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…

Trump and US sanctions – managing the risk

Trump and US sanctions – managing the risk

Trump and US sanctions – managing the risk

US trade and economic sanctions are tools to address national security, foreign policy and economic threats. For the past several decades, the vast majority of sanctions have been imposed by the President alone, not by Congress. Under US law, simply by declaring to Congress that he believes a particular threat constitutes a national emergency, the President becomes vested with authority…

Building a global programme for construction

Building a global programme for construction

Building a global programme for construction

Globalisation is never far from the headlines. Against a shifting geopolitical backdrop and a slowdown in global trade, construction companies are looking to new areas and emerging economies to achieve growth. Meanwhile, laws and regulations around the world are constantly changing. In times of uncertainty, a coordinated approach to risk management and risk transfer is key.

What lies in store for 2017?

What lies in store for 2017?

What lies in store for 2017?

Risk managers, insurance buyers and insurers are continually grappling with the changing landscape of ongoing legislative and regulatory reform. Europe is no exception and has many legal changes ahead in 2017. The challenges relate to Brexit and, with political uncertainty in France and Germany that face elections this year, it remains to be seen whether new governments will continue to…

Legal perspective: The UK legal picture for 2017

Legal perspective: The UK legal picture for 2017

Legal perspective: The UK legal picture for 2017

Digitalisation, technology, low interest rates and ongoing legislative and regulatory reform create a uniquely demanding and competitive environment for risk managers, insurance buyers and insurers trying to navigate this changing landscape. Many of the larger insurance markets have plans in place to enact further reforms in the coming year, as successive governments recognise that enhanced regulation and clearer codification of…

Claims: Preparation is all

Claims: Preparation is all

Claims: Preparation is all

When a risk manager buys an insurance policy, he or she is buying a promise to pay valid claims but also in some respects they are putting their reputation on the line. So if claims are mishandled, serious problems can arise between risk manager and insurer. These problems can be exacerbated in global programmes that cover numerous and often complex territories and legal environments. But risk managers, their insurers, brokers and claims handlers can work together to ensure the process runs smoothly. Emmanuelle Martin, XL Catlin’s claims manager for France explains how.

Legal perspective: Increasing awareness of parametric insurance

Legal perspective: Increasing awareness of parametric insurance

Legal perspective: Increasing awareness of parametric insurance

By Nigel Brook, partner at Clyde & Co

According to McKinsey (Global Insurance Insights 2015) insurance penetration in emerging markets is only about 3%. Commercial insurance doesn’t tend to reach the poorest and neediest parts of such societies. Therefore, insurance typically doesn’t play the same valuable role in helping developing countries recover from natural catastrophes as it does in developed countries.

Xmas wish list and New Year predictions

Xmas wish list and New Year predictions

Xmas wish list and New Year predictions

Just a few days to go until the holiday season (who thought it was a good idea to have the renewal season and the holiday season at the same time?). Each year since 2012, International Programme News has provided a Xmas wish list for risk managers to give to Santa. This year, it seems appropriate after so many shocks and surprises in 2016, to review those lists and predictions.

German insurance regulator takes hard line on third country reinsurers

German insurance regulator takes hard line on third country reinsurers

German insurance regulator takes hard line on third country reinsurers

The German regulator has clarified how it will interpret and implement Solvency II guidance on the use of non-EU reinsurance. BaFin (Bundesanstalt für Finanzdienstleistung-saufsicht) has taken a hard line in its ruling as many in the market had expected and third country reinsurers feared. The BaFin has stressed that operating a reinsurance business without the proper authorisation is a criminal…

1 2 3 10