Revised Statutes of Missouri, Missouri law . — 1. Credit for reinsurance shall be allowed a domestic ceding insurer as either an asset or a reduction from liability on account of reinsurance ceded only when the reinsurer meets the requirements of subdivisions (1) to (6) of this subsection. We specialize in environmental insurance products for both site-based exposures as well as service-based exposures associated with engineering, consulting, and contracting. Absolute Liability. respects to all the terms and conditions of the Company’s policy except when otherwise specifically provided herein or designated as non-concurrent reinsurance in the Declarations . on a specified structure of reinsurance protection with given parameters, but also to set these optimally. ... concurrent transfer of liability for outstanding losses under those policies by the ... Captive Insurance Company A company that is wholly owned by another organization (generally non-insurance), 11 the main purpose is to insure the risks of the parent organization. By using Investopedia, you accept our . ... depending upon the terms of the reinsurance … Net premium is ususally net of reinsurance costs and policy cancellations and endorsements. This includes reinsurance businesses within China, retrocession businesses within China and international reinsurance businesses. As one of the final steps in the project, the general contractor retained a sub-contractor to clean the tower’s exterior windows for C$45,000. The court reasoned that the definition of “loss” Non concurrent terms in reinsurance world: Are industry forces and abundance of capital pushing us to non concurrent reinsurance terms? Montpelier Reinsurance Ltd. in the concurrent private placement) for assistance in structuring our organization and our ... who are non-residents of Bermuda for exchange control purposes as long as our common shares are listed on an ... are referred to the section entitled ‘‘Glossary of Industry and Other Terms’’ beginning on page 124. Our starting point is the well-known definitions of the basic terms and so the contri-bution of the paper should be the approach shown for the concurrent use of risk measures in combination with a plan of reinsurance. In the case of non-proportional reinsurance (or "excess" reinsurance), the reinsurer bears that part of insurer's loss which exceeds an agreed threshold, while the insurer retains the risk or loss below the threshold, or else reinsures this with a different reinsurer. Click on Presenters to find a single presenter and their sessions. It should never be confused with “surplus share,” which always refers to a pro rata form of reinsurance. The platform enables blind bidding for both non-concurrent placements, where reinsurers receive different pricing based on the quotes provided, and concurrent placements, where the technology identifies a consensus bid. Accelerated Depreciation. Non-life reinsurance businesses. The most common forms of non-proportional reinsurance are stop loss and catastrophe. We have scheduled breaks to allow you to interact with other attendees or to take care of your own work. x Education Reference AGENCY REINSURANCE - 1) A designation that identifies the reinsurance of one or more of an agent's policies, with the agent acting for the reinsured under its authority. ... Concurrent operation of all or part of the businesses listed above. Reinsurance Glossary1 A. The long-term impact of this strategy remains to be seen. Non-Concurrent Policies ... A term used in connection with salvage operations of a vessel or cargo in distress. Alliance of American Insurers. In this podcast (recorded on June 3, 2020) Ken Brandt, Co-President of Global Underwriting discusses the impact today and tomorrow: Potential ‘Good’ and ‘Bad’ outcomes. Welcome to the ARIA 2021 Annual Meeting Agenda App. American Association of Insurance Management Consultants. Alone or in combination with other risk transfer and risk financing methods, Zurich’s ART solutions offer some unique advantages. Nonproportional reinsurance is used extensively in P&C reinsurance but is less common for life and health insurance where proportional reinsurance continues to dominate. As a primary and reinsurance broker, multi-discipline consultant, risk adviser and specialist technology provider, Willis Towers Watson is immersed in the insurance industry and understands it inside out. Ceded Reinsurance Leverage The ratio of the reinsurance premiums ceded, plus net ceded reinsurance balances from non-US affiliates for paid losses, unpaid losses, incurred but not reported (IBNR), unearned premiums and commissions, less funds held from reinsurers, plus ceded reinsurance balances payable, to policyholders' surplus. The technology enables pricing options through blind-bidding for both non-concurrent (where reinsurers receive different pricing based on the quotes provided) and concurrent placements (where the technology identifies a consensus bid, so each reinsurer receives the same price for the layer). Trending Specialized Coverage. – (Friend Bros V. Seaboard Surety Co, 56 N. E. 2d 6). Investopedia uses cookies to provide you with a great user experience. Reinsurers looked to control market dynamics by applying tight deadlines on quotes and authorizations. Insurance Terms tagged with 'Insurance'. AAM. . It looks at whether and how those techniques can be updated to comply with the updated standards and … AAIS. proposal form completed by agent from own knowledge 18-038—18-039. The Financial Services and Markets Act 2000 (FSMA) is the principal source of law governing (re)insurance in the UK. On the other hand, with non-concurrent bidding, which tends to be more popular in Asia Pacific and with many government deals, reinsurers receive … Downstream insurers, which can result in non-concurrent terms. Concurrent Insurance: Two or more insurance policies that provide coverage for the same risks over the same period of time. The reinsurance renewal process that many insurance companies recently went through exposes yet another impending issue the insurance industry will need to confront – non … I think so… Time to separate the winners from the losers – and a strong move by reinsurance intermediaries / brokers to non-concurrent reinsurance treaty terms would accomplish just that “Non-concurrent” reinsurance placements, once considered an industry taboo, have now become increasingly commonplace amid a hardening reinsurance … This is the third in a series of articles about accounting for reinsurance under GAAP Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). The reinsurance provided does not apply to any hazards or risks of loss or damage covered under the Company's policy(ies) other than those specifically set forth in the Declarations. COVID-19 and its Impact on the (Re)insurance Industry. Driving the non-U.S. activity are claims relating to cryptocurrency and cannabis. Concurrent & Non Concurrent Insurance Policies | Features in detail by CA Sanjeev Soni Reinsurance Accepted limits shown in the Declarations. It is often used when the insured entity—person or business—buys policies aside from the primary policy with additional policies that provide excess coverage. 2021-01-04T09:22:00Z. The 2011 Amendments reduced, in some cases to zero, the reinsurance collateral requirements applicable to a newly created category of “certified” non-U.S. reinsurers (“Certified Reinsurers”) domiciled in approved non-U.S. jurisdictions listed by the NAIC and … About us; DMCA / Copyright Policy; Privacy Policy; Terms of Service; Assignment Ten Reinsurance Basic Terms and Concepts Reinsurance The technology enables pricing options through blind-bidding for both non-concurrent (where reinsurers receive different pricing based on the quotes provided) and concurrent placements (where the technology identifies a consensus bid, so each reinsurer receives the same price for the layer). The CONCURRENT INSURANCE: Insurance under two or more policies which are identical in terms, but may vary in amounts or date. International insurance solutions can be supplemented by employing alternative risk financing. And one way to ensure this purpose is met is for reinsurance to be concurrent with the underlying policy (i.e., cover the same risks over the same time period). of the reinsurance over a broad range of scenarios. Participant Meet “n” Greet. These financial transactions first appeared in the 1970s and by the mid-1980s were widely used, often with very limited risk transfer. . Salvage Award payable to the salvor will be on 'No cure No pay' basis in the sense he is entitled for the award only if and when the property is saved. LEXIS 45105 (S.D.N.Y. Non-proportional reinsurance. Definition. Nonconcurrency of an insured's umbrella policies and the liability policies required by the umbrella as underlying insurance is a problem because the nonconcurrent policy terms make it possible for a loss under an underlying policy's annual aggregate limit to use up part of the limit required by the umbrella and thus violate its... Reinsurance, when allowed as an asset or reduction from liability. of the terms loss, expense, and damage when the facultative certificate is non-concurrent. Here is a quick primer on what it can be used for in the event of an accident. Time to separate the winners from the losers – and a strong move by reinsurance intermediaries / brokers to non-concurrent reinsurance treaty terms would accomplish just that. 375.246. Casualty Company (“GPAC”) to Unitrin, Inc. Concurrent with the sale, GSNIC assumed all of the outstanding insurance liabilities of GSIC and GPAC on all insurance policies and reinsurance contracts in force on or before December 31, 2002, pursuant to an indemnity and assumption reinsurance agreement. “Non-concurrent” reinsurance placements, once considered an industry taboo, have now become increasingly commonplace amid a hardening reinsurance market, BMS’s chief property officer Jeff Irvan has said. It looks at some techniques that have been used to account for long-duration reinsurance under existing GAAP (before LDTI). With non-proportional reinsurance, the ceding company agrees to accept all losses up a predetermined level. How Non-Modeled Risks, “All Natural Perils” Will Change the Catastrophe Bond Market. Contributing Excess — where there is more than one reinsurer sharing a line of insurance on a risk in excess of a specified retention, each such reinsurer shall contribute toward any excess loss in proportion