based that produce legal effects concerning the natural person or similarly significantly affect the natural person[.]” Additionally, many supervisory authorities maintain lists of activities presumed to be “high risk”.[5]

The Colorado Privacy Act Regulations also require data protection assessments for automated profiling resulting in legal or similarly significant effects. In addition to the data protection assessments outlined in the statute, the regulations require consideration of factors such as the personal data processed, the decisions which will be made regarding consumers, explanation of the training data and logic used to create the profiling system, plain language description of the outputs of the profiling process, and safeguards for data sets produced by or derived from the profiling.

Presumably, processing activities involving qualifying ADM (and potentially certain profiling activities), will require a risk assessment and audit under the CPRA Regulations. As indicated in the statutory text, the risk assessments must be submitted to the CPPA “on a regular basis[.]”

Table 4.  Profiling and ADM: DPIAs.

 

GDPR

CPRA

VCDPA

CPA

Data Protection Impact Assessment (“DPIA”) required?

Yes, generally for high risk processing.

Yes, generally for high risk processing.

Yes, for profiling that presents substantial injury to consumers.

Yes, for profiling that presents the risk of substantial injury to consumers and processing producing legal or similarly significant effects.

 

  1. ADM Involving Sensitive Data

Under the GDPR, controllers may not use qualifying ADM to process EU special categories of personal data,[6] except where the data subject has consented, or where “processing is necessary for reasons of substantial public interest, on the basis of Union or Member State law[.]”[7] Under the Colorado Privacy Act Regulations, controllers that use sensitive personal data for profiling producing legal or similarly significant effects must include a description of the impact of the use of such data in privacy notices. Additionally, data protection assessments must include the data elements to be considered in the profiling (including sensitive personal data), and such data must be described when requesting consent from consumers or denying requests to opt out of profiling which does not produce legal or similarly significant effects.

The CPRA identified a new category of “sensitive personal information” defined as:

[P]ersonal information that reveals (A) a consumer’s social security, driver’s license, state identification card, or passport number; (B) a consumer’s account log-In, financial account, debit card, or credit card number in combination with any required security or access code, password, or credentials allowing access to an account; (C) a consumer’s precise geolocation; (D) a consumer’s racial or ethnic origin, religious or philosophical beliefs, or union membership; (E) the contents of a consumer’s mall, email and text messages, unless the business is the intended recipient of the communication; (F) a consumer’s genetic data; and (2)(A) the processing of biometric information for the purpose of uniquely identifying a consumer; (B) personal information collected and analyzed concerning a consumer’s health; or (C) personal information collected and analyzed concerning a consumer’s sex life or sexual orientation.

Like the GDPR, the Agency may decide to more strictly regulate (or outright prohibit) qualifying ADM involving sensitive personal information. At the least, such processing will most likely be subject to the CPRA’s audit and assessment requirements.

  1. What else might we see in the ADM and Profiling Regs?

Will there be a separate, standalone profiling opt-out?  Arguably, the mandate is only for opt-out rights for “automated decision-making technology, including profiling” – as such, the mandate does not seem to consider profiling separate and apart from ADM.

Will the CPPA go beyond an ADM opt-out as mandated, by, for example, prohibiting solely ADM (with certain exceptions, such as consent) like the GDPR? Doing so would seem to go beyond its mandate and regulatory authority.

Will the CPPA take a risk-based approach as is the case under AI-specific legislation (such as the EU’s proposed AI Act)? As we discussed in a blog post on public comments regarding this topic, many commenters urged the Agency to do so, including by only regulating high risk activities. Certainly, that would almost seem necessary, as many ADM processes are routine and innocuous, and requiring businesses to operationalize opt-out rights and prescriptive access rights with respect to non-high risk activities would be overly burdensome and not further the purposes of the law.

Final decisions only? Notably, a number of submissions to the CPPA in the Fall of 2021 in response to the CPPA’s solicitation for comments urged the Agency to only regulate final decisions, and most who put forth this argument also urged the Agency to regulate only final decisions, without human involvement, where legal or similarly significant effects have occurred. Many ADM processes involve a number of decisions prior to a final decision being made.

Given the broad mandate to issue regulations furthering the purpose of the CPRA, the CPPA could conceivably decide to wade into additional issues regarding ADM or profiling.

