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Topic: HIH Insurance

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	Science Fair Projects - HIH Insurance
		HIH Insurance was founded in 1968 by Ray Williams and Michael Payne and at this time it was known as "M W Payne Underwriting Agency Pty Ltd".
		McGrath and Riddell described HIH's solvency as "marginal" and stated in their report that "an extremely small movement (just 1.7%) in the value of assets could move the balance sheet into net asset deficiency." Even the slightest setback to HIH would cause the company to become insolvent.
		Former HIH director Rodney Adler, son of FAI Insurance founder Larry Adler, was sentenced on 14 April 2005 to four and a half years jail, with a non-parole period of two and a half years.
	www.all-science-fair-projects.com /science_fair_projects_encyclopedia/HIH_Insurance (1225 words)

	CNN.com - Ex-CEO pleads guilty in HIH case - Dec 14, 2004
		HIH Insurance collapsed in May 2001, leaving thousands of policy holders without cover and forcing the Australian government to bail them out.
		He is one of a number of HIH executives and associates to have been pursued by ASIC in its investigation of the HIH collapse.
		Late last year, William Howard, a former general manager of HIH Insurance, was sentenced to three years imprisonment -- a term that was suspended on the basis of his ongoing assistance to the HIH investigation.
	edition.cnn.com /2004/BUSINESS/12/14/australia.hih (571 words)

	HIH Insurance Announces Top Management Changes
		HIH Insurance is a specialty workers' compensation insurer with $200 million in annual premium revenues generated through its North and South American underwriting companies.
		HIH Insurance is a subsidiary of the HIH Insurance Group of Australia, a publicly traded international property and casualty insurer with annual premium revenues of A$3 billion (U.S. $1.95 billion) and assets of A$8 billion (U.S. $5 billion).
		HIH Insurance is headquartered in San Francisco with offices in Sacramento, Irvine, Chicago, Detroit, Phoenix, Denver, Honolulu and Buenos Aires.
	www.prnewswire.com /cgi-bin/stories.pl?ACCT=104&STORY=/www/story/04-14-1999/0000909549&EDATE= (339 words)

	HIH Marine Insurance Services, Inc. v. Gateway Freight Services
		HIH Insurance determined its insured, Dimerco Express (USA), was liable to Seagate for the loss of the four packages of stolen hard disk drives.
		HIH Insurance argues that this separate limitation of liability in the air waybill does not apply to the loss of the disks because the warehouse theft occurred after air transportation was concluded.
		HIH Insurance is unable to cite persuasive authority in support of its argument that the released value doctrine is restricted by principles governing the scope of federal common law.
	www.law.com /regionals/ca/opinions/feb/a092356.shtml (2795 words)

	failure of hih insurance Highlights (Site not responding. Last check: 2007-09-10)
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	weight-training-for-runners.dorcheg.com /failure-of-hih-insurance.html (1406 words)

	HIH Insurance
		When HIH Insurance was put into liquidation on March 15, 2001, it represented one of the biggest collapses in Australian corporate history.
		HIH had been writing workers compensation policies in California and pocketing modest profits until 1995 when a law setting minimum rates was scrapped.
		HIH also encountered severe problems in the London insurance market, which it had entered in 1993, and where through the 1990s it pursued professional indemnity and public liability business.
	www.erisk.com /learning/CaseStudies/HIHInsurance.asp (3231 words)

	HIH Insurance Group Collapse
		HIH insurance is now in run–off, which means it is managing its outstanding claims and not writing any new business.
		HIH 2000 Annual Report the company had gross premium revenue of $2.8 billion, total assets of $8.0 billion, total liabilities of $7.1 billion, with net assets of $900 million.
		Insurance Council of Australia announced its proposed solution for assisting Australian resident policyholders and claimants affected by the collapse of HIH.
	www.aph.gov.au /Library/intguide/econ/hih_insurance.htm (3823 words)

	CNN.com - Australia to bail out failed insurance company - May 14, 2001
		HIH collapsed on March 15 with debts of at least $400 million (Aust $800 million).
		A provisional liquidator's report on the downfall of HIH -- which could prove to be one of Australia's biggest corporate collapses -- is expected in the next two to four weeks.
		Howard said helping other insurance companies take over the HIH policies was preferable to a proposal by the insurance industry that a 1 per cent levy be put on all insurance policies.
	archives.cnn.com /2001/BUSINESS/asia/05/14/aust.hih.biz/index.html (413 words)

	PM - Questions fired into folding of HIH Insurance
		The insurance industry is reeling today after the collapse of one of its major general insurers.
		HIH Insurance is today into provisional liquidation crushed by losses of around $800 million from the failed bid to expand off shore.
		HIH insists it hasn't collapsed and it says it has substantial reserves available to meet policy holders' claims.
	www.abc.net.au /pm/stories/s261437.htm (882 words)

