AM Best registers new Amsterdam subsidiary ahead of Brexit

AM Best registers new Amsterdam subsidiary ahead of Brexit

AM Best registers new Amsterdam subsidiary ahead of Brexit

AM Best has established a new subsidiary in the Netherlands that will allow it to continue rating companies in the EU after Brexit. AM Best (EU) Rating Services BV will be regulated by the European Securities and Markets Authority (ESMA). London-based AM Best Europe is currently registered with the ESMA in Paris. This allows the company to provide rating services…

Court approves CNA Hardy’s policy transfer to Luxembourg subsidiary

Court approves CNA Hardy’s policy transfer to Luxembourg subsidiary

Court approves CNA Hardy’s policy transfer to Luxembourg subsidiary

CNA Hardy has received legal approval to transfer a book of policies written for European commercial clients from its UK business to a new Luxembourg-based subsidiary, CNA Insurance Company (Europe) SA. CNA Hardy said UK High Court approval for a Part VII transfer means its European clients will not be affected by the impact of Brexit and ensures contract continuity.…

Principle of proportionality applied by NCAs, EIOPA peer review finds

Principle of proportionality applied by NCAs, EIOPA peer review finds

Principle of proportionality applied by NCAs, EIOPA peer review finds

National Competent Authorities (NCAs) in Europe generally apply the principle of proportionality when supervising and determining whether an insurer’s setting of key functions fulfils the legal requirements of Solvency II. This is according to the European Insurance and Occupational Pensions Authority (EIOPA) in a peer review. The review assesses how NCAs supervise and determine the application of the key functions…

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