So how does XL do this? My understanding of Shariah compliant insurance is that the entity is run as a nonprofit, with no bias toward anyone and with excess earnings or losses affecting the following year’s premiums. Much like a mutual insurance company, Shariah compliant insurance entities are not to make a profit that is returned to investors.
As XL is a stock company, I’m not sure how they pull this off. Hopefully someone can enlighten me here.
So how does XL do this? My understanding of Shariah compliant insurance is that the entity is run as a nonprofit, with no bias toward anyone and with excess earnings or losses affecting the following year’s premiums. Much like a mutual insurance company, Shariah compliant insurance entities are not to make a profit that is returned to investors.
As XL is a stock company, I’m not sure how they pull this off. Hopefully someone can enlighten me here.
i figure they have a beheading and severing limb exclusion. i for one will do no business with XL.