GRM Legal & Regulation
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McGill and Partners sets up in Ireland for post-Brexit EU access
McGill and Partners is setting up a European operation in Ireland to service EU customers post-Brexit. The office will be…
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Hong Kong’s new group capital rules due in first quarter of 2021
The Hong Kong Insurance Authority (IA) has announced some modifications to its draft Insurance (Group Capital) Rules in respect of…
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China’s insurance regulator consults on revised regulation on foreign insurers
The China Banking and Insurance Regulatory Commission (CBIRC) is reported to have begun soliciting public opinion on a revised regulation…
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Global insurance industry resilient in face of Covid-19, but vulnerabilities remain – IAIS
The global insurance industry has remained both operationally and financially resilient to the shocks triggered by Covid-19, yet uncertainties remain…
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IFRS 17 will see radical change in analysis of insurers’ performance, says Fitch
Fitch Ratings believes that the implementation of IFRS 17 will improve comparability and transparency of insurers’ reporting standards. It said…
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Insurers criticise Eiopa’s SII review for failing to tackle proportionality
The European insurance industry has criticised advice published this week by the European Insurance and Occupational Pensions Authority (Eiopa) on…
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NAIC adopts supervisory analytical tool and elects new officers
The US National Association of Insurance Commissioners (NAIC) has adopted an analytical tool to enable US solvency regulators to conduct…
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IAIS sets outs priorities for 2021 and beyond
The International Association of Insurance Supervisors’ (IAIS) executive committee has revealed its four overarching priorities for the coming years, together…
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Attention turns to trade agreements for DIC/DIL as IAIS discussions stall
As discussions with the International Association of Insurance Supervisors (IAIS) struggle to gain traction, there is a real opportunity to get multinational…
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Better supervision required rather than more regulation, says Eiopa
The executive director of the European Insurance and Occupational Pensions Authority (Eiopa) has called for better supervision and ‘soft regulation’…
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IAIS calls for patience on global regs as risk associations urged to step in
Manuela Zweimueller, head of supervisory practices at the International Association of Insurance Supervisors (IAIS), has told multinational insurance buyers not…
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FCA BI test case appeal likely to see clear winner but result in balance, says leading lawyer
The Supreme Court’s appeal ruling in the UK’s business interruption (BI) test case is likely to be decisive but could…
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Call for EU rules to help competitiveness of European insurers
Insurance Europe has called for EU rules and trade policy to help, not hinder, European firms’ global competitiveness. In its…
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Dutch law firm joins Global Insurance Law Connect network
The Dutch law firm WIJ advocaten BV has become the latest member of the Global Insurance Law Connect (GILC) legal…
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Cayman removed from EU non-cooperative tax list as Barbados added
The Cayman Islands has been removed from the EU’s list of non-cooperative jurisdictions for tax purposes, but Anguilla and Barbados…
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Brokers could be in firing line over pandemic BI claims
Lawyers and specialist insurers have said insurance brokers may be sued if their clients’ business interruption claims, related to Covid-19,…
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Eiopa urges European insurance sector to finalise Brexit preparations
The European Insurance and Occupational Pensions Authority (Eiopa) has called on the insurance sector in Europe to complete preparations for…
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S&P warning to reinsurers and primary insurers over transition to IFRS 17
S&P Global Ratings has warned that reinsurers and primary insurers should brace themselves for hurdles in the transition to International…
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Sharma urges insurance industry to deliver standard FINC wording
Praveen Sharma, managing director of Marsh’s insurance regulatory and tax consulting practice, has told Commercial Risk’s first virtual conference that…
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Buyers need to check broker compliance as Brexit looms
Buyers need to start a dialogue with their brokers over post-Brexit compliance, because market access will not be guaranteed when…