Letting your collateral protection insurance program work

first_imgYour auto portfolio is key to your credit union, and you watch its performance carefully. You underwrite prudently and put measures in place, such as collateral protection insurance (CPI), to safeguard against loss due to uninsured collateral. And you try to ensure you have a CPI program in place that is efficient, flexible and allows you to get the most benefit possible. The greatest benefit of a CPI program, however, is only achieved when the program is allowed to work as designed.A Balanced ProgramA CPI program is designed to be in balance over the long haul. By that I mean the premiums collected for certificates placed have to be sufficient to cover the vendor’s losses (claims paid to you), expenses (for tracking) and margins (of the vendor and the carrier actually underwriting your program).  Stability is achieved when CPI programs are managed efficiently by your provider and certificates are placed per your guidelines according to the terms of the loan agreements. This typically entails having insurance in place for the life of the loan, with no lapses in coverage, and you, the lender, listed as the lienholder.Your staff can be pressed by borrowers to modify terms related to CPI. Your staff also has an inherent degree of sympathy in their treatment of members, and waiving CPI requirements can often feel like the “right” thing to do, especially when no claims have occurred during the time a CPI certificate was, or should have been in force. But please don’t allow the practice of giving exceptions to your program.In my previous article I discussed the ‘tough love’ aspect of enforcing all the terms of a loan. And the insurance requirement should be like any other loan term. Think of it this way: could you stay in the lending business if you are willing to allow borrowers to:Skip whatever payments they wantNot paying finance charges they don’t feel like payingObtain a loan without a formal agreementRemove other clauses they don’t like from the deal?You get the point. All the clauses in any contract or security agreement are there for a reason, and the requirement to keep the collateral insured should be no exception. A borrower’s failure to maintain proper insurance should be taken as seriously as the failure to comply with any of the other terms.Fair TreatmentMaking any CPI-related exceptions creates several problems. It increases the ratio of claims paid to you compared to the premiums collected, upsetting the goal of maintaining balance of the program. Over time, it raises the cost of the CPI program that is then passed on to borrowers who did not receive an exception –causing those borrower to bear an even larger share of the program’s costs. In succeeding articles, I’ll discuss these costs in detail.For your staff, making an exception, often called ‘waiving coverage’ that should be force-placed, creates additional and unnecessary work. Waiving insurance requirements can also put you at risk from regulators for treating some borrowers differently than others. CPI should be viewed like any other loan term, consistently applied across all borrowers.To maintain balance, take burden off you staff, and be on the right side of any possible regulatory issue, you must enforce loan requirements uniformly. That includes allowing CPI programs to work as designed by tracking all insurance and force-placing and collecting premium on borrowers who do not maintain proper outside insurance for the life of the loan. Doing so is not only best practice, but also maximizes the benefit you obtain from a CPI program.By choosing CPI over other forms of portfolio protection, you’ve put a program in place that is the fairest to all your members –charging only those who don’t follow the rules. And to be truly equitable to the members that do keep their outside insurance in force, it’s imperative to force place CPI on non-compliant borrowers.The ‘tough love’ aspect of a collateral protection insurance program acts as a catalyst for changing member behavior by encouraging borrowers affected by it to purchase and maintain outside insurance. It’s a fair and balanced solution –when the program is allowed to work as designed. 2SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Mike Gallagher Mr. Gallagher spent 17 years promoting CPI as the marketing director for State National. He is currently consulting with credit unions:  [email protected] Detailslast_img read more

