EC proposes financial supervisory reforms giving stronger role for EIOPA

EC proposes financial supervisory reforms giving stronger role for EIOPA

EC proposes financial supervisory reforms giving stronger role for EIOPA

The European Commission (EC) has proposed reforms to pave the way for further financial integration, which will improve the mandates, governance and funding of the European Supervisory Authorities (ESAs), including the European Insurance and Occupational Pensions Authority (EIOPA). The EC said the ESAs “are pivotal in ensuring that financial markets across the EU are well regulated, strong and stable”, adding:…

IAIS paper recognises value of mutual and cooperative insurers

IAIS paper recognises value of mutual and cooperative insurers

IAIS paper recognises value of mutual and cooperative insurers

The International Association of Insurance Supervisors (IAIS) has published an application paper on the regulation and supervision of mutuals, cooperatives and community-based organisations (MCCOs). The paper has been welcomed by two leading mutual insurance associations, which said it recognises the value of mutual and cooperative insurers, and acknowledges the need for appropriate regulation of different types of insurer. The International…

Starr to relocate EU base in Malta

Starr to relocate EU base in Malta

Starr to relocate EU base in Malta

The Maltese insurance sector received a significant boost this week as the government revealed that Starr Companies, the US-based global insurance and reinsurance group led by former AIG CEO Hank Greenberg, will relocate its European base to Malta. Maltese Prime Minister Joseph Muscat is in New York this week for a United Nations (UN) meeting and is due to address the…

Ex-AIG chief Greenberg can pursue Spitzer defamation lawsuit

Ex-AIG chief Greenberg can pursue Spitzer defamation lawsuit

Ex-AIG chief Greenberg can pursue Spitzer defamation lawsuit

The long-running feud between Hank Greenberg, former chief executive of AIG and now chairman of Starr Companies, and ex-New York Attorney General Eliot Spitzer continues as Mr Greenberg has been given permission to pursue large parts of his defamation lawsuit against Mr Spitzer by a New York state appeals court. The decision made last week followed news last May that Mr…

XL’s insurance firm set for Dublin move because of Brexit

XL’s insurance firm set for Dublin move because of Brexit

XL’s insurance firm set for Dublin move because of Brexit

XL Group has announced plans to move its EU insurance company to Dublin from the UK in order to deal with the repercussions of Brexit. It becomes the latest in a long line of insurers setting up in the EU to allow customers continued access to its goods and services. Subject to regulatory approval, the group’s principal EU insurance company,…

Holiday illness claims – the Spanish viewpoint

Holiday illness claims – the Spanish viewpoint

Holiday illness claims – the Spanish viewpoint

As recently reported in Commercial Risk Europe, the epidemic of holiday illness claims, predominantly being brought by British tourists against UK-based tour operators while holidaying in all-inclusive accommodation in Spain, has caused considerable problems for the Spanish tourist industry. The origins of this new risk appear to be in the activities of enterprising claims management companies. They are targeting tourists,…

UK regulator must step-up for London ILS market plans to succeed

UK regulator must step-up for London ILS market plans to succeed

UK regulator must step-up for London ILS market plans to succeed

The UK’s regulator must be more responsive if London is to become a global hub for insurance-linked securities (ILS), according to Guy Carpenter. The ILS framework proposed by the UK regulator, and expected to come into force in late October, has the potential to drive the London market forward in its bid to become a leading market in innovative risk…

Regulation still driving the shape of African insurance markets

Regulation still driving the shape of African insurance markets

Regulation still driving the shape of African insurance markets

For risk managers, sustainable insurance companies are essential to provide the protection they need and in providing surety that claims will be paid. However, as Liz Booth reports from the Organisation of Eastern and Southern Africa Insurers’ annual conference in Cape Town, insurers are still arguing for more time to put their houses in order Calls for greater consistency of…

CIRC issues alcohol ban for all staff as crackdown continues

CIRC issues alcohol ban for all staff as crackdown continues

CIRC issues alcohol ban for all staff as crackdown continues

China’s insurance watchdog, the China Insurance Regulatory Commission (CIRC), has issued a ban on the consumption of alcohol across all of its offices, subsidiaries and departments. The move is seen as a way for the watchdog to support the nationwide anti-corruption drive that is currently underway, with China’s insurance industry at the heart of the crackdown. For example, the CIRC…

Insurance Europe still has concerns despite improvements in OECD’s BEPS guidance

Insurance Europe still has concerns despite improvements in OECD’s BEPS guidance

Insurance Europe still has concerns despite improvements in OECD’s BEPS guidance

Insurance Europe has noted improvements in the Organisation for Economic Co-operation and Development’s (OECD) revised discussion draft on its base erosion and profit shifting (BEPS) Action 7, but has raised concerns about the attribution of profits to permanent establishments (PEs). The concerns are because, for some insurance business models, PEs would be recognised for tax, but not for regulatory purposes.…

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