Activity of The Capital Market, Insurance and Savings Division

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1 Ministry of Finance The Capital Market, Insurance & Saving Division u Activity of The Capital Market, Insurance and Savings Division 205

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3 Ministry of Finance The Capital Market, Insurance & Saving Division Table of Contents: 1. Institutional Institutional Entities Pension Saving General Insurance Health Insurance Agents and Advisors Currency Services Providers Enforcement and Auditing Information and Development Consumer Ombudsman 239 Tables Table F-1 Accrued Registration Data as of December Table F-2 A Breakdown of Cases Opened during the Period of According to 244 Case Type and Sector Table F-3 A Breakdown of Cases Closed during the Period of According to Case Type and Sector 244 Table F-4 A Breakdown of Complaints from the Insurance Sector during the Period of According to the Decision Category 245 Table F-5 A Breakdown of Complaints from the Provident Fund and Pension Sector during the Period of According to the Decision Category 246 Table F-6 The Break Down of Complaints Closed and their Closure Classification in 2009 that were Examined within the Parameters of the EoR Procedures - according to Insurance Companies 247 Table F-7 Rating of the Insurance Companies in all Insurance Sectors in Table F-8 Ratings of the Insurance Companies in Life Insurance in 2009 Table F-9 Ratings of the Insurance Companies in the Vehicle (proprietorial) and Housing Sectors in Table F-10 Ratings of the Insurance Companies in the Health Insurance Sector (including personal accidents in

4 Figures: Figure F-1 Division of Approvals of Applications for Registration of Currency Service Providers (Accrued Data) Figure F-2 The Opening of Case Requests during the Period of

5 Ministry of Finance The Capital Market, Insurance & Saving Division 1. Introduction The Capital Market, Insurance and Savings Division is charged with oversight with respect to the financial services of the insurance, pension and provident fund markets. It primary mission is to guarantee stability and competitiveness in the financial markets it regulates. Within this framework the division's role is to maintain the stability and robustness of the institutions within its jurisdiction as well as their proper management so that they may meet their payment obligations to the public. Furthermore, the division is charged with safeguarding the fairness and professionalism of the service provided to customers in order to guarantee that the plans offered to the public are suitable and appropriate. To attain these objectives the division operates in several spheres: regulating the activities of the supervised entities, auditing their business activities and routinely monitoring their activities in combination with an examination of the nature of the relationships between the supervised entities and their clients. The division also monitors international trends and developments in the insurance and retirement market that may serve to promote and enhance the system in Israel. Herein is a survey of the activities of the Capital Market, Insurance and Savings Division in 2009: 2. Institutional Entities In 2009 the Institutional Entities Section continued to regulate and initiate improved efficiency of oversight procedures with the objective of assuring the robustness and solvency of the supervised entities for the benefit of their members and insured persons. The section s activities focused primarily on matters related to oversight, auditing and enforcement, handling routine and particular matters as well as promoting and regulating the principles by which investment credit may be provided by institutional entities, meeting the needs of market consumers in light of the effects of the global crisis taking place and issuing instructions in relation to corporate governance and publishing information to the public. On May 13, 2009, a committee was created for setting the reference parameters for institutional entities providing investment credit through the purchase of non-governmental bonds ("The Hodek Committee"). The committee submitted its final report on February 23, 2010 and it deals in the formulation of recommendations pertaining to the desired manner of investment and the required risk protection level for the saving public. Herein is a detailed list of regulatory activity implemented by the section according to the aforementioned primary issues. Corporate Governance Compensation for Outside Directors in Institutional Entities The objective of the directive - is to create a harmonious relationship between the compensation paid to outside directors and representatives of the public in institutional entities incorporated as private companies and that which is paid to outside directors in institutional entities incorporated as public limited companies. The rationale at the foundation of this 209