ACI marinas achieved a significant increase in revenue

first_imgAccording to financial indicators, the Company ACI dd in the first 9 months of 2017 generated total revenues in the amount of HRK 165,1 million, and revenues are at the same level as last year. Expenditures are also at the same level compared to the observed period last year and amount to HRK 131,7 million.The events that had a significant impact on business in the first 9 months of 2017 relate to the complete reconstruction of the ACI marina Rovinj and the construction of a travel elevator pool in the ACI marina Dubrovnik, point out the ACI, adding that given the fact that average revenues marinas Rovinj in recent years have been at a level of approx. HRK 11 million, it can be said that during 2017, other ACI system marinas achieved a significant increase in revenues and thus fully compensated for the absence of the mentioned revenues of the ACI marina Rovinj.Operating revenues (revenues from nautical activities – annual, monthly, daily berths, leases and other services to boaters) were realized in the total amount of HRK 156,4 million, of which revenues from annual berths amounted to HRK 70 million (decrease of 3%), revenues from daily (transit) connections amount to HRK 53,5 million (increase of 5%), while revenues from monthly connections amount to HRK 8,6 million (increase of 16%). Revenue from leases and ancillary activities amounts to HRK 12,6 million (an increase of 11%) while revenues from other services to boaters amount to HRK 9,8 million (an increase of 5%).According to the type of service, on the annual berth in ACI marinas on 30.09.2017. There were 3.427 vessels (decrease of 2%), a total of 98.827 ships of days in transit (decrease of 4%), and a monthly increase of 24% in months. “Based on data on physical indicators, 1% more boat days were achieved compared to the same period last year. Since ACI marina Rovinj in 2016 carried 8,8% of ship days, it is clear that physical indicators indicate growth compared to comparable period. ” stand out from the ACI marina.During 2017, ACI dd continued to make significant investments in marinas within the system, all with the aim of raising the quality of service provision.ACI marina Rovinj – investment of 160 million kunaThe most significant investment project in 2017 is the complete reconstruction of the ACI marina Rovinj, which is planned to be completed in 2018, when the renovated marina should start operating.ACI marina Rovinj, which is currently undergoing a complete reconstruction in the land and sea. The project is worth 160 million kuna and after the completion of the works will represent a significant step forward in the standards of nautical tourism in Croatia. In the sea part, the reconstruction envisages the division of the waters into two “basins”, one of which will be partly used for charter and transit vessels of smaller dimensions during the summer period. The new marina will have a capacity of 196 berths on which it will be able to accommodate ships with an average length of 17 meters, instead of the current 11 meters. Yachts up to 35 meters long will be able to be accepted for the annual berth, and in transit larger vessels for which a dozen berths will be provided.Other significant investments during the first nine months of 2017 include the construction of a travel elevator pool that was put into operation during the season, and a newly renovated golf course in the ACI marina Dubrovnik, the reconstruction of concrete piers and electricity in the ACI marina Vodice, reconstruction of pedestrian areas and indoor terraces of the restaurant in the ACI marina Umag and the reconstruction of the reception in the ACI marina Milna. “Based on all the above indicators, it can be said that the 2017 season was extremely successful for ACI dd ”conclude from the ACI marina.Related news:FOR THE FIRST TIME IN HISTORY IN CROATIA, 100 MILLION NIGHTS WERE ACHIEVEDlast_img read more

