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…

Bermuda introduces incorporated segregated accounts legislation

Bermuda introduces incorporated segregated accounts legislation

Bermuda introduces incorporated segregated accounts legislation

Bermuda has introduced legislation that allows for the creation of segregated accounts, or cells, with separate legal status. According to Bermuda-based law firm Conyers, the Incorporated Segregated Accounts Companies Act 2019 (ISAC) is companion legislation to the Segregated Accounts Companies Act 2000 (SAC). “Both the SAC and the new ISAC ringfence the assets of each individual cell from the creditors…

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…

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…

Singapore and China sign insurance supervisory memorandum of understanding

Singapore and China sign insurance supervisory memorandum of understanding

Singapore and China sign insurance supervisory memorandum of understanding

Singapore and China are to strengthen their cooperation in the supervision of insurance and banking, after the signing of a supervisory memorandum of understanding (MOU). The Monetary Authority of Singapore (MAS) and the China Banking and Insurance Regulatory Commission (CBIRC) signed the CBIRC-MAS supervisory memorandum of understanding, “to enhance supervisory cooperation and facilitate exchange of information between MAS and CBIRC…

Bank Negara delays removal of tariffs for Malaysian fire insurance market by a year

Bank Negara delays removal of tariffs for Malaysian fire insurance market by a year

Bank Negara delays removal of tariffs for Malaysian fire insurance market by a year

Bank Negara Malaysia has extended the timeline for the removal of fire insurance tariffs to next year at the earliest, industry sources have told Malaysian online news service Edge Weekly. The bank announced formally in June 2016 that it would deregulate the pricing of motor and fire products through the gradual disapplication of requirements under the Motor Tariff and Revised…

New insurance law firm Atheria Law launches in US

New insurance law firm Atheria Law launches in US

New insurance law firm Atheria Law launches in US

A new insurance law firm has launched in the US, focusing on the technology, privacy and cyber, and professional liability sectors. The firm, Atheria Law, is headquartered in San Francisco, with attorneys practising in Los Angeles, Atlanta and New York. Atheria Law was formed by attorneys and staff from global law firm Clyde & Co. The new firm comprises 35…

Insurance Europe calls for changes to Solvency II proportionality principle

Insurance Europe calls for changes to Solvency II proportionality principle

Insurance Europe calls for changes to Solvency II proportionality principle

Insurance Europe has called for changes to ensure the principle of proportionality works under Solvency II. It said that currently the insurance industry reports little or no application of proportionality. Insurance Europe said it welcomed the EC’s request that EIOPA should assess whether proportionality in the application of Solvency II could be enhanced as part its 2020 review of the…

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