Page 201 - Fire Insurance Ebook IC 57

The Insurance Times

Actuary or Financial Adviser or Chief Financial
Officer or any other top management executive
who is not responsible for business development
to act as a moderator of rates and terms that are
quoted as individually rated risks under File and
Use guidelines The basic principles governing
delegation of authority are as important as the
designation of the officers who are given
authority.

Firstly , authority should commensurate with the
persons' technical competency.

Secondly the decisions that can have a significant
impact on the company's exposure should be taken
by consultation among at least two persons with
adequate competencies.

Thirdly a person who is responsible for business
development ,even if he is the CFO or FA can not
be a moderator or underwriter without sufficient
supervisions by persons with adequate underwriting

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