UK Brexit whitepaper ‘real blow’ for financial services, say representatives

UK Brexit whitepaper ‘real blow’ for financial services, say representatives

UK Brexit whitepaper ‘real blow’ for financial services, say representatives

Representatives of UK financial services have described new proposals put forward by their government for EU trade post-Brexit as a “real blow” that would restrict their ability to serve European customers. But wider business sectors, particularly those that deal with goods, have broadly welcomed the plans. The UK government published a Brexit whitepaper yesterday that lays out its hopes for…

Preparing for smooth sailing – whatever Brexit outcome is reached

Preparing for smooth sailing – whatever Brexit outcome is reached

Preparing for smooth sailing – whatever Brexit outcome is reached

As the UK Government sets out its desired future relationship with the EU and the negotiations move into their final phase in the coming months, it will come as no surprise that Brexit is a subject featuring more and more in our conversations with customers and distributors alike. Understandably, they want to know what the post-Brexit world will mean for…

No regulatory race to bottom after Brexit says FCA chair

No regulatory race to bottom after Brexit says FCA chair

No regulatory race to bottom after Brexit says FCA chair

UK insurers and banks do not want to see a regulatory race to the bottom after Brexit, chair of the Financial Conduct Authority (FCA) Charles Randell said this week. In his first major speech since becoming FCA chair in April, Mr Randall told a Reuters Newsmaker event that insurers and banks do not want to see regulation ripped up after…

UK Civil Liability Bill debate moves to House of Commons

UK Civil Liability Bill debate moves to House of Commons

UK Civil Liability Bill debate moves to House of Commons

Many UK risk managers and their insurers are closely following the process of reform of the UK’s whiplash laws. Fresh from further amendments in the House of Lords, the Civil Liability Bill will now face the House of Commons. The Civil Liability Bill was passed for referral to the House of Commons by the Lords on 28 June, following the…

Regulators must keep close eye on insurers’ Brexit contingency plans: EIOPA

Regulators must keep close eye on insurers’ Brexit contingency plans: EIOPA

Regulators must keep close eye on insurers’ Brexit contingency plans: EIOPA

Europe’s national regulators must urge insurers to enforce Brexit contingency measures and inform customers how the UK’s exit from the European Union will affect new and existing contracts, according to the European Insurance and Occupational Pensions Authority (EIOPA), an advisory body to the European Commission. The UK’s withdrawal from the bloc will affect cross-border contracts between EU policyholders and UK…

Insurers see value of Solvency II but concerns still exist – Insurance Europe

Insurers see value of Solvency II but concerns still exist – Insurance Europe

Insurers see value of Solvency II but concerns still exist – Insurance Europe

The majority of EU insurers have seen a positive effect from the EU’s 2016 Solvency II regulation, but there are still concerns over the cost of capital in the risk margin, and the impact of the regulation on long-term savings products with guarantees. This is according to a survey of insurers from across Europe by Insurance Europe. The survey revealed…

Persistent low-yield environment remains main risk for EU insurance sector

Persistent low-yield environment remains main risk for EU insurance sector

Persistent low-yield environment remains main risk for EU insurance sector

The European Insurance and Occupational Pensions Authority (EIOPA) has warned that the persistent low-yield environment remains the main risk for the insurance sector. In its June 2018 Financial Stability Report of the (re)insurance and occupational pensions sectors in the European Economic Area, EIOPA also warns that new types of risks are emerging with the onset of climate change and rapid…

Counter-Terrorism and Border Security Bill: business interruption and the supply chain

Counter-Terrorism and Border Security Bill: business interruption and the supply chain

Counter-Terrorism and Border Security Bill: business interruption and the supply chain

The introduction of the Counter-Terrorism and Border Security Bill to the UK’s House of Commons on 6 June will, if the bill is passed without amendment, close a gap that has existed in terrorism cover since Pool Re was established in 1993 – good news for businesses and their supply chain. Currently, insurers are able to provide terrorism cover within…

1 July confirmed as start date of the Insurance Act in South Africa

1 July confirmed as start date of the Insurance Act in South Africa

1 July confirmed as start date of the Insurance Act in South Africa

On 21 June 2018, Kuben Naidoo, the chief executive officer of South Africa’s Prudential Authority, published a communication which confirms that the Insurance Act, 2017 will take effect on 1 July 2018, as anticipated. The communication provides that the Minister of Finance has signed the notice of commencement of the Insurance Act, 2017 and that the gazetting thereof is imminent.…

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