EIOPA publishes discussion paper on national insurance guarantee schemes

EIOPA publishes discussion paper on national insurance guarantee schemes

EIOPA publishes discussion paper on national insurance guarantee schemes

The European Insurance and Occupational Pensions Authority (EIOPA) has published a discussion paper on resolution funding and national insurance guarantee schemes (ISGs), favouring a minimum degree of harmonisation. EIOPA explains that there are different sources of resolution funding available for failing insurers in the EU. “The landscape of insurance guarantee schemes is also significantly fragmented, with the existing schemes differing…

BIBA warns of potential contract continuity problems post-Brexit

BIBA warns of potential contract continuity problems post-Brexit

BIBA warns of potential contract continuity problems post-Brexit

The British Insurance Brokers’ Association (BIBA) has told Commercial Risk Europe there is “concern” that some policies running with a renewal date beyond Article 50’s 29 March 2019 negotiating period may not be valid if no Brexit agreement is reached, with no silver bullet solution…

IUA publishes new Brexit contract continuity clause for subscription market

IUA publishes new Brexit contract continuity clause for subscription market

IUA publishes new Brexit contract continuity clause for subscription market

The International Underwriting Association (IUA) has published a second policy clause to help London market insurers deliver clients contract continuity for policies written on a subscription basis if a no-deal Brexit hits. The IUA, which represents non-Lloyd’s international and wholesale insurance and reinsurance companies in London, said the new clause builds on its original Brexit continuity clause published last month.…

Brexit solutions may not deliver contract continuity as London market lobbies hard for official response

Brexit solutions may not deliver contract continuity as London market lobbies hard for official response

Brexit solutions may not deliver contract continuity as London market lobbies hard for official response

Ensuring insureds have contract continuity in the increasingly likely scenario of a no-deal Brexit is a growing concern, warn London market representatives. They fear that a watertight market solution might not be feasible and are lobbying regulators to come up with an official response. Ongoing disagreement on the Northern Ireland border and lack of consensus within its government on Brexit has…

Mapfre restructures global risks business

Mapfre restructures global risks business

Mapfre restructures global risks business

Mapfre has reorganised its global risks business, designed to increase the capacity for large commercial risks. The insurer said Mapfre Global Risks will continue to be the business unit dedicated to global clients. “As part of this process, Mapfre Global Risks will continue to be Mapfre’s business unit specialising in providing comprehensive and innovative insurance solutions to large companies, multinational…

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