Action stations: why the EC’s collective redress proposals concern risk managers and insurers

Action stations: why the EC’s collective redress proposals concern risk managers and insurers

Action stations: why the EC’s collective redress proposals concern risk managers and insurers

Concerns over a lack of safeguards in the EC’s proposed pan-EU collective redress mechanism focus on the fact that the loser-pays principle and need for consent to be part of an action are missing, as well as fears that rules governing who can bring a class action will not preclude third-party litigation funders from delivering mass US-style litigation in Europe.…

No guarantees over continuity of insurance policies post-Brexit, says EU

No guarantees over continuity of insurance policies post-Brexit, says EU

No guarantees over continuity of insurance policies post-Brexit, says EU

There are no guarantees that insurance policies will not be affected by Brexit, according to the EU’s financial services chief, Reuters has reported. The new agency quoted Valdis Dombrovskis, vice-president for the euro and social dialogue, and in charge of financial stability, financial services and capital markets union, saying it is up to firms to take preventive measures. Mr Dombrovskis…

Aspen applies for Brexit-led Irish subsidiary

Aspen applies for Brexit-led Irish subsidiary

Aspen applies for Brexit-led Irish subsidiary

Aspen will establish a new insurance subsidiary in Ireland as part of plans to continue writing business for clients in the European Economic Area (EEA) after Brexit. Aspen has applied to Irish regulators to set up Aspen Insurance Ireland to maintain EU passporting options, building on its existing branch operation in Dublin. Aspen said it will also write business through…

GDPR fines insurable in just two European countries: Aon report

GDPR fines insurable in just two European countries: Aon report

GDPR fines insurable in just two European countries: Aon report

Fines under the EU’s General Data Protection Regulation (GDPR) will only be insurable in two European countries, according to analysis by Aon and law firm DLA Piper. In 20 of the 30 countries analysed, fines – which could be as high as €20m or 4% of a group’s global turnover – will not be insurable. Only companies in Finland and…

Kroll launches GDPR data protection officer consultancy service

Kroll launches GDPR data protection officer consultancy service

Kroll launches GDPR data protection officer consultancy service

Kroll has launched a new consultancy service ahead of the General Data Protection Regulation’s (GDPR) introduction across the EU later this month, to help firms deal with challenging data protection officer (DPO) requirements under the new rules. Kroll said Data Protection Officer Consultancy Services expands its global cybersecurity and investigation services, to specifically address issues faced by privacy and security…

EC’s collective redress proposals open door for US-style litigation, warns source

EC’s collective redress proposals open door for US-style litigation, warns source

EC’s collective redress proposals open door for US-style litigation, warns source

An insurance industry insider has added to the list of those concerned about the EC’s proposed collective redress system, claiming it fails to protect against third-party litigation funders bringing US-style class actions to this side of the Atlantic and lacks other key safeguards. The source was keen to stress that although collective redress can be useful in some instances, it…

Whistleblowing trend drives D&O concerns

Whistleblowing trend drives D&O concerns

Whistleblowing trend drives D&O concerns

With whistleblowing set to increase throughout Europe following plans recently announced by the EC, companies are advised to keep a close eye on proceedings and growing D&O risk. Recent years have seen regulators turn to whistleblowing to unveil corporate misconduct and wrongdoing, and aid investigations and prosecutions. This has seen more and more governments introduce whistleblowing protections – including France,…

Tokio Marine given green light for Luxembourg subsidiary and names CEO

Tokio Marine given green light for Luxembourg subsidiary and names CEO

Tokio Marine given green light for Luxembourg subsidiary and names CEO

Tokio Marine Group’s European subsidiary in Luxembourg has received regulatory approval and will begin underwriting during the second half of this year. Thibaud Hervy, chief underwriting officer for specialty lines at Tokio Marine HCC, has been appointed CEO of the new company. The new Tokio Marine Europe SA will operate as a subsidiary of Tokio Marine HCC in partnership with…

Stable risk exposure for European insurers in fourth quarter of 2017, says EIOPA

Stable risk exposure for European insurers in fourth quarter of 2017, says EIOPA

Stable risk exposure for European insurers in fourth quarter of 2017, says EIOPA

Risk exposures for the insurance sector remained stable in the fourth quarter of 2017, although low interest rates continue to represent a major source of risk for insurers, despite positive macroeconomic developments, according to the latest Risk Dashboard from the European Insurance and Occupational Pensions Authority (EIOPA). EIOPA said that profitability and solvency risks remained stable at a medium level…

EIOPA sets out its supervisory convergence plan for 2018-2019

EIOPA sets out its supervisory convergence plan for 2018-2019

EIOPA sets out its supervisory convergence plan for 2018-2019

The European Insurance and Occupational Pensions Authority (EIOPA) has published its supervisory convergence plan for 2018-2019, focusing on the implementation of Solvency II and conduct of business supervision. EIOPA defined three priority areas: the implementation of the common supervisory culture and new supervisory tools; risks to the internal market and the avoidance of supervisory arbitrage; and the supervision of emerging…

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