Leading politician named in Indonesia corruption case

Leading politician named in Indonesia corruption case

Leading politician named in Indonesia corruption case

Indonesia House of Representatives Speaker Setya Novanto has been named as a key suspect in one of the biggest anti-graft investigations in Indonesian history. A commissioner for the Corruption Eradication Commission said Mr Novanto is suspected of colluding with Indonesian businessman Andi Agustinus (also known as Andi Narogong) in a plan to funnel funds earmarked for a national electronic identity…

Singapore opens consultation on cybersecurity bill

Singapore opens consultation on cybersecurity bill

Singapore opens consultation on cybersecurity bill

The Cyber Security Agency of Singapore (CSA) and the Ministry of Communications and Information have released the much-anticipated Cybersecurity Bill for public consultation. The Bill, which has been almost two years in the making, is an attempt to create a single industry-wide cyber security framework for Singapore’s main businesses and to do away with the various sector-specific rules that exist…

Risk managers brace for consumers to activate GDPR rights

Risk managers brace for consumers to activate GDPR rights

Risk managers brace for consumers to activate GDPR rights

Risk managers preparing for the introduction of the EU’s General Data Protection Regulation (GDPR), including those working for insurance companies, will have to bear in mind the results of a new survey that reveals that almost half of UK consumers will activate various rights over their personal data under the new law. The poll, conducted by SAS, found that 33%…

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…

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,…

Cyber breaches double for UK insurers

Cyber breaches double for UK insurers

Cyber breaches double for UK insurers

Data breaches reported by UK financial services companies increased by 23% this year, with insurance companies and financial advisers reporting the largest rise in loss of client data through cyber attack or error. Citing statistics from the UK’s Information Commissioner’s Office (ICO), law firm RPC said a total of 140 data breaches were reported by financial services firms in 2016/2017,…

CBI lobbies for single market and customs union transition in Brexit talks

CBI lobbies for single market and customs union transition in Brexit talks

CBI lobbies for single market and customs union transition in Brexit talks

The UK should remain in the European Union’s single market and customs agreement until a new trade deal is finalised between the UK and remaining EU members post-Brexit, according to the Confederation of British Industry (CBI). The UK business group said its position has been built on economic research and is due to investor uncertainty. Speaking at a London School…

Insurance industry risk managers confident in GDPR compliance: AM Best

Insurance industry risk managers confident in GDPR compliance: AM Best

Insurance industry risk managers confident in GDPR compliance: AM Best

Risk managers at insurance companies are reviewing both their own firms’ compliance with the EU General Data Protection Regulation (GDPR) and the opportunities it could deliver from increased demand for cyber insurance, according to a new briefing from AM Best. The rating agency found that industry players are confident in their preparations and rate their average level of readiness at…

MEPs approve new country-based tax disclosures for multinationals

MEPs approve new country-based tax disclosures for multinationals

MEPs approve new country-based tax disclosures for multinationals

Multinational companies should publicly disclose their tax returns for each country in which they operate, MEPs agreed in a debate and vote at the European parliament yesterday, as they supported a proposal to require firms to report tax by country, including money paid in countries outside the EU. MEPs said the proposal is driven by a need to increase tax…

Fukushima executives go on trial in Japan

Fukushima executives go on trial in Japan

Fukushima executives go on trial in Japan

Three former executives at the Fukushima Daiichi nuclear power plant have pleaded not guilty to charges of professional negligence, in the only criminal trial to have resulted from the 2011 nuclear disaster. Tsunehisa Katsumata, chairman of Tokyo Electric Power Plant at the time of the incident, issued an apology to the Tokyo court at the commencement of the trial but…

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