<font face="Helvetica" size="3"><p align="left">1. For your first request.</p><p align="left">The term <i><font size="3"><font face="Times New Roman">run off </font></font></i><font face="Helvetica" size="3">means that an insurance or reinsurance company is administering a portfolio of discontinued business. Indeed, the company itself may be </font><i><font size="3"><font face="Times New Roman">in run off</font></font></i><font face="Helvetica" size="3">. What run off means in practice depends on the class of insurance and the nature of the risks.<p align="left">In the case of life insurance and life reinsurance run off means that no new business is acquired. However, remiums continue to be received for the in force business until all the policies have expired or lapsed, and that can take many years. In most non-life classes, on the other hand, usually no further premiums are due for a portfolio in run off, the residual risks only being a source of claims for which <i><font size="3"><font face="Times New Roman">adequate reserves </font></font></i><font face="Helvetica" size="3">have to be available. In the case of short-tail business, such as property, the run off will probably take no longer than two or three years; for transport and aviation, five to seven years is usual, but for long-tail business such as employers’ and products liability, it may take decades before it is safe to assume that there will be no further claims.</font></p></font></p></font><i><font size="3"><font face="Times New Roman">run off </font></font></i><font face="Helvetica" size="3">means that an insurance or reinsurance company is administering a portfolio of discontinued business. Indeed, the company itself may be </font><i><font size="3"><font face="Times New Roman">in run off</font></font></i><font face="Helvetica" size="3">. What run off means in practice depends on the class of insurance and the nature of the risks.<p align="left">In the case of life insurance and life reinsurance run off means that no new business is acquired. However, remiums continue to be received for the in force business until all the policies have expired or lapsed, and that can take many years. In most non-life classes, on the other hand, usually no further premiums are due for a portfolio in run off, the residual risks only being a source of claims for which <i><font size="3"><font face="Times New Roman">adequate reserves </font></font></i><font face="Helvetica" size="3">have to be available. In the case of short-tail business, such as property, the run off will probably take no longer than two or three years; for transport and aviation, five to seven years is usual, but for long-tail business such as employers’ and products liability, it may take decades before it is safe to assume that there will be no further claims.</font></p></font><i><font size="3"><font face="Times New Roman">adequate reserves </font></font></i><font face="Helvetica" size="3">have to be available. In the case of short-tail business, such as property, the run off will probably take no longer than two or three years; for transport and aviation, five to seven years is usual, but for long-tail business such as employers’ and products liability, it may take decades before it is safe to assume that there will be no further claims.</font><p align="left"><font face="Helvetica" size="3">2. For your second request</font></p><p align="left"><font face="Helvetica" size="3">"Key" means important not the tool you use to open the door. Reinsurance influences important "Guan Li" and "Pei Zhi" issues.</font></p>
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