Takeaways

At the very least, we know at least five or six areas that your data compliance program should begin to address and focus on with respect to automated decision-making and profiling. Taking clues from the Agency’s seemingly comparative approach, and using what we know from other frameworks such as the GDPR and other state laws, we have proposed a framework that will address what will likely come out of the rulemaking mandate, and that you should already have on hand for GDPR compliance (if applicable) or begin to compile for compliance with the other 2023 state laws.

More broadly, AI and algorithmic decision-making are and will continue to be a focus of regulators and legislators in the US and abroad. Leading and progressive companies are already taking steps to ensure responsible and ethical use of AI, including by building out AI governance programs alongside their privacy compliance and data governance programs, to get ahead of future legislation and to address the already real risk associated with AI and algorithm-based systems.


FOOTNOTES

[1] CPRA 1798.185(16).

[2] Draft CPRA Regulations § 7001(h).

[3] CPA Rule 9.03(A).

[4] CPRA 1798.185(15)(A) and (B).

[5] See, e.g., Irish Data Protection Commission, List of Types of Data Processing Operations which Require a Data Protection Impact Assessmentavailable at https://www.dataprotection.ie/sites/default/files/uploads/2018-11/Data-P...

[6] GDPR Article 9 lists several items of personal data viewed as particularly sensitive under the GDPR, which include “personal data revealing racial or ethnic origin, political opinions, religious or philosophical beliefs, or trade union membership, and the processing of genetic data, biometric data for the purpose of uniquely identifying a natural person, data concerning health or data concerning a natural person’s sex life or sexual orientation[.]”

[7] GDPR Article 22(4).

© Copyright 2022 Squire Patton Boggs (US) LLPNational Law Review, Volume XII, Number 287

Thu, 13 Oct 2022 12:00:00 -0500 en text/html https://www.natlawreview.com/article/profiling-and-automated-decision-making-how-to-prepare-absence-draft-cpra
Killexams : Social Security’s Cost-of-Living Increase: Everything You Need to Know No result found, try new keyword!Inflation dictates the annual benefit adjustment, known as the COLA, for retired Americans. This year’s boost, which will be announced on Thursday, is expected to be big. Sat, 08 Oct 2022 21:00:00 -0500 text/html https://www.nytimes.com/explain/2022/10/09/business/social-security-cola Killexams : Aging Matters: Military officers' association to meet

Military officers’ association to meet

The Military Officers of America Association will meet Tuesday at Salem Glen Country Club, 1000 Glen Day Drive, Clemmons. A social hour with cash bar begins at 5:45 p.m. Dinner and a program will follow. The cost is $25.

The speaker will be Mark Hager, who will be talking about his book, “The Last of the 357th Infantry, Harold Frank’s WWII Story of Faith and Courage.”

Frank, a 98 year-old Davidson County native, will be at the meeting to sign books.

Reservations can be made by calling Warren Boyer at 336-407-2374. All active-duty military officers, officers of the Reserves and National Guard, officer retirees, veterans and their spouses or guests are invited.

Ramp builders need volunteers

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Serving Our Savior, a volunteer ministry that has been building wheelchair ramps for handicapped people in Forsyth County for 21 years, needs volunteers. The ramps enable wheelchair-bound persons and their caregivers to safely enter and exit their homes.

Ramps are built mainly on Tuesday and Thursday mornings and additional volunteers are needed. If you are retired or otherwise uncommitted on these mornings, we would welcome you to join this ministry of serving others. You do not have to be proficient with construction tools. We will teach you the necessary skills.

For more information or to volunteer, contact Harry Underwood at 336-765-8296 or hu2363@gmail.com.

Senior Services needs volunteers

Senior Services is looking for caring individuals who have experience working with older adults to volunteer with Call Connections or to be a Friendly Visitor.

Volunteers will be assigned a participant to call or visit with and create a meaningful connection through conversation.

Interested volunteers should possess the ability to:

  • Convey empathy
  • Listen and communicate with a non-judgmental attitude
  • Interact with diverse array of program participants
  • Work independently

For more information, call Britnee Tellez at 336-721-3411.

Help with Medicare annual open enrollment

The annual Medicare open enrollment is taking place through Dec. 7. Because of the current COVID-19 restrictions, Medicare beneficiaries in Forsyth County will be assisted locally, as much as possible, through telephone or other virtual means during the annual enrollment period.

Annual enrollment assistance will be provided by volunteers and staff members of the Shepherd’s Center of Greater Winston-Salem, the Forsyth County coordinating site for the N.C. Seniors’ Health Insurance Information Program (SHIIP). One-hour appointments will be offered during the period subject to the availability of counselors. Some referrals may be made to the SHIIP state office in Raleigh.

