The breadth of legal liability and levels of compensation across Europe are likely to increase in due course, along with a more standardized approach to liability, according to a Guy Carpenter & Co report.
The European Commission held the first meeting of business, consumer and legal practitioners’ groups yesterday to discuss the possibility of a pan-European contract law system.
The European Captive Insurance and Reinsurance Owners’ Association has opened talks with the International Association of Insurance Supervisors to try and deliver more certainty for buyers of global insurance.
The European Commission has opened formal proceedings into whether certain provisions that accompany claim-sharing and joint-reinsurance agreements in the marine insurance sector might infringe its antitrust rules.
European Commission Internal Market and Services Commissioner, Michel Barnier, has strongly advised the European insurance industry to roll its collective sleeves up and get stuck into the QIS5 study into the potential impact of Solvency II.
A $20 billion compensation fund for economic victims of the Deepwater Horizon oil spill was launched on Monday but immediately faced controversy as accusations flew that the rules set out by its administrator are not fair, according to news agency Reuters.
U.S. and European insurance buyers will be pleased to hear that a U.S. federal appeals court has decided to restore part of a nation-wide class-action lawsuit that accused a large group of insurers and brokers of bid-rigging.
It seems increasingly likely that Solvency II will not hit captives as hard as originally feared based on the latest papers from the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) and the European Commission, and comments from leading representatives of the insurance management community in recent weeks.
The European Commission this week announced a package of measures to enhance protection of insurance policyholders and beneficiaries but the CEA, the European insurance and reinsurance federation, said that it has concerns over the proposals for EU legislation to create guarantee schemes to fund potential insurer insolvencies.
Work underway within national insurance supervisors to prepare for Solvency II, Europe’s planned new capital adequacy regime, is very much a work in progress and there is still some way to go, according to a new report from the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS).