An insurer that deals with its insureds without the use of agents or brokers.
Insurance Encyclopedia
Direct Writing Reinsurer
A reinsurance company that transacts business directly with a ceding company and does not (ordinarily) accept business from a broker or intermediary.
Direct Written Premium
The premiums collected, without any allowance for premiums ceded to reinsurers.
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The total amount of an insurer’s written premiums without any allowance for premiums ceded to reinsurers.
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US: The total amount of an insurer’s written premiums without any allowance for premiums ceded to reinsurers.
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REINSURANCE: This is all the premium income of an insurer, adjusted for additional or return premiums, prior to any reinsurance ceded or reinsurance assumed.
Direct written premium (Liability/Property Insurance)
The amount of the premiums that have been collected, before deducting any premiums sent to reinsurers.
Direct-writing company
See: direct writer .
Directed Verdict
A verdict for the defendant based on the court’s decision that the plaintiff’s case has not been proven.
Directed verdict (Legal Terminology)
A verdict awarded to the defendant in a court case, based on the plaintiff’s failure to prove his or her case.
Directive
A formal instruction issued by the E.E.C. to its member-states requiring each state to align its law in the matters indicated in the schedule.
Directive society
a friendly society which is subject to the provisions of the EC Insurance Directives, as implemented in UK law.
Directives 2002/12/EC and 2002/13/EC (Solvency I)
Amend Directive 73/239/ EEC (life undertakings) and 79/267/EEC (non-life undertakings) to strengthen solvency margin requirements. The new requirements (not applicable to mutuals, life or non-life, with less than €5 million annual contribution income): (a) allow Member States to establish more stringent solvency requirements; (b) increase the minimum guarantee fund, (to €3 million index-linked; (c) increase the threshold levels of premiums and claims below which a higher solvency margin is required; (d) allow earlier supervisory intervention; (e) increase the solvency margin for certain volatile categories of non-life business (marine, aviation and general liability) by 50 per cent; (f) allow a life company to include up to 50 per cent of its future profits for solvency until 31 December 2009 subject to supervisory approval; (g) the division of assets, for solvency purposes, into three categories those acceptable without limitation, those acceptable subject to limitations and those acceptable only with approval. The new measures start in 2004.