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99-547: HIH Insurance was Australia's second-largest insurance company before it was placed into provisional liquidation on 15 March 2001. The demise of HIH is considered to be the largest corporate collapse in Australia's history, with liquidators estimating that HIH's losses totalled up to $ 5.3 billion. Investigations into the cause of the collapse have led to conviction and imprisonment of a handful of members of HIH management on various charges relating to fraud. A Royal Commission
198-684: A Nerva–Antonine dynasty -era tablet from the ruins of the Temple of Antinous in Antinoöpolis , Aegyptus . The tablet prescribed the rules and membership dues of a burial society collegium established in Lanuvium , Italia in approximately 133 AD during the reign of Hadrian (117–138) of the Roman Empire . In 1851 AD, future U.S. Supreme Court Associate Justice Joseph P. Bradley (1870–1892 AD), once employed as an actuary for
297-666: A Royal Commission would be established to inquire into the company's collapse. Justice Neville John Owen headed the Royal Commission, which tabled its report to Parliament on 16 April 2003. The findings of the Royal Commission were available on the HIH Royal Commission web site which has been archived by the National Library of Australia . Former HIH director Rodney Adler was sentenced on 14 April 2005 to 4 + 1 ⁄ 2 years in prison, with
396-592: A sea captain , ship-manager , or ship charterer that saved a ship from total loss was only required to pay one-half the value of the ship to the ship-owner . In the Digesta seu Pandectae (533), the second volume of the codification of laws ordered by Justinian I (527–565), a legal opinion written by the Roman jurist Paulus in 235 AD was included about the Lex Rhodia ("Rhodian law"). It articulates
495-737: A charge had been dropped against former HIH chairman Geoffrey Cohen a week before it was due to be heard in Sydney's Downing Centre Local Court. The decision by the Commonwealth Director of Public Prosecutions not to proceed followed a similar decision in February 2008 relating to a more serious charge. Both were laid in 2005. Both abandoned charges related to Cohen's address to shareholders at the HIH annual general meeting in December 2000. In
594-458: A claim arises on the occurrence of a specified event). There are generally three types of insurance contracts that seek to indemnify an insured: From an insured's standpoint, the result is usually the same: the insurer pays the loss and claims expenses. If the Insured has a "reimbursement" policy, the insured can be required to pay for a loss and then be "reimbursed" by the insurance carrier for
693-448: A claim. Adjusting liability-insurance claims is particularly difficult because they involve a third party, the plaintiff , who is under no contractual obligation to cooperate with the insurer and may in fact regard the insurer as a deep pocket . The adjuster must obtain legal counsel for the insured—either inside ("house") counsel or outside ("panel") counsel, monitor litigation that may take years to complete, and appear in person or over
792-601: A combined ratio over 100% may nevertheless remain profitable due to investment earnings. Insurance companies earn investment profits on "float". Float, or available reserve, is the amount of money on hand at any given moment that an insurer has collected in insurance premiums but has not paid out in claims. Insurers start investing insurance premiums as soon as they are collected and continue to earn interest or other income on them until claims are paid out. The Association of British Insurers (grouping together 400 insurance companies and 94% of UK insurance services) has almost 20% of
891-455: A company insures an individual entity, there are basic legal requirements and regulations. Several commonly cited legal principles of insurance include: To "indemnify" means to make whole again, or to be reinstated to the position that one was in, to the extent possible, prior to the happening of a specified event or peril. Accordingly, life insurance is generally not considered to be indemnity insurance, but rather "contingent" insurance (i.e.,
990-608: A considerable collection of general overseas and rare book materials, as well as world-class Asian and Pacific collections which augment the Australiana collections. The print collections are further supported by extensive microform holdings. The library also maintains the National Reserve Braille Collection. As a national library, the NLA is required by legal deposit provisions enshrined in
1089-410: A fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management , primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer , insurance company , insurance carrier , or underwriter . A person or entity who buys insurance is known as a policyholder , while
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#17327910377101188-617: A large number of companies both in Australia and globally, including Colonial Ltd General Insurance's operations in Australia and New Zealand, Solart in Argentina and Great States Insurance Co in the United States. Most notably, however, HIH acquired the large Australian insurance company FAI Insurance, whose chief executive Rodney Adler became a director of HIH in 1999. Winterthur Swiss sold its 51% share in HIH Winterthur to
1287-413: A minimum, the following elements: identification of participating parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the amount of coverage (i.e., the amount to be paid to the insured or beneficiary in the event of a loss), and exclusions (events not covered). An insured is thus said to be " indemnified " against the loss covered in
