US insurance bodies warn of insolvency risk if BI policies retroactively expanded to cover virus

US insurance bodies warn of insolvency risk if BI policies retroactively expanded to cover virus

US insurance bodies warn of insolvency risk if BI policies retroactively expanded to cover virus

US insurance bodies have reaffirmed their stout resistance to any efforts to retroactively alter business interruption (BI) policies to cover coronavirus-related losses, after politicians in Ohio and Massachusetts last week tabled bills to force insurers to lift exclusions, following a similar proposal from New Jersey legislators. If the new laws were passed and copied across the US, the insurance and…

Portugal delays new stamp duty reporting system until 2021

Portugal delays new stamp duty reporting system until 2021

Portugal delays new stamp duty reporting system until 2021

Portugal is to delay the introduction of its new stamp duty reporting system until 2021, according to insurance premium tax compliance consultancy Impendulo. This is due to the delays caused by the current Covid-19 pandemic. Impendulo said the Portuguese tax authority has decided to defer the introduction of the new stamp duty reporting system to 2021, and reporting will be…

European policymakers urged to keep financial markets open

European policymakers urged to keep financial markets open

European policymakers urged to keep financial markets open

European and national policymakers have been urged to keep European financial markets open during the Covid-19 pandemic. A group of ten associations representing a range of financial services companies, exchanges, funds and consumers, including Insurance Europe, has written to various policymakers emphasising the importance of keeping European financial markets open. The group says that closing the markets would have a…

UK Treasury Committee demands answers from insurers on Covid-19 and BI claims

UK Treasury Committee demands answers from insurers on Covid-19 and BI claims

UK Treasury Committee demands answers from insurers on Covid-19 and BI claims

The UK’s Treasury Committee has written to the Association of British Insurers (ABI) demanding answers about the way the insurance industry is responding to Covid-19. The letter includes specific questions on business interruption (BI) and asks where there might be room for “flexibility” when it comes to potential cover. Chair of the committee Mel Stride said he sent the open…

NAIC urged to discourage imposition of Covid-19 retroactive coverage

NAIC urged to discourage imposition of Covid-19 retroactive coverage

NAIC urged to discourage imposition of Covid-19 retroactive coverage

The American Property Casualty Insurance Association (APCIA) has said it is crucial to discourage efforts to impose retroactive coverage on insurance policies in relation to Covid-19. Speaking at the National Association of Insurance Commissioners (NAIC) online special session on Covid-19, David A Sampson, president and CEO of the APCIA, said: “Most importantly, it is vitally important to discourage efforts to…

IAIS tells supervisors to be vigilant of insurance digitalisation risks

IAIS tells supervisors to be vigilant of insurance digitalisation risks

IAIS tells supervisors to be vigilant of insurance digitalisation risks

Increasing digitalisation of insurance could unintentionally create risks of poor outcomes for policyholders and increased vulnerabilities for the sector as a whole, and supervisors must remain vigilant of such risks and consider appropriate and proportionate responses. This is the message from the International Association of Insurance Supervisors (IAIS), which acknowledges the tremendous opportunities for the sector from big data for…

Kenya’s insurance regulator in search of fraud prevention interventions as losses pile up

Kenya’s insurance regulator in search of fraud prevention interventions as losses pile up

Kenya’s insurance regulator in search of fraud prevention interventions as losses pile up

Fraud is a major issue in the Kenyan insurance market and is thought to be one of the main reasons why insurance penetrations levels remain so low. Patrick Alushula reports on a new initiative from the insurance regulator to discover the true scale of the problem Kenya’s insurance industry regulator wants to measure the extent of fraud in the sector…

Risk managers need to prepare for attacks on D&O policies as virus bites

Risk managers need to prepare for attacks on D&O policies as virus bites

Risk managers need to prepare for attacks on D&O policies as virus bites

Directors and officers of companies that suffer losses or even bankruptcy as a result of coronavirus are likely to face legal assaults from creditors on the basis of inadequate disclosure of risks and failure to react adequately during the crisis, warned Julia Zhu, associate in the finance practice at Brattle Group. “There may be causes of actions against a company’s…

Insurers protest at New Jersey’s effort to invalidate virus exclusions from BI policies

Insurers protest at New Jersey’s effort to invalidate virus exclusions from BI policies

Insurers protest at New Jersey’s effort to invalidate virus exclusions from BI policies

A big battle is brewing in the US over the validity of business interruption insurance (BI) for coronavirus claims, as politicians are pushing for standard BI to be extended to cover the impact of the virus. Insurers and reinsurers are clearly horrified at the prospect of this potentially massive extension of their liability to the virus and have reportedly already…

EIOPA says European insurers need to reduce returns before it relaxes solvency requirements

EIOPA says European insurers need to reduce returns before it relaxes solvency requirements

EIOPA says European insurers need to reduce returns before it relaxes solvency requirements

The European Insurance and Occupational Pensions Authority (EIOPA) is ready to relax Solvency II’s capital adequacy and reporting requirements because of the impact of coronavirus. But it wants to see European insurers reduce their returns to shareholders before it advises national regulators (NCAs) to take action. The lack of statutory powers held by EIOPA to impose its guidelines on NCAs…

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