ICS extended field testing timeline ‘too ambitious’, say insurance associations

ICS extended field testing timeline ‘too ambitious’, say insurance associations

ICS extended field testing timeline ‘too ambitious’, say insurance associations

The Global Federation of Insurance Associations (GFIA) has said that the International Association of Insurance Supervisors’ (IAIS) timeline for its extended field testing of the Insurance Capital Standard (ICS) version 1.0 is too ambitious. GFIA recommended that the IAIS “reconsiders its timeline and implementation objectives, to ensure that the standard that is adopted is fit for purpose”. GFIA said the…

FCA opens can of worms by launching inquiry into wholesale broking practices

FCA opens can of worms by launching inquiry into wholesale broking practices

FCA opens can of worms by launching inquiry into wholesale broking practices

The UK Financial Conduct Authority (FCA) has officially launched a market study to assess how competition is working in the wholesale insurance broker sector. This potentially opens a whole can of worms that could force the London market, in particular, to radically reassess how it carries out business. The European Commission (EC) also confirmed that it has taken over an…

UK Chancellor urged to end repeated IPT increases by ABI

UK Chancellor urged to end repeated IPT increases by ABI

UK Chancellor urged to end repeated IPT increases by ABI

The Association of British Insurers (ABI) has urged the UK Chancellor Philip Hammond to end the repeated increases in Insurance Premium Tax (IPT). The standard rate of IPT has increased from 6% to 12% in less than 18 months. The standard rate of IPT in the UK is now the sixth highest in Europe, behind only Germany, Greece, Italy, the…

The pros and cons of compulsory insurance

The pros and cons of compulsory insurance

The pros and cons of compulsory insurance

The insurance industry is usually in favour of compulsory insurance – for obvious reasons. But it’s not always the case. In February this year, the EU parliament asked the European Commission to look into possible compulsory insurance for specific categories of robots, as part of the development of civil law rules on robotics. But insurers are against compulsory insurance for…

Insurance markets set to gain from ASEAN integration says research

Insurance markets set to gain from ASEAN integration says research

Insurance markets set to gain from ASEAN integration says research

The ASEAN Economic Community (AEC) initiative, a plan to develop a single economic market across the ten ASEAN states by 2025, is also likely to benefit regional insurance markets, according to a report published by Zurich-based research firm Dr. Schanz, Alms & Company and reinsurer Malaysian Re. The ASEAN Insurance Pulse report, based on interviews with regional and international insurers,…

IAIS progresses down path of ICS convergence

IAIS progresses down path of ICS convergence

IAIS progresses down path of ICS convergence

The International Association of Insurance Supervisors (IAIS) has announced what it calls “a unified path to convergence of group capital standards, in furtherance of its ultimate goal of a single insurance capital standard (ICS) that achieves comparable outcomes across jurisdictions”. The pivotal agreement is a response to a call from members for more clarity on what the implementation of ICS…

Greek Pension Fund contribution reintroduced

Greek Pension Fund contribution reintroduced

Greek Pension Fund contribution reintroduced

Greece has reintroduced the TEAAPAE (Greek Pension Fund) contribution, which was abolished in 2014, according to insurance premium tax compliance consultancy Impendulo. A Ministerial Decree (no. 0 AT10/F.51020/48217/755) published in the Government Gazette has ratified and confirmed the amended Articles of Association of the TEAAPAE. “This amendment critically reintroduces the contribution for all insurers including those writing business under a…

Protectionism picks up across EMEA economies – report

Protectionism picks up across EMEA economies – report

Protectionism picks up across EMEA economies – report

Globalisation has come to a grinding halt in many EMEA insurance and reinsurance markets, with the rise of populist and nationalist sentiments ushering in protectionist measures designed to safeguard local insurers and keep premium income and capital in the country. To develop their local insurance markets, regulators have imposed compulsory cessions to state reinsurers, restrictions on foreign ownership, limits to…

RBC regulation intensifies across Asia-Pacific region

RBC regulation intensifies across Asia-Pacific region

RBC regulation intensifies across Asia-Pacific region

Asia Pacific countries are moving ahead with new risk-based capital (RBC) regulatory frameworks, according to Aon Benfield, which has just released its Solvency Regulation Report 2017. The report outlines the latest non-life solvency requirements for 21 insurance markets in the region. Three years after issuing its RBC consultation paper, Hong Kong started the first round of a Quantitative Impact Study…

GFIA highlights increasingly protectionist environment

GFIA highlights increasingly protectionist environment

GFIA highlights increasingly protectionist environment

The annual report of the Global Federation of Insurance Associations (GFIA) has highlighted that an increasingly protectionist environment threatens open trade and market access in (re)insurance. In an article in the report, Brad Smith, chair of the GFIA trade working group and chief international officer at the American Council of Life Insurers, writes that global trade dynamics have changed in…

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