1386-453: A more active role in loss mitigation, such as through building codes . According to the study books of The Chartered Insurance Institute, there are variant methods of insurance as follows: Insurers may use the subscription business model , collecting premium payments periodically in return for on-going and/or compounding benefits offered to policyholders. Insurers' business model aims to collect more in premium and investment income than
1485-652: A national collection of library material, including a comprehensive collection of library material relating to Australia and the Australian people ", thus functioning as a national library . It is located in Parkes , Canberra, ACT . Created in 1960 by the National Library Act , by the end of June 2019 its collection contained 7,717,579 items, with its manuscript material occupying 17,950 metres (58,890 ft) of shelf space. The NLA also hosts and manages
1584-468: A national leadership role in developing and managing collaborative online services with the Australian library community, making it easier for users to find and access information resources at the national level. It provides services to libraries and publishers and the general public, with membership available to residents of Australia providing access to additional services. Some of the components of
1683-447: A non-parole period of 2 + 1 ⁄ 2 years. Adler's sentence came after pleading guilty on 16 February 2005 to four criminal charges, which included: The sentence was a lenient one, since the judge accepted the defendant's plea of mitigation, citing that he had not sold any of his own shares, or personally benefitted from his actions. Criminal charges for stock market manipulation were laid against Adler after an investigation by
1782-518: A non-parole period of 2 years and 9 months, after pleading guilty to misleading shareholders about the financial position of HIH. Williams was also banned from leading an Australian corporation for ten years. On 14 January 2008, Williams was released from jail after serving just under three years. Sydney businessman Brad Cooper was sentenced in the Supreme Court on 23 June 2006, after a jury found him guilty on 13 charges relating to bribes he paid
1881-458: A person or entity covered under the policy is called an insured . The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which
1980-631: A premium paid independently of loans began in Belgium about 1300 AD. Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. The first known insurance contract dates from Genoa in 1347. In the next century, maritime insurance developed widely, and premiums were varied with risks. These new insurance contracts allowed insurance to be separated from investment,
2079-697: A relatively few claimants – and for overhead costs. So long as an insurer maintains adequate funds set aside for anticipated losses (called reserves), the remaining margin is an insurer's profit . Policies typically include a number of exclusions, for example: Insurers may prohibit certain activities which are considered dangerous and therefore excluded from coverage. One system for classifying activities according to whether they are authorised by insurers refers to "green light" approved activities and events, "yellow light" activities and events which require insurer consultation and/or waivers of liability, and "red light" activities and events which are prohibited and outside
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#17327910377102178-536: A senior HIH official to push through false claims in the months before the insurer's collapse. He was sentenced to 8 years' jail with a non-parole period of 5 years. Cooper reportedly admitted to having a cocaine addiction during his high-flying days when he worked as a motivational speaker and as a salesman. At the time he entered jail in October 2005, Australian media stated he reported to prison officials that he had further addictions to painkillers, dex-amphetamines, and
2277-556: A separation of roles that first proved useful in marine insurance . The earliest known policy of life insurance was made in the Royal Exchange, London , on 18 June 1583, for £383, 6s. 8d. for twelve months on the life of William Gibbons. Insurance became far more sophisticated in Enlightenment-era Europe , where specialized varieties developed. Property insurance as we know it today can be traced to
2376-399: A staff of records management and data entry clerks . Incoming claims are classified based on severity and are assigned to adjusters, whose settlement authority varies with their knowledge and experience. An adjuster undertakes an investigation of each claim, usually in close cooperation with the insured, determines if coverage is available under the terms of the insurance contract (and if so,
2475-723: A total of 5,508,008 images. Where possible, these are delivered directly across the Internet. Since a 2016 amendment to the Copyright Act , all born-digital content must also be deposited in the library (with varying provisions for state libraries as well). The NLA has since May 2019 hosted and managed the National edeposit (NED) service. Libraries ACT , Libraries Tasmania , Northern Territory Library , State Library of New South Wales , State Library of Queensland , State Library of South Australia , State Library Victoria and
