Principles of Risk Transfer Essay Example | Topics and Well Written Essays - 1500 words

Principles of Risk Transfer - Essay Example In assessing the captive insurance industry in Bermuda, there is a need to understand the nature and merits of considering Bermuda’s domicile. Bermuda’s Captive Domicile Bermuda is a leading offshore captive domicile globally. This is a result of onshore administrative burdens and the costs related to conducting business in a US-based or Lloyd’s-based captive in the mid 20th century. This forced Reiss to look out for authority that would permit the flourishing of the captive insurance. Bermuda was selected due to its unique geographical site, good image and status as a British sovereign boundary that disliked uncertainties and perils normally encountered by multinational corporations conducting their business in politically volatile and irresponsible nations. Besides, captives in Bermuda are majorly owned by huge US firms. It can be noted that the second biggest licensing authority in relation to the number of captives is the Cayman Islands (Duffy, 2004, p. 97). Vermont ranks second in connection to the assets owned by insurance firms and third in relation to licensing of the captives. Regulation of Bermudan is done by the Registrar of Companies and the Minister of Finance under the Insurance Act of 1978, the companies Act of 1981 and the Insurance Amendment Act of 1996 (Sierk, 2008, p. 51). Through the regulation a better flexibility is offered compared to other authorities, with the industry carrying the burden of self-regulation, which accounts for the great success of insurance in the state. Moreover, the insurance industry has frequent annual audits jointly with a certificate of solvency, which ensures transparency in the manner risks are managed. Furthermore, most of the captives are registered in two classes under the Insurance Act. Class 1 insurers are unit parent captives, which are not allowed to write any form of unconnected business, while class 2 are relational captives or multi-parent, which are allowed to write up to 20% unco nnected business (Sierk, 2008, p. 59). Class 1 insurers have a minimum solvency requirement of $ 120,000 during the time of writing while class 2 has a minimum solvency requirement of $ 250,000. However, there are other classes which insurers can register; one of them is class 3, which does not include insurers and reinsurers. This class has a minimum requirement of $ 1 million. Class 4 has a minimum requirement of $ 100 million, which includes insurers and reinsurers writing instant additional liability or asset catastrophe risks. In addition, Bermuda is the best domicile since it has no income, corporate or through withholding taxes for operation of the captive insurance. Besides, the initial cost of putting up an insurance company is approximately $ 10,000. The legislation also provisions for rent-a-captives and secured cell firms (DFA, 2007, p. 13). The insurance industry’s rent-a-captive projects permit unconnected participants to be involved in the process of profits un derwriting from the insured risks in the captive. It also allows them to place irrelevant perils via the captive. Securitization of debt is eventually enabled in the risk securitization. Protected cell firms permit a firm to have distinct departments or cells independent of the other cells in circumstances of liquidation. Apparently, the joint combination of secured cell regulation and the rent-a-captives gives

Teaching in clinical practice Essay Example | Topics and Well Written Essays - 2500 words

Teaching in clinical practice - Essay Example As far as nursing practice is concerned, reflection is a process by which one focuses on the interaction between oneself and the environment, including colleagues, in a particular situation, with intentions to examine and evaluate the interactions. â€Å"Reflection gives scope for better understanding of oneself so that existing strengths can be used to build-up for future actions" (Somerville and Keeling, 2004). While reflection is the key to successful learning process, current literature plays a major role in these developments. Through updated journals and texts, present studies by critics and writers, we are able to meet the goals for the improvement of analytical thinking skills such as being able to identify problems that might arise, being aware to new or different ideas, and anticipating the consequences of one’s actions. According to Brandon and All (2010), many nurse educators continue teaching the way they have been doing, despite the need for reforms. However, pe dogogical research has indicated the need for change in nursing curricula. The emphasis is to shift from traditional courses to concept-based courses which com across across clinical settings. In order to accomplish such a useful change, it is very important for the nurse teacher to understand the role of "the rapidly advancing profession" (Hamner and Wilder, 2001; cited in (Brandon and All, 2010). In using reflection as a tool for the development of the professional nursing practice, a plan can be designed to meet the goals of the reflective activity by recording thoughts, observations, feelings, activities and questions (Burns and Grove, 1997). Through this, the effective practitioner can be challenged to think in new ways, raise new questions and explore new ways of problem-solving. Thus reflection is key for successful learning outcomes and literature plays a major role in such developments. In this essay, reflection on the methods, strategies and outcomes of teaching students a bout drug administration will be done with reference to current literature. Reflection and critical analysis Gibbs Model of Reflection will be used for evaluation and examination of the teaching methods and outcomes because the framework is straight forward and includes a cycle of clear description of the clinical situation, analysis of the feelings of the practitioner, evaluation of the actions during the situation, analysis of the various activities and experiences during the situation and a conclusion for lessons in future (Online learning, 2006). Description of the teaching process Student nurses were taught about administration of drugs in nursing practice. The aims of the teaching session was to enhance the knowledge of the student about the safe drug administration. The objectives and learning outcomes of the teaching session were: 1. To know the common causes of medication errors 2. To know the right method of administration of medication 3. To know the different routes of a dministration of medication and nursing considerations pertaining to those routes. 4. To know the importance of understanding the reason prior to dispensing the medication. 5. To know strategies to assure proper, clear, concise and easily understood methods of documentation of drug administration. 6. To be aware of patient safety goals. Procedural instruction in the teaching sess