RiskPoint is authorized to accept risks, i.e. write and accept insurance on behalf of the insurance companies we represent. This includes stipulating premiums, terms and conditions for the individual insurance polices. We have powers of attorney to issue policies on behalf of the insurance companies. Each of the policies is issued by RiskPoint and will state which insurance company assumes the risk. While RiskPoint has the right and the obligation to perform customer service, including claims handling, it is the insurance company which a policyholder or an insured person has a claim against. Accordingly – as our client – you have the direct and full advantage of the fact that all the insurance companies which RiskPoint represent have minimum credit ratings of A-level with Standard &Poors or equivalent.
Similar to RiskPoint being empowered to accept risks, we also have the authority to handle and settle claims with binding effect for the risk carrying insurance company. In practice you report the claim to RiskPoint and it is RiskPoint that pays the claim or loss to the insured with the funds of the risk carrying insurance company. Further, as general agent we can receive service of suit and other formal legal actions on behalf of and with binding effect for the insurance company.
Each of the insurance companies RiskPoint represent is subject to their respective home country’s regulatory authority. As appointed general agent, RiskPoint is the insurance company’s local legal representative and point of contact for the local regulating authority. We also act as fiscal agent, i.e. we collect insurance taxes and other charges on behalf of the insurance company and settle these with the respective tax authorities.