Art 28a. An insurance document, such as an insurance policy, an insurance certificate or a declaration under an open cover, must appear to be issued and signed by an insurance company, an underwriter or their agents or their proxies.
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The question is how can the bank determine that the issuer is an insurance company/or an insurance company .... as above requirements? For example, if the insurance doc issued by ABC Co., ltd (not mentioning any information to evidence that this is insurance company), is this doc acceptable?
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I also would like to receive your comments for the question that: In practice of insurance industry, is there any case that the insurance company/or insurance underwriter sign an cover note (or only the broker signs the cover note)? If yes, in such case,could this cover note be accepted by the bank?
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Thanks so much for your comments.
Insurance document
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PhanThanhNhan
- Posts: 102
- Joined: Fri Apr 05, 2019 5:23 pm
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PhanThanhNhan
- Posts: 102
- Joined: Fri Apr 05, 2019 5:23 pm
Insurance document
Pls give your comments!
Insurance document
Hi,
In my experience, i have recognized that the insurance company's name itself often includes his capacity i.e. as an insurance company such as ABC Insurance Company, Limited or XYZ Insurance Company or the like. Otherwise the insurance certificate would say something to evidence this effect such as ABC as the Insurance company...
Unlike the above, the underwriter would evidence his capacity as underwriter.
I do not agree that the insurance company or the underwriter would sign the cover note. The cover note is not an insurance documents, it is just the acknowledgement of the broker who works as an intermediary for and on behalf of the insurance company or the underwriter. As such, the insurance cover does not come into effect untill the insurance company or the underwriter issue their insurance policy or ceritifcate. Due to that, the insurance company or the underwriter would better not sign the cover note as the broker.
Regards,
ThuyPTB
In my experience, i have recognized that the insurance company's name itself often includes his capacity i.e. as an insurance company such as ABC Insurance Company, Limited or XYZ Insurance Company or the like. Otherwise the insurance certificate would say something to evidence this effect such as ABC as the Insurance company...
Unlike the above, the underwriter would evidence his capacity as underwriter.
I do not agree that the insurance company or the underwriter would sign the cover note. The cover note is not an insurance documents, it is just the acknowledgement of the broker who works as an intermediary for and on behalf of the insurance company or the underwriter. As such, the insurance cover does not come into effect untill the insurance company or the underwriter issue their insurance policy or ceritifcate. Due to that, the insurance company or the underwriter would better not sign the cover note as the broker.
Regards,
ThuyPTB