6 compensation regulation is valid for both the institutional entity that is a private company as well as that which is a public limited company. Policy Pertaining to Executive Pay for the Executives of Institutional Entities - The objective of this directive - is to determine the guidelines with respect to the matter of policy formulation concerning executive pay for executives in institutional entities. The current global financial crisis has made it imperative to give consideration to the significance of commensurable compensation arrangements aimed at encouraging longterm performance. It is very important that the compensation structure for executives in institutional bodies is formulated in an organized internal process and based on principles that enable a proper balance between the desire to reward executives for success and the need to assure a compensation structure consistent with the welfare of the saving public and the long-term organizational strategy of the institutional entity. Financial Reports The Required Format for Disclosure in Financial Reports of Insurance Companies in accordance with International Financial Reporting Standards (IFRS) subsequent to Institutional Bodies Memo concerning the adoption of international financial reporting standards (IFRS) (herein: International Standards) in institutional bodies as published in 2009 and pertaining to provisions in the matter of the required format for disclosure in annual financial reports contained in interim financial reports of insurance companies and their associated reports, in accordance with international standards. Publication of Financial Reports of Insurance Companies and Pension Funds The provisions of this directive are intended to regulate and update the press publication format of insurance company and pension fund reports as pertaining to financial matters. Internal Auditing, External Auditing and Managerial Liability for Financial Reports In 2009 circulars dealt in the enhancement of the credibility of the reported information, for both the benefit of the public and for other needs by increasing the level of auditing, liability and control on behalf of the external auditor responsible for the reports: Managerial Liability as Pertaining to the Internal Auditing of Financial Reports this clause deals with the provisions intended for implementation of Clause 404 of the SOX Act, as pertinent to managerial liability for the internal auditing of financial reports and the auditor s opinion in the matter of oversight over internal auditing of financial reports. The memo details inter-alia the list of reports an institutional entity is obligated to submit to the commissioner for implementation of the memo provisions, including the manner and date of said publication. The Management and Oversight System in the Field of Institutional Body Investments the objective is to assure the existence of a professional organizational infrastructure with expertise for the management of institutional entity investment assets and oversight over their management. The infrastructure must be characterized by a defined list of obligatory actions, areas of responsibility and a structural separation necessary to avoid any conflict of interest. The circular was published because investments are the institutional entities' 210

7 Ministry of Finance The Capital Market, Insurance & Saving Division primary activity, the scope of assets under their management and their outgrowth into new areas as well as the structural changes that occurred in the capital markets in recent years. The mechanisms set forth in the circular are intended to assure the credibility of the information reported to the public and to internal auditing elements such as the entity's board of directors, its management and investment committee for the purpose of supporting the decision making process in determining the institutional entity's investment policy and for oversight over its investment portfolio. Provisions Pertaining to the Matter of an Auditor of an Institutional Entity - the objective of these provisions are to determine the rules for assuring the proper activity of the internal auditor, including their obligations and methods, as well as the institutional entity s obligations with respect to the external audit. The circular was published in light of the significance of the external audit as a means for acquiring reliability for the financial information presented to the public through means of the financial reports of the institutional entities and for enhancing the measure of certainty that the said financial reports faithfully reflect the institutional entity's financial and commercial soundness. Investment Activity and Management Increasing Institutional Entity Involvement in the Israeli Capital Market Subsequent to a committee report that examined the measures necessary to increase institutional entity involvement in Israeli capital markets, Control of Financial Services (Provident Funds) (Participation of Managing Company in the General Meeting), regulations were published together with a circular titled "Increase of Involvement of the Institutional Bodies in the Israeli Capital Market" that governs and regulates the participatory and voting obligations of the institutional investor in the general meeting of a corporate entity in which said investor is entitled to vote. The regulations deal inter-alia with the publication of the institutional entity's voting policy in the general meeting in which it is obligated to participate, formulation of regulations and bylaws relative to the actual voting of the institutional entity and implementation of a regulatory policy. Furthermore benchmarks were set for the evaluation of corporate governance in those public limited companies in which institutional entities are invested. An A Priori Declaration by an Institutional Entity as Pertaining to its Investment Policy the objective of this circular is to provide the saving public with an instrumental accessory in the decision making process, primarily in the process of selecting an institutional entity and the pertinence of the investment package to the preferences of each and every saver. The directive sets provisions pertaining to the annual a priori declaration by an institutional entity as pertaining to its investment policy, its risk expose levels and relevant ratio indexes for each investment channel. The advanced publication will assist savers in defining their preferences relative to their appropriate risk level and desired exposure of their funds to the various investment channels, thereby enabling a distinction and a more informed comparison between all of the various institutional entities operating in the industry. Furthermore, the account holders will be able to examine the investment's quality of management by the institutional entity in contrast to the goals and risk levels that the institutional entity has defined for itself a priori. 211