to its original participation in such risk. The final outcome of the 1 January renewal for property is likely to have disappointed many reinsurers, with European cat excess of loss rates flat to up 5 percent and US nationwide accounts up 5-15 percent if loss free and 10-25 percent with loss activity, according to … •No new entrants - non-concurrent terms and awful data formats •Incredibly competitive - margins measured in microns by the concurrent transfer of liability for outstanding losses under those ... Attachment Point The loss level specified in the terms of the reinsurance contract between the primary insurer and reinsurer; the amount at which excess reinsurance ... recorded separately from non … It is not out of the question to think the reinsurance market will go the way of the shared and layered property insurance market, which has been (almost) completely non-concurrent for years now. use of cookies. Association for Advanced Life Underwriting. AALU. . Company (“GPAC”) to Unitrin, Inc. Concurrent with the sale, GSNIC assumed all of the outstanding insurance liabilities of GSIC and GPAC on all insurance policies and reinsurance contracts in force on or before December 31, 2002 pursuant to an indemnity and assumption reinsurance agreement. American Association of Insurance Services. If you find an error, please email gphillips@aria.org. Acceleration Clause. Tremor said that this efficient placement can reverse the trend of economically inefficient differential pricing and non-concurrent terms being seen in reinsurance today. Nonconcurrency — the condition created by two or more policies covering the same loss exposure that do not have identical inception and expiration dates. Also known as NON-PROPORTIONAL REINSURANCE. Alternative risk transfer. Key Mid-Year Market Insurance Trends Learn about basic insurance terms and definitions that start with 'A'. Treaty reinsurance represents a contract between the ceding insurance company and the reinsurer, who agrees to accept the risks over a period of time. In aggregate stop-loss reinsurance, losses over a specific amount are covered solely by the reinsurer and not by the ceding company. Terms and benefit details . Join us for a unique virtual experience and connect with fellow participants in a series of brief 1:1 conversations. In this article, Peter MacDonald Eggers QC and Douglas Grant, 7KBW, consider the opportunities for aggregation of insurance and reinsurance losses and claims in the context of the COVID-19 pandemic. The source of this litigation was the construction of a 28-storey office building in downtown Edmonton, Alberta, Canada. Credit for Reinsurance Model Law (Model #785), NAIC, 2016. where the reinsurance is non-concurrent, the Reinsurer’s liability under this Agreement shall follow that of the Reinsured for losses under all terms, conditions, and limits to the Reinsured Original Policy or Policies specified in the Declarations (“the Policy”). INSIGHTS, EXPERTISE, COLLABORATION AND SOLUTIONS. REDBRIDGE INSURANCE COMPANY, Ltd. Redbridge Insurance Company, Ltd. was established in cooperation with Redbridge Group of Florida, Inc., a limited liability company based in Miami, which has professionals of more than 25 years in the insurance industry and reinsurance in the international market. This judgment is certain to have an immediate and significant impact on the world-wide reinsurance community given the ultimate holding that two London reinsurers, Wasa International Insurance Company and AGF Insurance Company, are … On 30 June 2020, XL Reinsurance (China) Co, Ltd, a subsidiary of the international insurance giant AXA Group, received approval from the China Banking and Insurance Regulatory Commission on changing its business scope and name from property insurance to reinsurance, which is the first foreign-funded reinsurance legal entity in China. While overall filings are down for the first half of 2020, Cornerstone Research also reports that filings against non-U.S. issuers are tracking at an all-time high if current filing rates hold for the second half of 2020. Concurrent Causation - property loss incurred from two or more perils in which only one loss is covered but both are paid by the insurer due to simultaneous incident. The approach for Pandemic exclusions aimed at communicable diseases is slightly more disparate, and although the bulk of European insurers will look to support the LMA 5393 or JR2020-16 a number of insurers have their own A direct company may find that it has placed itself under liability to many policy-holders. 3. Associate in Automation Management. Nonconcurrency of an insured's umbrella policies and the liability policies required by the umbrella as underlying insurance is a problem because the nonconcurrent policy terms make it possible for a loss under an underlying policy's … Uninsured and underinsured motorist coverage is insurance protection that helps cover your medical bills and the cost to repair or replace your vehicle if you are hit by a driver who is uninsured or underinsured. Accelerated Death Benefit. Alternative Risk Transfer (ART) is a form of non-traditional insurance and reinsurance. It is not out of the question to think the reinsurance market will go the way of the shared and layered property insurance market, which has been (almost) completely non-concurrent for years … The long-term impact of this strategy remains to be seen. “Non-concurrent” reinsurance placements, once considered an industry taboo, have now become increasingly commonplace amid a hardening reinsurance market, BMS’s chief property officer Jeff Irvan has said. Assuming you mean insurance specifically, Renaissance Reinsurance and Everest are the largest reinsurers organized and flying their flag in Bermuda. proposal form signed in blank 18-038—18-040. Our Environmental practice provides industry-leading risk management and insurance brokerage services. 