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…

Steven Bauman joins XL Catlin as head of global programmes and captive practice in North America

Steven Bauman joins XL Catlin as head of global programmes and captive practice in North America

Steven Bauman joins XL Catlin as head of global programmes and captive practice in North America

XL Catlin has appointed Steven Bauman as head of global programmes and captive practice in North America. Until recently he was head of captive services at Zurich Insurance Group. He will be based in New York and report to Matthew Latham, XL Catlin’s global head of captive programmes. “New business risks continue to emerge and regulatory issues are growing more…

Moody’s downgrades four Chinese insurers after sovereign rating downgrade

Moody’s downgrades four Chinese insurers after sovereign rating downgrade

Moody’s downgrades four Chinese insurers after sovereign rating downgrade

The insurance financial strength ratings (IFSRs) of four Chinese insurers, including two captives, have been downgraded and their outlooks revised to stable from negative by Moody’s Investors Service. The move follows Moody’s decision to downgrade China’s sovereign rating to A1 stable from Aa3 negative. China Life Insurance Co and PICC Property and Casualty Company have been downgraded to A1 from…

Global maritime industry facing new risks, but insurance market remains soft, says Marsh

Global maritime industry facing new risks, but insurance market remains soft, says Marsh

Global maritime industry facing new risks, but insurance market remains soft, says Marsh

The global marine insurance sector remains soft and a single marine catastrophe would not now be enough to see significant increase rates, according to Marsh. This is largely due to overcapacity and, in particular, new non-traditional marine hull and cargo markets. In its report, The Changing Tide of Risk: Expert Perspectives on the Marine Industry, Marsh notes that since the…

W.R. Berkley Corp makes $12m settlement with California supervisor

W.R. Berkley Corp makes $12m settlement with California supervisor

W.R. Berkley Corp makes $12m settlement with California supervisor

W.R. Berkley Corporation has made a $12m settlement with the California Insurance Commissioner, after it was found to be transacting surplus lines insurance in the state without a licence. W.R. Berkley operating units Admiral Insurance Co, Admiral Risk Insurance Services Inc nka BXM Insurance Services Inc, and other self-disclosed entities all agreed to settlements for licensing violations and unlawfully transacting…

Cyber insurance could be next big blockbuster, says Allianz

Cyber insurance could be next big blockbuster, says Allianz

Cyber insurance could be next big blockbuster, says Allianz

Cyber insurance promises to be the next big blockbuster in the insurance space, according to Hartmut Mai, chief underwriting officer for corporate lines at Allianz Global Corporate & Specialty. Referencing the recent WannaCry ransomware attack, he said the incident again highlighted how vulnerable companies are to cyber risks and the business interruption that usually follows. “The more the industry integrates…

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…

AXA Poland set to grow employee benefit business with multinationals top target

AXA Poland set to grow employee benefit business with multinationals top target

AXA Poland set to grow employee benefit business with multinationals top target

AXA’s Polish insurance company has paved the way to expand its employee benefits business and increase its list of global clients. AXA Poland has announced that it will work more closely with MAXIS Global Benefits Network (GBN), a global employee benefits network founded by MetLife and AXA in 1998, with ambitions to become the largest player in the local market.…

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