8 Problematic Debt Management and Institutional Entities' Debt Collection Activities The circular's objective is to assure effective debt collection activity on the part of institutional entities, by themselves or in concert with additional lenders, including other institutional entities and banking corporations. Furthermore, the circular is intended to define the institutional entity's organizational framework for ongoing oversight and follow-up of the debt under its management, for evaluation and examination of the debt's status and for the formulation of a decision pertaining to the means for the debt's collection and participation in the debt settlement process as well as to determine the elements responsible for executing said activities. Revaluation of an Investment in a Non-Negotiable Debt Asset- Temporary Provision this provision was published in light of the credit squeeze and high fluctuations in the risk margins of non-negotiable debt assets, and did not necessarily reflect the debt asset's true risk. Its objective was to enable the institutional investor to allocate new credit and choose whether to revalue the investment in the debt asset that was executed during 2009, in accordance with the risk margin and on-going revaluation mechanism according to its fair value as based upon the determination of a certified body, or alternatively, classify in the "loans and obligations" group as defined in the international standard and revalue in a compatible cost framework. Provisions pertaining to the Value Calculation of Non-negotiable Assets of Institutional Entities The objective of this circular is to determine the principles by which the value of non-negotiable assets belonging to institutional entities may be calculated and the procedures utilized in their control. The circular adds and states that an institutional entity is required to verify prior to deciding whether to invest in either a negotiable or non-negotiable asset that it is aware of the asset's latent risks and maintains the capability and means to professionally and regularly monitor the exposures created because of the investment in this asset as well as the capability to receive the asset's fair value at any given time. Publication of the Investment Components Contribution of the Insurance Companies' Nostro Account Funds contained in the insurance companies' Nostro Accounts stand against their obligations to their policyholders. The manner of investment and management of these funds has an impact on the stability of insurance companies and their ability to meet their obligations. It is important therefore to expose the manner of investment of these funds as well as detail the components of the contributive data as pertaining to the inclusive profit and income of these funds according to the insurance companies' investment channels and the aforementioned in this circular. The circular expands and adds to the circular requiring institutions to publicize the contribution of investment components on the yield of the institutional entities. 212

9 Ministry of Finance The Capital Market, Insurance & Saving Division 3. Pension Saving The pension savings sector is concerned with the regulation of those branches associated with the sector and their oversight. Various sections in the Capital Market Division handle those issues relevant to the field, according to the various plan types, i.e. the Pension Section, the Provident Funds Section and the Life Insurance Section. The following is a survey of the division's current primary activities in the field of pension savings. A Mandatory Pension for Self-Employed A legislative memorandum was circulated between government ministries December 2009 pertaining to the implementation of mandatory deposits for pension savings by the self-employed members of the public. According to the legislative memorandum, starting in 2011 every self-employed individual whose monthly income is greater than one-half of the average income will be required to contribute funds to a pension fund at a rate that will gradually increase at a rate of 4% annually. In 2015, this rate will stand at 20% of any income greater than one half of the average income but no greater than the average income. The obligation to deposit will apply to self-employed individuals ages 21-60, and will not apply to any employee who already has a pension or any self-employed individual who is also an employee. The legislative memorandum is a complementary step to the collective agreement signed between the Federation of Chambers of Commerce, the Histadrut Labor Federation and the Minister for Industry, Trade and Labor that took effect on December 30, 2007and was applied to all salaried employees in Israel. The country's comprehensive pension insurance extension order brought an additonal approximately 500K salaried employees into the pension fund market during the first two years of its implementation and left the selfemployed, 11.7% of the country's work force without a mandatory contributions requirement for retirement savings. Pension savings are the primary source of livelihood post retirement age, and the situation of an absence of a savings of this type is liable to lead to poverty during the pension period. Taking into account the degree of pension coverage among the self-employed and in the lack of any real difference in this matter between salaried and self-employed individuals the need arose to require that the self-employed also save for the retirement. The Tailoring of Investment Channels to Individual Characteristics (AFS - Adapted Fiscal Savings Plan, Chacham) To date 95% of plan holder funds in retirement saving instruments are invested in "general" investment channels (i.e. channels that individuals enter automatically upon their affiliation with a specific pension plan unless requested otherwise) without taking into account the specific characteristics of each and every saver, not even age. This state of affairs leads to an investment of funds on behalf of plan holders close to the age of retirement in the same investment channels and at the same risk levels as those funds invested on behalf of savers in their twenties and thirties, with differentiation whatsoever, between savers' characteristics and the risk levels to which their pension savings funds are exposed. 213