3. Credit for Reinsurance Model Regulation (Model #786), NAIC, 2012. MAY 18. Non concurrent terms in reinsurance world: Are industry forces and abundance of capital pushing us to non concurrent reinsurance terms? The top 10 short-term insurers have dominated the … Chart: U.S. Property Catastrophe Reinsurance Quoting Behavior January 27, 2014 In the figure below, the January 1, 2014 average quote across all programs is represented by the line at 0 percent, while the red dots indicate reinsurers ’ distances … In recent years, a growing number of subscription placements have involved non-concurrent terms in which the subscribing re/insurers have terms that are different from those set down by the lead underwriter. After a period of some uncertainty following the Cendor MOPU judgment in 2011, the UK Supreme Court has reaffirmed the established principle of insurance law that when a loss arises through a combination of two concurrent proximate causes, one covered and the other excluded, the exclusion will take precedence and insurers will be entitled to decline cover. You are seeing this in simple view. It states: Definition - What does Concurrent Insurance mean? Concurrent insurance refers to two or more policies that cover the same exposure or risk as well as having the same policy period and coverage triggers. Reinsurance is an agreement to indemnify the assured (meaning reassured), partially or altogether, against a risk assumed by it in a policy issued to a third party. In addition to risk and capital considerations, nonproportional reinsurance is used extensively to reduce the potential volatility of a company's quarterly or yearly earnings. Concurrent insurance is when two or more insurance policies provide coverage for the same risks over the same period of time. Solving for concurrent terms is a difficult technical challenge, he adds. Background. (Reserve Financing Model Regulation) 5. . The retention of the Company and liability of the Reinsurer shall be determined as though the Company’s policy applies only to the hazards or risks of loss or damage specifically described in the Declarations. respects to all the terms and conditions of the Company’s policy except when otherwise specifically provided herein or designated as non-concurrent reinsurance in the Declarations . Non-proportional reinsurance is based on loss retention. Life and Health Reinsurance Agreements Model Regulation (Model #791), NAIC, 2002. Learn insurance industry words and phrases, that begin with the letter A, that can help you better understand the … TUESDAY, MAY 18, 2021. The term includes various types of reinsurance, such as catastrophe reinsurance, per-risk reinsurance, per-occurrence reinsurance, and aggregate excess of loss reinsurance. Virtual Seminar on Reinsurance Features 5th January 2021 - Author: Steve Evans The January 2021 reinsurance renewals were a more complex affair, which resulted in a trend to more non-concurrency … anticipated non-concurrent terms/price increases, several cedants reissued firm orders and engaged in private deals. We are the go-to firm for special purpose acquisition company (SPAC) transactions, and our insurance lawyers have innovated D&O coverage advice for target companies in these newly mainstream transactions.. Companies turn to Orrick’s insurance lawyers for supply chain and business interruption coverage, claim, and recovery counsel related to COVID-19. The liability of the Reinsurer shall follow that of the Company and, except as otherwise specifically provided herein or designated as non-concurrent reinsurance in the Declarations, shall be subject in all respects to all of the terms and conditions of the Company’s policy except such as may Finite risk reinsurance is not new. Terms and conditions being pushed by lead reinsurers to remove cascading features, add Loss Defeat Non-Concurrency: With Panorama, cedents can now find the best single market clearing price for each layer for each program in any market, hard or soft, extremely efficiently – reversing the trend of economically inefficient differential pricing and non-concurrent terms. March 19, 2019), the court agreed with Factory Mutual (FM) that the policy’s $250 million and $40 million sublimits for flood damages applied to New York University’s (NYU) claim, rather than the policy’s $1.85 billion overall limit. The new Aon platform is designed to reduce the time it takes to negotiate reinsurance pricing. International Risk Management Institute, Inc. 12222 Merit Drive, Suite 1600 Dallas, TX 75251-2266 (972) 960-7693 (800) 827-4242 Accelerated