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Internal organisation
The internal organisation of SYBAN issues from the articles of the Statutes
mentioned in the history of SYBAN.
In short, we can describe it as follows :
- The most important insurance companies
of the Belgian market are members of SYBAN and answer, as co-insurers,
for the cover provided by SYBAN.
- The members of SYBAN commit themselves
to assume their participation in the risks in own retention, that is to
say the not reinsured part in their portfolio.
- The members of SYBAN are bound by a
solidarity clause, which foresees that in case of default of a member,
the obligations of the latter are proportionally assumed by the other
members.
- The management of the Pool is entrusted
to the Management Committee, composed of five members appointed by the
members' General Assembly
Each Member of the Pool mandates the Management Committee to take any
decision about all questions in conformity with the objects of the Pool
which are not subject to the competence of the General Assembly.
- The Management Committee may appoint a
Manager and staff necessary to the day to day running of the Pool.
- The Management Committee makes sure
that none of the members enters into an engagement that would be
considered to be unreasonable, taken into account its financial
strength.
- The Technical committee and the Claims
handling committee are composed of eminent specialists coming from the
members companies, and advice the Management Committee of the decisions
to be taken.
External organisation
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In all countries owning nuclear
installations, but also in countries that don't own such installations,
nuclear insurance " Pools " have been created.
As in Belgium, member insurance companies commit themselves to maintain
their share in own retention. In most of the Pools, the members are bound
by a solidarity clause.
The nuclear risks cover, provided by SYBAN, is underwritten in co-insurance
by SYBAN up to the total own retention. Beyond this retention, SYBAN cede
for the common account of the members the requisite excess of cover in
reinsurance to other foreign Nuclear Insurance Pools. A great worldwide
network of risk's distribution is so created with the big advantage that
the numerous insurance companies involved take part in the risk exclusively
on own retention.
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