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After UK voters decided to exit the European Union in a referendum held on June 23, , the UK government triggered Article 50 on March 29, — the only law governing the process of separation.
Article 50, signed at the Treaty of Lisbon in , gives any member of the EU the right to leave the Union and allows the seceding nation two years to negotiate an exit deal. With one year down and one still to go until the Brexit becomes final, nothing is yet set in stone.
There was no real framework for what would change and how. Over the past year, leaders, legislators and regulators have hashed out initial negotiations around past ties and commitments regarding trade and immigration, but much work remains.
Acknowledging this, negotiators will spend this year building a provisional transition agreement to be ratified in Q4 or Q1 and become legally binding when the break is official in March, The timeline above demonstrates how the process will move forward over the next year. Many regulatory questions still await an answer. While any legal decisions are far from final, there are a few regulatory changes set to complicate the way multinational companies do business.
Loss of Freedom of Establishment and Freedom of Services may require institutions to create entirely new procedures to transact international business legally. Freedom of Establishment grants insurers the right to establish a network of branches or subsidiaries in other EU member states outside the UK and underwrite local risks from those offices.
Freedom of Services also gives financial institutions the right to sell services across the EU without regulatory barriers.
Without these rights, UK-based insurers will typically no longer be able to write coverage for risks located in EU member states. It should remain possible for a UK insurer to have branch in an EEA country to write risks located there, but that branch would have to be fully capitalized and prudentially regulated by the local regulator.
In a worst case, this could impact the ability to pay claims. Multinational companies who rely on the London market to insure their entities and operations overseas throughout Europe may have to re-structure their programs to comply with revised regulations. Even before the vote was decided, AIG began assembling a structure that would be resilient through the transition period and beyond, without disrupting customer experience.
To continue writing international coverage without freedom of establishment or freedom of services to fall back on, AIG recognized the need to establish a separate entity in Europe. Working with regulators in both regions, the company created two new firms — one based in the UK, and one based in Luxembourg.
This new structure is expected to be operational December 1, We are prepared for the hardest of Brexit scenarios. The year ahead will involve working with regulators to create and license branches throughout Europe and preparing to operate from the two new companies.
To learn more, visit https: Fear of robots — for varying reasons — has grown. The reality is that there will be change, some of it metallic and scary, but we will adapt. As presentations continue today, we thank everyone for their insights and attendance this week, and begin planning for next year. While beneficial to WC costs, there is confusion over whether wellness programs can carry penalties for non-participation.
Nearly two-thirds of all adult illicit drug users are employed. Plus, more information about substance abuse among workers. Underwriters have plenty to worry about, but there is one word that perhaps rattles them more than any other word. That word is aggregation. Aggregation, in the transferred or covered risk usage, represents the multiplying potential of a risk. More recently, underwriters expressed fears about the aggregation of risk from lawsuits by football players at various levels of the sport.
Players, from Pee Wee on up to the NFL, claim to have suffered irreversible brain damage from hits to the head. That risk scenario has yet to fully play out — it will be decades in doing so — but it is already producing claims in the billions. For example, they likely do not account for the prevalence of smartphones and social media or address cyber bullying.
Employees also need a way to report inappropriate behavior safely. This could mean setting up an anonymous hotline managed by a third party, or a private way to notify human resources.
It has to be more robust than simply having employees report incidents to their direct manager. These policies have to be clear, easy to follow, and communicated often. Every step that would normally be taken to terminate an employee should remain in place, and documented thoroughly. Rushing through an investigation or skipping steps of the process can be a violation of employment law and open a company up to wrongful termination lawsuits. Crystal clear procedures make it easier to catch, investigate and respond to incidents, but crafting these policies to be compliant and accessible to employees can be challenging, especially for small and mid-size companies with more limited resources.
Training modules for employees also remind them of the consequences of inappropriate workplace behavior and reinforce company policies. Portals and libraries for human resource managers provide template forms and posters, additional training materials, and regulatory news. Some also offer handbook-building tools, which allow companies to craft custom policies that are applicable to their workforce while remaining compliant with federal and state law.
This can help firms update existing policies or create completely new ones. Around-the-clock helplines are another critical resource that risk managers would be remiss not to take advantage of.
Companies that utilize these services proactively position themselves for better claim outcomes. Unfortunately, many HR managers and risk professionals are unaware of services, missing opportunities to mitigate their exposure and avoid potential claims.
Rather than leave insureds to find these resources on their own, Allied World works with brokers to educate them about their offerings from the time a policy is bound. Amid a societal shift demanding change, companies can expect employment practices insurance coverages to shift as well. Awareness will likely drive up claim frequency, and settlements for EPL lawsuits are climbing.
As a result, rates could trend upward as well. All insurers in this space should be proactively analyzing their books to ensure they are accepting the right risks. Allied World evaluates each risk on its own merits, looking at criteria like industry type, employee size, and region.
It carefully evaluates its portfolio on a regular basis to check its aggregate risk and limits. This means they are positioning themselves to stay competitive in the market over the long haul and avoid sudden changes in terms and conditions or rates.
We understand the needs of mid-size companies, and are committed to meeting those needs consistently. Communication with brokers and insureds is key to staying ahead of the risk and positioning every party to be prepared for changes in the exposure itself and the market landscape. To learn more, visit https: While beneficial to WC costs, there is confusion over whether wellness programs can carry penalties for non-participation. Three executives are accused of taking proprietary information with them when they joined a rival firm.
The stories that continue to emerge paint an unflattering picture of corporate America and the culture of sexual harassment that has permeated it for decades. Funds will be used to help victims of sexual harassment and assault bring legal action against harassers, as well as provide public relations consultation to manage any media attention such suits might attract. In surveys conducted since by the U. Merit Systems Protection Board, 40 percent of women and 15 percent of men consistently reported being sexually harassed at work.
When respondents were given clear definitions of harassing behavior, that figure shot up to 60 percent. The current climate is just now pushing awareness to the forefront. It will impact every workplace, in every industry. As American workplaces come under increasing scrutiny, the time is ripe for a large-scale pivot in the way employers manage risks related to sexual harassment.
And, most important of all, what can be done to prevent it? It will become a corporate-wide, enterprise-wide conversation. Risk managers, said Kelly Thoerig, U. Brokers and carriers also may be able to offer insights and services.
Unfortunately, that piece is often lost because risk management and HR are siloed. True culture change can only come from the top level.
Arm yourself with … recent, relevant claims examples specific to the industry and the jurisdictions the company operates in. In addition, said King, HR and legal should be regularly feeding claims information to risk managers to share at quarterly meetings of the board and give specific updates around these issues. Armed with that level of intelligence, top brass can set the goals that will drive all anti-harassment efforts, said experts, putting an emphasis on identifying and correcting behavior that could potentially expose a company to liability.
A clearly defined policy is essential, stating that harassment will not be tolerated and neither will retaliation against those who report it.
The policy should be clear that employees are expected to report harassment or unacceptable behavior. Companies should consider how uncomfortable employees may be about speaking up. An open-door policy is a start. But there should also be multiple reporting points throughout the organization, said Hams, and an anonymous hotline for those reluctant to bring the matter up with anyone in their chain of command, and a multilingual hotline as well.
An effective training plan will have multiple moving parts and should touch every level of the organization from the executive suite to managers and supervisors to the rank and file.