IAIS recovery planning paper ‘highly and unnecessarily prescriptive’, says GFIA

IAIS recovery planning paper ‘highly and unnecessarily prescriptive’, says GFIA

IAIS recovery planning paper ‘highly and unnecessarily prescriptive’, says GFIA

The Global Federation of Insurance Associations (GFIA) has warned that the International Association of Insurance Supervisors’ (IAIS) paper on insurers’ recovery planning is overly prescriptive. GFIA said the significant costs insurers face when developing recovery plans, as well as the existence of other risk management tools, mean that insurance supervisors must have the flexibility to tailor rules, and therefore welcomed…

Automatic enrolment – a pensions success, backed by increasing enforcement

Automatic enrolment – a pensions success, backed by increasing enforcement

Automatic enrolment – a pensions success, backed by increasing enforcement

In the UK, automatic enrolment into pension schemes started in October 2012. Phased in for five years, all employers must ensure that their workers/employees – aged between 22 and state pension age and earning more than £10,000 a year – are now enrolled into a suitable pension scheme. Even though it has been declared a success, as with all legal…

The SingHealth cyberattack and the implications for financial institutions

The SingHealth cyberattack and the implications for financial institutions

The SingHealth cyberattack and the implications for financial institutions

In July 2018, news emerged that between 27 June and 4 July, hackers had infiltrated the IT systems of Singapore Health Services (SingHealth), the largest healthcare group in Singapore. The hackers illegally accessed and copied the non-medical personal particulars of 1,495,367 patients to servers hosted overseas. Approximately 159,000 of the affected group, including Prime Minister Lee Hsien Loong and several…

European Parliament report on review of European supervisory authorities

European Parliament report on review of European supervisory authorities

European Parliament report on review of European supervisory authorities

Insurance Europe has largely welcomed the European Parliament’s Economics and Finance Committee’s (ECON) report on the review of European supervisory authorities, including the European Insurance and Occupational Pensions Authority (EIOPA). However, it said concerns remain about proposed governance changes. “We welcome several of the proposals in the report, which could make EIOPA more accountable and give it a clearer mandate,”…

New year insurance premium tax changes in EU countries

New year insurance premium tax changes in EU countries

New year insurance premium tax changes in EU countries

The new year has seen a number of tax changes affecting the insurance sector in EU countries, according to insurance premium tax specialists Impendulo. From 1 January 2019, there are a couple of changes to insurance taxes in France. Firstly, insurance guaranteeing the payment of life insurance premiums in case of death (payment protection insurance) is now no longer exempt…

Gatwick meltdown: drones in a no-go zone

Gatwick meltdown: drones in a no-go zone

Gatwick meltdown: drones in a no-go zone

The serious and extended closure of Gatwick Airport in the run-up to Christmas, because of the suspected deliberate use of a drone infringing the airport airspace, has brought to a head the warnings of many in the industry. This issue was further highlighted just this week as a reported drone at Heathrow caused the UK’s busiest airport to suspend departures…

DAC Beachcroft opens French office

DAC Beachcroft opens French office

DAC Beachcroft opens French office

International law firm DAC Beachcroft has opened its first office in France. The new office will be based in Paris, and will be led by partners Vladimir Rostan d’Ancezune and Christophe Wucher North. The Parisian team will focus on both the global and domestic insurance and industrial risks sector. DAC Beachcroft said Mr d’Ancezune and Mr North have extensive experience…

Chubb Europe confirms France move

Chubb Europe confirms France move

Chubb Europe confirms France move

Chubb European Group has confirmed its relocation to France from London at the turn of the new year, in preparation for Brexit. The company said the move, which was approved by regulators in July, will provide customers in the EU with “continuous, uninterrupted service regardless of the outcome of Brexit negotiations”. David Furby, regional president of Chubb European Group, said…

EU class action proposals face key vote

EU class action proposals face key vote

EU class action proposals face key vote

With the European Parliament due to vote on EU-wide class action proposals in January, just months after Germany introduced collective redress for consumers, companies and their directors face a growing threat from class action litigation in Europe. This year has seen some notable strides towards class action culture in Europe, albeit still far from the excesses associated with the US.…

UK whiplash reforms pass into law

UK whiplash reforms pass into law

UK whiplash reforms pass into law

The Civil Liability Bill, UK legislation to curb the cost of whiplash claims, has received Royal Assent and is now enshrined in law. Much of the reforms will be delayed until April 2020 to ensure the development of a new online portal for road traffic accident (RTA) claims is completed. But the Bill will likely lead to a review of…

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