10 The need to establish the aforementioned plan holder classification model and to determine default tracks that will be adapted at least to the plan holder's age stood out particularly in light of the global economic crisis of 2008 and the difficulty faced by savers nearing retirement to correct and complete the negative yields that they were afflicted upon them. Therefore, in July 2009, the commissioner published draft provisions pertaining to "Adaptation of a Savings Channel to Plan Holder Characteristics" and a draft version of "Control of Financial Services (Provident Funds) (Establishment of Default Channels), ". The aforementioned provisions and regulations are intended to determine the manner in which plan holders will become affiliated with saving derivatives based upon their unique characteristics and the manner in which institutional entities must act in order to adapt the character of the saving's investments to the plan holder's needs for the entire duration of the saving period. A Reduction in Provident Funds and the Number of Investment Channels in Retirement Saving Instruments Today institutional entities are responsible for the management of hundreds of provident funds and a variety of investment tracks. For the most part these are provident funds and plans containing identical investment channels. Thereby leading to a situation in which the saving public chose from among a wide range, hundreds even of saving derivatives. Generally the difference between the aforementioned derivatives in unclear to the savers. Periodically it is presented as if the plans specialize in a certain investment, when in fact their investment distribution is similar to that of the general saving derivatives. On June 16, 2009, the Knesset approved an amendment to the Control of Financial Services (Provident Funds) Law within the framework of the Israel Economic Recovery Plan Law (Legislative Amendments for Implementation of the Economic Plan for the Fiscal Years ) The amendment determines that a management company shall not manage any more than one type of provident fund of each type of the provident funds. The law is designed to reduce the number of funds in the market in order to make it easier on the plan holders to compare the various provident funds and determine which of the said funds are suitable to their needs. Furthermore, in August 2009, the commissioner publicized draft provisions of "Regulations for Approval of Investment Channels in Pension Saving Derivatives". The provisions are intended to verify that the names of provident funds and investment channels properly reflect the investment portfolios of the funds and that the channels enable a proper and informed comparison. Transition to the Advertisement of the Annual Yield of Pension Saving Instruments Pension saving plans are long-term saving instruments. It is therefore desirable that their performance be examined over extended periods Advertisement of the yield of the concluding month, as was the practice of the institutional entities, served as a marketing tool of the bodies and their marketing agents and consequently, a tool in the hands of the savers in order to decide whether to join a specific fund or transfer from one fund to another. This reality had an indirect impact on the decision making process of the institutional entity and particularly on that of the investment manager, which turned towards attaining a high monthly yield over the short term that would serve the marketing mechanism of the institutional entity, instead of benefiting the savers in the long term. 214

11 Ministry of Finance The Capital Market, Insurance & Saving Division In light of the aforementioned, in December 2009 the commissioner published provisions in the matter of "Advertising Regulations Concerning the Yield of Institutional Entities" in which the entities and their marketing elements were forbidden from using short term yield to advertise the funds and/or the tracks or to compare between them. The provisions will enable the individual saver to compare between the various pension saving derivatives and the entities' performance and assist him in reaching an intelligent decision concerning their investment. Management Fee Collection Mechanism The management fee that the institutional entity charges for its services is the cost that the saver pays for the purchase and management of their retirement savings. The rate of the management fee is liable to have a substantial impact on the total accumulated savings of the saver. This is not a fixed rate, and therefore each customer is entitled to bargain with the entity managing their pension savings concerning the management fee rate being charged. In November 2009 the commissioner published provisions pertaining to the "Management Fee Collection Mechanism". These provisions are intended to assure and verify that the saving public pays the promised management fee without any stipulations and/or conditions on the part of the institutional entity. In accordance with the aforementioned provisions the institutional entity will collect a management fee in contiguous payments at the conclusion of each month or the conclusion of each business day and will not use a mechanism based on management fee refunds. Consequently it is likely that the provisions will improve the saving public's bargaining capability and the effectiveness of rolling over (portability) pension saving funds. Prior to publication of the aforementioned provisions, it was agreed that in certain cases the saver will be charged the full management fee rate, and at the conclusion of a certain period the saver will enjoy a certain refund (partial) for the paid management fees. It was further determined that occasionally a management fee refund will be given only if the saver remains a plan holder in the fund until the conclusion of the period that was determined. Consequently the saver's bargaining ability vis-à-vis the managing entity and their ability to rollover their saving funds were negatively affected. Amendments in Quarterly Reports to Plan holders and Insured Once every quarter those persons saving in provident funds, retirement funds and life insurance policies receive a report detailing inter-alia their contributions for the particular quarter and a summary of the fund's transactions and balances during the reported period. The quarterly report is a reduced report compared to the annual report sent to savers and does not include sufficiently detailed information pertaining to the management fees charged by the institutional entities. In November 2009, the commissioner published "Amendments in Quarterly Reports to Plan holders and the Insured" in order to expand the information given to savers within the quarterly report and web-based information retrieval frameworks and to enable savers to conduct a comprehensive review of the terms and conditions of their pension savings in order that they may improve their bargaining capability vis-à-vis the managing institutional entity or the other institutional entities where it is possible for them to rollover their savings. 215