	Report of the Royal Commission into HIH Insurance
		HIH was mismanaged in the area of its core business activity.
		HIH had a corporate governance model but the Royal Commission found that HIH had failed to review the model to assess its suitability for changing circumstances in the insurance industry.
		Although the Royal Commission found that APRA did not cause or contribute to HIH's collapse, APRA did not recognise the seriousness of the situation or question the reliability of the information it was receiving from HIH until too late.
	www.aph.gov.au /library/pubs/rn/2002-03/03rn32.htm (1318 words)

	HIH Insurance - APRA's role revisited
		The provisional liquidation of the HIH Insurance Group is extremely regrettable and is causing a deal of stress for many people who are affected by it directly and indirectly.
		A common criticism has been that APRA knew HIH would be unable to meet its obligations to policyholders almost a year ago, and did nothing about it.
		HIHs externally audited accounts for 1999/2000, issued last September, showed net assets of close to $1 billion; and they showed it comfortably meeting statutory solvency requirements.
	www.apra.gov.au /Media-Releases/01_13.cfm (762 words)

	Bad-boy Rodney sent to his room - Business - www.smh.com.au
		The former HIH Insurance director Rodney Adler will wake this morning in his new "home" - a cell with bunks, basin, toilet and table in D block at Silverwater jail.
		Adler, 45, was yesterday sentenced to 4½ years' jail, with a non-parole period of 2 years, on four charges of dishonesty over his conduct as a director of HIH Insurance.
		HIH collapsed in March 2001 with debts of $5.3 billion, triggering a torrent of litigation.
	www.smh.com.au /news/Business/Badboy-Rodney-sent-to-his-room/2005/04/14/1113251742854.html (842 words)

	DOCEP Corporate - Premier announces rescue package after HIH Insurance collapse
		The package, which is expected to cost up to $6 million over two years, will provide cover for homeowners who were insured with HIH Insurance where their builder has become insolvent, died or has disappeared.
		He said the Government was keen to fully examine the fallout from the HIH collapse and how this could be addressed in existing and future legislation.
		HIH policy holders who need to make a claim may register immediately with Claire Nutter at the Department of Consumer and Employment Protection on 9282 0723.
	www.docep.wa.gov.au /Corporate/Media/statements/2001/July/Premier_announces_re.html (566 words)

	hih insurance: libraryofessays.com- a full library of the best essays, book reports, term papers, research papers
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	www.libraryofessays.com /cat/paper/122/hih-insurance.html (352 words)

	HIHGroup.com.au
		This estimate is for all companies in the HIH group, including some significant overseas subsidiaries not under the control of the Liquidators.
		For example HIH America Compensation and Liability Insurance Company is incorporated in California and is now in liquidation under the control of the Californian Conservation and Liquidation Office.
		Of the licensed or formerly licensed insurance companies within the group incorporated in Australia (all of which are under the control of the Australian Liquidators), HIH Casualty and General Insurance Limited, FAI General Insurance Company Limited, and CIC Insurance Limited make up the majority of the overall deficiency.
	www.hih.com.au /financial.html (478 words)

	Scoop: HIH Insurance - financially strong
		HIH Insurance Limited ("HIH") and Allianz Australia Limited, a wholly-owned subsidiary of Allianz AG, ("Allianz") have agreed to market their retail general insurance business through a 100% owned Allianz company - a new market force second only to NRMA but with a superior geographic spread.
		HIH will enjoy ongoing benefits from the underwriting agency through the time value of the up front payment, as well as from the ongoing profit share which will be enhanced by the synergy benefits derived through the agency's enlarged business base.
		A sound and improving Australian result for HIH Insurance (which represents two-thirds of the company's business) was the highlight of a period adversely affected by results from international operations ; a deterioration in the run-off of discontinued FAI long-tail business ; and market generated investment write-downs.
	www.scoop.co.nz /stories/BU0009/S00076.htm (3406 words)

	Eagle Insurance Brokers - Home
		Eagle Insurance Brokers brings together the local knowledge that only small business can understand, extensive experience of its key partners and mixes it with the big business buying power and depth of resources from our membership of a national marketing company, IBNA Limited.
		Eagle Insurance Brokers is not a goliath and this means that you get to speak to people who care about the result that you obtain and we continue to ensure that our focus delivers a high quality service.
		We also understand that the insurance companies are a vital part of your insurance program so it is important to understand their wants and needs as well.
	www.eagleinsurance.com.au (337 words)

	hih insurance ethical dilemma: megaessayssite.com- the mega essay, term paper, research paper website
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	www.megaessayssite.com /term-papers/2472/hih-insurance-ethical-dilemma.html (399 words)

	01/129 HIH insurance - Australian Securities and Investments Commission
		Mr David Knott, Chairman of the Australian Securities and Investments Commission (ASIC), noted the statement released today by the provisional liquidators of the HIH Insurance group containing preliminary findings of their investigation to date.
		However, Mr Knott also noted the provisional liquidators reference to the complexity of the HIH group's financial affairs and their expectation that it will involve a prolonged investigation.
		Mr Knott noted that most retail policyholders with HIH, FAI or CIC are covered under arrangements with Allianz Australia Insurance Insurance.
	www.asic.gov.au /asic/asic_pub.nsf/byheadline/01%2F129+HIH+insurance?opendocument (306 words)

