Direct premium volume was constrained by sluggish growth in industry sectors that affected exposure bases and by increasing competitive pressure, including admitted companies
competing for surplus lines business, according to the report.
The amendments will also impact non- admitted companies
wishing to conduct insurance business in Oman.
Change in the capital structure on cost rate of capital and stock of admitted companies
in the exchange.
Giving emergency evidence to a committee of MPs, local government minister John Healey admitted companies
should not have suddenly been landed with shock tax bills backdated three years.
Mr John Carlisle, spokesman for the Tobacco Manufacturers' Association, denied there had ever been a secret deal not to release the list of additives but admitted companies
are reluctant to publish details of additives in particular brands for commercial reasons.
There is absolutely no reason why they should not, and it would put those offshores on the same kind of regulatory footing as admitted companies
If a major cat occurs and the admitted companies
need to raise capital, they will have a much larger problem by having written the surplus lines marginal business, which historically has a longer tail and will need more attention when the company can least afford to increase reserves.
Other aspects of the law--for example, sinkhole coverage--applicable to admitted companies
were sought to be applied to the surplus lines industry and the failure to apply those standards in coverages prospectively and retroactively was used to claim damages from the carriers for provisions that were never applicable in the past.
The elimination of the costs and problems of fronting, a role that fewer admitted companies
are willing to accept, gives the group captive more flexibility in determining its coverage and policy form, including unbundled services as part of the agreement.
Accounting for the largest portion of impairments among surplus lines and admitted companies
were the related categories of deficient loss reserves/inadequate pricing and rapid growth (see Exhibits 31a and 31b).