GLOBEX UPDATE
27 abril, 2018
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GLOBEX UNDERWRITING SERVICES

GLOBEX UPDATE

Events, developments, and opportunities in the international marketplace

Volume 4 Visit us at: www.globexintl.com    April 2018

 

India-IRDAI Imposing Order Of Preference

The  insurance regulator IRDAI has asked insurance companies to comply strictly  with the order of preference when giving out reinsurance contracts. The current order is first preference to be given to an Indian reinsurer  having a prescribed credit rating, followed by local branches of foreign reinsurers IRDAI is imposing stricter regulations on those insurers who do not comply with said regulation. The order of preference has been a matter of contention between Indian reinsurers and the branches of global reinsurers. While the current regulations give preference to GIC Re. foreign reinsurers are seeking to be treated on par with their Indian counterparts A final decision on any changes in this order of preference in yet to be taken by the IRDAI.

 

USA- More schools Purchasing Active Shooter Insurance

Since the Feb. 14 shooting at a Florida high school, seven South  Florida school districts have bought $3 million worth of “active shooter” coverage. There is no detailed survey of insurance coverage at U.S schools, but insurers say it is only within the past year that more schools have been seeking “active assailant” policies Schools districts often find that their general liability policies fall  short on coverage for the cascade of bills that follow a violent incident. The costs can include victim lawsuits, building repairs, legal fees, medical expenses and trauma counseling, as well as media consultants, accountants to handle charitable , contributions, and even reconstruction of buildings where bloodshed occurred in the case of public schools, state laws that exempt the from liability or limit the payouts can leave survivors and their families with huge medical expenses Those  laws can have exceptions and, in some states such as Florida the legislature has authority to waive such limits. Some coverage has been around since 2011, but more insurers have launched such policies since 2016, as mass shootings showed  no sign abating.

GDPR and Social Media Platforms

News about recent events involving social gurus have been all over the place. The danger faced by these companies going forward is two-fold complying with the rules means letting European users opt out of the highly  targeted online ads that have made these platforms a money machine. Violating GDPR mandates could subject the firms to fines of up to 4 percent of annual revenues. A December 2017 survey found that only 21 percent of European consumers know what GDPR is But after the regulation was explained, 82 percent of respondents said they plan to exercise their new rights GDPR grives users the right to access their data, delete it or transfer it to competing companies. Social networks will also need to regain Europeans´consent every time they want to use their data in new ways, including for targeted advertising. Lawmakers had social networks in mind when drafting GDPR, said Helen Dixon, the data protection commissioner of Ireland, which is the lead GDPR regulator for numerous tech companies including Facebook, Twitter and Linkedin. Another challenge for social networks are GDPR provisions mandating how companies must obtain permissions. The regulation demands that requests for consent be presented ” in an intelligible and easily  accessible form, using clear and clear and plain language ” in practice, social network users my find themselves seeing more” permissions screens” and being asked to check boxes every time a social network rolls out a new feature. This naturally could depress usage.

 

Globex international Group –  Globex Underwriting Services  Tel: + 1  203-256-1475
Email: globex@globexintl.com – Address: 100 Beard Sawmill Road. Shelton. CT 06484. USA 

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