	HIH Insurance - APRA's Role
		Second, there is a perception in some quarters that the earlier appointment of an inspector would somehow have prevented the current situation from arising.
		The reality is that the problems in HIH go back several years; they did not just happen in the past 6 - 9 months.
		Indeed, on the audited results presented as recently as last September, HIH had close to double the legally required solvency level.
	www.apra.gov.au /Media-Releases/01_08.cfm (528 words)

	Closure of the HIH Claims Support Scheme — Australian Government, The Treasury
		On 21 May 2001, the Commonwealth Government announced the details of a support scheme to assist Australians suffering financial hardship as a result of the collapse of HIH Insurance group of companies.
		The Commonwealth has provided funding for the Scheme, which is administered by HIH Claims Support Limited (HCSL), a wholly owned subsidiary of the Insurance Council of Australia.
		There will be a facility for policyholders to make a late application where a relevant fact relating to the policyholder's right to claim under an insurance policy issued by a company in the HIH Group was not known by the policyholder until after the cut off date of 27 February 2004.
	www.treasury.gov.au /content/hih_claims.asp?titl=HIH&ContentID=689 (279 words)

	HIHGroup.com.au
		On 6 July 2006 the English Scheme Administrators paid a 5% distribution to creditors for HIH Casualty and General Insurance Limited.
		This website has been designed as a reference for creditors of the HIH Group and includes information concerning the Schemes of Arrangement, financial information, creditors' meetings, press releases and frequently asked questions.
		HIH Insurance provides this web-site according to this Legal Disclaimer.
	www.hih.com.au (248 words)

	HIH Insurance
		APRA is also in close contact with the other insurance companies that have recently taken over significant parts of HIHs business.
		This appointment follows the issue of a show cause notice to the company by APRA on 1 March and the expiration yesterday of the statutory period for the company to respond to that.
		APRAs inspector will work with the provisional liquidator to ensure that APRA is fully informed of the management of HIHs insurance liabilities and claims and can advise on options to best protect the interests of all policyholders.
	www.apra.gov.au /media-releases/01_05.cfm (243 words)

	HIH Insurance In Liquidation (Site not responding. Last check: 2007-09-10)
		Effective May 8, 2001, the Insurance Commissioner of the State of California was appointed Liquidator of HIH America Compensation and Liability Insurance Company and Great States Insurance Company for the purpose of winding up the business of both companies.
		All claim activity effective that date is now handled by the various state guaranty funds, and inquiries about pending claims should be directed to the guaranty association for the state where the claimant resides.
		This period is consistent with the requirements of Insurance Code section 679.7.
	www.caclo.org /hih (170 words)

	HIH INSURANCE LIMITED - Company Profile and Status at delisted.com.au
		Terry Cassidy, former Managing Director, Australia of HIH Insurance Limited, has been sentenced to 15 months imprisonment, to be released on 28 February 2006 after serving 10 months, in relation to three criminal charges arising from his management of the HIH group of companies from 1998 to 2000
		APRA executive says HIH did not fail because of APRA's shortcomings but because a great many of its managers and board members and others associated with it were incompetent and dishonest and conducted a deliberate campaign of deception over several years
		HIH director reveals that APRA rejected Rodney Adler as a successor to CEO Ray Williams saying he was not an acceptable candidate
	www.delisted.com.au /CompanyDisplay.aspx?id=3953&UrlReferrer=http%3a%2f%2fwww.delisted.com.au%2fbrowse.aspx%3fchar%3dH (2438 words)

	www.marketsandfairs.com.au/Insurance
		A market organizer could be deemed to be an Insurance Agent or Broker if offering insurance cover to their stall holders as part of the stall rental.
		So, there are no problems insuring with a foreign unauthorised insurance Co? Not at all, foreign unauthorised insurers play a very important role for Australians, and besides your insurance will be placed by an authorised Australian Insurance Broker with Australian Government approved professional indemnity insurance, which is there to protect you.
		Secondly, a foreign insurance company is at all times required to meet the minimum capital and solvency requirements under its home Insurance Act.
	www.marketsandfairs.com.au /insurance.html (3160 words)

	'Tark the Shark': He's Baaaaack
		HIH Insurance Group to Sink Teeth Into Nevada Workers' Comp Market With Ad Campaign Debut LAS VEGAS, May 3 /PRNewswire/ -- HIH Insurance, the workers' compensation specialty carrier that opened its first office in Nevada in February 1999, is set to take a bite out of the Nevada market with its new advertising campaign.
		Launching May 3, 1999, in the guise of collateral, print, billboard and radio advertising, the campaign is geared specifically towards the Nevada market, which as of July 1, 1999, allows Nevada business owners to purchase workers' compensation insurance from whoever they choose.
		HIH Insurance is headquartered in San Francisco with offices in Sacramento, Irvine, Nevada, Chicago, Detroit, Phoenix, Denver, Honolulu and Buenos Aires.
	www.prnewswire.com /cgi-bin/stories.pl?ACCT=104&STORY=/www/story/05-03-1999/0000924886&EDATE= (201 words)

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