2574-649: A tradition of welfare programs in Prussia and Saxony that began as early as in the 1840s. In the 1880s Chancellor Otto von Bismarck introduced old age pensions, accident insurance and medical care that formed the basis for Germany's welfare state . In Britain more extensive legislation was introduced by the Liberal government in the National Insurance Act 1911 . This gave the British working classes
2673-572: A univariate analysis could produce confounded results. Other statistical methods may be used in assessing the probability of future losses. Upon termination of a given policy, the amount of premium collected minus the amount paid out in claims is the insurer's underwriting profit on that policy. Underwriting performance is measured by something called the "combined ratio", which is the ratio of expenses/losses to premiums. A combined ratio of less than 100% indicates an underwriting profit, while anything over 100 indicates an underwriting loss. A company with
2772-410: Is able to locate resources about Australia and Australians, which reaches many locations otherwise unavailable to external search engines. The library produces non-fiction and children's books which explore the collections. These cover subjects including History, Natural History and Art. NLA Publishing has been a recipient of several Eve Pownall Award for Information Books. Free registration with
2871-563: Is decorated in marble, with stained-glass windows by Leonard French and three tapestries by Mathieu Matégot . A Tom Bass sculpture called Lintel Sculpture is installed over the entrance to the library. The building was listed on the Australian Commonwealth Heritage List on 22 June 2004. In 2004 the book A different view : the National Library of Australia and its building art
2970-671: Is held across six organisations: the NLA; Australian Performing Arts Collection in Melbourne ; Mitchell Library in Sydney; Queensland Performing Arts Centre Museum; Scenic Studios Australia Pty Ltd; and Seaborn, Broughton & Walford Foundation Archives and Library collection. Both AusStage and the J.C. Williamson Distributed Collection were added to the UNESCO Australian Memory of the World Register in 2021. The National Library of Australia provides
3069-409: Is paid out in losses, and to also offer a competitive price which consumers will accept. Profit can be reduced to a simple equation: Insurers make money in two ways: The most complicated aspect of insuring is the actuarial science of ratemaking (price-setting) of policies, which uses statistics and probability to approximate the rate of future claims based on a given risk. After producing rates,
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3168-426: Is the materialized utility of insurance; it is the actual "product" paid for. Claims may be filed by insureds directly with the insurer or through brokers or agents . The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form, such as those produced by ACORD . Insurance-company claims departments employ a large number of claims adjusters, supported by
3267-474: The Copyright Act 1968 to collect a copy of every Australian publication in the country, which publishers must submit upon publication of the material. At the end of the Australian financial year of 2018–19, the National Library collection comprised 7,717,579 items, and an additional 17,950 metres (58,890 ft) of manuscript material. The library's collections of Australiana have developed into
3366-807: The Australian Conservation Foundation , and the Australian Council of National Trusts . Finally, the library holds about 37,000 reels of microfilm of manuscripts and archival records, mostly acquired overseas and predominantly of Australian and Pacific interest. The National Library's Pictures collection focuses on Australian people, places and events, from European exploration of the South Pacific to contemporary events. Art works and photographs are acquired primarily for their informational value, and for their importance as historical documents. Media represented in
3465-520: The Australian Securities & Investments Commission (ASIC) into the purchase of HIH shares by Pacific Eagle Equities Pty Ltd, an Adler-controlled company. Pacific Eagle Equities purchased 1,873,661 HIH shares on 15 June 2000, 951,339 HIH shares on 16 June 2000 and 425,000 HIH shares on 19 June 2000 with HIH funds after Adler persuaded Ray Williams to shift $ 10 million from HIH to Pacific Eagle Equities. Adler's defence team negotiated with
3564-701: The Australian Securities Exchange . In 1995, CE Heath International Holdings acquired CIC Insurance Group. The remaining 48% holding that CE Heath PLC maintained in CE Heath International Holdings was sold to a subsidiary of CIC Insurance Group called CIC Holdings Limited. CIC Holdings increased its share in CE Heath International Holdings to 50% and CIC Holdings was purchased by Winterthur . In May 1996, CE Heath International Holdings changed its name to HIH Winterthur. Through 1997 and 1998, HIH Winterthur acquired
3663-680: The Great Fire of London , which in 1666 devoured more than 13,000 houses. The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren 's inclusion of a site for "the Insurance Office" in his new plan for London in 1667." A number of attempted fire insurance schemes came to nothing, but in 1681, economist Nicholas Barbon and eleven associates established
3762-742: The Mutual Benefit Life Insurance Company , submitted an article to the Journal of the Institute of Actuaries . His article detailed an historical account of a Severan dynasty -era life table compiled by the Roman jurist Ulpian in approximately 220 AD that was also included in the Digesta . Concepts of insurance has been also found in 3rd century BC Hindu scriptures such as Dharmasastra , Arthashastra and Manusmriti . The ancient Greeks had marine loans. Money
