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First edition of the Ombudsman’s Briefcase for 2021

Published

2021

Tue

06

Apr

In our first edition of the Ombudsman’s Briefcase for 2021 we take this opportunity to wish you a safe and prosperous year ahead. We face this year with a little more hope having emerged from a second wave of the coronavirus and with the COVID-19 vaccine being rolled-out.

In this edition we look at insurance claims that arose due to the COVID-19 pandemic, and how OSTI dealt with them.

OSTI’s Terms of Reference require the office to deal with matters using “the criteria of law, equity and fairness”. The office is empowered to resolve complaints and disputes and make rulings “based on the law and equity”. It must have regard to the provisions of the policy, the circumstances of each case and what is fair and reasonable in those circumstances. Each matter must be considered on its own merits. OSTI, however, cannot re-write or amend the terms of a policy

 

Download the full quarterly newsletter below.

 

 


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The Ombudsman for Short-term insurance’s quarterly newsletter - Q1 2021
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Source: The Ombudsman for Short-term insurance
 
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From The Glossary »

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Embedded Value:

A calculation of the value of the profits that are expected to emerge from the portfolio of a life insurer at a point in time. This is usually calculated as the value of adjusted net assets plus the present value of profits from in-force business.
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