In a recent impassioned speech to risk managers and service providers, Guenter Droese, chairman of ECIROA (the European Captive Insurance and Reinsurance Owners’ Association) and Head of Insurance at Deutsche Bank, called on insurers and brokers to back ECIROA in its proposals to the International Association of Insurance Supervisors (IAIS) which call for acceptance of the application of excess cover in all countries.
Collateral requirements for captive fronting programmes are not popular among captive owners. But they are a necessary part of a programme, and insurers are at pains to explain why the particular forms of collateral are required.
A second Request for Proposal (RfP) for companies interested in the creation of a global database of international insurance requirements has been issued by Airmic. The UK’s risk and insurance management association hopes that the project can be completed by the end of 2014.
Companies operating in fast growing Qatar are required to procure their insurance locally. Here, Jason Majid, a partner at Clyde & Co, based in Doha, gives a round-up of the laws and regulations affecting the insurance sector in Qatar.
December is here, snow may be on its way for some of us, and the Festive Season is fast approaching. And at this time of recession, financial crisis and economic difficulties, we mustn’t forget what Christmas is really about (final preparations for insurance renewals?). It is about wish lists and New Year’s Resolutions. So what will risk managers ask Santa Claus for this Christmas?
New insurance premium tax regime for Hungary, Qatar to set up single regulatory authority, Dutch IPT plans change again, Guernsey’s zero-10 regime approved by the EU, Germany changes IPT compliance regime, Italy joins IAIS’ information exchange agreement, Global tax changes round-up, Spanish provinces change regional Insurance Premium Tax, Greece makes significant changes to the taxation of motor business, OECD report shows lower tax revenues in Latin America, Denmark replaces stamp duty on non-life insurance with tax, British Columbia and Quebec move to new tax regime and impact of the US Dodd-Frank Act on captive owners.
Colombian insurance industry thriving, says AM Best, broker consolidation in Australia, Canada and South Africa, Chartis Europe changes name back to AIG Europe, insurers call for ‘minimum harmonisation’ approach to nat cats, time running out for flood agreement, says S&P and European environmental fund opposed by insurers and buyers.
Brazil has been hitting the headlines recently, not least because it will host the next Olympic Games as well as the next World Cup. The fact that its economy moved into sixth place globally in terms of GDP, ahead of the UK, has also generated column inches.
The focus on legal, regulatory and tax requirements for doing insurance business abroad is increasing all the time. In particular, tax requirements in many countries around the globe seem to be enforced in a much stricter way than maybe a decade ago.
Over 150 risk managers, brokers and insurers gathered at Sirm’s annual meeting in November discussed how to deal with everyday risks as well as unexpected threats and black swans.