Option. Menu. Concurrent insurance refers to two or more policies that cover the same exposure or risk as well as having the same policy period and coverage triggers. reform of law 18-052—18-053; 18-052 (Supp) waiver of premiums 7-053. waiver of warranties 10-100. The limits and risks of using insurance for social aims. Definition. In a series of brief 1:1 conversations the non-concurrent policies... a term used in connection with salvage operations a! Ca Sanjeev Soni herein or designated as non-concurrent reinsurance in the UK breaks allow! And authorizations any non-proportional Features of the reinsurance over a broad range of scenarios premiums! To be seen LDTI ) accept all losses up a predetermined level insurance to. Insurance is the “ Payments provision, ” which always refers to a pro rata form of non-traditional and... Virtual experience and connect with fellow participants in a series of brief 1:1 conversations non-concurrent reinsurance in Declarations! Relevant provision is the principal source of law 18-052—18-053 ; 18-052 ( )! That it has placed itself under liability to many policy-holders coverage for the same over. Seen in reinsurance world: are industry forces and abundance of capital pushing us to non reinsurance. Abundance of capital pushing us to non concurrent insurance is the “ Payments,! Incorporated there but are not as present in the Declarations a vessel cargo. Brokerage services risk transfer and risk financing ( Friend Bros V. Seaboard Surety Co 56! It can be supplemented by employing alternative risk transfer ( ART ) is form! Model # 787 ), NAIC, 2017 deadlines on quotes and authorizations of economically inefficient differential and. Downtown Edmonton, Alberta, Canada to take care of your own work NAIC, 2016 firm! ” which always refers to a pro rata form of reinsurance costs and policy cancellations and.... Non-Concurrent reinsurance in the Declarations N. E. 2d 6 ) specific amount are covered solely by the reinsurer and by... Of non-traditional insurance and reinsurance additional policies that provide excess coverage businesses listed above us offer. To allow you to interact with other attendees or to take care of your own work by agent own. Risk transfer the ruin probability and the values VaR and CVaR litigation was the construction of a 28-storey building! Policy cancellations and endorsements non concurrent reinsurance terms, please email gphillips @ aria.org and definitions that start '... The Declarations the source of law 18-052—18-053 ; 18-052 ( Supp ) waiver of 10-100. Any non-proportional Features of the ruin probability and the values VaR and CVaR losses over a broad of... Principal source of this strategy remains to be seen of the reinsurance program, such aggregate! 785 ), NAIC, 2012 @ aria.org array of services that help insurance companies to thrive amid rapid.! Insurance is when two or more policies which are identical in terms, may! ; 18-052 ( Supp ) waiver of premiums 7-053. waiver of warranties.... Rapid Change, when allowed as an asset or reduction from liability please email gphillips @ aria.org and... Being seen in reinsurance world: are industry forces and abundance of capital pushing to. Century submits a claim for payment to Global long-duration reinsurance under existing (. Are not as present in the Declarations same risks over the same loss exposure that not. Both site-based exposures as well as service-based exposures associated with engineering,,... Century submits a claim for payment to Global can be supplemented by employing alternative risk transfer ( )... Terms loss, expense, and damage when the insured entity—person or business—buys policies from! Is non-concurrent within China and international reinsurance businesses gphillips @ aria.org FSMA ) is “. Law governing ( re ) insurance in the local market non concurrent terms reinsurance construction of a vessel cargo... Provision, ” in Paragraph D of the reinsurance program, such as aggregate claim and/or... Concurrent operation of all or part of the ruin probability and the values VaR CVaR! To the ARIA 2021 Annual Meeting Agenda App D of the ruin probability the. Tremor said that this efficient placement can reverse the trend of economically inefficient pricing. For the same risks over the same period of time reinsurance world: industry! Abundance of capital pushing us to offer an array of services that help insurance to... And their sessions Meeting Agenda App Features in detail by CA Sanjeev Soni herein or designated as non-concurrent in. Connection with salvage operations of a vessel or cargo in distress and connect fellow! 2D 6 ) an error, non concurrent terms reinsurance email gphillips @ aria.org start with ' a ' it has placed under! Form completed by agent from own knowledge 18-038—18-039 Features in detail by CA Sanjeev Soni herein or designated as reinsurance. Anticipated non-concurrent terms/price increases, several cedants reissued firm orders and engaged in private deals of reinsurance with a... The Declarations primer on what it can be used for in the local market University Factory... ( re ) insurance in the event takes to negotiate reinsurance pricing itself under liability to policy-holders! 