Beginning July 1, eligible CEA
policyholders can receive up to a 25 percent discount on their CEA earthquake insurance premium when they retrofit their house to modern building codes.
Based on the IRS, the court allowed the
policyholder's action to proceed as a claim for property.
These include deficits in the
policyholders' fund and non-payment of contributions, i.e., bad debt, as well as poor risk selection, inadequate pricing and weak investment management.
"We believe in offering consistent returns to our participating
policyholders. In spite of volatile market conditions experienced over the last year, we are able to offer stable bonus to our
policyholders.
QIIC adopts a combined Takaful model, whereby the shareholders' fund charges a Wakala fee based on gross written premiums and a Muderaba fee based on investment income to the
policyholders' fund.
In addition, while the cancelation or reduction in credit limits increases exposure to the
policyholder for future transactions with the customer, the
policyholder is at least aware of potential credit issues, enabling it to make an educated decision as to whether to extend credit going forward.
"The company treated its
policyholders unfairly," Insurance Commissioner Laura Cali said in a prepared statement.
At the heart of this problem is the
policyholder's duty to
"I was looking forward to actually helping our
policyholders - not just those organizations that I belong to but all of our
policyholders," he said, explaining the appeal of being involved in the risk control function of Church Mutual - "with the attractive part of that being the prevention side and really moving risk control from a mitigation perspective to a prevention perspective.