Freedom to Define Membership in a Mutual Insurance Company

2021 ◽  
Vol 3 (108) ◽  
pp. 26-41
Author(s):  
Beata Mrozowska - Bartkiewicz
Keyword(s):  
Limited Liability ◽  
Fundamental Principle ◽  
Legal Framework ◽  
Business Activity ◽  
Insurance Company ◽  
Wide Range ◽  
Systemic Model ◽  
Mutual Insurance ◽  
Legal Forms

A mutual insurance society is one of the basic forms of conducting insurance activity. It is characterized by a very wide range of options which its founders and subsequently entitled members have in order to choose the organizational and systemic model of operation, to change it in the course of business, to define the concept of membership, to create various categories of members and provide them with different rights and duties, to determine the powers of statutory bodies, and, above all, to apply the method of mutuality. The Insurance and Reinsurance Activity Act regulates the basic legal framework of mutual companies, while referring quite a number of issues to the Polish Commercial Partnerships and Companies Code. This does not alter the fundamental principle on which the company's activity is based, namely that its articles of association play an extremely important role, which is much greater than in the case of public limited liability companies, and that members of a mutual insurance society enjoy considerable freedom to conduct business and categorize its members, which is unparalleled for other legal forms of business activity.

scholarly journals Corporate Governance of Family Businesses in Croatia

2021 ◽  
Vol 2 (1) ◽  
pp. 9-27
Author(s):  
Mihaela Braut Filipović
Keyword(s):  
Corporate Governance ◽  
Family Business ◽  
Limited Liability ◽  
Comparative Law ◽  
Legal Framework ◽  
Family Businesses ◽  
Family Farms ◽  
Socio Economic Development ◽  
Legal Forms ◽  
Successful Transfer

The importance of family businesses in the Croatian economy is well known. In this respect, Croatia is part of the larger picture in which family businesses are considered of fundamental importance to the European Union’s economy. The most specific feature that sets Croatian family businesses apart is that they are all relatively young, as they were mostly established in the 1990s. This is due to the socio-economic development of Croatia as a country that was part of the former Yugoslavia. In this regard, although the traditions of certain crafts and products are significantly older, the modern legal vehicles through which such business is conducted, that is, Croatian companies, are only around thirty years old. This fact contributes to the hypothesis that governance issues related to family businesses are an underdeveloped legal area. However, the need to address the specific needs of Croatian businesses is on the rise, as a significant number of the founders are now retiring, and the issue of successful transfer of these businesses has never been more important. The goal of this article is to question whether available legal instruments for enhancing the governance of family businesses from comparative law and practice such as family constitutions and family councils can be applied in Croatian practice as well. To this end, this study analyses the most significant legal forms in which a family business can be established in Croatia: crafts, family farms, and all types of commercial companies (with an emphasis on limited liability and joint-stock companies). Analysis of the Croatian legal framework from the perspective of family businesses will contribute to the comparative discussion regarding the specific legal needs and challenges of such businesses.

scholarly journals Social Enterprises and Eu Regulation

2019 ◽  
Vol 7 (04) ◽  
Author(s):  
Bohinc Rado
Keyword(s):  
Social Entrepreneurship ◽  
Social Enterprise ◽  
National Level ◽  
Legal Framework ◽  
Social Enterprises ◽  
Collective Interest ◽  
Community Interest ◽  
Wide Range ◽  
Legal Forms ◽  
The Eu

Social enterprises are very diverse across Europe. There is a wide range of different legislative approaches and different organisational and legal forms on the national level. In some countries, existing legal forms such as associations, foundations, cooperatives and share companies are used as social enterprises. In other countries, new legal forms are designed for social enterprises by adapting existing legal forms (companies, cooperatives), e.g. social cooperatives in Italy, cooperative collective interest companies in France, community interest companies in the UK.The reason for the variety of approaches how to implement the idea of social enterprise, is in the lack of uniform binding rules on the level of the EU. Here, we present our views on the legal framework needed to implement the concept of social entrepreneurship in the EU in a more efficient and effective manner.First, we present a range of definition of social entrepreneurship and enterprises, many of them not consistent and/or sufficiently elaborated. Further, some historical roots are presented on social and self-managed economy, and the concept of social enterprise is elaborated from the point of view of its eligibility. Comparative analysis aims to prove critical diversity of approaches across the EU that leads to stagnating in place and lagging behind.