European Parliament OKs Brussels plan for benchmark regulation

first_imgThe European Parliament has approved the negotiating mandate for European Commission plans to increase the regulation of benchmarks in the wake of the LIBOR and EURIBOR scandals.The Parliament cleared the way for trialogue negotiations between itself, the Commission and the European Council on the format and implementation of the regulations.In September 2013, after discoveries of manipulation in the LIBOR and EURIBOR benchmark rates by market makers, the Commission consulted on how it should approach regulating the markets before deciding on regulation.Its current proposals aim to address conflicts on interest within rate setters, increased governance, transparency and oversight alongside a code of conduct and additional due diligence. Negotiations between the three pillars of the European Union will start next month, the Commission said.“The proposed EU rules aim to improve the functioning and governance of benchmarks that are produced and used in the EU in financial instruments such as bonds, shares, futures or swaps,” it added.Jonathan Hill, EU commissioner for financial stability, services and capital markets union, said it was the consumers who foot the bill of manipulated and unreliable benchmarks.“Our proposal will put in place rules for safer benchmarks across the EU,” he said. “I am confident we can now move swiftly to find an agreement on a final text.”The Index Industry Association (IIA), the lobby group for index providers, said the vote demonstrated an important milestone for effective regulation for benchmarks.“[The IIA] welcomes the overwhelming vote of support for the regulation,” it said.“In particular, IIA supports the proportionate and pragmatic approach taken by the European Parliament, which will help to restore confidence in the markets where problems have emerged.”The work, conducted by the Parliament’s ECON committee, was criticised over one aspect of the bill gone forward.“[We remain] concerned by the Parliament’s proposal to the introduction of price regulation through legislation,” it said. “[We hope] policymakers will be able to make significant progress towards a final agreement through fruitful trialogue negotiations in the months ahead.”In a survey done last year, academic think-tank EDHEC Risk-Institute showed investors were not satisfied with the increased governance requirements on index and benchmark providers and said transparency was key to manage conflicts of interest.The Commission consultation began in 2012 before its decision to press ahead with regulation a year later.The former commissioner for internal markets, Michel Barnier, said the unacceptable behaviour by banks undermined confidence in markets but that increasing sanctions would not be enough to ensure compliance.In February, the EU Council threw its support behind the proposed new rules, allowing the Commission to see the agenda through parliamentary approval.The Commission said a final draft of regulatory measures would be seen and implemented as soon as possible.last_img read more

Inter Milan agree to sign Alexis Sanchez on loan from Man Utd

first_img Source: Sky Sports Inter Milan have agreed a deal with Manchester United to sign Alexis Sanchez on loan according to Sky Sports.The 10-month deal will cost Manchester United around £6m and Inter have not agreed an option to buy Sanchez at the end of the season.The Serie A side are expected to contribute around €5m (£4.5m) of the Chile forward’s salary, according to Sky in Italy, and he is set to arrive in Milan on Wednesday for a medical.Sanchez impressed in Chile’s Copa America campaign this summer, but is yet to feature for United this season after suffering an injury during the third-place play-off. Sanchez has scored just five goals since joining United in January 2018 He did play in a behind-closed-doors friendly against Sheffield United as he continues his rehabilitation.Inter already signed Romelu Lukaku from United for a fee of around £73m earlier this month.Sanchez’s imminent departure will leave United with just Anthony Martial, Marcus Rashford and 17-year-old Mason Greenwood as striking options for Ole Gunnar Solskjaer to call upon.United could be without Martial for a period of time after he suffered a thigh injury in their 2-1 home defeat to Crystal Palace on Saturday. Tags: Alexis SanchezInter Milanlast_img read more

French Researcher Reveals Successful COVID-19 Drug Trial

first_imgChloroquine, an old malaria drug, may help treat novel coronavirus, and the president says he will have an exciting announcement today in conjunction with the FDA possibly about the drug.Chloroquine is effective in treating SARS, and investigative studies have found it will be an effective treatment and prevention for COVID-19. And it’s an anti-inflamatory.An acclaimed research professor in France revealed successful results of a potential treatment for COVID-19, the coronavirus, The Connexion reports.What’s going on:Professor Didier Raoult, who works for the infection hospital l’Institut Hospitalo-Universitaire (IHU) Méditerranée Infection in Marseille, published a new video in which he explained that the COVID-19 patients who were treated “with the drug chloroquine had seen a rapid and effective speeding up of their healing process, and a sharp decrease in the amount of time they remained contagious,” according to The Connexion, an English site for French news.Chloroquine has previously been used to prevent and treat malaria. The drug was offered to 24 patients, who were among the first 24 to become infected in France’s southeastern region. Patients were given the drug for 10 days. Researchers monitored the patients since the drug can cause severe side effects. Raoult said those who did not receive the drug were still contagious after six days. Those who tried the drug were only 25% contagious, though.Janet Diaz, the head of clinical care for WHO’s emergency program, issued a statement in February about whether this drug could cure patients, saying it needs more trials. “At this moment in time there is no proven effective treatment for COVID-19 so that is clear at this moment in time. However there are ongoing clinical trials being done in China at this moment as well. The two that we’ve already discussed are testing the priority therapeutics that were prioritized by the WHO R&D blueprints and that includes lopinavir and ritonavir as well as remdesivir. For chloroquine there is no proof that that is an effective treatment at this time. We recommend that therapeutics be tested under ethically approved clinical trials to show efficacy and safety.”last_img read more