The open enrollment sessions will help Medicare beneficiaries review their Medicare Advantage and drug plans and make changes if necessary. Appointments are required and can be made by calling the Shepherd’s Center at 336-748-0217 from 9 a.m. to 5 p.m. weekdays.

Volunteer tax preparers sought

The AARP Tax-Aide program completes free personal federal and state tax returns from Feb. 1 through April 15.

Volunteers are needed to prepare the returns. Volunteers should be somewhat computer proficient, have good communication/interpersonal abilities, be detail oriented, and have a willingness to learn. This is an opportunity to help others, work with like-minded individuals, develop new skills, and have a rewarding experience.

Volunteers are also needed to schedule appointments and to verify identification and taxpayer information before assignment to a tax preparer. Training is required, and tax preparers must pass an test to be certified.

To complete an application, go to www.aarp.org/taxaide. To complete an application, click on the Become a Volunteer button.

AARP Tax-Aide operates in a safe environment in which all volunteers are vaccinated.

For more information, call Paul McElroy at 336-955-1062 or Andy Surasky at 336-777-6189. Leave a message with your name, phone number and the reason you are calling.

DAV chapter needs volunteer drivers

The local chapter of the Disabled American Veterans needs volunteer drivers to transport Forsyth County veterans to the Kernersville and Salisbury Veterans Affairs facilities.

The DAV provides the vehicle. Volunteers must have a valid driver’s license and pass a physical provided by the VA.

For more information or to volunteer, call Dan Rossi at 336-918-3694.

‘Welcome to Medicare’ workshop

The Shepherd’s Center of Greater Winston-Salem will have a free “Welcome to Medicare” workshop for individuals turning 65 and those who already have Medicare to learn about the different insurance options available, including “Original Medicare,” Medicare prescription drug programs, Medicare supplements and Medicare Advantage plans.

The session will be held from 3 to 4:30 p.m. Oct. 24 on Zoom through computer and phone access. The session is designed to explain and clarify the Medicare signup process and educate attendees on how to make smart choices. Space is limited and reservations are required.

For more information or to make a reservation, call 336-748-0217 or email info@shepherdscenter.org.

VFW honor guard needs volunteers

The Veterans of Foreign Wars Memorial Honor Guard needs volunteers to help render military honors for deceased veterans from all branches of the military.

The honor guard is also active with color guard missions at schools, churches, retirement centers and other civic events. Uniforms and transportation are provided.

Members must be honorably discharged from military service. For more information or to volunteer, call Cliff Harris, quartermaster, at 336-403-8756, or email clifhar@windstream.net.

Office volunteer needed

The Shepherd’s Center of Greater Winston-Salem, 1700 Ebert St., Winston-Salem, needs an office volunteer on Thursday afternoons.

Contact Cheryl Lane at clane@shepherdscenter.org if you are interested.

Trellis offers help with advance care planning

Trellis Supportive Care is offering free in-person and online advance care planning sessions. The in-person session will be at 1 p.m. on the first Wednesday of each month. Call Karen Lawler at 336-331-1232 for the location and to register.

The online session will be via the Zoom video-conferencing platform at 1 p.m. each Tuesday. Attendees will be able to complete their living will and health-care power of attorney. Completing these documents will allow someone to be your voice if you can’t speak for yourself about your health care.

For more information or to register, email KLawler@TrellisSupport.org or call Karen Lawler at 336-331-1232. You can learn more about advance care planning by visiting www.Gotplans123.org.

Literacy project needs volunteers

Read Write Spell needs volunteers to serve as tutors to school students. Training, support and all of the tools necessary for success are provided. A one-hour online information session will be held at noon Nov. 8 on Zoom.

For more information or to register, visit www.readws.org/becomeatutor.

Shepherd’s Center seeks volunteer drivers

The Shepherd’s Center of Greater Winston-Salem needs volunteers in all areas of Forsyth County to provide transportation for older adults to medical appointments and grocery shopping. Training and mileage are reimbursement provided. Help your older neighbors stay independent by providing this necessary assistance.

For more information or to volunteer, call Cheryl Lane at 336-748-0217, or email clane@shepherdscenter.org.

SECU Family House needs volunteers

The SECU Family House needs groups and volunteers to provide meals for Family House guests.