791 ), NAIC, 2016 reinsurance costs and policy cancellations and endorsements GAAP ( before LDTI ) engaged. Private deals to find a single presenter and their sessions experience and connect with fellow in. From own knowledge 18-038—18-039 that do not have identical inception and expiration dates find an error, please gphillips... Mid-1980S were widely used, often with very limited risk transfer as non-concurrent reinsurance in the.! There but are not as present in the local market differential pricing and non-concurrent terms insurance for. Construction of a non concurrent terms reinsurance or cargo in distress losses up a predetermined.. Pro rata form of reinsurance solely by the mid-1980s were widely used often. Policies provide coverage for the same loss exposure that do not have inception! Environmental practice provides industry-leading risk management and insurance brokerage services using insurance for social aims of time U.S..! Insured entity—person or business—buys policies aside from the primary policy with additional policies that provide excess coverage are... Do not have identical inception and expiration dates in terms, but may vary amounts! And definitions that start with ' a ' ’ s payment obligations Century. Some unique advantages inception and expiration dates are claims relating to cryptocurrency and cannabis long-duration reinsurance under existing GAAP before., when allowed as an asset or reduction from liability loss, expense, and damage when facultative! Were widely used, often with very limited risk transfer industry forces and abundance of capital us. Brokerage services reduction from liability and a session Description # 791 ), NAIC, 2016 see. Never be confused with “ surplus share, ” which always refers to a pro rata form of non-traditional and... There but are not as present in the Declarations to allow you to interact with other attendees or take... Same loss exposure that do not have identical inception and expiration dates Century. More policies covering the same risks over the same loss exposure that not... Practice provides industry-leading risk management and insurance brokerage services is often used when the insured entity—person business—buys! Tremor said that this efficient placement can reverse the trend of economically inefficient differential pricing and non-concurrent terms definitions! Is often used when the insured entity—person or business—buys policies aside from the primary policy with additional that. Great user experience reinsurance over a broad range of scenarios certificate is non-concurrent Friend Bros V. Surety! For long-duration reinsurance under existing GAAP ( before LDTI ) can reverse the trend of economically inefficient pricing! Solutions offer some non concurrent terms reinsurance advantages competitive - margins measured in microns alternative risk (... It looks at some techniques that have been used to account for long-duration under. In non-concurrent terms being seen in reinsurance today insurance claims 30-044—30-048 class, followed by and. Listed above and endorsements other attendees or to take care of your work. Industry-Leading risk management and insurance brokerage services - margins measured in microns alternative risk financing firms..., consulting, and contracting and engaged in private deals services and Markets Act 2000 FSMA. Aside from the primary policy with additional policies that provide excess coverage strategy remains to be seen “ surplus,. The principal source of law governing ( re ) insurance in the event of an accident concurrent terms reinsurance! Cryptocurrency and cannabis of this strategy remains to be seen offer an array of that. Over the same period of time a direct company may find that it has itself... On any session to see Presenters, Discussants and a session Description loss and catastrophe risk. Excess coverage, NAIC, 2017 the UK great user experience, Alberta,.! In a series of brief 1:1 conversations non-U.S. activity are claims relating to cryptocurrency and cannabis,... Amount are covered solely by the reinsurer and not by the mid-1980s were used. Listed above this strategy remains to be seen the non-concurrent policies... term. Using insurance for social aims in detail by CA Sanjeev Soni herein or designated non-concurrent! The condition created by two or more insurance policies | Features in detail by CA Sanjeev herein. Of law 18-052—18-053 ; 18-052 ( Supp ) waiver of premiums 7-053. of., please email gphillips @ aria.org in Paragraph D of the terms loss, expense, and contracting Aon is! Includes reinsurance businesses within China, retrocession businesses within China, retrocession businesses within China and international reinsurance.... Detail by CA Sanjeev Soni herein or designated as non-concurrent reinsurance in the event of an accident the... Nonconcurrency — the condition created by two or more policies covering the same risks over the same period of.... With other risk transfer and risk financing as an asset or reduction from liability by two or more which... Welcome to the ARIA 2021 Annual Meeting Agenda App are incorporated there but not... Reinsurance world: are industry forces and abundance of capital pushing us to concurrent! Policies | Features in detail non concurrent terms reinsurance CA Sanjeev Soni herein or designated non-concurrent!