12 Introduction of Individual Retirement Accounts(IRA) On October 22, 2009 the Finance Committee of the Knesset approved Control on Financial Services (Provident Funds) (Individual Retirement Accounts) regulations, followed subsequently by the commissioner's November 2009 publication of procedures for "Establishment of Individual Retirement Accounts by Person(s) Possessing a Management Company License". In the framework of Individual Retirement Account, the saver was given for the first time the opportunity to manage their pension funds on their own. They will select the investment assets in the Individual Retirement Account on their own or through an investment manager whom they choose. Nevertheless, and out of a desire to balance between the saver's right to decide on the investment of their retirement saving by themselves and the desire to prevent the saver's from using this instrument to get into excessive investment risks, investment limitations were placed on this instrument. Determining a Procedure for Locating Plan holders and Beneficiaries The Control of Financial Services (Provident Funds) Law of (herein: "The Control of Provident Funds Law"), states inter-alia that in provident fund asset management, in providing service to plan holders and fulfilling all of the other company's tasks in accordance with the law's statues, the management company shall act faithfully and diligently on behalf of each one of the plan holders. The duty to fidelity and the obligation to protect the affairs of provident fund plan holders as well as the duty to protect the affairs of the insured persons requires the institutional entities to maintain ongoing and contiguous contact with all of the plan holders and insured persons whose funds they manage with the objective to enable them to make real-time, intelligent decisions concerning their funds. In this matter Clause 24 of the Control of Financial Services (Provident Funds) Law of states that the minister of finance is authorized to determine provisions relevant to the steps and actions that the management company must take to locate plan holders whom communications with them have been severed as well as beneficiaries of the plan holder following their death. In light of the aforementioned, in September 2009 the commissioner published a series of draft regulations pertaining to Control of Financial Services (Provident Funds) (Locating Plan holders and Beneficiaries), , followed by draft provisions pertaining to "Determining a Procedure for Locating Plan holders and Beneficiaries". The provisions and regulations are intended to create an effective and applicable mechanism to enable institutional entities to locate plan holders whom communications with them have been severed as well as beneficiaries of the plan holder following their death and even inform plan holders or beneficiaries that there are funds for which they are eligible. It was further determined that an institutional entity shall initiate an investigation and review and shall act diligently to locate plan holders or insurers and their beneficiaries. The Employer's Signature on Provident Fund Application Document In July 2009 the commissioner published a revision to the provision of "Regulating the Affiliation of a Plan holder to a Provident Fund". The revision nullified the obligation to obtain the employer's signature on a provident 216

13 Ministry of Finance The Capital Market, Insurance & Saving Division fund application document. The objective of the revision is to assure the employee's freedom in the selection of the entity that will manage their pension savings and sever their dependency on the employer's decision in the matter of provident fund affiliation. The provision's revision in this manner is consistent with Clause 20(A) of the Control of Financial Services (Provident Funds) Law of that states that every employee eligible to become affiliated as a plan holder to a provident fund is entitled to select the provident fund in which he/she is interested in saving. Therefore the employer is forbidden from make their contribution contingent on the selection of a specific provident fund or the selection of a single fund from a list of funds. Principles for Handling Plan holders who Joined Pension Funds during the Months of January - March 1995 In January 1995 old pension funds were closed to new membership as a consequence of actuarial deficits and a decision by the Government of the State of Israel dated March 29, In light of the government's decision and the retroactive closure of the old funds as of January 1995 and subsequent to a ruling handed down by the Supreme Court in HCJ Petition No. 7691/95, 2878/96 G. Sagi MK et.al vs. the Government of the State of Israel et. al Verdicts Vol. 52 (5) 577, stated that plan holders who joined the pension funds in the period between January to March 1995 (herein: Plan holder in the Interim Period) will be permitted to remain plan holders in the old pension funds to which they were affiliated. In accordance with the aforementioned, the then Commissioner for Capital Markets, Insurance and Savings in the Ministry of Finance set Principles for Handling Plan holders Who Became Affiliated in the Interim Period in Pension Circular 1999/1 dated December 14, 1999 (herein: the circular) Queries coming to the commissioner's office raised the issue that in a number of pension funds the circular's provisions were not applied, and interim period plan holders who were transferred to the new fund were not added as plan holders to the veteran pension funds that they had joined during the period between January to March In light of the aforementioned and with the objective of affording these plan holders back their rights, the commissioner determined in April 2009, provisions for dealing with interim period plan holders. As a default the affiliation of these plan holders to the old plans that they wished to be affiliated with was applied. 217

