Ferma and ECIROA flesh out proposals to boost proportionality for captives under SII

Ferma and ECIROA flesh out proposals to boost proportionality for captives under SII

Ferma and ECIROA flesh out proposals to boost proportionality for captives under SII

The European Insurance and Occupational Pensions Authority (EIOPA) must use this year’s Solvency II review to recognise that national supervisors have so far failed to apply the principle of proportionality (PoP) to captives and force the issue by issuing clear guidelines, according to risk management federation Ferma and ECIROA, the captive owners body. Ferma’s approach provides a framework for national…

BIBA lobbies for lower regulatory burden on UK brokers and access to EU markets

BIBA lobbies for lower regulatory burden on UK brokers and access to EU markets

BIBA lobbies for lower regulatory burden on UK brokers and access to EU markets

The British Insurance Brokers’ Association (BIBA) is lobbying its government to reduce the regulatory burden on UK brokers, which it argues face unnecessarily high regulatory costs despite posing no systemic risk. Launching its manifesto for 2020 to ministers in the UK Houses of Parliament, BIBA said brokers pose low risk and regulation should be proportionate. Steve White, CEO of BIBA,…

Nigerian regulator extends deadline for recapitalisation as at least six insurers announce plans to merge

Nigerian regulator extends deadline for recapitalisation as at least six insurers announce plans to merge

Nigerian regulator extends deadline for recapitalisation as at least six insurers announce plans to merge

Nigeria’s National Insurance Commission (NAICOM) has extended the insurance sector’s recapitalisation deadline by six months to 31 December 2020, from 30 June 2020. The news comes as the regulator also revealed that at least six insurance companies have notified NAICOM of their plans to merge as part of their efforts in meeting up with the regulator’s recapitalisation requirements. There are…

Risk managers in German financial sector must prepare for closer BaFin scrutiny in 2020

Risk managers in German financial sector must prepare for closer BaFin scrutiny in 2020

Risk managers in German financial sector must prepare for closer BaFin scrutiny in 2020

BaFin, the German insurance supervisory authority, will focus on IT and cyber risks, digitalisation, the fight against financial crime and sustainability of business models in the year ahead, according to its president Felix Hufeld. The former CEO of Marsh Germany from 2001 to 2010, he also believes that the risk-based approach to regulation, including the principle of proportionality that allows…

BaFin to investigate German insurers after finding problems with financial adequacy systems

BaFin to investigate German insurers after finding problems with financial adequacy systems

BaFin to investigate German insurers after finding problems with financial adequacy systems

The German insurance supervisory authority BaFin will this year carry out a survey of non-life and life insurers to find out whether they have adequate systems in place to spot deteriorating financial positions that may require regulatory intervention. The decision has been made because a pilot survey carried out last year among 14 life insurers and two pension funds found…

Insurers join Europe’s risk managers in calling for stronger application of proportionality in SII

Insurers join Europe’s risk managers in calling for stronger application of proportionality in SII

Insurers join Europe’s risk managers in calling for stronger application of proportionality in SII

Insurance Europe, the body that represents the European listed insurance sector, and AMICE, the association of European mutual and cooperative insurers, have joined Ferma in calling for more robust and consistent application of the proportionality principle via the review of Solvency II being carried out by the European Insurance and Occupational Pensions Supervisory Authority (EIOPA). The deadline for consultation on…

Considerations of the risk manager on a D&O programme – Insurance premium tax

Considerations of the risk manager on a D&O programme – Insurance premium tax

Considerations of the risk manager on a D&O programme – Insurance premium tax

For risk managers, the line of insurance that guarantees the most attention and focus of the board is undoubtedly directors and officers (D&O) liability. In the current hardening market, terms and conditions are paramount, but when looking at the various ways in which a global insurance programme can be structured, it is important that the risk manager is fully aware…

BLM appoints new product recall partner

BLM appoints new product recall partner

BLM appoints new product recall partner

Law firm BLM has appointed Jason McNerlin from Clyde & Co as partner in its London office and head of product recall and liability. It marks a return to BLM for Mr McNerlin, who trained and worked as a solicitor at the company between 2000 and 2004. He has gained 20 years’ experience in product recall and product liability. Jim…

Solvency II update weighs on insurers in 2020, says S&P

Solvency II update weighs on insurers in 2020, says S&P

Solvency II update weighs on insurers in 2020, says S&P

Europe’s Solvency II review, scheduled to take place this year, could see insurers’ solvency ratios impacted by between 30 and 70 percentage points on average per country, according to analysis from Standard & Poor’s (S&P). It warned some life insurers could be impacted by more than 100 percentage points. An update of Solvency II regulations is expected by June 2020.…

1 2 3 134