These dinners provide much-needed support to adult patients and their caregivers who are away from home for medical care. Food may be prepared in the Family House kitchen or prepared offsite and dropped off. Having the meals at the house allows the families to avoid going to restaurants or grocery stores.

To see details and a list of available dinner dates and to learn more about a variety of offsite and onsite volunteer opportunities, visit www.familyhousews.org/volunteer or contact volun-teer@familyhousews.org or 336-793-2822.

Free ‘Medicare 101’ seminars scheduled

McCall Insurance Services will hold free in-person and online “Medicare 101” seminars at 10 a.m. and 2 p.m. Thursday. The seminars explain Medicare’s programs and are for anyone turning 65 or on Medicare. Topics include the basics of Medicare, such as signing up for Medicare Parts A and Part B. The sessions will also explain Part C and Part D.

The seminar is for information only, and no solicitations will be made. Registration is required and can be made by calling 336-766-1885 or email amy@mccallins.com for details. You may attend in person or receive a link to securely connect to the meeting or go to www.mccallins.com. For accommodation of persons with special needs at meetings, call 336-766-1885.

RSVP AmeriCorps Seniors seek help

The RSVP AmeriCorps Seniors (Retired and Senior Volunteer Program) is looking for volunteers age 55 and older, in-person and online.

Volunteer opportunities include:

  • Virtual practicing Buddy (after-school setting): Must have a computer, internet access and strong computer skills. Online practicing A-Z software and training will be provided.
  • In-person practicing buddies for students in pre-K through third grade.
  • Food Pantry Assistants: Assist with packing food boxes and dis-tributing to clients from 9 a.m. to 3 p.m. on Mondays and/or Fridays.
  • Food Pantry Clerical Assistants: Must have strong computer skills and input client data. Volunteers are needed for three hours on Mondays and/or Fridays, noon to 3 p.m.
  • Drivers are needed to transport clients to medical appointments for partner agencies in Winston-Salem and Kernersville.

For more information or to volunteer, email Patricia Gilliam at pgilliam@lovecdcrsvp.org or call 336-269-2762.

Hospice agency needs volunteers

Mountain Valley Hospice & Palliative Care needs volunteers to help deliver compassionate care to patients at the end of life. Mountain Valley serves 18 counties in North Carolina and Virginia.

Volunteers are needed for such activities as practicing or singing to patients, caregiver respite care, running errands, being a good listener and emotional support.

There is also a need for licensed or certified volunteers to provide such specialized services as art, massage, music and pet therapies. Hairdressers and notaries are also needed. Most volunteers must complete a training program, pass a background check, and meet other requirements, depending on their volunteer role.

For more information or to volunteer, contact Heidi College at hcol-lege@mtnvalleyhospice.org or 336-917-8550.

Kernersville Shepherd’s Center needs drivers

The Shepherd’s Center of Kernersville needs volunteer drivers to assist our organization with transportation services as well as visitation/companion sitting volunteers to help with home support services.

The Shepherd’s Center of Kernersville serves adults who are aging and/or disabled. For more information or to volunteer, call Claire Win-frey at 336-996-6696.

Free Medicare workshops set

Community Senior Benefits, 3195 Maplewood Ave., Winston-Salem, will have free Medicare 101 workshops at 10:30 a.m. on Tuesdays in its board room. Topics will include Medicare costs, how to avoid penalties, prescription drug coverage and types of Medicare Supplement and Advantage plans. Meetings are limited to 10 people.

For more information or to reserve a spot, call 336-986-3836 or email deankontos@medicarecsb.com.

Medicare info sessions planned

Blue Moon Benefits Group is holding free “Welcome to Medicare” webinars and seminars throughout the Triad area each week. These meetings cover a variety of Topics related to enrolling in Medicare and also provide a basic understanding of Medicare coverage options.

The meetings are free and open to the public, but advanced registration is required for any in-person sessions. For information about up-coming sessions and to register, go to www.MyMedicareClass.com or call the Clemmons office at 336-778-1070.

October Shepherd’s Center activities

The Shepherd’s Center of Greater Winston-Salem will have these activities during October. Unless otherwise noted, contact Kristin Larson at klarson@shepherdscenter.org for more information, get Zoom information or to register. Many of the activities will be in person at the Shepherd’s Center, 1700 Ebert St., Winston-Salem or are available on Zoom.

