IAIS adopts global frameworks for cross-border supervision of insurance groups

IAIS adopts global frameworks for cross-border supervision of insurance groups

IAIS adopts global frameworks for cross-border supervision of insurance groups

A comprehensive set of reforms that will enable effective cross-border supervision of insurance groups has been announced by the International Association of Insurance Supervisors (IAIS). IAIS said it has adopted the first global frameworks for supervision of internationally active insurance groups and the mitigation of systemic risk in the insurance sector, which will contribute to global financial stability. The adopted…

Korea signs IAIS supervisory cooperation and information exchange agreement

Korea signs IAIS supervisory cooperation and information exchange agreement

Korea signs IAIS supervisory cooperation and information exchange agreement

South Korea has become the latest member of the International Association of Insurance Supervisors’ (IAIS) Multilateral Memorandum of Understanding (MMoU). The MMoU was signed by the Korea Financial Services Commission (FSC) and Korea Financial Supervisory Service (FSS). The MMoU is an international supervisory cooperation and information exchange agreement that promotes enhanced consumer protection. It sets minimum standards to which signatories…

Taking a new approach to insurance regulation

Taking a new approach to insurance regulation

Taking a new approach to insurance regulation

Creating innovation spaces and taking a new approach to how companies are regulated is all part of the agenda for Kenya’s Insurance Regulatory Authority (IRA). Speaking at the Risk Frontiers East Africa seminar hosted by the College of Insurance in Nairobi, Elias Omondi, an actuary at IRA, said the regulator is determined to drive change through the insurance industry, which…

The changing shape of environmental regulation – a challenge for multinational businesses

The changing shape of environmental regulation – a challenge for multinational businesses

The changing shape of environmental regulation – a challenge for multinational businesses

Environmental regulation is changing at an exponential rate. Around the world there has been a significant strengthening of regulation, consisting not only of tighter new rules but also more rigorous, consistent enforcement. For multinational organisations, the consequences of not being prepared locally and the impact of an environmental incidents can be severe. Traditional risk management techniques may leave companies exposed…

Nigerian regulator putting policyholders first

Nigerian regulator putting policyholders first

Nigerian regulator putting policyholders first

Nigeria’s National Insurance Commission (Naicom) has said that policyholders remain a key component of the insurance industry in Nigeria and must be treated fairly and protected. This has to be maintained while the regulator also balances the supervisory role of ensuring financial soundness and reliability of insurance institutions in the country. O.S. Thomas, the acting commissioner for insurance, said: “We…

Smart motorways: in need of improvement?

Smart motorways: in need of improvement?

Smart motorways: in need of improvement?

As the UK government confirms that it will undertake an urgent review of smart motorways following several tragic deaths, what is the future viability of such roads? First of all, what is a smart motorway? Smart motorways, or managed motorways as they were previously called, were first introduced in the UK in 2006. Across Europe, elements of smart motorways have…

Voce says Argo board ‘cannot be trusted’ following ‘retirement’ of CEO Watson

Voce says Argo board ‘cannot be trusted’ following ‘retirement’ of CEO Watson

Voce says Argo board ‘cannot be trusted’ following ‘retirement’ of CEO Watson

Activist shareholder Voce Capital has said Argo’s board “cannot be trusted” to choose the firm’s leadership or future direction, following news earlier this week that embattled CEO Mark Watson has “retired” from the role. Argo announced on Tuesday that Mr Watson will step down with immediate effect. He will be replaced on an interim basis by Kevin Rehnberg, who has…

Thomas Cook collapse exposes ‘unacceptable’ personal injury claim provisions

Thomas Cook collapse exposes ‘unacceptable’ personal injury claim provisions

Thomas Cook collapse exposes ‘unacceptable’ personal injury claim provisions

The UK government plans to set up a capped compensation scheme to cover personal injury claims against travel company Thomas Cook, which entered insolvency proceedings in September, after the firm’s arrangements left customers uninsured for death, serious injury and illness. Business secretary Andrea Leadsom criticised Thomas Cook’s insurance provisions, which reportedly only cover large personal injury claims in excess of…

UK regulator warns of ‘inadequate’ insurance reserves in London market

UK regulator warns of ‘inadequate’ insurance reserves in London market

UK regulator warns of ‘inadequate’ insurance reserves in London market

The Bank of England says it will challenge UK and London insurers over “inadequate” reserves, particularly in specialty lines, during the next few months and has also demanded action on workplace culture. In a letter to all UK general insurance CEOs, the bank’s Prudential Regulation Authority (PRA) says it has seen an increasing risk of reserving deficiencies at insurance firms,…

Aon report examines regulatory developments in Asia-Pacific insurance markets

Aon report examines regulatory developments in Asia-Pacific insurance markets

Aon report examines regulatory developments in Asia-Pacific insurance markets

Insurance market liberalisation continues to accelerate across Asia-Pacific, with cross-jurisdiction collaboration further developing and solvency requirements being enhanced across the region. This is according to a new report from Aon, which summarises the key global ratings agency criteria developments and regulatory changes across Asia-Pacific during the past 12 months. Aon said that as the insurance and reinsurance industry continues to…

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