3861-500: The Pacific . The collection also holds a number of European and Asian manuscript collections or single items have been received as part of formed book collections. The Australian manuscript collections date from the period of maritime exploration and settlement in the 18th century until the present, with the greatest area of strength dating from the 1890s onwards. The collection includes a large number of outstanding single items, such as
3960-614: The Pandora Archive since 1996. The Australian Web Archive , released in March 2019, combines records from PANDORA, the Australian Government Web Archive (AGWA), and other websites published in Australia. In the 2019 federal budget, the government allocated A$ 10 million to the library, intended to be spread over four years to set up a digitisation fund. As of June 2019 , the library had digitised
4059-653: The State Library of Western Australia are the member organisations of the collaboration. The library houses the largest and most actively developing research resource on Asia in Australia, and the largest Asian language collections in the Southern hemisphere, with over half a million volumes in the collection, as well as extensive online and electronic resources. The library collects resources about all Asian countries in Western languages extensively, and resources in
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4158-617: The general average principle of marine insurance established on the island of Rhodes in approximately 1000 to 800 BC, plausibly by the Phoenicians during the proposed Dorian invasion and emergence of the purported Sea Peoples during the Greek Dark Ages (c. 1100–c. 750). The law of general average is the fundamental principle that underlies all insurance. In 1816, an archeological excavation in Minya, Egypt produced
4257-663: The 14th century Chertsey Cartulary , the journal of James Cook on HM Bark Endeavour , inscribed on the Memory of the World Register in 2001, the diaries of Robert O'Hara Burke and William John Wills from the Burke and Wills expedition , and Charles Kingsford Smith 's and Charles Ulm 's log of the Southern Cross. A wide range of individuals and families are represented in the collection, with special strength in
4356-459: The Australian experience in all formats—not just printed works—books, serials, newspapers, maps, posters, music and printed ephemera —but also online publications and unpublished material such as manuscripts , pictures and oral histories . Hazel de Berg began recording Australian writers, artists, musicians and others in the Arts community in 1957. She conducted nearly 1300 interviews. Together with
4455-426: The Commonwealth Director of Public Prosecutions to drop charges of stock market manipulation in exchange for a guilty plea to other charges. Adler attempted to induce investors to purchase HIH shares by telling a finance journalist on 19 June 2000 and 20 June 2000 that he had purchased 1,873,661 HIH shares on 15 June 2000 and 951,339 HIH shares on 16 June 2000 for himself. Adler also told the journalist that he believed
4554-731: The Commonwealth Parliamentary Library was driven to development of a truly national collection. In 1907 the Joint Parliamentary Library Committee under the Chairmanship of the Speaker, Sir Frederick William Holder defined the objective of the Commonwealth Parliamentary Library in the following words: The Library Committee is keeping before it the ideal of building up, for the time when Parliament shall be established in
4653-544: The Federal Capital, a great Public Library on the lines of the world-famed Library of Congress at Washington; such a library, indeed, as shall be worthy of the Australian Nation; the home of the literature, not of a State, or of a period, but of the world, and of all time. From 1923, two forms of name were used concurrently: Commonwealth National Library and Commonwealth Parliament Library, to designate
4752-591: The Performing arts ephemera collection (PROMPT). Within the PROMPT collection, there are further divisions by person or topic, for instance the J.C. Williamson collection of theatre ephemera, and performers such as Dame Nellie Melba and Kylie Minogue . Since around 2017, a team of volunteers has been using the PROMPT collection to add content to the AusStage database. The J.C. Williamson Distributed Collection
4851-1044: The World Programme Register in 2001. The library has also acquired the records of many national non-governmental organisations. They include the records of the Federal Secretariats of the Liberal party, the A.L.P , the Democrats, the R.S.L. , the Australian Inland Mission , the Australian Union of Students , The Australian Ballet , the Australian Elizabethan Theatre Trust , the Australian Institute of Urban Studies , Australian Industries Protection League ,
4950-463: The assistance and support of library staff from London, New York City, and Jakarta, building various collections have been possible. Approximately 94.1% of the library's collection had been catalogued by July 2019, a total of 5,453,888 items and these are discoverable through the online catalogue. The library is a world leader in digital preservation techniques, and has maintained an Internet-accessible archive of selected Australian websites called