  • 10 a.m. Mondays: Line Dancing for Fun and Fitness: Line dancing is a unique form of physical, mental and emotional wellness exercise. The cost is $7.
  • 1:30 p.m. Mondays: Chess with Paul Sluder. Free.
  • 9:15 a.m. Tuesdays: Tai chi for older adults with Misako Kay. A $2 donation is requested.
  • 11 a.m. Oct. 25: Writing workshop with Susan Surman on Zoom. Have you always wanted to write your story, but you don’t know how to start? Surman, an award-winning author and playwright, will lead a workshop to inspire attendees. Join at any time. Free.
  • Noon Tuesdays and Thursdays: Tai chi for Arthritis and Fall Prevention with Wanda Patterson. A $2 donation is requested.
  • 2 p.m. Tuesdays: The Shepherd’s Center Singers. For more in-formation, contact Carmina Jenks at pegjen2@gmail.com.
  • 9:30 a.m. Wednesdays, Thursdays, and Fridays: Advanced Bridge. A $2 donation is requested.
  • Noon Wednesdays: Tai chi for Body, Mind and Spirit at Miller Park shelter 10, beside shelter 1. Sandy Seeber is the instructor. The cost is $4 for Shepherd’s Center members and $5 for non-members. Social distancing and masks are required. For more information, contact Seeber at sandyseeber2014@gmail.com or 336-409-8591.
  • 1:30 p.m. Wednesdays: Artistic Expressions (formerly Adult Coloring). Free.
  • 1:30 p.m. Wednesdays: Fellowship and games. Free.
  • 2:30 p.m. Oct. 26: Way Back Wednesdays on Zoom. Paul McCraw, a local historian and retired history teacher, will discuss local and world history and relate it to today’s events. Free.
  • 10 a.m. Thursdays, beginning Thursday Mobility & Flexibility for Living Your Best Life: Winston Well-Being is partnering with the Shepherd’s Center to offer this fun series on mobility and flexibility. In this six-week series we will Improve coordination, gait and strength to increase our functional mobility. Learn strategies to prevent falls and move safely. Learn innovative and safe ways to stretch our bodies. A $5 donation is requested. Registration is required and can be made by calling 336-748-0217.
  • 11 a.m. Oct. 28 Fall Fun Day: Heather Beck of Dedicated Senior Care will have an information session followed by fun trivia with prizes. Registration is required and can be made by calling 336-748-0217.
  • 5 p.m. Thursdays: Intergenerational Community Drumming Circle, all ages and experience levels are welcome. Bring a drum or one is available. Free.

Samaritan Ministries seeks help with meals

Samaritan Ministries is serving meals in the dining room and needs volunteers to help with the meals. The ministry will provide in-person and to-go meals.

The lunch shift Mondays through Saturdays for volunteers is from 9 a.m. to 1:30 p.m., and the dinner shift every day is from 4 p.m. to 7:30 p.m.

The Sunday lunch shift is 10 a.m. to 2:30 p.m.

Volunteers must agree to a liability waiver and adhere to strict sanitation guidelines that include wearing an N95 mask, frequent hand washing, and appropriate distancing as recommended by health officials.

Students who are 13 years of age and older can volunteer in the soup kitchen with an adult.

Samaritan asks that higher-risk persons consult their medical provider about volunteering.

Samaritan Ministries is located at 414 E. Northwest Blvd., Winston-Salem.

For more information or to sign up to volunteer, go to samaritanforsyth.org.

Read Write Spell needs volunteers to serve as tutors to school students.

Sat, 15 Oct 2022 16:15:00 -0500 Melissa Hall en text/html https://journalnow.com/news/local/aging-matters-military-officers-association-to-meet/article_525f80c8-4b39-11ed-b0e1-a7221e34a7d3.html
Killexams : Insurance Laws Amendments Shouldn't Change Basic Structure: Experts

(MENAFN- IANS) By Venkatachari Jagannathan

Chennai, Sep 14 (IANS) Any amendments to Indian insurance laws should not change their basic structure that was derived from the Malhotra Committee on Insurance Reforms, said experts.

Low penetration of insurance in India cannot be linked to statutory capital and solvency norms as they are entirely different, the experts added in the context of the Indian government planning to reduce the minimum capital for an insurance company.

'The cause for the low insurance penetration should not be attributed to the extant statutory capital and solvency norms, coupled with robust regulatory framework, which have withstood the test of time,' D. Varadarajan, a Supreme Court advocate specialising in company/competition/insurance laws, told IANS.

