New independent insurance regulator for Hong Kong

New independent insurance regulator for Hong Kong

New independent insurance regulator for Hong Kong

In Hong Kong, the Insurance Authority will replace the Office of the Commissioner of Insurance (OCI) in regulating insurance companies, with effect from 26 June 2017. The OCI will be disbanded on the same day. The Insurance Companies (Amendment) Ordinance 2015 (Amendment Ordinance) will enable the Insurance Authority to take over the statutory functions of the OCI. The Insurance Authority…

Survey shows Chinese insurers are well capitalised

Survey shows Chinese insurers are well capitalised

Survey shows Chinese insurers are well capitalised

The vast majority of Chinese insurers are well capitalised, according to a survey carried out by the Chinese insurance regulator, with just five insurers out of 170 surveyed “near regulatory red lines in the first quarter”, Reuters reported. The China Insurance Regulatory Commission (CIRC) said in a statement that the comprehensive solvency ratio for the industry reached 238% at the…

IBM develops tools to help clients deal with GDPR

IBM develops tools to help clients deal with GDPR

IBM develops tools to help clients deal with GDPR

IBM Resilient has developed capabilities to help clients prepare for new data rules under the European Union’s General Data Protection Regulation (GDPR), which takes effect in May 2018. IBM said an incident response capability has been established to address the new requirements, explaining that the “GDPR is one of the biggest changes in data privacy law in decades”. IBM said…

Liberty chooses Luxembourg as post-Brexit EU base: reports

Liberty chooses Luxembourg as post-Brexit EU base: reports

Liberty chooses Luxembourg as post-Brexit EU base: reports

Luxembourg could be set to welcome yet another London market insurer looking for a post-Brexit European home, if media reports prove accurate. According to the Insurance Insider news website, which broke the story, Liberty Specialty Markets has selected the European principality as the domicile for an EU subsidiary. Liberty itself is not ready to confirm the move but issued a…

No direct rating impact from new Solvency II disclosure rules, says Best

No direct rating impact from new Solvency II disclosure rules, says Best

No direct rating impact from new Solvency II disclosure rules, says Best

AM Best does not believe there will be direct impact from the new Solvency II disclosure rules on its rating of European insurance companies. As part of the Solvency II regime, single entity insurers were required to disclose publicly a solvency and financial condition report (SFCR) in May. Group entities have a July deadline. The information provides an insight into…

Hong Kong and mainland China regulators sign agreement on equivalence assessment

Hong Kong and mainland China regulators sign agreement on equivalence assessment

Hong Kong and mainland China regulators sign agreement on equivalence assessment

Hong Kong’s Office of the Commissioner of Insurance and the China Insurance Regulatory Commission (CIRC) have signed an agreement to conduct an equivalence assessment on the insurance solvency regulatory regimes of mainland China and Hong Kong. The objectives of the Equivalence Assessment Framework Agreement on Solvency Regulatory Regime are to achieve mutual equivalence recognition of the solvency regulatory regimes in…

Fenchurch Law appoints new associate

Fenchurch Law appoints new associate

Fenchurch Law appoints new associate

UK firm Fenchurch Law, which specialises in complex insurance disputes and works solely for insureds, has appointed Alex Rosenfield as an associate in its professions team. Fenchurch Law said Mr Rosenfield brings experience of property damage, business interruption and professional indemnity claims for professional clients including accountants, solicitors, IFAs and surveyors caught up in claims disputes. Mr Rosenfield joins Fenchurch…

Risk exposure of EU insurance sector remains stable, says EIOPA

Risk exposure of EU insurance sector remains stable, says EIOPA

Risk exposure of EU insurance sector remains stable, says EIOPA

The risk exposure of the European Union insurance sector remains stable and some improvements were observed, according to the European Insurance and Occupational Pensions Authority (EIOPA). In its latest Risk Dashboard, based on the fourth-quarter 2016 data, EIOPA noted: “Solvency II ratios are stronger due to higher market values of assets and the increase of the risk free curve used…

Markel chooses Germany for post Brexit subsidiary

Markel chooses Germany for post Brexit subsidiary

Markel chooses Germany for post Brexit subsidiary

Markel Corporation announced this morning that it will establish a new German insurance company in direct response to the UK’s decision to exit the European Union and ensure it can continue to serve European clients post Brexit. The insurer said it has already spoken to the German financial regulator BaFin and will now apply for regulatory approval. Markel International writes…

US-EU covered agreement on reinsurance benefits members, says RIMS

US-EU covered agreement on reinsurance benefits members, says RIMS

US-EU covered agreement on reinsurance benefits members, says RIMS

RIMS, the US risk management society, has declared its support for the recently proposed US-EU covered agreement on reinsurance. In a letter to Steven Mnuchin, Secretary of the Treasury, US Department of the Treasury, RIMS president Nowell Seaman cites the covered agreement’s “propensity to benefit RIMS members by eliminating collateral requirements that would result in additional capital, increasing reinsurance capacity,…

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