Strategic Insurance Brokers awarded major national reinsurance

The CAPC was wrongly misinformed and disregarded the fact that Strategic Insurance Brokers offered the most responsive bid and that the intent to offer  was to an overseas company not even a registered broker accredited with the Insurance Regulatory Commission of Sri Lanka.Colombo District Court Judge Sujeewa Nishanka issued an interim injunction essentially forbidding any foreign company that is not registered as a company, or as insurance broker, from offering any insurance related services in the country. The complainant in this case, Strategic Insurance Brokers (Sib) sought the order against an overseas company J B Boda and Co from holding itself out as an insurance broker.Romesh de Silva, PC Chanaka de Silva appearing for the complainant Sib, in his submissions before court stated that the defendant Company had been making bids for major tenders on insurance related matters. The plaint filed states that the defendant is been awarded tenders illegitimately by state statutory bodies such as the National Insurance Trust Fund. Meanwhile Indrajith Fernando Director Sib revealed that  National Insurance procurement programs have had to be renewed  as at 1st January 2018 and have not been extended after expiry, due to what can only be called irresponsible behavior, and the malefide attempt by officials to award tenders to illegitimate Overseas companies. Though Sib as the incumbent leader had offered lower premiums with almost the same panel of underwriters, the intent for new awards were to be made  at excessive exorbitant premiums to the overseas companies,  he stated. The Line Ministry namely The Ministry of National Policies and Economic Affairs, vigilant to these unauthorized activities, had requested the local brokering company Sib Insurance Brokers to avail themselves of their right to appeal.The National Procurement Guidelines exist for just such purposes to prevent companies being given awards pending appeal, with alleged fraud and corruption when tenders are granted at excessive premiums compared to the bids offered by the competition, Fernando added.Industry sources added that if foreign companies are appointed to take up national reinsurance brokering assignments, it leads to corruption as amply demonstrated in this instant, as there is zero accountability regarding these companies’ operations, as the legislation with regard to insurance regulation  suggests. Strategic Insurance Brokers has offered the best premiums and the most responsive bids for national programs on the past several years and on the last two occasions  with regards to this retrocession program that covers all catastrophic and all risks of all insurance companies in Sri Lanka, and is the incumbent broker.Among other things Sib offered the best terms given by the best panel of reinsurance companies in the international market. The cover among other things indemnifies against natural calamities which is a very important national issue since the 2004 Tsunami and 2016 flood calamities etc.The successful company SIB’s Reinsurance Business is ably supported by a majority of the world’s leading underwriters and International brokers including Brokers at Lloyds, thus demonstrating a greater success in all the business placed by them in Sri Lanka. More importantly and significantly, in all the tenders of the NITF, for instance,  their bids contained the best terms and were the most competitive. This is mainly due to the skills and due diligence practiced  by them, along with carefully selected international partners and leading brokers in their respective regions. This decision of the PAB comes close on the heels of the District  Court of Colombo making interim injunction that the overseas illegitimate company which  was presented with an  intent to award on the above program by the NITF,  is not entitled to and cannot hold themselves out as an insurance brokeror  function as a reinsurance broker in Sri Lanka. This order was made subsequent to an initial enjoining  order issued earlier this year. The Presidential Appeals Board (PAB) on procurements made recommendations to award the Retrocession Program to cover 30% Compulsory Reinsurance Cession for the Period from 1st January 2018 to 31st December 2018,to Strategic  Insurance Brokers, overturning  the earlier decision by the Cabinet Approved Procurement Committee (CAPC).This award was conveyed to the Cabinet, which has approved the recommendation by the PAB and sent word on the award of the tender to Strategic Insurancebrokers (Sib), to the National Insurance Trust Fund, the Procurement entity (NITF). Section 79 of the Regulation of the Insurance Industry Act, No. 43 of 2000 (as amended) provides that; “No  person  shall  act  or  hold  itself  out as  an  insurance  broker  unless such person is a holder of a certificate of registration as a broker granted by the Board and is a member of an Association of Insurance Brokers approved by the Board.”In Section 114 “broker” means the placing of insurance business for or on behalf of an insurer, for insurance or reinsurance, with an insurer or reinsurer. (Colombo Gazette) The PAB decision establishes incontrovertibly that  Strategic Insurance Brokers bid for the above retrocession  program was the best and the most competitive, and most responsive bid. The PAB overturned the decision of the CAPC affirming Sib’s position that the recent decision not to make the award in the program to Sib was arbitrary, capricious,and “tantamount to constructive fraud and corruption. read more

