ICS 2.0 a ‘major step’ to single global capital standard

ICS 2.0 a ‘major step’ to single global capital standard

ICS 2.0 a ‘major step’ to single global capital standard

The International Association of Insurance Supervisors (IAIS) has called the development of Insurance Capital Standard (ICS) Version 2.0, which has begun its five-year monitoring period, a major step forward to the ultimate goal of a single global capital standard for internationally active insurance groups (IAIGs). IAIS secretary general Jonathan Dixon said the ultimate goal is a single ICS that includes…

Back to the future

Back to the future

Back to the future

The thriving European mutual insurance sector accounts for about half of Europe’s insurance companies by number and a third by premiums. In many ways, the principles of this highly traditional European model are fit for the modern era and goals such as the sharing economy, inclusivity and sustainability. As the Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE)…

IUMI proposes stronger fire safety regulations to IMO

IUMI proposes stronger fire safety regulations to IMO

IUMI proposes stronger fire safety regulations to IMO

The International Union of Marine Insurance (IUMI) has submitted its promised paper to the International Maritime Organisation (IMO), calling for changes to current safety regulations to enhance rules governing containership fires. IUMI said mandatory measures are needed to address the rising risk of fires on large containerships. Current regulations under the International Convention for the Safety of Life at Sea…

UK’s ICO issues its first GDPR fine

UK’s ICO issues its first GDPR fine

UK’s ICO issues its first GDPR fine

On 20 December 2019, the UK’s Information Commissioner’s Office (ICO) issued its first General Data Protection Regulation (GDPR) fine to Doorstep Dispensaree (Doorstep), a London pharmacy that supplies medicines to customers and care homes, for the sum of £275,000. The case reveals much about how the ICO will work into the future and provides plenty of lessons for risk managers…

French risk managers reassured over post-Brexit contract certainty

French risk managers reassured over post-Brexit contract certainty

French risk managers reassured over post-Brexit contract certainty

French risk managers have been reassured by their association AMRAE and market experts that there is no need to panic about the validity of coverage placed with UK-based insurers post-Brexit, but have been advised to double-check sooner rather than later. National insurance supervisors across Europe and the European Insurance and Occupational Pensions Authority (EIOPA) have worked hard during the last…

UK court confirms directors owe fiduciary duties post-solvency

UK court confirms directors owe fiduciary duties post-solvency

UK court confirms directors owe fiduciary duties post-solvency

A recent UK High Court ruling has confirmed that directors continue to serve fiduciary duties after a company is declared insolvent. System Building Services Group was placed into administration on 12 July 2012. Brian Michie had been a director for many years and was the sole director of the company from April 2012. In Hunt v Michie [2020], the liquidator…

Coronavirus supply chain crunch feared as Chinese LNG importer invokes force majeure

Coronavirus supply chain crunch feared as Chinese LNG importer invokes force majeure

Coronavirus supply chain crunch feared as Chinese LNG importer invokes force majeure

Chinese liquid natural gas (LNG) importer, CNOOC Group, has invoked force majeure to cancel contracts without liability meaning it won’t take delivery of some LNG cargoes as a result of the coronavirus epidemic, according to Rob Patterson and Myles Mantle, London partners at law firm Haynes and Boone. They said: “This is among the first known cases of this rare…

Evolving regulatory landscape in Africa demands insurance market reaction

Evolving regulatory landscape in Africa demands insurance market reaction

Evolving regulatory landscape in Africa demands insurance market reaction

Raising standards and finding ways to do business in a compliant manner are key for the new-look Gras Savoye across Africa, and after three years of integration with Willis Towers Watson, the new group has ambitious plans for the continent. But Arnaud de Moulins-Beaufort, head of Africa solutions at Gras Savoye, said a lot has changed in the past three…

Novel coronavirus outbreak: implications for international trade and shipping

Novel coronavirus outbreak: implications for international trade and shipping

Novel coronavirus outbreak: implications for international trade and shipping

The recent outbreak of a novel coronavirus in Wuhan, China has received worldwide attention and is increasingly putting a strain on businesses. On 30 January 2020, the World Health Organization declared the outbreak a Public Health Emergency of International Concern. The outbreak of any virulent disease presents the trading and shipping industries with various challenges, as was the case with…

Aviation risk managers need to consider coronavirus impact on sector

Aviation risk managers need to consider coronavirus impact on sector

Aviation risk managers need to consider coronavirus impact on sector

In 1996, a 32-year-old woman died of a drug-resistant strain of tuberculosis after flying with a US carrier from Chicago to Hawaii. The Centre for Disease Control traced all 249 passengers and found that six of them, some as far as 13 rows behind the woman, had caught the pathogenic bacterium that causes tuberculosis. As a result of this incident,…

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