describe how a global program is structured.
what are the factors that generate the particular product of a controlled master program?
what are the benefits? make sure to include the regulatory aspects in addition to admitted requirements.
how does a Freedom of Services policy provide economies of scale?
Describe how a global program is structured. What are the factors that generate the particular product of a controlled master program?
A global program can be seen as an insurance policy plan which is mainly directed to cover the whole of the world. This is primarily used in multinational organizations. The main focus in these types of plans remains on fulfilling the insurance requirements of the multinational firms or companies. But as there are differences in the regulations from one country to other thus these plans are also affected by it. These are also influenced by the technology used in the different countries and language barriers.
What are the factors that generate the particular product of a controlled master program?
A controlled master program can be seen as a plan which is controlled by a central policy which is being formulated by the parent company i.e. as per the guidelines of the parent country in which the firm is originally located. All the terms and conditions mentioned in this policy are to be implemented in rest of the other countries in which the firm is operating. The controlled master program has a plan which deals with the various challenges which are to be faced by the insured in the branches
What are the benefits? Make sure to include the regulatory aspects in addition to admitted requirements
Controlling various types of risks as they are transferred throughout all branches.
Greater flexibility in premium payments.
Helps in maintaining continuity of operations through confidence in investors.
The requirements depends upon the availability of the insurance plan which can be implemented in all the possible countries.
How does a Freedom of Services policy provide economies of scale?
When we talk about insurance, Freedom of service can be seen as the option provided to the firms in which they can provide their services to different countries within the European economic area With the help of high competition, lack of competency and increased costs of operation by the insurance service providers., economies of scale can be enjoyed.