IFRS 17 to enable greater comparison of insurers’ underwriting performance, says Best

IFRS 17 to enable greater comparison of insurers’ underwriting performance, says Best

IFRS 17 to enable greater comparison of insurers’ underwriting performance, says Best

The new International Financial Reporting Standard (IFRS 17) could provide better insight into underwriting performance, according to AM Best. This will provide greater granularity and enable comparisons to be drawn between insurers, said the ratings agency. The new standard was published in May last year, with an effective date of 1 January 2021. However, in AM Best’s opinion, this leaves…

Rumours of insurers taking Nigerian regulator to court refuted by Naicom

Rumours of insurers taking Nigerian regulator to court refuted by Naicom

Rumours of insurers taking Nigerian regulator to court refuted by Naicom

Nigeria’s commissioner for insurance, Mohammed Kari, has denied rumours that insurance companies are taking the National Insurance Commission (NAICOM) to court over its plans for a three-tiered capital system. Instead, NAICOM said that investors and consumers of insurance products and services in the country are applauding the tier-based minimum solvency capital (TBMSC) policy introduced recently. Mr Kari stressed that the…

No new reinsurance trade barriers but many still exist, says Global Reinsurance Forum

No new reinsurance trade barriers but many still exist, says Global Reinsurance Forum

No new reinsurance trade barriers but many still exist, says Global Reinsurance Forum

The Global Reinsurance Forum (GRF) is concerned that significant reinsurance trade barriers are still in place worldwide, despite no new major trade barriers having been added to the latest edition of its Reinsurance Trade Barriers and Market Access Issues Worldwide list. The GRF says it is a positive development, but it continues to encourage jurisdictions to remove existing and remaining…

London market responds to silent cyber concerns

London market responds to silent cyber concerns

London market responds to silent cyber concerns

The London market is responding to regulatory pressure to clarify cyber cover under traditional insurance policies, with implications for buyers of specialty insurance that have seen an increasing number of exclusions written into contracts while being offered more extensions. In July 2017, the UK’s Prudential Regulation Authority (PRA) issued Supervisory Statement SS4/17 setting out its views on ‘silent cyber’ cover,…

European Court of Justice moves on insurance status of immobilised vehicles

European Court of Justice moves on insurance status of immobilised vehicles

European Court of Justice moves on insurance status of immobilised vehicles

The recent European Court of Justice (ECJ) decision in Fundo de Garantia Automovel v Juliana has confirmed that a vehicle left immobilised on private land is still subject to compulsory motor insurance, irrespective of the owner’s intention not to use the vehicle. The decision will have widespread implications for corporates, who could be required to insure vehicles kept on private…

Mahnke calls for risk manager support as Ifrima seeks global programme consistency

Mahnke calls for risk manager support as Ifrima seeks global programme consistency

Mahnke calls for risk manager support as Ifrima seeks global programme consistency

The german risk management association GVNW has called on its own members and their wider community of peers to back ongoing efforts to seek more clarity and consistency on the treatment of international programmes by insurance supervisors…

Myanmar to open insurance market to foreign insurers in October

Myanmar to open insurance market to foreign insurers in October

Myanmar to open insurance market to foreign insurers in October

Foreign insurance companies will be allowed to do business in Myanmar from October this year, according to the Myanmar Times. The paper said the Insurance Business Regulatory Board (IBRB) will allow foreign insurance companies to provide life and general insurance policies in the new 2018-2019 fiscal year, which will commence on 1 October 2018. The paper quoted U Zaw Naing,…

Slovakia’s new IPT Act comes into force at start of 2019

Slovakia’s new IPT Act comes into force at start of 2019

Slovakia’s new IPT Act comes into force at start of 2019

Slovakia’s new Insurance Premium Tax (IPT) Act has been signed off and will come into force from 1 January 2019, according to IPT compliance services firm Impendulo. At the beginning of 2018, the Slovakian Ministry of Finance published a draft bill intended to amend various details of its IPT regime. A final version of this amendment (Act no. 213-2018) has…

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