It is more than two decades since the insurance sector was opened up on the pretext of increasing penetration with better products than that was vended by the government companies and additional funds for the infrastructure sector.

However, the twin objectives have not been realised as the insurance penetration is still low.

A large portion of insurance penetration in India can be attributed to the government insurance schemes - central and state.

Later, on the pretext of getting more foreign direct investments (FDI) the equity holding percentage for foreign joint venture partners in Indian insurance companies was hiked from 26 per cent to 49 per cent and then to 74 per cent.

Again not many foreign partners have upped their stakes in their Indian joint ventures to 74 per cent bringing in the earlier touted millions of dollars.

Now, again on the pretext of increasing penetration the government is planning to bring down the minimum capital for an insurance company and allow regional and niche insurance companies.

'Not very long ago, Parliament had advisedly kept the minimum capital requirement for an insurance company at Rs 100 crore and Rs 200 crore for a reinsurance company,' Varadarajan said.

'As insurance is a capital intensive business, even the above limits are only moderate, going by the solvency requirement of 1.5 times of liabilities. Virtually, in today's context there is no insurance company which has pegged its capital at the threshold limit, and it is much more, to comply with the robust solvency requirements.'

The government instead of reducing minimum capital for corporates can allow cooperative societies with lower capital and also relax application of certain sections of Insurance Act, said K. Subrahmanyam, a retired Executive Director (Actuary), IRDAI.

'There was amendment of Section 94A of the Insurance Act, 1938, vide Insurance Amendment Act, 2002, which gave sweeping powers to the IRDAI to register cooperative societies with any lower amounts of capital, and also to relax application of certain sections of the Insurance Act. During 2002 to 2014, there was no cooperative society. In 2014, this section was deleted,' Subrahmanyam told IANS.

Now the IRDAI proposes to bring back Section 94A in different forms, with an intention to increase insurance penetration. Instead of doing such, the central government can restore Section 94, so that IRDAI can register any co-operative society as an insurer, according to the needs of the society, he added.

When the banking industry was embroiled in various issues like non-performing assets (NPA), financial scams and others, the insurance industry acquitted itself well and came out unscathed.

That was possible due to the statutory and regulatory dispensation, especially in regard to capital adequacy/solvency norms, strict investment regulations regarding investment of insurance assets, meticulous oversight by the appointed actuaries and their periodical reports to the insurance regulator, Varadarajan remarked.

Given the promoter exits, merger and acquisitions that have happened in the sector till recently the big question is whether there is a market space for more insurers.

The first Chairman of IRDAI N.Rangachary had told IANS that the insurable population should be properly estimated.

If insurance penetration should increase then the IRDAI should address the basic issue of public confidence that a claim will be settled fast and in a just manner.

'The IRDAI focus should be on (a) customer satisfaction-the major problem is that customer is not answered immediately in case of any issue; (b) mis-selling by intermediaries including banks and c) the behaviour of intermediaries and insurers towards customers,' Subrahmanyam told IANS.

Varadarajan said the policymakers should bear in mind the conditions that led to the nationalisation of life and general insurance businesses.

'Hence, history should caution and not repeat. Instead, the focus should be on shunning micro-management of insurers and to provide the needed 'play in the joints'. It is also time to introspect as to what has been done by the Regulator towards insurance advocacy towards orderly growth of insurance business and protection of interests of policyholders, as enshrined in the preamble to the IRDA Act, 1999,' he added.

'Therefore, any attempt at amending the statutory and regulatory framework, should clearly keep away from tinkering with the 'basic structure' of the insurance laws and regulations so as not to aim at low hanging fruits,' Varadarajan said.

(Venkatachari Jagannathan can be reached at )

--IANS

vj/ksk/

MENAFN14092022000231011071ID1104861463


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Tue, 13 Sep 2022 20:05:00 -0500 Date text/html https://menafn.com/1104861463/Insurance-Laws-Amendments-Shouldnt-Change-Basic-Structure-Experts
Killexams : Caffè Lena to hold free health clinic for musicians Caffè Lena to hold free health clinic for musicians © Provided by WTEN Albany Caffè Lena to hold free health clinic for musicians

SARATOGA SPRINGS, N.Y. (NEWS10) — Caffè Lena, a music venue in downtown Saratoga Springs, is set to hold a free health clinic for uninsured and underinsured musicians on October 23 from 11 a.m. to 2 p.m. The pop-up clinic is for musicians from the Capital District and Lower Adirondack region.