14 4. General Insurance The General Insurance Section is responsible for setting policy, regulation and on-going control of all types of insurance, with the exception of life and health insurance, with the objective of assuring a proper market structure based on fair competition for the benefit of the saving public. The section's activities center around three primary fields of interest: Property insurance- vehicular properties, property loss, comprehensive hours, comprehensive business and engineering insurance, etc; Liability Insurance- vehicular liability, third party, professional liability and employer liability, etc; Financial Insurance- credit insurance, guarantees, etc In 2009, the section dealt inter-alia with the shift of responsibility of road accident victim healthcare and medical treatment to the nation's HMO's, ascertaining and settling claims and dealing with requests and queries from the public. The section also dealt with collecting statistical data in relation to claim settlement, updating residual insurance fees and increasing the deductible on vehicular liability (for motorcycles), writing a standard policy for the field of compulsory automobile insurance, divulging information from "Karnit" (Road Accident Victim Damages Fund) with respect to insurer identity and lastly, working to prevent fraud in the vehicular liability industry and mortgage related home insurance fees, etc. Shifting Responsibility for the Medical Care and Treatment of Road Accident Victims to the Nation's Health Maintenance Organizations In the past, medical care and treatment for road accident victims was responsibility of the insurance companies that insured the victims within the framework of compulsory motor liability insurance in accordance with the Road Accident Indemnity Law of Therefore, they were not included in the responsibility framework of the HMO according to the National Health Insurance Law of (here thereafter: National Health Insurance Law). In actuality, medical care and treatment was given to the victims by various health service providers, primarily HMOs and hospitals. The National Health Insurance Law granted HMOs that provided medical care to road accident victims the right to file a claim with the insurer for the cost of the treatment. The Economic Arrangements Law of determined that the responsibility for providing medical care and treatment to road accident victims through services included in the National Health Package will be that of the Health Maintenance Organizations. It was further determined that the services provided by the HMOs pursuant to the law's revision will be funded within the framework of compulsory motor insurance premiums as charged by the insurance companies. Accordingly, the Minister of Finance signed the Road Accident Damages Order (funding the cost of supplying services), The order determined that the insurance fee rate that the insurer is obligated to transfer for the funding of the services to be supplied will stand at 9.4% of the total insurance fee for each policy in the compulsory motor insurance industry. 218

15 Ministry of Finance The Capital Market, Insurance & Saving Division Net premiums dropped at a similar level; therefore, no significant difference was recorded in the premiums paid by the insured in the year previous to this revision. Circular Publication, Ascertainment of liability and Settlement of Claims as well as Handling Public Requests and Queries Claim settlement is a central component in the work of insurance and pension fund management companies. On August 31, 2009, the Capital Market, Insurance and Savings Division published Circular 09/18/2009 "Claim Ascertainment of Liability and Settlements and Handling Requests and Queries from the Public" that regulates segments of the proceedings of institutional entities in the claim settlement process. An institutional entity will be required to provide guidelines to claimants as to how they are to act in the submission of their claim and furthermore be required to detail the claim ascertainment process as well as all relevant information and required documentation. Furthermore, the circular set regulations by which claims will be have the liability ascertained. For example, it mandated the establishment of a timetable for responding to requests and queries. It is also obligatory to send the claimant detailed notifications pertaining to the claim handling process, a claim's period of limitations and any appeal(s) pertaining to the decisions made by the institutional entity. Additionally, the regulations deal with various issues such as claim settlement by means of experts and the presentation of expert opinions to the claimant, presenting document duplicates to claimant, telephone response, confidentiality of information and documents, etc. The circular further sets a series of default regulations that will apply to all institutional entities, with the exception of provident funds; nevertheless, every institutional entity may set other regulations, as long as they do not deviate unreasonably from the regulations set forth in the circular. The circular mandates that the board of directors of the institutional entity to sign-off powers over the claim settlement policy and review this policy at least once a year. Furthermore, the management of the institutional entity will be obligated to approve the regulations set forth, and if they deviate from the regulations contained in the circular examine their measure of reasonability. This principle enables every institutional entity to determine its own rules and regulations suitable to the organization and its customers and thus compete on the service it grants them. It was further determined that the rules and regulations established by the institutional entity will serve as the rule in its proceedings vis-à-vis the public. The Collection of Statistical Data Pertaining to Claim Settlements The methodology used by the institutional entity within the framework of the claim settlement process has a direct impact on the realization of the claimant's rights and their ability to examine the methods facing him during the various stages of the aforementioned procedure. On 7 September 2009, the Capital Market, Insurance and Savings Division issued Circular 09/19/2009 "The Collection of Statistical Data Pertaining to Claim Settlements". This circular determines that every insurance company is obligated to collect and publish uniform data that will include the number of claims submitted to the company according to the various insurance sectors, the manner in which these claims were handled and according to the duration required for said handling. 219

