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…

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,…

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…

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.…

GVNW steps up lobbying effort to ease placement of global programmes

GVNW steps up lobbying effort to ease placement of global programmes

GVNW steps up lobbying effort to ease placement of global programmes

Non-admitted rules that ban insurers from writing industrial business in certain countries are still a major hassle for big companies setting up international programmes, and the GVNW is working hard to improve matters for members and the wider buying community. The GVNW has taken a lead role within Ferma and Ifrima, along with RIMS and other insurance buyer associations, to…

Tokio Marine chooses Luxembourg for new EU company

Tokio Marine chooses Luxembourg for new EU company

Tokio Marine chooses Luxembourg for new EU company

Tokio Marine Group is planning to open a new European insurance company in Luxembourg. The company said the move will allow its subsidiaries, Tokio Marine HCC and Tokio Marine Kiln, to deliver a smooth transition for European clients as the UK negotiates its exit from the EU. The firm added that Tokio Marine’s Lloyd’s operations will continue to access the…

Solvency II disclosures point to increased regulatory scrutiny, says Moody’s

Solvency II disclosures point to increased regulatory scrutiny, says Moody’s

Solvency II disclosures point to increased regulatory scrutiny, says Moody’s

Solvency II disclosures have shed light on areas of future regulatory scrutiny, according to Moody’s Investors Service. The ratings agency expects the increased regulatory scrutiny, together with upcoming changes to the Solvency II legislation, such as the planned change of the Ultimate Forward Rate, to result in lower, but more economic and more comparable Solvency II ratios for the industry…

Solvency II review shows good progress but additional work needed, says Insurance Europe

Solvency II review shows good progress but additional work needed, says Insurance Europe

Solvency II review shows good progress but additional work needed, says Insurance Europe

Insurance Europe believes that additional work is required in several areas for the upcoming review of Solvency II by the European Insurance and Occupational Pensions Authority (EIOPA) if it is to achieve its aims. Responding to a European Commission consultation on the first batch of advice that it received from EIOPA on the upcoming review, Insurance Europe acknowledged the good…

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