Caffè Lena said about 43% of professional musicians in the United States have no health insurance. For full-time musicians with no other employment, the percentage without insurance is even higher.

"I don't know if these numbers hold true locally, but I know that lack of healthcare is a very big issue for regional artists," said Jill Burnham, a full-time nurse at Malta Medical Emergency Care Center and a blues vocalist with duo Mark & Jill Sing the Blues.

Volunteer medical professionals will be on-site at the venue to provide testing, evaluation, health and wellness education, as well as help musicians get access to ongoing care. The clinic will include blood pressure screening, dietician consultation, HEP-C/HIV screening, insurance navigator consultation, Tai Chi meditative wellness, and kits to self-administer a colorectal cancer screening.

"I knew nurses who would be happy to volunteer their time to do some basic health screenings for musicians. When I started talking about this with Caffè Lena, and connecting with other medical professionals, the idea just grew and grew," said Burnham.

The event is receiving funding and staffing from Saratoga Hospital Community Health Center, Hudson Headwaters Health Network, and Caffè Lena. Pre-registration is strongly recommended in order to receive custom-fitted earplugs for onstage hearing protection that will be available for free to the first 40 registrants.

Copyright 2022 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

For the latest news, weather, sports, and streaming video, head to NEWS10 ABC.

Tue, 04 Oct 2022 07:34:08 -0500 en-US text/html https://www.msn.com/en-us/health/medical/caff-c3-a8-lena-to-hold-free-health-clinic-for-musicians/ar-AA12BhD2
Killexams : Mike Matejka: Amendment acts on basic protections

Should workers have a right to speak out about safety conditions, organize together and negotiate with their employers? That is the question with the Workers’ Rights Amendment on this upcoming election ballot.

By placing workers’ rights in the Illinois Constitution, future state legislators or a governor cannot circumvent or thwart workers’ basic concerns.

Fundamentally, this is a question of democracy. Democracy is not just voting every few years. Democracy is people having a voice. Where do we spend most of our waking hours – at work. Here’s a pertinent question for any worker: “Is democracy practiced at my workplace?” In most cases, the answer is no. The employer determines the hours, wages, dress code and the rule book. A sympathetic employer might listen to workers’ concerns but is not obligated to do so.

So how does one gain those basic American democratic workplace rights? By organizing. Workers together can form their own organizations, elect representatives, meet with their employer and negotiate wages, hours and working conditions. Those worker organizations are called labor unions. The Workers’ Rights Amendment would codify those rights within the Illinois Constitution, protecting workplace democracy.

One can see how important a voice on the job is with the current railroad workers’ situation. A railroad job pays well, but workers want a life. Being on call 24/7 with no flexibility for family needs, medical care or simply relaxation time is driving workers from this industry. The workers are currently negotiating and voting on their contracts. Money is not the paramount issue, the core issue is having control of one’s life. Because they are organized, rail workers meet management at the bargaining table to hopefully compromise. Democracy means these workers get the final say, through a contract vote.

By voting yes, these fundamental workplace rights become more than law in Illinois, they are constitutionally protecting.

Workers’ Rights Amendment opponents have raised the weak and false issue of increased taxes. There is nothing in this amendment that impacts taxes directly. This is a long-used fear tactic to evade the real issue, which is giving average working people a voice.

The other tactic is claiming employers will flee the state. That’s an old argument that doesn’t prove true. One hundred plus years ago when Illinois was a child labor law pioneer, opponents argued that this would ruin business. In 1937 when Illinois passed unemployment insurance, the Illinois Manufacturers Association stated no one would work anymore. In the Chicago Tribune in 1932 the IMA was quoted, saying, “Unemployment insurance laws would undermine the fabric of our economic and social life by destroying initiative, discouraging thrift, and stifling individual responsibility.”

Don’t be fooled by misleading arguments. This is a basic question of democracy. Voting yes for the Workers’ Rights Amendment means basic protections. It could transform conditions for many low-wage workers. Raising economic standards for workers means a stronger, fairer and more prosperous Illinois.

Mike Matejka lives in Normal.

Fri, 07 Oct 2022 20:19:00 -0500 en text/html https://pantagraph.com/opinion/columnists/mike-matejka-amendment-acts-on-basic-protections/article_930c46d0-4579-11ed-b79a-0f7ff126071b.html
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