Greek authority clarifies IPT exemptions

Greek authority clarifies IPT exemptions

Greek authority clarifies IPT exemptions

The Greek Independent Authority of Public Revenue has provided clarification on Insurance Premium Tax (IPT) exemptions and the treatment of cancelled insurance contracts in Greece, according to TMF Group. According to the provisions of the decision, issued in the circular POL. 1028/22.2.2017, the following insurance premiums are exempted from IPT: – Insurance contracts for ships and aircrafts of Article 3…

RIMS advises businesses on cyber insurance needs

RIMS advises businesses on cyber insurance needs

RIMS advises businesses on cyber insurance needs

A company’s assessment of its cyber insurance needs should begin with an assessment of the sources of risk and perils and whether they are covered by traditional policies or are excluded, according to a report from the US Risk and Insurance Management Society (RIMS). The report, Cyber Insurance: Considerations for Businesses, states that organisations considering standalone cyber coverage should determine…

Europe’s new regime on insurance distribution: Germany adopts controversial approach to implementation

Europe’s new regime on insurance distribution: Germany adopts controversial approach to implementation

Europe’s new regime on insurance distribution: Germany adopts controversial approach to implementation

Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (recast) (IDD) sets a new European legal framework for insurance distribution. The IDD has to be implemented in the member states by 23 February 2018, and first steps are being taken in this direction. On 21 November 2016, the German Federal Ministry…

IAIS issues plan to improve stakeholder engagement

IAIS issues plan to improve stakeholder engagement

IAIS issues plan to improve stakeholder engagement

The International Association of Insurance Supervisors (IAIS) has issued its Stakeholder Engagement Plan, which it calls a “comprehensive plan to build upon its open and transparent stakeholder engagement process”. The plan recommends a number of new engagement commitments, including holding stakeholder sessions with consumer representatives, including sessions specific to consumer issues and concerns. These sessions could be at IAIS events…

European Commission launches consultation on role of EIOPA

European Commission launches consultation on role of EIOPA

European Commission launches consultation on role of EIOPA

The European Commission (EC) has launched a public consultation on the operation of the European Supervisory Authorities (ESAs), including the European Insurance and Occupational Pensions Authority (EIOPA). The EC said the ESAs have played a key role in ensuring that financial markets across the EU are well regulated, strong and stable, and its aim now is to identify areas where…

Captive run-off acquisitions for Randall & Quilter

Captive run-off acquisitions for Randall & Quilter

Captive run-off acquisitions for Randall & Quilter

Randall & Quilter Investment Holdings (R&Q) has acquired two captive insurance companies in run-off, one in Vermont and the other in Bermuda. The first acquisition is ICDC, a captive insurer of an American Fortune 500 company. It was originally incorporated under the laws of Bermuda, and was re-domiciled in Vermont in 2015. The company reinsured workers’ compensation, commercial general liability,…

GCC insurers bullish on profitability but concerned about competition

GCC insurers bullish on profitability but concerned about competition

GCC insurers bullish on profitability but concerned about competition

Insurers in the Gulf Cooperation Council (GCC) region are relatively optimistic on profitability but are concerned about competition and low oil prices, according to a survey of chief financial officers (CFOs) by Moody’s Investors Service. CFOs of insurers in GCC countries see weak oil prices and intense competition as the main threats to their companies’ profitability but remain relatively upbeat…

Europe’s largest insurers buying more reinsurance and retaining less risk, says AM Best

Europe’s largest insurers buying more reinsurance and retaining less risk, says AM Best

Europe’s largest insurers buying more reinsurance and retaining less risk, says AM Best

The 20 largest European cedents are still taking advantage of the soft market by buying more reinsurance and retaining less risk, according to a new report from AM Best. However, the rating agency said the pace at which retention ratios are falling has been more subdued, and it expects the declines in retention ratios to be less significant in 2016…

US state Maryland signs supervisory cooperation agreement with IAIS

US state Maryland signs supervisory cooperation agreement with IAIS

US state Maryland signs supervisory cooperation agreement with IAIS

The Maryland Insurance Administration has joined a worldwide supervisory cooperation and information exchange agreement with the International Association of Insurance Supervisors (IAIS). US Commissioner Al Redmer signed the multilateral memorandum of understanding (MMoU), which establishes a global framework for information exchange between insurance regulators, setting minimum standards that signatories must follow. “By participating in this agreement, our ability to cooperate…

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey has signed a memorandum of understanding (MoU) with the Beijing Airport Economic Core Zone (BAECZ), a key Chinese business centre. According to Guernsey Finance, the MoU sees the parties agree to cooperate in the areas of captive insurance market development, financial innovation and international information exchange, to promote the viability of the Chinese captive market and wider communication between…

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