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…

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…

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…

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,…

IFRS 17 to make analysis of insurer accounts easier, but also add cost

IFRS 17 to make analysis of insurer accounts easier, but also add cost

IFRS 17 to make analysis of insurer accounts easier, but also add cost

Risk and insurance managers should be pleased to hear that the International Accounting Standards Board (IASB) today finally published IFRS 17, the new global accounting standard designed to make insurance company accounts more transparent, comparable and easier to understand. Responsible risk and insurance managers need to have at least a basic understanding of insurance company accounts to help them work…

Don’t transfer or merge EIOPA’s powers, says Insurance Europe

Don’t transfer or merge EIOPA’s powers, says Insurance Europe

Don’t transfer or merge EIOPA’s powers, says Insurance Europe

Insurance Europe has said that transferring some responsibilities away from the European Insurance and Occupational Pensions Authority (EIOPA), or merging it with another of the European supervisory authorities (ESAs), would reduce the effectiveness of consumer protection and prudential oversight. Having said that, the European re/insurance federation said there was no need, at this stage, to give EIOPA further powers. A…

IRDAI plans new reinsurance framework and considers use of ART

IRDAI plans new reinsurance framework and considers use of ART

IRDAI plans new reinsurance framework and considers use of ART

India’s insurance watchdog, the Insurance Regulatory and Development Authority of India (IRDAI), has formed a new Reinsurance Expert Committee to conduct a comprehensive review of the country’s reinsurance framework. The 17-member committee will also undertake a study of alternative risk transfer tools and techniques, opening the door to the possible use of insurance-linked securities (ILS) and the capital markets. The…

Gen Re gets Mumbai branch approval from Indian regulator

Gen Re gets Mumbai branch approval from Indian regulator

Gen Re gets Mumbai branch approval from Indian regulator

The Insurance Regulation and Development Authority of India (IRDAI) has granted approval for Gen Re to open a branch in Mumbai (known as an R3 licence). The new branch structure will now allow Gen Re to deliver underwriting and risk management expertise locally, rather than cross-border. The reinsurer said the Indian insurance market is a huge business opportunity waiting to…

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