Corporate Social Responsibility: Understanding the Legal Framework and Philanthropic Indian Companies

2015 ◽  
Vol 1 (2) ◽  
pp. 32
Author(s):  
Farhina Sardar Khan ◽  
Syed Shahid Mazhar
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Positive Impact ◽  
Secondary Data ◽  
Fundamental Principle ◽  
Legal Framework ◽  
Business Environment ◽  
Wide Range ◽  
External Management ◽  
Corporate Social

Business and conglomerates have never been an isolated entity as the entrepreneurs or the businessmen have always maintained a consistency in the internal and external management and also properly follow-up the movement that use to take place in the external business environment such as consumers, communities, stakeholders, shareholders, and by-laws. Gradually, with the passage of time in last three decades the changes that took place in the Indian cultural norms of corporations had brought forward the concept of corporate social responsibility (CSR) referring to bring about overall positive impact of corporations on the communities, societies, and environments in which they operate. The term CSR became popular in the 1960s and narrowly construed. It had remained a term used indiscriminately by many to cover legal and moral responsibility but in the present scenario, it has been used in a broader way. CSR promotes a vision of business accountability to a wide range of stakeholders, besides shareholders and investors. Key areas of concern are environmental protection and the wellbeing of employees, the community, civil society in general, customers, employees, investors, suppliers, and activist organizations both now and in the future. This article is exclusively based on secondary data and presents an in-depth conceptual framework of the CSR, major provisions and guidelines encrypted by the Ministry of Corporate Affairs, Government of India. Further, the fundamental principle, core elements and its role in nation development are discussed briefl y for the better understanding of the reader.

scholarly journals REGULATORY FORMATION AND ACCOUNTING OF EQUITY AT LIMITED LIABILITY COMPANIES

2019 ◽  
pp. 136-146
Author(s):  
Yana ISHCHENKO
Keyword(s):  
Limited Liability ◽  
Legal Regulation ◽  
Equity Capital ◽  
The State ◽  
Macro Level ◽  
Wide Range ◽  
The Law ◽  
Legal Forms ◽  
Made In ◽  
Accounting Policy

The structure and dynamics of equity capital are the basis for determining the indicators that characterize the financial position and financial sustainability of the enterprise. Information support for the effective management of the company's own capital is formed, mainly, by the system of accounting and financial reporting. Reliable and complete coverage of the financial statements of information on the size and composition of equity capital is fundamental for an objective assessment of the financial status and efficiency of the enterprise and for making further decisions by owners, investors, creditors and other users of information. Over the past few years, some changes have been made in the way in which the equity of the enterprise is reflected in the accounting, which requires detailed analysis and evaluation of changes to find ways to improve the accounting of equity capital of the enterprise. The purpose of this publication is to study the legal regulation of the formation and accounting of equity, in particular in limited liability companies, as well as the development of organizational principles of its accounting. Financial independence of the enterprise and other indicators of the financial state directly depends from the complete and clear legal regulation of accounting of equity capital by enterprises of various organizational and legal forms, the effectiveness of the information management of capital formation, profit distribution, dividend and other corporate rights. The normative regulation of the accounting of own capital in Ukraine at the state level (macro level) and at the level of economic entities (micro level) is investigated. From June 17, 2018, the new Law on Limited Liability and Additional Liability Companies came into force. The fundamental change in the regulation of the activities of economic entities of such organizational and legal forms leads to the need to amend its constituent documents and internal accounting regulations. Changes made in accordance with the Law concerning the formation of the authorized capital of the companies with limited liability and additional liability are considered. An exemplary section of the order on the accounting policy that will regulate the accounting of own capital is designed and offered for practical use by limited liability companies. The formation of such section will allow the reconciliation of the accounting policies and constituent documents in order to meet the interests of users in accounting for equity capital. After all, the proper formation of accounting policies is an important element of internal regulation of the formation and accounting of equity, contributes to improving the completeness and reliability of information about the financial condition of the enterprise. Based on the study of legal regulation of formation and accounting of equity in limited liability companies, it was found that at the macro level the state regulates only certain aspects of these processes. Moreover, there remains a wide range of variability in the selection of organizational and methodological approaches to accounting of equity capital. This, in turn, provides the opportunity for the owners of the companies to choose the optimal alternative accounting option for this particular entity, taking into account the specifics of its activities. The main internal regulations of enterprises regulating the issues of formation, use and accounting of own capital are the statute and order on accounting policy. The research revealed shortcomings in the formation of norms as a charter and an order on accounting policies of limited liability companies in respect of own capital. Proposed changes to the specified internal regulations of limited liability companies, which will bring their norms in line with the norms of legislation, in particular with the norms of the Law of Ukraine "On Limited Liability Companies" of 22.06.2018, № 2275-VIII, and will allow to obtain full, relevant , unbiased information about equity capital for all the interested parties.

