Written by on 01 April 2009
The Plenum of the Chamber of Deputies passed by 302 votes for an amendment to the Act the insurance contract, Protection and Defense of Users of Financial Services, to extend the period of limitation for insurance policies and expressly in the law a transparent procedure that allows people to know they are receiving any insurance policy.
The paper proposes the amendment of article 81 of the Act the insurance contract, for actions arising from a contract of insurance prescribed in five years, for coverage of the death in life insurance, and in two years, in other cases, counting the periods of limitation from the date of the event which gave them origin.
It establishes the basic guidelines on the beneficiaries’ rights and information and transparency of the insurance contract.
The reform of Article 81 of the Act the insurance contract states that all actions arising under an insurance contract according to the prescribed fraction I. In five years, for coverage of the death in life insurance, while in Section II. Detailed in two years, in other cases. In all cases, the deadlines will be counted from the date of the event which gave them origin.
In relation to Article 2 indicates an addendum to the second and third paragraphs of Article 52 of the Law on the Protection and Defense of Financial Services to the User for any person who is presumed that any beneficiary of life insurance may go to the National Commission to request information you will know whether it was receiving one or more life insurance, whether individual or collective, including those obtained by the recruitment of financial products and services.
In addition to the National Commission, through general rules, determine the form and terms which will make the users aware of the performance of applications that are made in connection with the provisions of this Article. The initiative passed to the Executive for its constitutional effects.
Written by on 01 April 2009
Madrid-The members of the board of Caja Castilla-La Mancha (CCM) doubled his salary in three years, from 2004 to 2007, last year in which the entity operated on recently by the Bank of Spain provided figures. This is clear in the reports of corporate governance of the Commission Nacional del Mercado de Valores (CNMV), which show that although the directors were slowing the pace of increase in their salaries over the years, always got more than 5%. In 2007, compensation (wages and pension obligations and life insurance) board reached 2.17 million, 8% more than in 2006.
This past year the salary was increased by 22%, while in 2005 the increase was 45%. In addition to these benefits, in 2007 the directors received 210,000 euros in allowances to assist councils, an increase in three years 43%, Efe reported. Political parties, meanwhile, in 2007 849.611 euros owed to the cashier, who claims not to have noticed leakage liabilities either in their offices or on the internet, following the intervention.
The Bank of Spain and can provide up to 3,000 million at the CCM, after the economy minister, has signed the first order granting approval to the entity for that amount. After announcing the intervention last weekend, the government approved a guarantee of the Treasury for the supervisor to give funding to the MCC for a maximum of 9.000 million, of which one third have already been finally adopted, according to ministry sources. Meanwhile, Unicaja its board meeting today, which is expected to reject the report of merger with the CCM.
The president of the PP, Mariano Rajoy, said yesterday that his party “will do everything in their power” to entities that are “stronger and work better.” Moreover, he “act before” and “prevent” the prospect of banks and funds, after the de Castilla-La Mancha.
Meanwhile, former president of the Castilian manchega Juan Pedro Hernández Moltó formalized yesterday his resignation as member of the board of Iberdrola Renovables, as reported by the company to the SEC. He also informed the SEC of the appointment of Santiago Garrido Martínez Pereda, and María Dolores Herrera as new directors, who will have the category of “external shareholders” who have left Moltó Hernández and Marcos Fernández Fermoselle.
Written by on 01 April 2009
Caser, the insurer owned by 36 savings banks, ECSC, the Corporation and Mutual Savings French MAAF and MMA, in 2008 a total turnover of 2356 million euros in premiums, an 12 percent increase over the previous year. The insurer obtained a pre-tax profit of 77.6 million euros, 20.5 percent more than in 2007.
In the words of the director general of the insurer, Ignacio Eyries, ‘The year 2008 has been a good year, we’ve grown a lot in life. ” ‘We continue to be the fifth group insurance in this country’, he said at the press conference in which he presented results of the entity. In addition, Eyries has confirmed to media that is’ optimistic ‘and that’ the uncertainties that might exist in 2002 compared to the savings and insurance policies have already disappeared.
The bouquet of living increased 30 percent over the previous year, reaching a turnover of 1.094 million euros. The turnover in the non-life insurance has remained almost stable with a decline of 1 percent from the previous year and stood at 1.263 million euros. Also, the number of policyholders grew by 3 per cent, with good behavior under classes of disease, Multiple retailers, health care and accidents.
