Insurance Corporation Of British Columbia

The Insurance Corporation of British Columbia (ICBC) is a provincial crown corporation in British Columbia created in 1973 by the NDP government of British Columbia. The original purpose of ICBC was to provide universal public auto insurance in British Columbia. Its responsibilities have expanded to include driver licensing and vehicle registration and licensing.

By law, any vehicle registered and driven or parked on public streets in British Columbia must purchase ICBC's basic insurance package from an independent broker. This basic coverage, called "Autoplan," includes protection from third party legal liability, under-insured motorist protection, accident benefits, hit-and-run protection, and inverse liability. At the time the Corporation was established, it held a monopoly on automobile insurance in the province, but in recent years private insurance firms have been permitted to offer optional additional coverage, such as extended liability, collision, and comprehensive plans. While ICBC continues to hold a monopoly on basic insurance, it has chosen to offer optional additional coverage, in competition with these firms.

Like other insurance companies, ICBC bases its premiums on a client's claims history, type of automobile, and geographic location. Unlike most private insurers, however, ICBC is prohibited by law from setting premiums taking into account such demographic characteristics as age, sex or marital status. The Corporation's discount plan (called "Roadstar" and "Roadstar Gold") rewards safe drivers with reduced premiums based on the number of years the driver has been free of successful claims against him or her.

ICBC is governed by a board of directors appointed according to the provisions of the Insurance Corporation Act, ICBC's enabling statute. The board of directors, the CEO, and ICBC management govern ICBC in accordance with corporate governance best practices, and in accordance with the provisions of the enabling legislation, the Motor Vehicle Act, and other legislation applicable to ICBC. Proof of insurance is demonstrated, in part, by the application of a decal to the licence plate.

Rates applicable to ICBC's basic automobile insurance coverage are subject to the review of, and are set by, the British Columbia Utilities Commission. Revenue collected by the Corporation goes mostly into paying insurance benefits, while some is invested in fulfilling the Corporation's mandate to promote safe driving (the "RoadSense" campaign) and pursue other loss prevention strategies. Unanticipated profits incurred by the Corporation have been applied to lower premiums.

Although it was established by a New Democratic government, successive governments of various stripes have maintained the public insurer. Occasionally movements for reform of the automobile insurance system in the province spring up, but they have thus far been unsuccessful. Poll results gauging public satisfaction with ICBC and/or support for its privatization have been mixed over the years.

Insurance City Open Invitational

The Travelers Championship is a golf tournament on the PGA Tour. It is the second most attended PGA Tour event annually only behind the FBR Open.[citation needed] It has been played annually in Cromwell, Connecticut since 1984, and since 1991 the tournament has been held on the course at the TPC River Highlands. Its position on the calendar has varied; in 2005 it was played in late August but in 2006 it was played in late June. Part of the FedEx Cup, the Travelers Championship has been played in late June, the week after the U.S. Open, in both 2007 and 2008.

For the tournament's first three decades, it was played at Wethersfield Country Club. In 1984, after the PGA Tour bought and redesigned Edgewood Country Club, the event moved to the new TPC of Connecticut in Cromwell. In 1991, the course was substantially redesigned with a completely new back nine holes and renamed the TPC at River Highlands. This TPC Property was the third PGA Tour owned/managed championship golf course in what would grow to a network of over 25 TPC Clubs (2007).

Over the last decade, longer hitters have done well at the tournament, with Stewart Cink, Hunter Mahan, J. J. Henry, and Phil Mickelson combining for five victories over an eight year span. Mahan also finished tied for second in 2006 and 2008.[1]

The purse for the 2006 tournament, under Buick's sponsorship, was $4.4 million, with $792,000 going to the winner. From 2007 to 2009, the purse under Travelers' sponsorship was $6 million, with $1,080,000 going to the champion.

The tournament was founded in 1952 as the Insurance City Open; in 1967 it was renamed the Greater Hartford Open, a title that was retained through 2003. From 1973-88, the GHO also bore the name of entertainer Sammy Davis, Jr., who would often play in the pro-ams. Canon was a long-time sponsor of this tournament, and their employees would often take vacation time during tournament week to volunteer at the event.

The Insurance City Open was founded by the Greater Hartford Jaycees as a means to raise funds to support their philanthropic causes. The Jaycees are international leadership development organization for men and women ages 21-40. In 1971, The Greater Hartford Jaycees Foundation, Inc. was established as a grant-giving entity by the Greater Hartford Jaycees, Inc. with the help of Bob Murphy, who donated part of his winnings as 1970 Greater Hartford Open champion.

Insurance brokerage in UK

The term Insurance Broker became a regulated term under the Insurance Brokers (Registration) Act 1977 which was designed to thwart the bogus practices of firms holding themselves as brokers but in fact acting as representative of one or more favoured insurance companies. The term now has no legal definition following the repeal of the 1977 Act. The sale of General Insurance has been regulated by the Financial Services Authority since 14 January 2005. Any person broking insurance can now call themselves an insurance broker.Insurance brokerage is largely associated with general insurance (car, house etc.) rather than life insurance, although some brokers continued to provide investment and life insurance brokerage until the onset of more onerous Financial Services Authority regulation in 2001.Insurance broking is carried out today by many types of organizations including traditional brokerages, Independent Financial Advisers (IFAs) and telephone or web-based firms.

Insurance Fraud

Insurance fraud is any act committed with the intent to fraudulently obtain payment from an insurer.

Insurance fraud has existed ever since the beginning of insurance as a commercial enterprise. Fraudulent claims account for a significant portion of all claims received by insurers, and cost billions of dollars annually. Types of insurance fraud are very diverse, and occur in all areas of insurance. Insurance crimes also range in severity, from slightly exaggerating claims to deliberately causing accidents or damage. Fraudulent activities also affect the lives of innocent people, both directly through accidental or purposeful injury or damage, and indirectly as these crimes cause insurance premiums to be higher. Insurance fraud poses a very significant problem, and governments and other organizations are making efforts to deter such activities.