EIOPA calls for European network of national insurance guarantee schemes

EIOPA calls for European network of national insurance guarantee schemes

EIOPA calls for European network of national insurance guarantee schemes

The European Insurance and Occupational Pension Authority (EIOPA) said every EU member state should have a national guarantee scheme in place for the protection of policyholders in the event of the failure of an insurer, which should meet a minimum set of harmonised features. EIOPA has launched a consultation on its advice on the harmonisation of national insurance guarantee schemes…

India to allow 100% foreign direct investment in insurance intermediaries

India to allow 100% foreign direct investment in insurance intermediaries

India to allow 100% foreign direct investment in insurance intermediaries

The Indian government has announced that it plans to allow 100% foreign direct investment (FDI) in insurance intermediaries. Finance Minister Nirmala Sitharaman said the government will examine suggestions of further opening up of FDI in sectors, including insurance, and will also permit 100% FDI for insurance intermediaries, according to a report in The Hindu Business Line. FDI in the sector…

Canadian regulator’s proposals will significantly increase cost of insurance, says GFIA

Canadian regulator’s proposals will significantly increase cost of insurance, says GFIA

Canadian regulator’s proposals will significantly increase cost of insurance, says GFIA

The Global Federation of Insurance Associations (GFIA) has warned that proposals by the Canadian Superintendent of Financial Institutions (OSFI) to limit the ability of insurers to use reinsurance would require firms operating in Canada to more than triple their current capital base. GFIA said this would significantly increase the cost of insurance in Canada and reduce overall insurance capacity. In…

New strategic direction for IAIS in 2020

New strategic direction for IAIS in 2020

New strategic direction for IAIS in 2020

The International Association of Insurance Supervisors (IAIS) has revealed that it is shortly to “embark on a new strategic direction”. It said that its 2020-2024 Strategic Plan and Financial Outlook has been approved, which sets out the high-level goals and strategies that will guide the association in its work for the next five-year period beginning 1 January 2020. Secretary general…

EIOPA calls for strengthening of insurance sector regulation

EIOPA calls for strengthening of insurance sector regulation

EIOPA calls for strengthening of insurance sector regulation

Regulation of the insurance sector should be strengthened, according to the European Insurance and Occupational Pensions Authority (EIOPA) in its recently released 2018 Annual Report. The report sets out its activities and achievements of the past year, as well as looking ahead. “EIOPA believes its regulation should be strengthened, in particular by an improved follow-up of the evaluations of supervisory…

Chamber of Commerce advises Indian government to raise insurance foreign ownership cap

Chamber of Commerce advises Indian government to raise insurance foreign ownership cap

Chamber of Commerce advises Indian government to raise insurance foreign ownership cap

The Federation of Indian Chambers of Commerce and Industry (FICCI) has advised the Indian government to raise the ceiling on foreign direct investments (FDI) in the insurance sector, to attract overseas investments. The Insurance Laws (Amendment Bill) 2015 raised the cap on total foreign investment in the insurance sector from 26% to 49%. This cap includes all forms of foreign…

Insurance market urged to agree interpretations of global insurance regs to end buyer frustration

Insurance market urged to agree interpretations of global insurance regs to end buyer frustration

Insurance market urged to agree interpretations of global insurance regs to end buyer frustration

Marsh’s Praveen Sharma has called on the London insurance market to come together and agree on interpretations of insurance regulations around the world to drive consistency in global programmes. Speaking at Commercial Risk’s ‘Global Programmes Consistency and Certainty 2019’ conference in London, Mr Sharma said this is needed to end buyer frustration and could be acheived through market bodies to…

China pushes ahead with market reforms

China pushes ahead with market reforms

China pushes ahead with market reforms

China’s promise to further liberalise its domestic capital market and open up to foreign investors, in spite of the ongoing trade dispute with the US and structural reforms at home, is good news for global insurers. According to a note from Swiss Re’s economics department, renminbi (RMB) internationalisation is set to continue in spite of US-China trade tensions, as well…

Airmic launches captive guide for iNEDs

Airmic launches captive guide for iNEDs

Airmic launches captive guide for iNEDs

A guide to help independent non-executive directors (iNEDs) appointed to the boards of captive insurance companies is now available from Airmic. Produced in partnership with Aon, the guide to captive governance is aimed at individuals currently serving as directors on captive boards, or considering an appointment in the future. A Practical Guide for Independent Non-Executive Directors on Captive Boards also…

Solvency II review is opportunity to improve design and calibration, says Insurance Europe

Solvency II review is opportunity to improve design and calibration, says Insurance Europe

Solvency II review is opportunity to improve design and calibration, says Insurance Europe

The first major review of Solvency II is an opportunity to make the improvements needed to the design and calibration of the framework, according to Insurance Europe. In the foreword to its Annual Report 2018–2019, Michaela Koller, director general, and Andreas Brandstetter, president, say the coming year will be a crucial one for the EU’s insurance regulatory regime. “Addressing deficiencies…

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