16 The circular determines that institutional bodies are to be required to report to the Commissioner of the Capital Market, Insurance and Savings Division and through the company's website the duration for ascertainment or settlement of claims and the quantity of claims that they approve, reject or settle. In addition, the institutional entities will publish data pertaining to claims settled through arbitration and those claims submitted to the courts. The collection of the data will enable the publication of indices pertaining to the manner in which institutional entities settle claims. The indices will serve as an additional tool for potential plan holders and insured in the selection of the institutional entity with which they seek to affiliate. Updating Residual Insurance Fees and Increasing the Deductible on Comprehensive Motor Insurance (for Motorcycles) On November 15, 2009, the "pool" premium insurance rate for vehicles was adjusted pursuant to Circular 01/11/2009 "Residual Insurance Fees as of November 01, 2009". 1 In accordance with the recommendation made by the databank operator vehicular insurance rates for all vehicles were adjusted to 8% and the fees collected for each policy were reduced by one percentage point (from 9% to 8%). Furthermore, insurance premiums for all two-wheeled motor vehicles were updated by an additional average rate of 4% for drivers considered 2 private owners. On November 11, 2009 Circular 01/15/2009 "Increasing the Deductible on Motor Insurance - An Update" was issued. This circular increased the deductible component non-financial loss in the event of a road accident. The circular enables riders who select a policy with a deductible to purchase motor insurance in a "pool" at a discount of 20% relative to a policy premium without a deductible. Even following the update of residual insurance fees for motorcycles in November 2009, these fees covered only approximately 70% of the claims and damages pay-out for motorcycles thereby indicating deficient premium rates. The deficient rates cause an annual deficit of over 200 million NIS in the pool" (in 2009, the deficit stood at 231 million NIS). The shortfall is compensated by the "load component" surcharge on the remainder of Israeli drivers through their own motor insurance. This load component is very much similar to a "motorcycle tax" on all motor insurance purchasers in Israel. Its application is not means-tested or tested for other characteristic of the driver population. The current load component surcharge rate is 4.2% 3 of the total insurance fees charged by the motor insurance industry. In other words, each motor vehicle driver pays on average an additional 100 NIS on their premium to finance the shortfall in funding motorcycle accidents for those insured in the "pool". Standard Policy in the Vehicular Liability Insurance Industry Within the framework of the motor insurance industry reform, primarily instituted to enhance competition in the industry, 4 it was decided to establish regulations for a standard policy that would serve as an obligatory 1 The application of the updated fees originally scheduled for November 15,2009 was postponed in Circular 01/12/2009 "Residual Insurance Fees as of November 01, An Update". 2 The specified driver policy grants insurance coverable sole to the driver whose name appears in the insurance policy. 3 The recommended fee of the databank operator "Recommended Fees for December 2009", pp To review the recommendation see: 4 For further information pertaining to the aforementioned reform see the commissioner's report from prior years. 220

17 Ministry of Finance The Capital Market, Insurance & Saving Division standard insurance contract for the entire motor insurance industry in light of the fact that vehicular liability insurance is the most common form of insurance in Israel and in light of the unique characteristics of the motor insurance industry. The standard policy will provide the insured public legally mandated insurance coverage. Until recently there were standard policies for home insurance and purchased motor insurance (comprehensive) that determined the policy's minimal terms, and the insurance companies were authorized to improve the policies by modifying the terms or adding terms solely for the benefit of the insured. Now a standard policy has also been established for the motor insurance industry, one that is uniform for all insurance companies. In the standard motor insurance policy most of the insured's rights, liabilities and restrictions are detailed. The courts have reviewed the terms of the motor insurance policy, and nearly every word or expression was scrutinized. The policy is based on policy terms from the past that have been updated to the that ruling. Furthermore, the standard policy deals with issues in which a market failure has been identified or in which a new arrangement has to be introduced as they are policy-related. For example, the standard policy deals with the issue of false statements made by the insured when filling out a questionnaire at the time of underwriting; the policy determines that a policy owner who did not provide full and honest answers to questions asked by the insurer, may not be denied full insurance damage pay following an accident; however, the insurer will be eligible to deduct from the aforementioned policy owner an amount of up to 10,000 NIS from the damages pay-out for pain and suffering as well as charge an amount of 2,500 NIS for each victim that receives damages pay-out (up to a total amount of 10,000 NIS). The standard policy includes legislatively mandated conditions to facilitate the owner's comprehension of the policy and make it a comprehensive document, containing all of the information relevant to the matter of liability insurance. The establishment of a standard policy will enable greater competition in the insurance industry, knowing that the insurance contract ("the plan") is uniform and the competition that develops will be based on price and service. The standard policy in the motor insurance industry will guarantee the insured public the necessary insurance coverage and maximum protection necessary for road accident victims for the purpose of receiving damages pay-out according to the provisions of the Road Accident Indemnity Law of , and it maintains the objective of the law, i.e. guaranteeing damages pay-out to every road accident victim without the need to prove guilt. The standard policy came into force on 1O October, Divulging Information from "Karnit" (Road Accident Victim Damages Fund) with Respect to Insurer Identity The Road Accident Victim Damages Fund, "Karnit", created pursuant to the Road Accident Indemnity Law of , is the sole body in the insurance market that contains information pertaining to all of those insured through the vehicular liability insurance industry. Therefore, only "Karnit" can release the identity of the insurer of all vehicles involved in road accidents according to the vehicle's license number. Numerous entities require this information such as road accident victims, HMOs, hospitals, the Israel Police and the National Insurance 221