Pattaya Sport Club Golf Schedule – Friday October 12, 2018 –…

first_imgApple’s Irish DATE: Fri12Sat13Sun14Mon15Tue16Wed17Thu18Fri19 Billabong GolfBurapha Retox Game On GreenwoodPleasant ValleyPutaluang King NagaKhao KheowPattavia The Players Lounge Le Katai Valley View HackersGreen Valley Pattana Khao KheowGreenwood Outback Bar Siam Country Green ValleyTreasure HillTQ Masters Colin’s Golf Khao Kheow Green Valley Bunker Boys Lewiinski’sSiam Old CourseGreen Valley BangpakongGreenwoodEastern Starcenter_img PhoenixGreen Valley The Golf Club Growling Swan Siam PlantationSiam Old Course Eastern StarPattana Tropical Golf I Rovers Cafe Kronborg Green Valley The Links Crystal BayTreasure HillGreenwood Sugar Shack Green ValleyPattaviaBangpakong Pattana Mt. Shadow Crystal BayThe EmeraldPattaviaGreenwoodKing Naga Green Valley The Bunker Boys meet at the M-Club off Pattaya 3rd Road for golf outings every Monday, Wednesday and Friday (www.bunkersociety.com). Transportation leaves from Cafe Kronborg on Soi Diana Inn at 8:15 a.m. on Mondays and Thursdays, (contact Bjarne, tel. 038 423203, 038 423809). Colin’s Bar plays golf Sun/Mon/Wed & Fri (www.colinsbar.com). The Growling Swan plays golf on Monday & Thursday (www.thegrowlingswan.com). Lewiinski’s departs from Soi Pattayaland One (Soi Pattaya 13/3) at 9:00 a.m. on its scheduled days. of Sunday, Monday, Tuesday/Wednesday and Friday. The Pattaya Links Hotel Golf Society departs from Soi Buakhao on Monday, Wednesday and Friday. Call Phil on 0625 933 380 or visit www.thelinkshotelpattaya.com. The Outback Golf Bar is situated 6km from Sukhumvit Rd. along Siam Country Club Road. Telephone Andre on 092-617-4951 or visit www.outbackgolfbar.asia. The Golf Club is located on Soij LK Metro. Call Phil on 090 769 3778. Tropical Golf meets at BJ’s Holiday Lodge at 8am on Tuesday’ & Friday. Call Derek on 089 034 0629last_img read more

Whirlwind blows into town

first_imgJimmy White (centre) is flanked by Mike Tandy (left) and Infinity Snooker Club owner Meysam Amini during the opening of the club’s new star matchroom tournament table, Friday, December 29.Snooker legend and frequent visitor to Pattaya and Thailand, Jimmy ‘Whirlwind’ White, was in town December 29 to open a new star matchroom tournament snooker table at the Infinity Snooker Club on 3rd Road.  Jimmy was joined at the opening by snooker coach and ex-professional tournament organizer Mike Tandy, who is now a resident here in Pattaya.  Jimmy and Mike gave some tips and coaching to local players and a good night was enjoyed by all who attended.last_img

So what’s it going to be Leafs?

first_imgSure it would be nice to knock off the perennial favourite in the first round of the playoffs, but that has been a hurdle the Nelson Leafs have failed to accomplish since the years of Simon Wheeldon behind the bench.So the goal for the Green and White in the next three weeks has to be win as many games needed to overtake the Grand Forks Border Bruins for third spot in the Murdoch Division of the Kootenay International Junior Hockey League.Third place would keep the Leafs away from the hottest team in the KIJHL during the Murdoch Semi Finals, Beaver Valley Nitehawks.last_img

