The European Commission said last week that it is considering an overhaul of corporate governance rules for financial institutions, according to news agency Dow Jones.
EU Energy Commissioner Günther Oettinger called a meeting of oil and gas production industry executives that operate in Europe and its offshore areas this Wednesday to obtain assurances that they ‘fully manage all necessary risks’ to avoid disasters similar to the ongoing Deepwater rig event in the Gulf of Mexico.
E.C. guidelines on horizontal competition will allow standard policy conditions so long as they are transparent, open and non-binding.
Awareness of the risk and the cost of data breach is well established in the U.S. and fast growing in the U.K. Tony Dowding found that mainland European risk managers will soon need to look more closely at the exposure.
Governments and industry should be mindful not to portray gas as a ‘risky’ energy source because, as security and supply is strong, this is at odds with the reality of its future demand and value as a green fossil fuel, Andrew Malins, U.K. Gas Operations Manager with National Grid PLC, advised at the AEGIS European Energy Conference in Prague earlier this month.
Senior representatives of the European Parliament and Commission last week reassured insurance buyers that their concerns about Solvency II are being listened to and that pressure to ensure that captives enjoy simplified treatment is under serious consideration.
The European insurance industry appears to have made some headway in its ongoing effort to persuade regulators and politicians that the recent credit crisis does not justify a severe increase in capital requirements for the insurance as well as the banking sector.
John Dalli, the recently installed Member of the European Commission responsible for Health and Consumer Policy (DG Sanco), has revealed details of a new European Union Animal Health Law and plans to shift the emphasis from financing of losses from disease outbreaks to loss prevention.
The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has published its 2010 Report on the Functioning of Colleges (groups of insurance supervisors) that it claims provides ‘clear evidence’ of an overall improvement in cooperation between supervisory authorities.
[LONDON]—Pressure is fast building on the European Commission from insurance company and buyer representative groups to water down the advice given to it on Solvency II or risk forcing the industry to carry more risk than it wants or needs as the European economy tentatively creeps out of recession.