5049-641: The collection include photographs, drawings, watercolours, oils, lithographs, engravings, etchings and sculpture/busts. The library contains a large amount of printed ephemera , collected since the early 1960s and also including older materials. These include minor publications, pamphlets, leaflets, invitations, cards, menus, junk mail , as well as larger publications, such as theatre programmes or retail trade catalogues. They are selected based on certain key criteria, such as information content, design elements, period representation, and portraiture . They are divided into various types or topics. This group includes
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#17327910377105148-446: The demand for marine insurance . In the late 1680s, Edward Lloyd opened a coffee house , which became the meeting place for parties in the shipping industry wishing to insure cargoes and ships, including those willing to underwrite such ventures. These informal beginnings led to the establishment of the insurance market Lloyd's of London and several related shipping and insurance businesses. Life insurance policies were taken out in
5247-791: The early 18th century. The first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office , founded in London in 1706 by William Talbot and Sir Thomas Allen . Upon the same principle, Edward Rowe Mores established the Society for Equitable Assurances on Lives and Survivorship in 1762. It was the world's first mutual insurer and it pioneered age based premiums based on mortality rate laying "the framework for scientific insurance practice and development" and "the basis of modern life assurance upon which all life assurance schemes were subsequently based." In
5346-695: The event of general average. In 1873 the "Association for the Reform and Codification of the Law of Nations", the forerunner of the International Law Association (ILA), was founded in Brussels. It published the first YAR in 1890, before switching to the present title of the "International Law Association" in 1895. By the late 19th century governments began to initiate national insurance programs against sickness and old age. Germany built on
5445-567: The fields of politics, public administration, diplomacy, theatre, art, literature, the pastoral industry and religion. Examples are the papers of Alfred Deakin , Sir John Latham , Sir Keith Murdoch , Sir Hans Heysen , Sir John Monash , Vance Palmer and Nettie Palmer , A.D. Hope , Manning Clark , David Williamson , W.M. Hughes , Sir Robert Menzies , Sir William McMahon , Lord Casey , Geoffrey Dutton , Peter Sculthorpe , Daisy Bates , Jessie Street , and Eddie Mabo and James Cook both of whose papers were inscribed on UNESCO's Memory of
5544-706: The first contributory system of insurance against illness and unemployment. This system was greatly expanded after the Second World War under the influence of the Beveridge Report , to form the first modern welfare state . In 2008, the International Network of Insurance Associations (INIA), then an informal network, became active and it has been succeeded by the Global Federation of Insurance Associations (GFIA), which
5643-408: The first fire insurance company, the "Insurance Office for Houses", at the back of the Royal Exchange to insure brick and frame homes. Initially, 5,000 homes were insured by his Insurance Office. At the same time, the first insurance schemes for the underwriting of business ventures became available. By the end of the seventeenth century, London's growth as a centre for trade was increasing due to
5742-419: The float method is difficult to carry out in an economically depressed period. Bear markets do cause insurers to shift away from investments and to toughen up their underwriting standards, so a poor economy generally means high insurance-premiums. This tendency to swing between profitable and unprofitable periods over time is commonly known as the underwriting, or insurance, cycle . Claims and loss handling
5841-798: The following Asian languages: Burmese , Chinese , Persian , Indonesian , Japanese , Khmer , Korean , Lao , Manchu , Mongolian , Thai , Timorese , and Vietnamese . The library has acquired a number of important Western and Asian language scholarly collections from researchers and bibliophiles. These collections include: The Asian Collections are searchable via the National library's catalogue. The National Library holds an extensive collection of pictures and manuscripts. The manuscript collection contains about 26 million separate items, covering in excess of 10,492 metres of shelf space (ACA Australian Archival Statistics, 1998). The collection relates predominantly to Australia, but there are also important holdings relating to Papua New Guinea , New Zealand and
5940-442: The group to be between $ 3.6 billion and $ 5.3 billion. The demise of HIH was the largest corporate failure in Australia's history. HIH insurance is currently in run–off, which means it is managing its outstanding claims and not writing any new business. On 11 April 2011 the provisional liquidator said that it could be up to 10 years before all creditors are paid. On 21 May 2001 Prime Minister John Howard announced that
6039-447: The insurance carrier can generally either "reimburse" or "pay on behalf of", whichever is more beneficial to it and the insured in the claim handling process. An entity seeking to transfer risk (an individual, corporation, or association of any type, etc.) becomes the "insured" party once risk is assumed by an "insurer", the insuring party, by means of a contract , called an insurance policy . Generally, an insurance contract includes, at