Eskom secures R15bn DBSA loan

first_imgAfter a thorough environmental analysis, the bank’s environmental appraisal report concluded that fossil fuels would remain dominant in South Africa’s energy mix for some time, but technologies to reduce greenhouse gas emissions are being developed globally and Eskom’s projects will use some of these technologies to reduce emissions. “Building a sustainable and secure energy supply is one of many priority areas that the DBSA will aggressively pursue to complement the government development agenda to address key development and socio- economic issues faced by the country,” Baloyi said. Reducing environmental impact Speaking at the media briefing in Johannesburg this week, DBSA chief executive Paul Baloyi said: “This deal signifies a major step change aimed at ensuring that South Africa’s long term electricity supply meets demand to ensure the economy can thrive.” It will also have a significant impact on the economies and communities of the towns in which the new power stations are located. The projects include the Medupi and Kusile coal-fired power stations as well as the Ingula Pump Storage scheme and associated transmission infrastructure. Eskom CEO Brian Dames welcomed the recognition by the DBSA of the critical role that Eskom and its capacity expansion programme have to play in supporting South Africa’s growth and development. Baloyi added that the municipal sector currently constitutes 50% of the DBSA’s loan book. “Electricity is a major component of municipal revenue, and it is only logical for the Bank to contribute to the funding of projects that will help to ensure a secure supply of energy for South Africa,” he said. Eskom’s capacity expansion projects will add 12 300 megawatts of additional generating and transmission capacity to South Africa’s national grid by 2017, enabling it to keep up with growing demand. Supporting growth and developmentcenter_img Eskom’s capacity expansion programme is expected to have large spin-off effects, creating 40 000 new jobs, stimulating the creation of new industries and new suppliers, and adding almost 1% a year to the economic growth rate. “Our new build programme is essential to provide the security of supply that South Africa needs if it is to grow its economy and improve the quality of life for all of its people,” Dames said. “The loan is a vote of confidence by the DBSA in Eskom. Securing future energy supply “It will help us to provide South Africa with the power stations and transmission infrastructure it needs while ensuring that Eskom remains financially sustainable.” Like any other transaction, the Eskom loan was subjected to the DBSA’s environmental appraisal guidelines, which found that Eskom has the institutional capacity to address current and future climate change related risks. 4 November 2010 State power utility Eskom has secured a R15-billion loan from the Development Bank of Southern Africa (DBSA) to fund its capital expansion programme. The loan, which is a structured facility that will be drawn over five years, does not utilise guarantees from the South African government. SAinfo reporterWould you like to use this article in your publication or on your website? See: Using SAinfo materiallast_img read more

Sydney Test: Akmal gets ICC notice for fixing allegations

first_imgThe International Cricket Council has sent an official notice to Pakistan wicketkeeper Kamran Akmal telling him that he is under investigation for allegedly fixing the Sydney Test.”Only months after clearing the Pakistan team of any wrongdoing in relation to the controversial Test, the ICC has written to Kamran to advise him he is now in their crosshairs for the Sydney debacle,” a report in the ‘Courier Mail’ said.Kamran had dropped four catches in the Sydney Test where Australia won the match from a losing position, rasing doubts of match-fixing. The ICC then investigated the matter and gave a clean chit to him.However, the world governing body was left red-faced after Pakistan opener Yasir Hameed reportedly claimed that the SCG Test was rigged and players involved in the corruption had pocketed USD 3 million for the staged loss.”ICC investigators have re-opened the SCG case and fingered Kamran as their primary suspect. But investigations aren’t moving at a fast pace, with the NSW Fraud Squad yesterday revealing they had received no contact from Scotland Yard detectives or the ICC,” the report said.Even as the investigators probe the SCG Test, Australian wicketkeeping great Ian Healy said Kamran could not have dropped those catches deliberately.”You couldn’t drop those on purpose the way he was,” he said.last_img read more