Reserve for insurance

failing to file the insurance clauses and premium rates for its proposed insurance products as required.

Article 93 Insurance companies engaged in insurance business other than life insurance, shall set aside a reserve for future claims from its premiums retained for the current year and the amount set aside and carried forward shall be equal to fifty percent (50 ) of the premiums retained for the current year.

Article 57 If the contract specifies payment of the premiums by installments and the applicant has paid the first installment but fails to pay any subsequent installments within a sixty (60) days grace period, the contract shall lapse, or the insurer shall reduce the insured amount in accordance with the contract, unless specified otherwise in the contract.

If the contract stipulates that the premium is to be paid by installments, the applicant shall pay the first installment at the inception of the contract and the other installments as scheduled.

The United Nations is responsible for the cost of third party liability insurance at a cost of 5,500 per annum per helicopter.

Provision is made for global master aviation insurance coverage for third party liability at a cost of 290 per month, and mobile equipment policy for six equipment at a cost of 46 per year per equipment.

An insurance company engaged in life insurance shall set aside a reserve for future claims equal to the total net value determined actuarially on the total life insurance policies in force.

The additional requirement of 171,400 was mainly due to the transfer of funds to the reserve account for third party liability insurance of helicopters.

(d) With the prior concurrence of the Advisory Committee, such sums as may be required to finance payments of advance insurance premiums where the period of insurance extends beyond the end of the biennium in which payment is made the Secretary General shall make provision in the budget estimates of each biennium, during the life of the related policies, to cover the charges applicable to each biennium

While these sources of cash reserves were more or less sufficient to cover the level of unpaid contributions during the years from 1985 through the early 1990s, in recent years they have not been sufficient.

In the event that the applicant has paid the premiums for less than two years , the insurer shall return the premiums to the applicant with the expenses deducted therefrom.

This reserve was funded equally from the biennium 1987 1988 and the biennium 1988 1989.

The insurance clauses and premium rates for other types of insurance formulated by an insurance company shall be filed with the financial supervision and regulation department .

(d) With the prior concurrence of the Advisory Committee, such sums as may be required to finance payments of advance insurance premiums where the period of insurance extends beyond the end of the biennium in which payment is made the Secretary General shall make provision in the budget estimates of each biennium, during the life of the related policies, to cover the charges applicable to each biennium

(d) With the prior concurrence of the Advisory Committee, such sums as may be required to finance payments of advance insurance premiums where the period of insurance extends beyond the end of the biennium in which payment is made the Secretary General shall make provision in the budget estimates of each biennium, during the life of the related policies, to cover the charges applicable to each biennium

(d) With the prior concurrence of the Advisory Committee, such sums as may be required to finance payments of advance insurance premiums where the period of insurance extends beyond the end of the biennium in which payment is made the Secretary General shall make provision in the budget estimates of each biennium, during the life of the related policies, to cover the charges applicable to each biennium

With all that grain stored...

Reserves and

Provision is made for third party liability insurance under the United Nations global insurance policy for 52 United Nations owned vehicles.

That insurer stated that its insurance brokers were not required to collect and remit premiums during the period of Iraq's occupation of Kuwait and that, to the best of its knowledge, no insurance company in Kuwait collected premiums during that period.

Article 68 If an applicant who has already paid in full the insurance premiums for two (2) years or more, terminates the contract, then the insurer shall return the cash value of the policy within thirty (30) days after the receipt of the notice of termination in accordance with the contract.

Cash reserveCalculated at 10 per cent.

Provision is made in the amount of 135,000 for the purchase of spare parts for the routine maintenance of 52 United Nations owned vehicles in the Base fleet ( 51,600) and for the preservation of 84 vehicles trailer units held in long term storage ( 83,400).

In the event that the applicant has misstated the age of the insured, thus underpaying the premiums, then the insurer shall have the right to correct the misstatement and request the applicant to pay the balance, or to reduce the payment of the insurance benefits in proportion to the amount of premiums actually paid to the amount that should have been paid.

Article 56 After the establishment of the contract, the applicant may pay the premium by a single premium or by installments in accordance with the terms of the contract.

Contingency provisions have been made under the Office s reserves to cover exceptional separation costs.

For example, in UNCC claim No. 3011398 the claimant advanced a large currency loss for invalid Kuwaiti dinars and worthless Iraqi dinars totalling USD 311,418 relating to insurance premiums that he asserted he was required, as an insurance broker, to collect during Iraq's occupation of Kuwait.

42. In 1950, the Executive Board authorized the establishment of a reserve for insurance of 200,000 to absorb losses of UNICEF programme supplies and equipment not covered by commercial insurance.

By contrast, a similar tax rule to exempt employer payments for health insurance would reduce national saving by causing employees to substitute health insurance for large personal cash accumulations.

In the event that the applicant or the insured fails to fulfill his her contractual obligation to ensure the safety of the subject matter of the insurance, the insurer has the right to request an increase of the premium or to terminate the contract.

Therefore, UNHCR has decided to maintain the contingency stock strategy, and non food items to cover the needs of a caseload of 500,000 persons will be procured and positioned in the coming months.

Additional requirements of 20,300 resulted from the higher number of vehicles insured during the reporting period, including those on reserve status.

The provision was fully obligated to cover requirements for worldwide third party liability insurance coverage for United Nations owned and contingent owned vehicles.

In 1950, the Executive Board authorized the establishment of a reserve for insurance of 200,000 to absorb losses of UNICEF programme supplies and equipment not covered by commercial insurance.

In the event that the applicant has misstated the age of the insured, thus overpaying the premiums, then the insurer shall return the overpaid portion to the applicant.

The Board considers that, in view of the short term nature of the risks that the reserve is intended to cover, it remains appropriate that the reserve be held in highly liquid investments.

In the event that an applicant requests the termination of the contract subsequent to the commencement of the insurance liability, the insurer may retain the premiums for the period from the commencement of the insurance liability to the date of the termination of the contract, and shall return the balance of the premiums to the applicant.

The cost estimate provides for worldwide third party liability coverage for 935 United Nations owned vehicles at the rate of 350 per vehicle per year ( 327,200) and 236 contingent owned vehicles at the rate of 400 per vehicle per year ( 94,400).

They include periods spent looking after young children, periods of further education, periods in which contributions were not paid because social insurance allowances, etc., were being received.

Charges against the reserve in 1996 1997

(b) To ratify the designation of the President of the Central Reserve Bank and of the Superintendent of Banking and Insurance

43. In 1987, UNICEF established a reserve of 100,000 to self insure for property losses.

Reduction in miscellaneous services pertains to lower than anticipated requirements for insurance, bank charges and freight.

Provision is also made for positioning depositioning costs of 40,000, a painting preparation cost of 10,000 and a liability and war risk insurance cost of 3,900.