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Preparation Product registration Part 3a

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Products come in many varieties. With insurance products, it is no different


PART THREE PRODUCT REGISTRATION
Before registering a product, the creator will have to work in detail to make it clear to the Back Office which factors are relevant to his product.
We break this down into four parts :
The Basic Information (General Description)
The Interests (hull, liability, legal expenses, b.i.) that can be insured with the product (Premium components)
The information relating to insurers and how they are registered
The information relating to specific objects or persons, if and insofar as they are covered by one or more Premium Components and for which premium is due.

3) INSURERS
An insurance product may be placed with several insurers. Sometimes there is co-insurance, so that all insurers provide part of the risk cover. Sometimes there are insurers each independently insuring a part (premium component) or covering part of it.

Subject: INSURERS
sometimes with explanation

Answer:
possibly delete what is not relevant

Regarding risk coverage:
Is one insurer the risk carrier for all parts of the insurance package?

Yes
No

Is there co-insurance, where several insurers provide part of the risk cover?

Yes
No

Is there "every man for himself" cover? In other words, there is one insurer per premium component, but it can always be a different insurer.

Yes
No

Is there an authorised agent providing risk cover on behalf of insurers that are part of a so-called "fixed pool allocation".

Yes
No

Is there risk cover in which insurers participate on the basis of a fixed pool allocation, as Lloyd's Underwriters tend to do as a reinsurer.

Yes
No

Clarification participations:
In which premium components is this insurer involved ?

......

Regarding commission/remuneration
What is the remuneration granted to your company by the insurers

...% over gross

Surcharge:
Do certain insurers calculate a surcharge on the premium ?

Yes
No

Limit table:
Have insurers set a limit for this product or any part of it ?
If yes, please have a limit table to hand.

1) No
2) Yes.

No Binding Authority / Section
If the insurer(s) applied a contract number recognisable to them, you can register that number for this product for output for them incl. statements etc.
All invoices of this product will then be listed under that contract number.

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