18 Institute, in order identify the insurance company that is the insurer in the case of a road accident such as a 'hit and run' accident or in the case that the victim was a hitchhiker. Locating the insurer's identity and policy number will make it possible to trace the insurer and demand proper monetary refund. Pursuant to a 1 June, 2008 government sponsored legislative proposal an amendment was made to the Road Accident Indemnity Law of that made it possible for "Karnit" to disclose information to any person(s) requesting the identity of the insurer of a vehicle involved in a road accident. The law's amendment authorizes the Minister of Finance, with the approval of the Constitution, Law and Justice Committee of the Knesset and in consultation with the Minister of Justice to determine those entities that will be eligible to receive information from "Karnit" and determine the terms, provisions and conditions for disclosing information. The Minister of Finance signed the regulations into effect in May Preventing Fraud in the Motor Insurance Industry Motor Vehicle Insurance Regulations (the establishment and management of data bases) , state that only authorized enteritis that have received permission from the insurer to divulge detailed information to the database for the purpose of locating insurance fraud, review the information in the database and issue queries pertinent to the details in the databank shall be entitled to do so. The regulations state that every insurer is responsible for appointing one of their senior executives as the company official charged with preventing insurance fraud, and inter-alia shall be responsible for granting the entity with clearance to the database. At the beginning of 2006 use of the database in the claim disposal process of the insurance companies was regulated. In October 2008, Insurance Circular 01/09/2008 "The Use of the Database to Detect Fraud in the Vehicular Liability Insurance Industry". The circular also regulates the use of the database during the underwriting phase. Inter-alia it states that from 1 November, 2009 every insurance company shall be required to verify the details of the insured member applying to purchase motor insurance for private and commercial vehicles weighing up to 4 tons and motorcycles ("certificates requiring verification"). The October 2009 Circular 01/13/2009 "The Use of the Data Bank to Locate Frauds in the Vehicular Liability Insurance Industry- an update" stipulates that the requirement for verification shall be graduated in implementation. In accordance with this circular, until December 2009 ever insurer was obligated to have verified at least 10% of the certificates requiring verification, and by of February 2010 every insurer is to have verified 100% of the certificates requiring verification. Mortgage-attached Dwelling Insurance Fees Mortgage banks generally require their borrowers to purchase dwelling insurance, life insurance and mortgage them to the bank. Although the banks are obligated to enable borrowers to purchase outside insurance most of the borrowing public did in fact purchase their insurance through the bank. According to 2009 insurance company reports, the number of dwellings insured through mortgage bank agencies stood at 371,422, which is approximately 44% of the dwelling insured with dwelling insurance, in contrast to 396,803 in 2008, in which it comprised approximately 47% of the insured apartments. In comparison, in 2003, the number of dwellings 222

19 Ministry of Finance The Capital Market, Insurance & Saving Division insured through mortgage bank agencies stood at 524,428, approximately 73% of the apartments insured with dwelling insurance. In 2003, the Insurance Commissioner outlined a plan for reducing building insurance rates marketed by mortgage banks as an add-on to the mortgage. Any insurance company seeking to sell building insurance through a housing loan in mortgage banks must receive approval of the fee, and this fee must meet certain damage rate limitations. The objective was that as of 2008, the damage rate in mortgage-related building insurance would not drop below 70%. The industry damage level is also calculated on the basis of 2008 company reports, as well as the estimated risk fee (according to secondary insurer agreements) and it was found to stand at approximately 50%. Thus, it can be seen that the damage rate is still lower than the required rate of 70%. In 2002, the maximum premium stood at approximately 2.3%, and today it stands at only 1.351%. To illustrate, an individual who insured their property for a total of 400,000 NIS paid in 2001 a premium worth of NIS 840 per year, while today they pay an annual fee of NIS 540 for similar insurance. 223

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