Search results for "Liability"

Violencia de Estado, guerra, resistencia. Por una nueva política de la Izquierda

2011

Terrorists Tend to Target Innocent Tourists

2015

Over last decades, policy makers in tourism and hospitality acknowledged that terrorism was the worse threat to tourism and West because of many reasons. Terrorism not only affects seriously economies generating unemployment and stagnation in international demand, but also triggers an escalation of violence where all advertisement efforts are backfired. Nevertheless, this essay review explores the historical roots of modern tourism and worker unions to see the point of connection between both. What beyond the boundaries of society is called terrorist attack, inside is named “strike”. This review reminds that the origin of terrorism has been coined in West, as a result of capitalism expansio…

Aligning Two Specifications for Controlling Information Security

2014

Assuring information security is a necessity in modern organizations. Many recommendations for information security management exist, which can be used to define a baseline of information security requirements. ISO/ IEC 27001 prescribes a process for an information security management system, and guidance to implement security controls is provided in ISO/IEC 27002. Finnish National Security Auditing Criteria (KATAKRI) has been developed by the national authorities in Finland as a tool to verify maturity of information security practices. KATAKRI defines both security control objectives and security controls to meet an objective. Here the authors compare and align these two specifications in…

Asset and Liability Modelling for Participating Policies with Guarantee

2008

We study the problem of asset and liability management of participating insurance policies with guarantees. We develop a scenario optimization model for integrative asset and liability management, analyze the tradeoffs in structuring such policies, and study alternative choices in funding them. The nonlinearly constrained optimization model can be linearized through closed form solutions of the dynamic equations. Thus large-scale problems are solved with standard methods. We report on an empirical analysis of policies offered by Italian insurers. The optimized model results are in general agreement with current industry practices. However, some inefficiencies are identified and potential im…

Z-score and P-score for bankruptcy fraud detection: a case of the construction sector in Latvia

2019

To protect investment and ensure repayment of payables, recent studies have focused on identifying the relationships between company bankruptcy and internal fraud. The P-score model that is based on the most popular Altman Z-score model has been developed to indicate the manipulation of financial statements. Purpose of the study is to determinate the accuracy and the feasibility of P-score and Z-score models to detect fraudulent bankruptcy in regional conditions, based on reports of the Latvian construction companies that failed due to fraud, and during the verification of other known data. Research methodology is based on the background studies of P-score testifying, applying this approach…

A Synthetic View of Different Concepts of Creditor Protection - Or a High-Level Framework for Corporate Creditor Protection

2006

Protection of corporate creditors has become an important topic within the European Union. At EU level, discussion has been sparked by widespread dissatisfaction with some very rigid and cumbersome provisions, and even with the whole concept of the Second Company Law Directive. At EU Member State level, three landmark decisions by the European Court of Justice — Centros, Uberseering, and Inspire Art — opened the way for an all-out competition between the different company forms provided for by national company laws. At both levels, albeit for different reasons, British company law — and in particular the absence of any legal capital in the private limited company — acts as the main driving …

Insurance Supervisory Law and Consumer Protection

2015

This chapter discusses the relationship between insurance supervisory law and consumer protection within the ambit of Solvency II and the EIOPA system. To this, the article focuses on existing laws, with particular regard given to European rules on insurance supervision. The Solvency II Directive takes as its exclusive objective the protection of insureds and insurance beneficiaries. Solvency II does not address consumer protection. Nevertheless, consumer protection is a significant by-product of the Solvency II rules, in the sense of collective consumer protection. The EIOPA Regulation provisions, too, address consumer protection solely in the realm of collective consumer protection. The a…

The prometeia model for managing insurance policies with guarantees

2008

Publisher Summary This chapter discusses the development of a scenario-based optimization model for asset and liability management for the participating policies with guarantees and bonus provisions offered by Italian insurers. The changing landscape of the financial services in Italy sets the backdrop for the development of this system which was the result of a multi-year collaborative effort between academic researchers, the research staff at Prometeia in Bologna, and end-users from diverse Italian insurers. It also presents and discusses the model and its key feature, and introduces several extensions. The resulting system allows the analysis of the tradeoffs facing an insurance firm in …

Uncertainty Assessment of a Water-Quality Model for Ephemeral Rivers Using GLUE Analysis

2011

Every model is, by definition, a simplification of the system under investigation. Although it would be desirable to reduce the gap between the simulated and the observed behaviors of the system to zero, this reduction is generally impossible owing to the unavoidable uncertainties inherent in any modeling procedure. Uncertainty analyses can provide useful insights into the best model approach to be used for obtaining results with a high level of significance and reliability. The evaluation of parameter uncertainties is necessary for calibration and for estimating the impact of these uncertainties on model performance. In this context, the uncertainty of a river water-quality model developed…

Assessment of data availability influence on integrated urban drainage modelling uncertainty

2009

In urban water quality management, several models are connected and integrated for analysing the fate of pollutants from the sources in the urban catchment to the final recipient; classical problems connected with the selection and calibration of parameters are amplified by the complexity of the modelling approach increasing their uncertainty. The present paper aims at studying the influence of reductions in available data on the modelling response uncertainty with respect to the different integrated modelling outputs (both considering quantity and quality variables). At this scope, a parsimonious integrated home-made model has been used allowing for analysing the combinative effect of data…