Modern slavery risk rises in EU

Modern slavery risk rises in EU

Modern slavery risk rises in EU

Modern slavery risk has risen in 20 of the 28 European Union member states over the last year with the bloc recording the highest rise of any region in the world, according to new research from Verisk Maplecroft. Verisk Maplecroft’s second annual Modern Slavery Index (MSI) suggests that European business must do more to tackle modern slavery and pay closer…

EC proposes new measures to boost cybersecurity and flow of data in EU

EC proposes new measures to boost cybersecurity and flow of data in EU

EC proposes new measures to boost cybersecurity and flow of data in EU

The European Commission (EC) has proposed a wide-ranging set of measures to beef up cybersecurity in the EU, which include a set of tools to ensure Europe and its organisations are better equipped to deal with cyberattacks. The EC has also put forward new rules to facilitate free flow of non-personal data across the EU and create a digital single…

Holiday illness claims – the Spanish viewpoint

Holiday illness claims – the Spanish viewpoint

Holiday illness claims – the Spanish viewpoint

As recently reported in Commercial Risk Europe, the epidemic of holiday illness claims, predominantly being brought by British tourists against UK-based tour operators while holidaying in all-inclusive accommodation in Spain, has caused considerable problems for the Spanish tourist industry. The origins of this new risk appear to be in the activities of enterprising claims management companies. They are targeting tourists,…

Asia’s first Apology Bill passed

Asia’s first Apology Bill passed

Asia’s first Apology Bill passed

Hong Kong has become the first jurisdiction in Asia to enact apology legislation. The Hong Kong Legislative Council (LegCo) passed the Apology Bill on 13 July – a development with potentially far-reaching consequences for anyone involved in the management of risk or insurance, as well as those who may find themselves in litigation or resolving disputes in Hong Kong. The…

South African government publishes draft privacy rules

South African government publishes draft privacy rules

South African government publishes draft privacy rules

The South African Information Regulator has published the draft Protection of Personal Information (POPI) rules and invited people to comment on them by 7 November 2017. For risk managers, there will be some new things to be aware of but lawyers say the draft has not added too much that would be onorous. Lawyers at Michalsons said: “Well done to…

Airmic and insurance industry welcome Ogden Rate reform

Airmic and insurance industry welcome Ogden Rate reform

Airmic and insurance industry welcome Ogden Rate reform

The UK government has responded to pressure from the risk and insurance industry and will reform the way it sets the Ogden Rate, a discount applied by courts in awarding personal injury compensation to allow for investment returns on large awards. UK risk management association Airmic and the wider insurance community have welcomed the outcome of a consultation on the…

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…

Solvency II interpretation threatens Germany as viable captive option: Mahnke

Solvency II interpretation threatens Germany as viable captive option: Mahnke

Solvency II interpretation threatens Germany as viable captive option: Mahnke

GVNW president Alexander Mahnke is concerned that the strict interpretation of captives under Solvency II in Germany means German companies may have to rethink whether their home country is the best domicile for such risk transfer vehicles. Mr Mahnke told Commercial Risk Europe that the risk management community must do better when it comes to articulating their wishes and concerns…

Mining code on cards for Africa

Mining code on cards for Africa

Mining code on cards for Africa

Mining houses and governments could be supported by a new model mining code for Africa. According to a report on African Business Communities, Africa has been enjoying a mineral boom, producing more than 10% of the world’s minerals by value, from more than 30% of its global mineral reserves. However, mining and development have not necessary gone hand in hand.…

Companies could count the cost of Taiwan’s anti-money laundering drive

Companies could count the cost of Taiwan’s anti-money laundering drive

Companies could count the cost of Taiwan’s anti-money laundering drive

Companies in Taiwan will be subject to new rules on anti-money laundering and cybersecurity, due to a series of measures undertaken by the Taiwanese government to improve its reputation as a jurisdiction for international business. In August 2016, state-run bank Mega Financial Holding was fined $180m by US authorities for its poor enforcement of anti-money laundering rules at its New…

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