In late 2008, and in line with the previous year, the Group maintains a portfolio Caser 5.1 million policyholders. Total income, including premiums, investment income, investees, contributions to pension plans and other income totaled 2958.6 million euros, ie 5.7 per cent over the previous year. For its part, the assets managed by pension funds fell 2.3 percent, to 3.064 million euros.
In the business of homes for the elderly, Caser turnover of 34.8 million euros, 9.6 percent more. ‘We continue to make our business grow older, for example, has just bought a house in Leon. Furthermore, ‘we started to work in hospitals, we have implemented health centers in Zafra, Extremadura …’ And Ignacio Eyries continues: ‘the business of the homes have very narrow margins and Caser does well in this business, with a reasonable return, we focus on telecare and around the world for assistance. Referring to the insurance agency, has confirmed that it has not fulfilled its expectations, as they had ’strong bet’ for this type of insurance. After several acquisitions, diversification of the workforce has increased by 23.5 per cent to over 1,100 people in December 2008. Thus, in total the group employs nearly 3,000 people.
Regarding the future, Ignacio Eyries said that ‘the insurance industry has a good position’, by reviewing the potential impact of the crisis on different types of health insurance, life insurance and business. ‘We are doing well in crisis’, has been completed. In this way, in 2009 Caser expected a profit of 96 million and 6 million policyholders, increasing its market share to 4.05 percent. To this end, the company will enhance its business enterprises, and traditional mediation and will continue to strengthen its position in bancassurance.
Referring to Caja Castilla-La Mancha, the director general of Caser has confirmed that ‘they have no concern,’ and that is only 2.4 per cent shareholding Caser (which is divided into 36 savings). Given this fact, has stated that Eyries Caja Castilla-La Mancha signed an agreement with Mapfre Vida in Caser and sold them in Non-Life.
Written by on 01 April 2009
Marta Berard New Delhi, 31 mar (EFE) – The insurance sector in India with a growth of 24 percent in industry and life in general from 12 in FY 2007-08 is winding to conquer still a virgin market, but the weight of public sector and an obsolete legislation slowing their development.
“The Indian insurance market is characterized by low penetration, so the potential for future growth is tremendous. Although we have made good progress in recent years, further consolidation is necessary,” he told Efe a spokesman for the authority of india Insurance Regulatory and Development (IRDA), U. Jawaharlal.
Written by on 01 April 2009
LONDON (Reuters) – The British banking group Lloyds hired Deutsche Bank to review its insurance operations, and does not rule out a sale, in the midst of its serious liquidity problems due to the financial crisis, on Monday said a person close to decision .
The Lloyds insurance assets include Scottish Widows, Clerical Medical and Halifax Life Insurance.
‘It’s a fairly broad mandate, but is at a preliminary stage and there is still no timetable for action, “added the source.
Bankers commented that they lack time for any of the assets onto the market. Deutsche was mandated for three or four weeks.
Everything regarding the processes in the insurance sector has been arrested or removed. I do not think anyone follow these businesses for several months, ’said one banker.
Tenders for the negotiated price of Asian American International Group fell recently because the applicants did not meet the expectations of the seller’s price.
Royal Bank of Scotland closed the sale of its insurance business because the bids received were too low.
Written by on 01 April 2009
SHANGHAI (Reuters) – China Life Insurance Co, the largest life insurer in the world by market value, had a 42 percent drop in net earnings for the fourth quarter by the collapse of the stock market and higher costs for natural disasters.
However, analysts expect an improvement in earnings this year due to the recovery of stock markets should boost returns on investments.
“The worst days for the Chinese insurance companies have come and gone,” said Pan Hongwen, analyst at Haitong Securities Co.
“The profits of insurers are closely linked to the performance of domestic equity markets and I expect to see a recovery in the market this year,” he added.
The China Life net profit in the quarter fell to 8170 million yuan (1,200 billion dollars) from 14,200 million yuan in the same period last year.
Analysts expected a profit of 8520 million yuan, according to Reuters Estimates. The results were calculated by subtracting the results of the first nine months the total results.
China Life and its smaller rival China Ping An Insurance (Group) Co suffered from the collapse of investment returns last year because the country’s benchmark index, the Shanghai Composite, fell nearly 70 percent.
China Life also said the Sichuan earthquake and the great storms of snow recorded last year resulted in an increase in claims.
Written by on 31 March 2009
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