The Marine Insurance Act 1906, s.55, lists several losses for which underwriters are not liable unless the policy otherwise provides. The exclusions are: wilful misconduct; delay; wear and tear, ordinary leakage and breakage, inherent vice or loss caused by rats or vermin; injury to machinery not caused by maritime perils.
Tag: RAW
Statutory health insurance
See: national health insurance .
Statutory Inspections
Plant inspections which are required by law to be carried out at stipulated intervals by a competent person who must also prepare a report in a prescribed form detailing the condition of the plant.
Statutory Law
Body of written law created by legislatures.
Statutory Minimum Solvency Margin
The minimum level by which an insurance company’s exceeds its liabilities according to IRDA directives.
Statutory notices procedures
The FSA in its decision-making role has statutory powers to issues warning notices and decision notices. As a supervisory authority it is empowered to issue a supervisory notice which may order immediate action on the part of an authorised person or indicate that the matter concerned is open to review.
Statutory Profit
The profit of an insurer computed under the statutory system of accounting.
Statutory reserve
A legally required reserve.
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A reserve, either specific or general required by law.
Statutory reserves
Funds (reserves) set aside and designated for future financial liabilities for life or health insurance that are required by state regulations. Also called legal reserve .
Statutory Returns
Annual statements and accounts than an insurance company is obliged to file under IRDA directives. The purpose is to enable the IRDA to supervise the insurer’s liabilities by carrying out a valuation of the insurers’ liabilities and comparing with the assets held.