IAIS recovery planning paper ‘highly and unnecessarily prescriptive’, says GFIA

IAIS recovery planning paper ‘highly and unnecessarily prescriptive’, says GFIA

IAIS recovery planning paper ‘highly and unnecessarily prescriptive’, says GFIA

The Global Federation of Insurance Associations (GFIA) has warned that the International Association of Insurance Supervisors’ (IAIS) paper on insurers’ recovery planning is overly prescriptive. GFIA said the significant costs insurers face when developing recovery plans, as well as the existence of other risk management tools, mean that insurance supervisors must have the flexibility to tailor rules, and therefore welcomed…

European Parliament report on review of European supervisory authorities

European Parliament report on review of European supervisory authorities

European Parliament report on review of European supervisory authorities

Insurance Europe has largely welcomed the European Parliament’s Economics and Finance Committee’s (ECON) report on the review of European supervisory authorities, including the European Insurance and Occupational Pensions Authority (EIOPA). However, it said concerns remain about proposed governance changes. “We welcome several of the proposals in the report, which could make EIOPA more accountable and give it a clearer mandate,”…

New year insurance premium tax changes in EU countries

New year insurance premium tax changes in EU countries

New year insurance premium tax changes in EU countries

The new year has seen a number of tax changes affecting the insurance sector in EU countries, according to insurance premium tax specialists Impendulo. From 1 January 2019, there are a couple of changes to insurance taxes in France. Firstly, insurance guaranteeing the payment of life insurance premiums in case of death (payment protection insurance) is now no longer exempt…

DAC Beachcroft opens French office

DAC Beachcroft opens French office

DAC Beachcroft opens French office

International law firm DAC Beachcroft has opened its first office in France. The new office will be based in Paris, and will be led by partners Vladimir Rostan d’Ancezune and Christophe Wucher North. The Parisian team will focus on both the global and domestic insurance and industrial risks sector. DAC Beachcroft said Mr d’Ancezune and Mr North have extensive experience…

Chubb Europe confirms France move

Chubb Europe confirms France move

Chubb Europe confirms France move

Chubb European Group has confirmed its relocation to France from London at the turn of the new year, in preparation for Brexit. The company said the move, which was approved by regulators in July, will provide customers in the EU with “continuous, uninterrupted service regardless of the outcome of Brexit negotiations”. David Furby, regional president of Chubb European Group, said…

Denmark introduces new contributions to non-life insurance guarantee fund

Denmark introduces new contributions to non-life insurance guarantee fund

Denmark introduces new contributions to non-life insurance guarantee fund

Denmark has revealed new contributions to the non-life insurance guarantee fund from the beginning of next year, according to insurance premium tax specialists Impendulo. The company pointed to an amendment to the Danish Guarantee Fund for Non-life Insurance Companies Act, which comes into force from 1 January 2019. There is to be a contribution of DKK40 per policy applied to…

Insurance associations call for two-year delay to IFRS 17

Insurance associations call for two-year delay to IFRS 17

Insurance associations call for two-year delay to IFRS 17

A number of insurance associations from around the world have called for a two-year delay to International Financial Reporting Standard (IFRS) 17. The International Accounting Standards Board (IASB) recently proposed a one-year deferral of the effective date of the standard. However, the group of 11 insurance associations has written a joint letter to the IASB chair, Hans Hoogervorst, calling for…

Liberty Specialty Markets receives Luxembourg licence

Liberty Specialty Markets receives Luxembourg licence

Liberty Specialty Markets receives Luxembourg licence

Liberty Specialty Markets (LSM) has received a licence for its new Luxembourg insurance company, Liberty Mutual Insurance Europe SE (LMIE). Dirk Billemon, who joined Liberty from Fortis Luxembourg earlier this year, will become LMIE’s general manager. The new company will underwrite LSM’s insurance and reinsurance business for continental European clients post-Brexit. LSM will continue its UK business in addition to…

IAIS introduces changes to improve executive committee representation

IAIS introduces changes to improve executive committee representation

IAIS introduces changes to improve executive committee representation

The International Association of Insurance Supervisors (IAIS) has announced a number of changes designed to ensure representation from the major insurance markets, and the views of non-supervisory members of the IAIS. The recent annual general meeting of the IAIS approved certain bylaw changes recommended by the executive committee, including the introduction of voting members of the executive committee that represent…

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