EIOPA to focus on supervisory convergence in 2018

EIOPA to focus on supervisory convergence in 2018

EIOPA to focus on supervisory convergence in 2018

The European Insurance and Occupational Pensions Authority (EIOPA) will pay specific attention to further implementation of prudential regulation, Solvency II and conduct of business supervision in 2018. In its 2017 oversight activities report addressed to the European Parliament, EIOPA says that as a priority for 2018, it will continue to focus on the close interaction with national supervisory authorities, improvements…

EC’s collective redress proposals ‘extremely harsh’ on business and risk managers: source

EC’s collective redress proposals ‘extremely harsh’ on business and risk managers: source

EC’s collective redress proposals ‘extremely harsh’ on business and risk managers: source

The EC’s proposed pan-European collective redress system put forward last week is much tougher on business than observers feared and would have huge implications for companies in terms of liability, insurance and risk management, a source in Brussels close to risk and insurance managers told Commercial Risk Europe. With key safeguards previously put forward by the EC to stop abuse…

GDPR and focus on privacy set to increase D&O risk

GDPR and focus on privacy set to increase D&O risk

GDPR and focus on privacy set to increase D&O risk

A growing focus on privacy and tougher EU data protection laws could drive future claims against directors and officers, experts warn. The recent alleged misuse of personal data belonging to Facebook users has shone the spotlight on privacy liability just as the EU implements its General Data Protection Regulation (GDPR) on 25 May. The GDPR introduces new rights for consumers…

European business and insurers concerned EC’s collective redress proposals open to abuse

European business and insurers concerned EC’s collective redress proposals open to abuse

European business and insurers concerned EC’s collective redress proposals open to abuse

European business and insurance industry associations have come out against the EC’s proposals to introduce collective redress across the EU, because they believe they do not safeguard against abuse and could add unfair costs to their members. Both Insurance Europe, the insurance industry body, and BusinessEurope, which represents European business associations, are concerned that the system put forward by the…

EC set to grant consumers collective redress across EU and ramp up fines on rulebreakers

EC set to grant consumers collective redress across EU and ramp up fines on rulebreakers

EC set to grant consumers collective redress across EU and ramp up fines on rulebreakers

The EC has announced major plans to introduce collective redress rights for consumers across the EU and higher penalties of up to 4% of annual turnover for companies that breach consumer law. In its New Deal for Consumers, the EC also intends to extend consumers’ online protection and ensure dual quality practices – whereby products marketed as the same are…

Brexit, culture and cyber top agenda for UK financial services regulator

Brexit, culture and cyber top agenda for UK financial services regulator

Brexit, culture and cyber top agenda for UK financial services regulator

The UK’s financial services regulator, the Financial Conduct Authority (FCA), has put Brexit planning at the top of its agenda for the coming year. The roll out to a further 50,000 firms of its Senior Managers Regime, familiar to banks and designed to increase the accountability of senior people in the financial services industry, is another priority, as is addressing…

China tops TMF Group’s latest Financial Complexity Index

China tops TMF Group’s latest Financial Complexity Index

China tops TMF Group’s latest Financial Complexity Index

The most complex nation in terms of financial compliance is China, according to the latest Financial Complexity Index 2018 from TMF Group, largely driven by the continued embedding of the Golden Tax System, which aims to introduce stricter monitoring and enhanced data sorting and transparency. The Cayman Islands was the least complex jurisdiction out of the 94 jurisdictions covered by…

Slovakia releases amended draft IPT legislation

Slovakia releases amended draft IPT legislation

Slovakia releases amended draft IPT legislation

The Ministry of Finance of the Slovak Republic has released an amended draft Insurance Premium Tax (IPT) legislation, which changes the initial draft IPT Act from January 2018. The Act sees the transition from the current non-life insurance levy to an IPT. According to Sovos FiscalReps, which recently met with the Slovakian Tax Office, life insurance will not be subject…

EU speeds up completion of free trade agreements – Atradius

EU speeds up completion of free trade agreements – Atradius

EU speeds up completion of free trade agreements – Atradius

The European Union and trading partners are speeding up the completion of free trade agreement negotiations, driven by the growing insecurity over US trade policy, according to credit insurer Atradius. “Many say that the growing insecurity over the direction of US trade policy is a curse for international trade; however, it could turn out to be a boon for the…

Transition deal will help solve Brexit insurance issues

Transition deal will help solve Brexit insurance issues

Transition deal will help solve Brexit insurance issues

Last week’s Brexit transition agreement will give firms and regulators time to resolve the Brexit concerns of insurance buyers. But it also gives some renewed hope that a trade deal could eventually be reached on wholesale insurance. Following backing for a transition deal by the European Council on Friday, the Bank of England (BoE) reassured insurers and banks that it…

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