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#17327910377106138-774: The insurance company. Insurance scholars have typically used moral hazard to refer to the increased loss due to unintentional carelessness and insurance fraud to refer to increased risk due to intentional carelessness or indifference. Insurers attempt to address carelessness through inspections, policy provisions requiring certain types of maintenance, and possible discounts for loss mitigation efforts. While in theory insurers could encourage investment in loss reduction, some commentators have argued that in practice insurers had historically not aggressively pursued loss control measures—particularly to prevent disaster losses such as hurricanes—because of concerns over rate reductions and legal battles. However, since about 1996 insurers have begun to take
6237-529: The insurance policy is called the premium . If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. A mandatory out-of-pocket expense required by an insurance policy before an insurer will pay a claim is called a deductible (or if required by a health insurance policy, a copayment ). The insurer may hedge its own risk by taking out reinsurance , whereby another insurance company agrees to carry some of
6336-413: The insured has an insurable interest established by ownership, possession, or pre-existing relationship. The insured receives a contract , called the insurance policy , which details the conditions and circumstances under which the insurer will compensate the insured, or their designated beneficiary or assignee. The amount of money charged by the insurer to the policyholder for the coverage set forth in
6435-409: The insurer will use discretion to reject or accept risks through the underwriting process. At the most basic level, initial rate-making involves looking at the frequency and severity of insured perils and the expected average payout resulting from these perils. Thereafter an insurance company will collect historical loss-data, bring the loss data to present value , and compare these prior losses to
6534-408: The investments in the London Stock Exchange . In 2007, U.S. industry profits from float totaled $ 58 billion. In a 2009 letter to investors, Warren Buffett wrote, "we were paid $ 2.8 billion to hold our float in 2008". In the United States , the underwriting loss of property and casualty insurance companies was $ 142.3 billion in the five years ending 2003. But overall profit for the same period
6633-404: The late 19th century "accident insurance" began to become available. The first company to offer accident insurance was the Railway Passengers Assurance Company, formed in 1848 in England to insure against the rising number of fatalities on the nascent railway system. The first international insurance rule was the York Antwerp Rules (YAR) for the distribution of costs between ship and cargo in
6732-427: The library in person, inter-library loans may be obtained to use in the reading rooms . The following individuals have been appointed as Director-General or any precedent titles: In 2016, with threatened funding cuts to Trove , a public campaign led to a government commitment of A$ 16.4 million in December 2016, spread over four years. By early 2020, with the surge in demand for all types of digital services,
6831-458: The library is allowed for all Australian residents, with cards sent to a physical address before use is allowed. Membership confers some extra benefits for users of the library, such as requesting items for use onsite in the reading rooms, and access to a select range of licensed electronic resources from offsite, such as the full text of Encyclopaedia Britannica . Electronic copies of some items are able to be ordered, and for members who can visit
6930-414: The library, she was a pioneer in the field in Australia, working together for twenty-seven years. A core Australiana collection is that of John A. Ferguson . The library's Australiana collections are the nation's most important resource of materials recording Australia's cultural heritage. The library has particular collection strengths in the performing arts , including dance. The library contains
7029-443: The loss and out of pocket costs including, with the permission of the insurer, claim expenses. Under a "pay on behalf" policy, the insurance carrier would defend and pay a claim on behalf of the insured who would not be out of pocket for anything. Most modern liability insurance is written on the basis of "pay on behalf" language, which enables the insurance carrier to manage and control the claim. Under an "indemnification" policy,
7128-612: The losses that only some insureds may incur. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. In order to be an insurable risk , the risk insured against must meet certain characteristics. Insurance as a financial intermediary is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses. Risk which can be insured by private companies typically share seven common characteristics: When
7227-447: The nation's single most important resource of materials recording the Australian cultural heritage. Australian writers , editors and illustrators are actively sought and well represented, whether published in Australia or overseas. The library's collection includes all formats of material, from books, journals, websites and manuscripts to pictures, photographs, maps, music, oral history recordings, manuscript papers and ephemera. With
7326-552: The national and parliamentary collections respectively. In 1957 the Paton Committee recommended a National Library as an independent statutory body . In 1960 the National Library of Australia was created by the National Library Act 1960 , and each library became a separate entity. The original National Library building on Kings Avenue, Canberra was designed by Edwin Hubert Henderson (1885–1939), who