scholarly journals Bad World: The Negativity Bias in International Politics

2019 ◽  
Vol 43 (3) ◽  
pp. 96-140 ◽  
Author(s):  
Dominic D.P. Johnson ◽  
Dominic Tierney
Keyword(s):  
International Relations ◽  
Fundamental Principle ◽  
Human Mind ◽  
Negative Information ◽  
Theory And Practice ◽  
Negativity Bias ◽  
Positive Information ◽  
Psychological Phenomena ◽  
Wide Range ◽  
New Research

A major puzzle in international relations is why states privilege negative over positive information. States tend to inflate threats, exhibit loss aversion, and learn more from failures than from successes. Rationalist accounts fail to explain this phenomenon, because systematically overweighting bad over good may in fact undermine state interests. New research in psychology, however, offers an explanation. The “negativity bias” has emerged as a fundamental principle of the human mind, in which people's response to positive and negative information is asymmetric. Negative factors have greater effects than positive factors across a wide range of psychological phenomena, including cognition, motivation, emotion, information processing, decision-making, learning, and memory. Put simply, bad is stronger than good. Scholars have long pointed to the role of positive biases, such as overconfidence, in causing war, but negative biases are actually more pervasive and may represent a core explanation for patterns of conflict. Positive and negative dispositions apply in different contexts. People privilege negative information about the external environment and other actors, but positive information about themselves. The coexistence of biases can increase the potential for conflict. Decisionmakers simultaneously exaggerate the severity of threats and exhibit overconfidence about their capacity to deal with them. Overall, the negativity bias is a potent force in human judgment and decisionmaking, with important implications for international relations theory and practice.

The Australia and New Zealand v Japan Southern Bluefin Tuna (Jurisdiction and Admissibility) Award of the First Law of the Sea Convention Annex VII Arbitral Tribunal

2001 ◽  
Vol 16 (2) ◽  
pp. 239-293 ◽  
Author(s):  
Barbara Kwiatkowska
Keyword(s):  
New Zealand ◽  
Bluefin Tuna ◽  
Fundamental Principle ◽  
Law Of The Sea ◽  
Arbitral Tribunal ◽  
Compulsory Arbitration ◽  
Wide Range ◽  
The Future ◽  
Questions And Answers ◽  
Southern Bluefin Tuna

AbstractThe Southern Bluefin Tuna (Jurisdiction and Admissihilily) Award of 4 August 2000 marked the first instance of the application of compulsory arbitration under Part XV, Section 2 of the 1982 UN Law of the Sea Convention and of the exercise by the Annex VII Tribunal of la compétence de la compétence pursuant to Article 288(4) over the merits of the instant dispute. The 72-paragraph Award is a decision of pronounced procedural complexity and significant multifaceted impacts of which appreciation requires an in-depth acquaintance with procedural issues of peaceful settlement of disputes in general and the-law-of-the-sea-related disputes in particular. Therefore, the article surveys first the establishment of and the course of proceedings before the five-member Annex VII Arbitral Tribunal, presided over by the immediate former ICJ President, Judge Stephen M. Schwebel, and also comprising Judges Keith, Yamada. Feliciano and Tresselt. Subsequently, the wide range of specific paramount questions and answers of the Tribunal are scrutinised against the background of arguments advanced by the applicants (Australia and New Zealand) and the respondent (Japan) during both written and oral pleadings, including in reliance on the extensive ICJ jurisprudence and treaty practice concerned. On this basis, the article turns to an appraisal of the impacts of the Arbitral Tribunal's paramount holdings and its resultant dismissal of jurisdiction with the scrupulous regard for the fundamental principle of consensuality. Amongst such direct impacts as between the parties to the instant case, the inducements provided by the Award to reach a successful settlement in the future are of particular importance. The Award's indirect impacts concern exposition of the paramount doctrine of parallelism between the umbrella UN Convention and many compatible (fisheries, environmental and other) treaties, as well as of multifaceted, both substantial and procedural effects of that parallelism. All those contributions will importantly guide other courts and tribunals seised in the future under the Convention's Part XV, Section 2.

scholarly journals SWOT analysis & privatization in Croatia

2006 ◽  
Vol 51 (168) ◽  
pp. 121-136 ◽  
Author(s):  
Ivo Druzic ◽  
Tomislav Gel
Keyword(s):  
Swot Analysis ◽  
Limited Liability ◽  
Transition Process ◽  
Legal Framework ◽  
Economic Consequences ◽  
Macro Level ◽  
Public Enterprises ◽  
Tax Havens ◽  
Holding Companies ◽  
Privatization Process

