Written plan prepared by the managing agent for each Lloyd’s syndicate and submitted to the Lloyd’s franchise board. The franchisor monitors approved plans against performance. The managing agents, as franchisees, must prepare an annual business plan in accordance with the longterm profitability target and the guidelines published by the franchisor. A syndicate business forecast must be attached to the business plan. Plans are also required by the FSA for insurance intermediaries.
Insurance Encyclopedia
Regulatory Decisions Committee (RDC)
Takes most of the FSA’s enforcement decisions following independent investigations and recommendations from the enforcement staff whose work is separated from the decision-taking function. The RDC seeks agreement from the party affected by issuing warning notices and decision notices, but the recipient may take his case to the Financial Services and Markets Tribunal.
Regulatory information retrieval service
A database that lists actions taken by state insurance departments against insurers and individuals, such as fines and penalities. This database was developed by the NAIC and the state insurance departments.
Regulatory processes
FSA regulation encompasses: authorisation, supervision, enforcement and decisionmaking.
Regulatory return
See: Accounts and Statements Rules.
Regulatory risk
The risk that a regulated entity fails to meet the requirements and expectations of its regulatory authority responsible for enforcing rules, codes and practices. The FSA has considerable authority and could vary the permission granted to authorised persons and firms leaving them unable to carry on regulated activities.
Rehabilitation
US: (1) Restoration of a totally disabled person to a meaningful occupation, (2) a provision in some long- term disability policies that provides for continuation of benefits or other financial assistance while a totally disabled insured is retraining or attempting to resume productive employment.
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Process by which a disable person is aided to recover maximum effective function in all personal activities.
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UK: Restoring the physical and/or mental capabilities of an injured person through counselling, therapy or education. The aim is to return that person to a normal way of life or an early return to work, or rehabilitate them in a new earning capacity. Some liability insurers provide claimants with early access to rehabilitation services without prejudice to their position on liability.
Rehabilitation (rehab)
Restoring an individual or part of the body to normal or almost normal function after a disease, injury, addiction, or incarceration (e.g., working with a physical therapist to walk better or with an occupational therapist to get dressed). Rehabilitation services are ordered by the attending physician for the patient. These services are given by nurses and physical, occupational, and speech therapists. Also referred to as rehabilitation care .
Rehabilitation benefit/proportionate benefit
Reduced benefit payable under an income protection insurance when an insured returns to work on reduced earnings as a result of a disability. The benefit starts only after 13 weeks of total incapacity and when a full claim has been admitted.
Rehabilitation benefits (Workers Compensation)
Benefits provided under workers compensation to a person injured in a work-related capacity. These are physical rehabilitation or vocational rehabilitation benefits that attempt to prepare the person to return to work.