7425-414: The policy. When insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a claim against the insurer for the covered amount of loss as specified by the policy. The fee paid by the insured to the insurer for assuming the risk is called the premium. Insurance premiums from many insureds are used to fund accounts reserved for later payment of claims – in theory for
7524-406: The premium collected in order to assess rate adequacy. Loss ratios and expense loads are also used. Rating for different risk characteristics involves—at the most basic level—comparing the losses with "loss relativities"—a policy with twice as many losses would, therefore, be charged twice as much. More complex multivariate analyses are sometimes used when multiple characteristics are involved and
7623-452: The public and HIH changed its name to HIH Insurance Limited. With $ 8 billion in assets, HIH was considered one of Australia's largest insurance firms. However, after offsetting its assets with debts and potential insurance claims against the company, HIH was left, on paper, with net assets of only $ 133 million. McGrath & Riddell described HIH's solvency as "marginal" and stated in their report that "an extremely small movement (just 1.7%) in
7722-404: The reasonable monetary value of the claim), and authorizes payment. Policyholders may hire their own public adjusters to negotiate settlements with the insurance company on their behalf. For policies that are complicated, where claims may be complex, the insured may take out a separate insurance-policy add-on, called loss-recovery insurance, which covers the cost of a public adjuster in the case of
7821-573: The renowned Trove cultural heritage discovery service, which includes access to the Australian Web Archive and National edeposit (NED), a large collection of digitised newspapers, official documents, manuscripts and images, as well as born-digital material. In 1901 the Commonwealth Parliament Library was established to serve the newly formed Federal Parliament of Australia . From its inception
7920-867: The request and access of collection items. On the ground floor is the Main Reading Room — this is where the bulk of the Library's Internet access terminals are located, and where wireless internet access is available. Services are also delivered on-site from the Newspaper & Family History zone on the ground floor, the Special Collections Reading Room and the Petherick Reading Room on the 1st floor, and Asian Collections on level 3. The library collects material produced by Australians, for Australians or about
8019-473: The risks, especially if the primary insurer deems the risk too large for it to carry. Methods for transferring or distributing risk were practiced by Chinese and Indian traders as long ago as the 3rd and 2nd millennia BC, respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel capsizing. Codex Hammurabi Law 238 (c. 1755–1750 BC) stipulated that
8118-456: The scope of insurance cover. Insurance can have various effects on society through the way that it changes who bears the cost of losses and damage. On one hand it can increase fraud; on the other it can help societies and individuals prepare for catastrophes and mitigate the effects of catastrophes on both households and societies. Insurance can influence the probability of losses through moral hazard , insurance fraud , and preventive steps by
8217-405: The second charge, ASIC alleged Cohen did not take reasonable steps to ensure that the information he gave to the shareholders at annual meeting was not misleading about a joint venture between Allianz Australia Ltd (Allianz) and HIH. The first charge alleged Cohen knowingly misled investors. Insurance Insurance is a means of protection from financial loss in which, in exchange for
8316-499: The services are: The online services mentioned above, and more, are accessible via the Trove service, which was launched in 2009. Trove is an online library database aggregator, a centralised national service built with the collaboration of major libraries of Australia. Trove's most well known feature is the digitised collection of Australian newspapers. Most NLA resource discovery services are now fully integrated with Trove. The service
8415-545: The share price for HIH was undervalued and presented an opportunity for a quick profit. In October 2000, a company in which Adler had an interest, Business Thinking Systems (BTS), was in financial trouble. Adler sought a $ 2 million investment from HIH. Williams had been told by Adler that the company had raised $ 2.5 million, which it had not, and that Adler was prepared to invest $ 500,000, which he had no intention of doing, if HIH invested $ 2 million in BTS. HIH executive John Ballhausen
8514-603: The site of the Edmund Barton Building . In 1963, prime minister Robert Menzies announced the near-completion of working plans for a new National Library building. The present library building was opened on 15 August 1968 by Prime Minister John Gorton . The building, situated in Parkes , was designed by the architectural firm of Bunning and Madden in the Late Twentieth Century Stripped Classical style. The foyer
8613-404: The six months to 31 December 2000. He attributed the HIH company failures to rapid expansion, unsupervised delegation of authority, extensive and complex reinsurance arrangements, under-pricing, reserve problems, false reports, reckless management, incompetence, fraud, greed, and self-dealing. Formal winding-up orders were made on 27 August 2001. By then, HIH liquidators estimated the deficiency of