Legal framework for privatization in Croatia was based on two key laws: the Transformation Act of 1991, and the Privatization Act of 1993, amended in 1996. Early start of privatization process in 1990s in Croatia was marked by the transformation of socially-owned companies into stock holding companies or limited liability companies. The first step (1991-1993) of this process of almost 2700 companies which entered privatization was their evaluation and transformation into private ownership entities. The second step (1994- 1997) consisted of privatization of CPF portfolio. The portfolios change constantly, not only as a result of privatization but also because companies themselves change, as does their position in the market. The third step (1998) in the privatization process was voucher privatization. Privatization of large infrastructure and utility companies designated as public enterprises began in 1999 (Croatian Telecom) and INA in 2002 (public enterprises are privatized on the basis of separate laws). Attempts to discuss privatization in Croatia in terms of SWOT analysis have been motivated by the stark difference among Croatian professional economists in an appraisal of Croatia's performance during the transition process in general and of the privatization process in particular. Therefore we considered the elements of SWOT analysis to be an acceptable way to delve into the confusing world of bickering arguments on the state and perspective of the Croatia's privatization process. In this paper we have tried to provide an impartial approach by employing two criteria i.e. strength and weaknesses in judging the events and results of the privatization process in Croatia. Strength of the overall privatization process can be mostly ascribed to the institutional swiftness on micro as well as on macro level. On the micro level 80% of the companies were formally privatized in the first two years despite unfavorable external conditions comprising the economic consequences of war. On the macro level it took approximately three years to restructure and downsize CPF majority ownership in 2700 companies to majority ownership in just 70 companies. Overall weakness of the restructuring process is concentrated in a painfully slow emergence of sound business activity in market environment. The economic inefficiency of this model is reflected in the substitution of modern entrepreneurial capitalism, which was hoped for with retrograde rent seeking capitalism, typical of early capitalism in its transition from a feudal to an industrial environment two centuries ago. Instead of efficiency and development, it is characterized by the drain of liquid capital through inflated debts, false reserves and falsified claims and the tunneling of constant capital through "soft" loans into tax havens outside the country. Therefore, the solution is not to deal with the consequences, which are evident in various affairs that are treated as individual deviations of the more or less good model of privatization. The problem lies in the model itself.

scholarly journals Kerangka Yuridis Kepatuhan Syariah dalam Operasional Perbankan Syariah di Indonesia

2017 ◽  
Vol 7 (1) ◽  
pp. 188-222
Author(s):  
Ja'far Baehaqi
Keyword(s):  
Legal History ◽  
Islamic Law ◽  
Institutional Development ◽  
Legal Framework ◽  
Business Activity ◽  
Legal Compliance ◽  
Liquidity Management ◽  
Financial Instrument

Abstract: This article discusses several aspects of sharia compliance framework in the operational of sharia banking in Indonesia. The aspects are institutional, banking products, liquidity management and financial instrument. From the perspective of legal history, it is discovered that sharia legal compliance evolved from speculative and simplistic to articulate and perfectionist. Institutionally, the arrangement is oriented on structural strengthening and display of sharia identity. There is a tension between the aspiration of institutional development and the decrease of sharia compliance into certain degrees. From the aspect of business activity, sharia compliance is comprehensive by formulating Islamic law which is a reference and transforms it to legal framework as well as elaborates supervisory institution. As to liquidity management and financial instrument, instruments which is compatible with sharia character is elaborated. Abstrak: Artikel ini membahas tentang kerangka yuridis kepatuhan syariah dalam operasional perbankan syariah di Indonesia dari beberapa aspek, yaitu kelembagaan, kegiatan usaha dan pengelolaan likuiditas serta instrumen keuangan. Dengan pendekatan sejarah perundang-undangan ditemukan bahwa kerangka yuridis kepatuhan syariah mengalami perkembangan dari semula bersifat spekulatif dan simplistik menjadi bersifat artikulatif dan perfeksionis. Secara kelembagaan, pengaturan diorientasikan kepada penguatan struktur dan penampilan identitas kesyariahan. Di sini terdapat ketegangan antara tujuan pengembangan kelembagaan dan penurunan tingkat kepatuhan syariah hingga derajat tertentu. Dalam aspek kegiatan usaha, kepatuhan syariah telah komprehensif dengan memformulasikan hukum Islam yang menjadi acuan dan mentransformasikannya menjadi bagian peraturan perundang-undangan, serta mengelaborasi lembaga pengawasan. Sedangkan dalam aspek pengelolaan likuiditas dan instrumen keuangan, telah dielaborasi instrumen-instrumen yang kompatibel dengan karakter kesyariahan bank syariah.

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