Greek authority clarifies IPT exemptions

Greek authority clarifies IPT exemptions

Greek authority clarifies IPT exemptions

The Greek Independent Authority of Public Revenue has provided clarification on Insurance Premium Tax (IPT) exemptions and the treatment of cancelled insurance contracts in Greece, according to TMF Group. According to the provisions of the decision, issued in the circular POL. 1028/22.2.2017, the following insurance premiums are exempted from IPT: – Insurance contracts for ships and aircrafts of Article 3…

Europe’s new regime on insurance distribution: Germany adopts controversial approach to implementation

Europe’s new regime on insurance distribution: Germany adopts controversial approach to implementation

Europe’s new regime on insurance distribution: Germany adopts controversial approach to implementation

Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (recast) (IDD) sets a new European legal framework for insurance distribution. The IDD has to be implemented in the member states by 23 February 2018, and first steps are being taken in this direction. On 21 November 2016, the German Federal Ministry…

IAIS issues plan to improve stakeholder engagement

IAIS issues plan to improve stakeholder engagement

IAIS issues plan to improve stakeholder engagement

The International Association of Insurance Supervisors (IAIS) has issued its Stakeholder Engagement Plan, which it calls a “comprehensive plan to build upon its open and transparent stakeholder engagement process”. The plan recommends a number of new engagement commitments, including holding stakeholder sessions with consumer representatives, including sessions specific to consumer issues and concerns. These sessions could be at IAIS events…

European Commission launches consultation on role of EIOPA

European Commission launches consultation on role of EIOPA

European Commission launches consultation on role of EIOPA

The European Commission (EC) has launched a public consultation on the operation of the European Supervisory Authorities (ESAs), including the European Insurance and Occupational Pensions Authority (EIOPA). The EC said the ESAs have played a key role in ensuring that financial markets across the EU are well regulated, strong and stable, and its aim now is to identify areas where…

US state Maryland signs supervisory cooperation agreement with IAIS

US state Maryland signs supervisory cooperation agreement with IAIS

US state Maryland signs supervisory cooperation agreement with IAIS

The Maryland Insurance Administration has joined a worldwide supervisory cooperation and information exchange agreement with the International Association of Insurance Supervisors (IAIS). US Commissioner Al Redmer signed the multilateral memorandum of understanding (MMoU), which establishes a global framework for information exchange between insurance regulators, setting minimum standards that signatories must follow. “By participating in this agreement, our ability to cooperate…

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey in captive cooperation agreement with Beijing Airport Economic Core Zone

Guernsey has signed a memorandum of understanding (MoU) with the Beijing Airport Economic Core Zone (BAECZ), a key Chinese business centre. According to Guernsey Finance, the MoU sees the parties agree to cooperate in the areas of captive insurance market development, financial innovation and international information exchange, to promote the viability of the Chinese captive market and wider communication between…

IAIS: Insurance supervisors must be aware of FinTech developments

IAIS: Insurance supervisors must be aware of FinTech developments

IAIS: Insurance supervisors must be aware of FinTech developments

Insurance supervisors must be alert to the potential impact of innovative financial technologies (Fintech) and make necessary adjustments in their supervisory practices and skills, according to a report from the International Association of Insurance Supervisors (IAIS). The report, entitled FinTech Developments in the Insurance Industry, highlights the potential impact of FinTech on insurance sector competitiveness, consumer choice, interconnectedness, business model…

Indian regulator approves licences for Gen Re and Fairfax, reveals Times of India

Indian regulator approves licences for Gen Re and Fairfax, reveals Times of India

Indian regulator approves licences for Gen Re and Fairfax, reveals Times of India

The Insurance Regulatory and Development Authority of India (IRDAI) has approved a number of non-life insurers and reinsurers, according to the Times of India. The newspaper quoted industry sources, who said Gen Re has received the second level of regulatory clearances. The paper said Gen Re “has an exposure for the Indian market in terms of life and health business…

US and Japanese regulators discuss issues of mutual concern

US and Japanese regulators discuss issues of mutual concern

US and Japanese regulators discuss issues of mutual concern

Regulators of the world’s two largest insurance markets have come together to discuss regulatory issues of mutual concern. Representatives from the US National Association of Insurance Commissioners (NAIC) met recently with the Financial Services Agency of Japan (FSA). The two insurance markets represent more than 47% of worldwide premium income. At the NAIC-FSA Insurance Regulatory Dialogue, the regulators discussed regulatory…

Chinese regulator reveals big social plans for 2017

Chinese regulator reveals big social plans for 2017

Chinese regulator reveals big social plans for 2017

The China Insurance Regulatory Commission (CIRC) has laid out its big plans for the year and says it will focus on finance and taxation, internet finance, medical sports, agriculture and water conservation among other matters. The supervisor plans to accelerate its strategy of promoting the growth of private medical insurance to support the state system. CIRC says that it will…

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