CEConnection

CEConnect

Newsletter 52 / January 2008

In this issue

CEU News: Impact of Terrorism on the Insurance Industry Examined in CEU.com Course | Read More
Course Info: New Course on Money Laundering Clarifies Details | Read More
Industry News: North Carolina Institutes Exam Proctors | Read More

 

ceunews

Impact of Terrorism on the Insurance Industry Examined in CEU.com Course

If you provide clients with commercial property insurance, chances are, you’ve discussed the effects of terrorism and the potential exposure they may face in a post-9/11 world.

With good reason.

According to the Insurance Information Institute (www.iii.org, December 2007), “Losses stemming from the destruction of the World Trade Center and other buildings by terrorists on September 11, 2001 totaled about $31.6 billion, including commercial liability and group life insurance claims.”

Eye-opening statistics like this drive home how important terrorism insurance protection can be for businesses. And apparently they’re taking note. According to a Marsh Inc. report, “a greater percentage of firms buying terrorism insurance coverage has increased significantly since 2003.” (Source: www.iii.org, December 2007)

Concerned with the availability of this coverage, Congress recently extended the Terrorism Risk Insurance Act (TRIA) through 2014. This means that in the event of a major attack, together the insurance industry and the government will share losses according to a specific formula.

What specific impact does terrorism actually have on different types of coverage? How do insurers underwrite it? What acts will most policies cover—or exclude? What types of businesses and which geographic regions are most vulnerable? Or, worse, uninsurable?

To learn the answers to these key questions and more, take CEU.com’s insightful course, “Terrorism and Its Impact on Insurance”. Offering CE credit-rich information, the online course not only covers the basics, but it also delves into the economic costs of terrorism along with its impact on insurance.

You’ll find the timely topics examined in this course include:

  • The reality of terrorism, the destruction it causes, and the loss exposures it creates.
  • The impact terrorism has on property and casualty insurance, group and health insurance, workers’ compensation, and associated premiums.
  • Underwriting—and the role of reinsurance in providing coverage.
  • War exclusions—and the reasons they do not apply to terrorism.
  • Features and benefits of Terrorism Risk Insurance Act.

For more details or to see if this course is offered in your state, click here.

 

courseinfo

New Course on Money Laundering Clarifies Details

In today’s global economy, money laundering is a prevalent crime. According to the Internal Revenue Service (www.irs.gov), “Each year billions of untaxed dollars are laundered through banks and non-banking financial institutions in an effort to make the money appear legitimate or to evade taxes.”

Specifically, insurance companies that issue permanent life insurance, annuities or any other products that offer cash value or investment features are particularly vulnerable to this crime.

So what can be done to stop it? The IRS reports that one of the most effective tools for combating these financial crimes is the information obtained from banks and other non-banking financial institutions—including insurance companies. In fact, certain insurers are required to set up anti-money laundering programs and file suspicious activities with the U.S. Department of the Treasury.

In a new online course offered by CEU.com, we’ll specifically take a look at the facts surrounding money laundering—and help you understand problems and issues related to it and how laws and rules have been adopted to address them.

Entitled “Anti-Money Laundering”, our course examines:

  • What the new requirements are for establishing anti-money laundering programs.
  • Who and what is impacted by the new rules.
  • How you can stay on the right side of the law and spot suspicious transactions.
  • Who’s responsible for monitoring, detecting and filing reports.

Best of all, like all courses offered through CEU.com, you can access this wealth of information, anytime, anywhere, right from the convenience of your own computer—at one low subscription price.

For more details or to see if this course is offered in your state, click here.

 

Industrynews

North Carolina Institutes Exam Proctors

If you hold an insurance license in the state of North Carolina, please note that insurance CE exams will now be proctored.

The good news is that if you take an exam with CEU.com the entire online proctoring process is easy and efficient. It’s fully automated for all states that require proctors, except Arkansas and Nebraska. For more details or to see if this course is offered in your state, click here.