8712-503: The telephone with settlement authority at a mandatory settlement-conference when requested by a judge. National Library of Australia The National Library of Australia ( NLA ), formerly the Commonwealth National Library and Commonwealth Parliament Library , is the largest reference library in Australia, responsible under the terms of the National Library Act 1960 for "maintaining and developing
8811-411: The value of assets could move the balance sheet into net asset deficiency." That is, even the slightest setback would cause the company to become insolvent . On 15 March 2001, the board of HIH appointed a provisional liquidator to take control of HIH and 17 of its controlled entities. The board hoped this would give HIH time to review its operations and assess its financial position. On the same day, HIH
8910-452: Was $ 68.4 billion, as the result of float. Some insurance-industry insiders, most notably Hank Greenberg , do not believe that it is possible to sustain a profit from float forever without an underwriting profit as well, but this opinion is not universally held. Reliance on float for profit has led some industry experts to call insurance companies "investment companies that raise the money for their investments by selling insurance". Naturally,
9009-577: Was Chief Architect of the Commonwealth of Australia from 1929 to 1939, and built in 1934. Originally intended to be several wings, only one wing was completed, partly because of the advent of World War II. The 1957 Paton Committee reported that the accommodation was inadequate for a National Library. The building was used for the headquarters of the Canberra Public Library Service until its demolition in 1968, when it became
9108-485: Was advanced on a ship or cargo, to be repaid with large interest if the voyage prospers. However, the money would not be repaid at all if the ship were lost, thus making the rate of interest high enough to pay for not only for the use of the capital but also for the risk of losing it (fully described by Demosthenes ). Loans of this character have ever since been common in maritime lands under the name of bottomry and respondentia bonds. The direct insurance of sea-risks for
9207-492: Was formally founded in 2012 to aim to increase insurance industry effectiveness in providing input to international regulatory bodies and to contribute more effectively to the international dialogue on issues of common interest. It consists of its 40 member associations and 1 observer association in 67 countries, which companies account for around 89% of total insurance premiums worldwide. Insurance involves pooling funds from many insured entities (known as exposures) to pay for
9306-600: Was formed in the wake of the collapse. It also led to the 2002 Review of the Law of Negligence led by David Ipp and subsequent Tort reform. In 1968, Ray Williams and Michael Payne formed M W Payne Underwriting Agency Pty Ltd, which was acquired in 1971 by British company CE Heath plc. Ray Williams was appointed to the board of CE Heath in 1980. The business operations of CE Heath were subsequently transferred to CE Heath International Holdings Limited in 1989 with CE Heath plc retaining 90% ownership of CE Heath International Holdings. In 1992, CE Heath International Holdings floated on
9405-467: Was on a valium addiction program. Prior to his arrest, he had begun a relationship with Sascha Ricci Griffin, and she continued their relationship with visits to him in court and jail, until his release in late 2010. Cooper filed an appeal from jail against the severity of his sentence, but the NSW Court of Criminal Appeal dismissed the application in March 2009. On 21 November 2008, it was reported that
9504-405: Was published which talked about the NLA building. The large National Library building is home to various reading rooms and collections. Usage of the reading rooms include speaking to expert staff, browsing the library's reference collection and electronic journals, ebooks, indexes, and databases. The reading rooms also provide free internet and computer use, scanning, photocopying and printing, and
9603-622: Was released from the St Heliers Correctional Centre in the Hunter Valley on parole, after serving 2 + 1 ⁄ 2 years of his sentence. However, in November 2007, he faced court in a NSW civil case related to bonuses he recommended for executives of the failed telco One.Tel . Adler was on One.Tel's remuneration committee. On 15 April 2005, Ray Williams was sentenced to 4 years and 6 months' jail with
9702-409: Was then told by Adler that he had invested the $ 500,000. The HIH board discussed and approved the $ 2 million investment in BTS in a November 2000 meeting. Adler attended the meeting and failed to disclose his financial interest in the business. Nor did he disclose his knowledge of its financial affairs. In April 2005 Adler was sentenced to 4 + 1 ⁄ 2 years in prison. On 13 October 2007, Adler
9801-438: Was to announce its first-half result for the six months to 31 December 2000. The announcement had already been delayed once and rumours suggested that HIH's first-half result was a loss of $ 100 million. This figure quickly ballooned to $ 200 million, and then $ 300 million. Although the result was never announced, when Tony McGrath announced his appointment as provisional liquidator he estimated that HIH had lost over $ 800 million over
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