Enacts the CMR so far as it relates to the rights and liabilities of persons concerned in the carriage of goods by road under a contract to which the Convention applies.

Enacts the Hague-Visby rules by specifying the respective responsibilities, liabilities and immunities of carriers and cargo owners.

Replaces the Bill of Lading Act 1855 in transferring rights and liabilities with bills of lading, sea waybills and ship’s delivery orders. The Act transfers rights to all ‘lawful holders’ (e.g. the holder of the bill of lading, the receiver of the goods, persons identified in the ship’s delivery order) (s.2). The removal of certain technicalities makes it easier for them to sue the carrier when goods are lost or damaged at sea. The Act also applies similar principles to electronic documentation.

The regulated activity specified in art. 10(2) of the Regulated Activity Order (Effecting and Carrying out Insurance Contracts), of carrying out insurance contracts of insurance as a principal.

Method of calculating the reserve for the outstanding reported claims. Each claim is assessed individually on the basis of the information available and the aggregated figure is included in the balance sheet.

reserves for outstanding claims built up on a case by case basis with the amount likely to be paid out on each claim being separately estimated.
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Known also as outstanding loss reserves, case reserves are recorded estimates of outstanding unpaid liabilities associated with specific reported claims. Case reserves may pertain to losses, allocated loss adjustment expense (ALAE), or both. Case reserves are established by the cedant if the reinsurer believes a case reserve is inadequate, it may establish an additional amount known as the additional case reserve (ACR).

Pensions term, referring to an insurance policy under which contributions net of expenses are accumulated in a pool to which bonuses and interest are added. The proceeds are used to buy pension benefits as they become due.

A proportional reinsurance clause that permits a cedant, on settling a loss above a given sum, to obtain immediate settlement to avoid waiting for the periodic payment. The clause cannot be implemented if the cedant owes outstanding balances to the reinsurer.

The cash equivalent of accrued benefits under a defined benefit scheme that may be used as a transfer payment to another approved pension arrangement or to purchase a section 32 policy. The minimum funding requirement applies to CETV.

Underwriting approach emphasising rapid premium growth rather than selective, profitable underwriting. The insurer expects that the investment income from the enhanced revenue will more than offset any reasonable underwriting loss. An insurer who anticipates a rise in shortterm interest rates may adopt this approach.
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A method of maximizing interest earned on premiums through rating and premium collection.