IncomeTax/Insurance

PROPERTY AND CASUALTY RISKS

Liability insurance in USA deals with property and casualty insurance. Controlled master programs ( CMF ) are widely used in insurance. It aims to provide global risk managers with the ability to manage and control world wide exposure. CMP is a group of linked insurance policies. The set of local policies is issued in conjunction with the master policy in any territories. Under writers and intermediaries must assess, the local laws Ana regulations. Certain laws require admitted liability policies non-admitted coverage allowed.

CMP provides uniform coverage and uniform liability limits. Given the difference in the content of liability policies in different countries which is achieved through master policy. Difference in conditions allows the coverage provide by the master policies. CMP specifies world wide jurisdiction and territory, so, that the insurance company can response to third party claims regardless of where they arise.

LOCAL INSURANCE REQUIREMENTS

The laws and regulation of the local country govern the issue and the operation of liability insurance. The business practice of the country also beside the procedure of insurance business. Warehousing, manufacturing, after sale services maintenances of specific contract would call for an admitted policy of liability insurance. The local countries requirement of standard policy and compulsory provisions should be followed by the multi national insurance companies. For example, general liability policies or prevalent in Germany.

Local policies in it clause of operation. For example, mandatory risk retention is imposed in Brazil. Insurers should issue all policies on economical and efficient basis