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We believe quality insurance products coupled with simple processes are key to increasing health insurance penetration in the country.” The Acronym /Abbreviation/Slang ICAP means Insurance Continuation Assistance Program. Our vision, transcends the conventional insurance practices and provides customers with innovative and cutting edge solutions. What does ICAP stand for Hop on to get the meaning of ICAP. Present at the occasion were Faisal Abbasi, CEO, TPL Life, Khalilullah Shaikh, President, ICAP, along with Benevolent Fund Committee members from ICAP and team members from TPL Life.Ĭommenting on the strategic tie-up, Faisal Abbasi, CEO, TPL Life said, “This partnership is the outcome of our commitment to continuously innovate and our belief in providing easy access to insurance solutions for diverse customer segments in Pakistan. To mark the occasion, a signing ceremony was held at the ICAP Head office located in Karachi on 1 st September, 2020. I was told the Pool was created for Iowa public entities that couldn't buy insurance any where else because of terrible loss experience.TPL Life, a leading InsurTech provider in Pakistan has partnered with The Institute of Chartered Accountants of Pakistan (ICAP), a prestigious regulating body that promotes, develops and supports Chartered Accountants, to provide Health and Life insurance services to its members.įollowing the partnership, TPL Life will provide comprehensive Health Insurance Coverage to ICAP members and their families, as well as Value Added Services like Hospitalization, OPD & Maternity Benefits and an Annual Accidental Coverage.
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What if we add some vehicles or additional employees? You say there are no mid-term surprises with ICAP. If ICAP gets hit with a bunch of big claims, can the Pool assess my entity for more money mid-term. What good is the CRF unless I leave the Pool? What happens to our E&O and law enforcement liability claims if our entity leaves the current insurance company and joins ICAP? If an entity leaves ICAP, do they have the ability to leave their claims for the remaining ICAP members to pay?Ĭan you explain "occurrence coverage" and tell me what types of coverage it usually applies to? How long of a term does our entity have to stay with the Pool if we elect to join? How about if we cut employees or vehicles?
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Well then, how does the Pool make up for poor loss years? Is it true that an insurance company can non-renew/terminate our claims-made E&O policy and leave us without coverage for the time we were with them?ĭoes my entity have the flexibility to withdraw from ICAP any renewal period we desire?Ĭan the withdrawing members buy coverage from an insurance company for the unsettled claims?Ĭan you describe "claims made" coverage and what lines of coverage would it usually apply to?ĭoes my entity have to notify the Pool 60 days prior to withdrawal?Īside from the benefits of lower cost and better coverage's, what other financial benefits are available to members. Is it true that our city doesn't have to sign any contract with an insurance company like we are required to with a pool? What is the Intergovernmental Contract (IGC) and what is its purpose? So if my entity were covered by ICAP none of the Pools money would be spent to pay claims of companies going bankrupt? Is it true that if my town has a catastrophic loss and the insurance company goes bankrupt I have coverage through a guarantee fund that only regulated companies participate in? Why wasn't ICAP formed as an insurance company?Ĭould ICAP qualify as an insurance company doing business in Iowa? Why did the Iowa League of Cities and the Iowa State of Counties sponsor ICAP? Wouldn't the Insurance Department regulations make sure ICAP didn't incur financial difficulties? Why isn't ICAP an insurance company then?