Ohio State Penn State mens hockey split offensively charged series

OSU junior forward David Gust attempts a shot during a shootout in a game against Michigan on Jan. 15 at the Schottenstein Center. OSU won in the shootout. Credit: Kevin Stankiewicz | Asst. Sports EditorThe Ohio State men’s ice hockey team went to Happy Valley this weekend for a two-game series, but it is heading home feeling nothing more than content after an up-and-down weekend.The Buckeyes were thoroughly defeated on Friday, losing 6-1, but they were able to recover the following day, taking care of the Nittany Lions 7-4.In Game 1, the Nittany Lions struck first after junior forward David Goodwin dispossessed the Buckeye defense behind the goal and laid off the puck for senior forward David Glenn, who fired it behind junior netminder Christian Frey.The first period was quite physical, as both teams were handed penalties. At two points, the teams played four-on-four hockey. Penn State junior goaltender Eamon McAdam demonstrated why he leads the Big Ten in save percentage, stopping a flurry of shots from sophomore forward Luke Stork and senior forward Anthony Greco. The Buckeyes appeared to be knocking on the door after a strong finish to the first period. That, however, would not be the case, as Penn State illustrated why it has the nation’s fifth-ranked offense.Penn State would double its lead with a long shot from freshman defenseman Vince Pedrie. Redshirt senior forward Eric Scheid brought the puck up the right side of the rink and completed a cross-ice pass, which Pedrie collected and converted. Goodwin made it 3-0 with just over six and a half minutes left in the period after some nifty build-up play with freshman forward Andrew Sturtz. This forced OSU coach Steve Rohlik to make a switch inside the pipes. He replaced Frey with junior goalie Matt Tomkins, marking Tomkins’ first appearance in seven games. The substitution would not make any difference.Just three minutes later, Penn State senior defenseman Luke Juha made it 4-0. The nightmare continued for the Buckeyes just over a minute later when freshman forward Alec Marsh pushed the puck under Tomkins’ right skate, making it 5-0. Junior forward and co-captain Nick Schilkey broke McAdam’s shutout with a power-play goal just over two minutes into the third period. The goal, however, did little to turn the tide, as Penn State coasted to the victory. Junior forward Zach Saar took advantage of an empty net with less than 30 seconds remaining, ending the match 6-1. Tomkins would remain in goal for the Scarlet and Gray for Game 2 on Saturday. Senior goaltender Matthew Skoff took over for McAdam in the Nittany Lions’ goal. It became quite clear early on that the Buckeyes were not going to allow a repeat of the previous night’s performance.Just a minute and a half into the first period, Schilkey laid the puck off to junior forward David Gust, who converted for the power-play score. It was Gust’s 17th point in 17 games, although his 15-game point streak ended the night before.The Buckeyes doubled their lead just six minutes later after freshman defenseman Tommy Parran netted his first career goal for the Buckeyes. Another freshman, forward Freddy Gerard, made it 3-0 for the Buckeyes less than halfway through the period. With just over two minutes remaining in the period, Penn State got on the board. Scheid centered a pass for freshman forward Chase Berger, whose shot was deflected in by Tomkins. Sturtz cut the lead to one goal just past the halfway point in the second period after a great solo effort from the Penn State defensive zone. Emotions began to run high after a few altercations between the two sides. One conflict behind the Buckeyes’ net resulted in junior defenseman Drew Brevig and junior forward Ricky DeRosa being sent to the box, resulting in some four-on-four hockey similar to the night before. An interference call on Parran resulted in a four-on-three advantage for the Nittany Lions, and they would swiftly take advantage with an equalizing goal from Goodwin. Penn State would then grab its first lead of the afternoon when Kevin Kerr fired a shot from long range above Tomkins’ glove just under three minutes into the third period. The Buckeyes finally responded after Penn State’s four straight goals, courtesy of sophomore forward Matthew Weis’ eighth goal of the season. Then, just 42 seconds later, a shot from senior defenseman and co-captain Craig Dalrymple trickled underneath Skoff, which left freshman forward John Wiitala with an easy empty-net goal to put the Buckeyes back in front 5-4. Weis would grab his second goal of the game after a two-on-one breakaway and doubled the Buckeyes’ lead with just over five minutes remaining in the encounter. Senior forward and Co-captain Anthony Greco put the game to rest with just under 30 seconds left with an empty-net score, ending the match at 7-4. OSU is set to get back in action on Friday against Wisconsin at the Schottenstein Center. Puck drop is scheduled for 6:30 p.m. read more