Assurant 2012 Annual Report Download - page 21

ASSURANT, INC.2012 Form10-K 13
PARTI
ITEM 1 Business
International Regulation
We are subject to regulation and supervision of our international
operations in various jurisdictions.  ese regulations, which vary
depending on the jurisdiction, include anti-corruption laws; solvency
and market conduct regulations; various privacy, insurance, tax, tari
and trade laws and regulations; and corporate, employment, intellectual
property and investment laws and regulations.
In addition to the U.S., the Company operates in Canada, the U.K.,
Ireland, Argentina, Brazil, Puerto Rico, Chile, Germany, Spain, Italy,
Mexico and China and our businesses are supervised by local regulatory
authorities of these jurisdictions. We also have business activities in
Peru, Ecuador and Colombia where we have gained access to these
markets by registering certain entities to act as reinsurers.
Our operations in the U.K., for example, are currently subject to
regulation by the Financial Services Authority (the “FSA”). Insurers
authorized by the FSA are generally permitted to operate throughout
the rest of the European Union, subject to satisfying certain FSA
requirements and meeting additional local regulatory requirements.
As part of recent regulatory reforms, in 2013 the FSA is expected to
be replaced by two separate regulatory units. However, this change will
not a ect our ability to conduct business across the European Union.
We are also subject to certain U.S. and foreign laws applicable to
businesses generally, including anti-corruption laws.  e Foreign Corrupt
Practices Act of 1977 (the “FCPA”) regulates U.S. companies in their
dealings with foreign o cials, prohibiting bribes and similar practices.
In addition, the U.K. Anti-Bribery Act, which became e ective during
2011, has wide jurisdiction over certain activities that a ect the U.K.
Securities and Corporate Governance Regulation
As a company with publicly-traded securities, Assurant is subject to
certain legal and regulatory requirements applicable generally to public
companies, including the rules and regulations of the U.S. Securities
and Exchange Commission (the “SEC”) and the New York Stock
Exchange (the “NYSE”) relating to public reporting and disclosure,
accounting and  nancial reporting, and corporate governance matters.
Additionally, Assurant, Inc. is subject to the corporate governance laws
of Delaware, its state of incorporation.
Environmental Regulation
Because we own and operate real property, we are subject to federal, state
and local environmental laws. Potential environmental liabilities and
costs in connection with any required remediation of such properties is
an inherent risk in property ownership and operation. Under the laws
of several states, contamination of a property may give rise to a lien on
the property to secure recovery of the costs of the cleanup, which could
have priority over the lien of an existing mortgage against the property
and thereby impair our ability to foreclose on that property should the
related loan be in default. In addition, under certain circumstances, we
may be liable for the costs of addressing releases or threatened releases of
hazardous substances at properties securing mortgage loans held by us.
Other Information
Customer Concentration
No one customer or group of a liated customers accounts for 10%
or more of the Company’s consolidated revenues.
Employees
We had approximately 14,600 employees as of February15, 2013.
Assurant Solutions has employees in Argentina, Brazil, Italy, Spain and
Mexico that are represented by labor unions and trade organizations.
We believe that employee relations are satisfactory.
Sources of Liquidity
For a discussion of the Company’s sources and uses of funds, see “Item
7—Management’s Discussion and Analysis of Financial Condition
and Results of Operations—Liquidity and Capital Resources,” and
Note14 to the Consolidated Financial Statements contained elsewhere
in this report.
Taxation
For a discussion of tax matters a ecting the Company and its operations,
see Note7 to the Consolidated Financial Statements contained elsewhere
in this report.
Financial Information about Reportable Business
Segments
For  nancial information regarding reportable business segments of
the Company, see “Item 7—Management’s Discussion and Analysis of
Financial Condition and Results of Operations,” and Note21 to the
Consolidated Financial Statements contained elsewhere in this report.
Available Information
Our annual reports on Form 10-K, quarterly reports on Form 10-Q,
current reports on Form 8-K, the Statements of Bene cial Ownership
of Securities on Forms 3, 4 and 5 for our Directors and O cers and all
amendments to such reports,  led or furnished pursuant to Section13(a)
or 15(d) of the Securities Exchange Act of 1934, as amended, are available
free of charge through the SEC website at www.sec.gov.  ese documents
are also available free of charge through the Investor Relations page of
our website (www.assurant.com) as soon as reasonably practicable after
 ling. Other information found on our website is not part of this or
any other report  led with or furnished to the SEC.