China promises more regulatory oversight following party conference

China promises more regulatory oversight following party conference

China promises more regulatory oversight following party conference

China is promising an era of greater regulatory supervision and macroprudential risk management following the National Financial Work Conference, a large event held every five years that concluded on Monday. The conference comes shortly before the 19th Party Congress, another event held every five years that is used by the ruling Communist Party as an opportunity to flex its political…

US to sign covered agreement with EU on insurance and reinsurance

US to sign covered agreement with EU on insurance and reinsurance

US to sign covered agreement with EU on insurance and reinsurance

The US Department of the Treasury and the Office of the US Trade Representative have announced their intention to sign the bilateral agreement between the US and the EU on Prudential Measures Regarding Insurance and Reinsurance. The move comes despite opposition to the agreement from the National Association of Insurance Commissioners, which called it an “imprudent leap of faith”, and…

Cayman appoints new deputy head of Insurance Supervision Division

Cayman appoints new deputy head of Insurance Supervision Division

Cayman appoints new deputy head of Insurance Supervision Division

The Cayman Islands Monetary Authority (CIMA) has appointed Suzanne Sadlier as deputy head of the insurance supervision division. Her previous role at CIMA was reinsurance specialist, a post she held since joining the authority in April 2015. She brings more than ten years of knowledge and experience, having worked in Ireland in a variety of positions within areas such as…

Cambodia and Thailand sign MoU over insurance regulation

Cambodia and Thailand sign MoU over insurance regulation

Cambodia and Thailand sign MoU over insurance regulation

A new era of cooperation between the insurance markets in Cambodia and Thailand could be heralded by the signing of a memorandum of understanding (MoU) between the respective regulatory bodies of the two Southeast Asian nations. The MoU promises an exchange of technical assistance and a cross-border sharing of information in order to strengthen each country’s regulatory capacity, according to…

EIOPA steps in over insurers’ post-Brexit plans

EIOPA steps in over insurers’ post-Brexit plans

EIOPA steps in over insurers’ post-Brexit plans

Moves across Europe to simplify and fast-track (re)insurance companies relocating operations from the UK to remaining EU member states as a result of Brexit may not be as easy as first thought. Issuing guidance on supervisory convergence, the European Insurance and Occupational Pensions Authority (EIOPA) warned supervisors against lowering their standard entry thresholds to attract new business from the UK,…

China expected to appoint hardliner to lead insurance watchdog

China expected to appoint hardliner to lead insurance watchdog

China expected to appoint hardliner to lead insurance watchdog

A senior Communist Party official with a reputation as a ‘graft-buster’ is slated to take over the supervision of China’s insurance sector, according to a Reuters report which cites “people familiar with the matter”. Yang Xiaochao is currently secretary general of the Central Commission for Discipline Inspection (CCDI), the country’s main anti-graft body, and a member of the Politburo Standing…

Ten most difficult things about global programmes

Ten most difficult things about global programmes

Ten most difficult things about global programmes

As one global insurance manager once said of his global insurance programme: “Overall, it is a tortuous, labour-intensive and time-consuming exercise, but it is important and it has to be done.” Obviously there are many benefits, but that does not mean there aren’t difficult challenges to overcome. Forewarned is forearmed as they say. 1. It is time consuming for everyone…

Public consultation of ComFrame in mid-2018, says IAIS

Public consultation of ComFrame in mid-2018, says IAIS

Public consultation of ComFrame in mid-2018, says IAIS

The International Association of Insurance Supervisors (IAIS) has announced plans for a public consultation of ComFrame in mid-2018. ComFrame is a set of international supervisory requirements focusing on the effective group-wide supervision of internationally active insurance groups. The move was announced at the recent IAIS Global Seminar, which showcased key IAIS initiatives including ComFrame, the ICS, assessment of systemic risk,…

London market insurers see continued soft market and some broadening of conditions

London market insurers see continued soft market and some broadening of conditions

London market insurers see continued soft market and some broadening of conditions

London market insurers foresee another year of continued softening in premium rates and some evidence of widening in terms and conditions, according to the UK’s Prudential Regulation Authority (PRA). However, the PRA said that analysis of feedback from its recent questionnaire completed by London market insurers, including large UK commercial insurers, highlighted a contradiction. In aggregate, premium rates reduced, but…

DAC Beachcroft appoints expert insurance consultant to Chile office

DAC Beachcroft appoints expert insurance consultant to Chile office

DAC Beachcroft appoints expert insurance consultant to Chile office

International law firm DAC Beachcroft has appointed insurance law expert Edmundo Agramunt as a consultant in its Chilean office. Mr Agramunt has been with the Chilean arm of global insurer Mapfre, a client of DAC Beachcroft, for the past 23 years, acting as the company’s head of legal in Chile for the past 17 years. He specialises in insurance and…

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