IAIS publishes register of Internationally Active Insurance Groups

IAIS publishes register of Internationally Active Insurance Groups

IAIS publishes register of Internationally Active Insurance Groups

The International Association of Insurance Supervisors (IAIS) has published a register of Internationally Active Insurance Groups (IAIGs) based on the names of IAIGs publicly disclosed by Group Wide Supervisors (GWS) as of 1 July 2020. The move follows the approval in November 2019 of ComFrame. The executive committee of the IAIS said the register is accompanied by information on its…

South Korea to relax reinsurance rules to promote competition

South Korea to relax reinsurance rules to promote competition

South Korea to relax reinsurance rules to promote competition

The South Korean government has revealed that it will lower reinsurance market entry barriers to promote greater competition for local insurer cessions, according to leading Korean business magazine Business Korea. The current Korean Insurance Business Act defines reinsurance in the same manner as standard non-life insurance such as individual motor and homeowner insurance. As such, reinsurers in South Korea have…

China extends preferential treatment for Hong Kong insurers

China extends preferential treatment for Hong Kong insurers

China extends preferential treatment for Hong Kong insurers

The China Banking and Insurance Regulatory Commission (CBIRC) has announced an extension of the preferential treatment accorded to Hong Kong under the China Risk Oriented Solvency System (C-ROSS) for another year, to 30 June 2021. This means that  mainland insurers that cede businesses to qualified local professional reinsurers will continue to enjoy lower capital requirements. The Hong Kong Insurance Authority…

Financial interest clauses: viable, useful, but not a panacea

Financial interest clauses: viable, useful, but not a panacea

Financial interest clauses: viable, useful, but not a panacea

A financial interest clause (FINC) is not a panacea for issues of compliance and regulation in the context of a global insurance programme, but it is a viable proposition, according to Praveen Sharma, managing director, global leader of the insurance regulatory and tax consulting practice at Marsh. He added that FINCs should be used as a matter of last resort.…

IASB releases final IFRS 17 but concerns remain over business implications, says WTW

IASB releases final IFRS 17 but concerns remain over business implications, says WTW

IASB releases final IFRS 17 but concerns remain over business implications, says WTW

With the release this week of the final insurance contracts standard IFRS 17 by the International Accounting Standards Board (IASB), a survey from Willis Towers Watson (WTW) has found that just 10% of the surveyed companies already have a clear view on the business implications of IFRS 17. IFRS 17 will take effect with annual reporting cycles beginning on or…

UK announces plans to ‘tailor’ Solvency II and brings forward review

UK announces plans to ‘tailor’ Solvency II and brings forward review

UK announces plans to ‘tailor’ Solvency II and brings forward review

The UK government has announced plans to tailor Solvency II rules to better suit its insurers once the Brexit transition period ends and has brought forward a review of the capital adequacy regime. In a written statement to the UK parliament on the future of financial services regulation, chancellor Rishi Sunak said his government will bring forward a review of “certain”…

Debt markets support insurer growth as industry looks to capitalise on higher rates, says S&P

Debt markets support insurer growth as industry looks to capitalise on higher rates, says S&P

Debt markets support insurer growth as industry looks to capitalise on higher rates, says S&P

A harder insurance market and investor appetite will support insurers’ debt during the current Covid-19 uncertainty, according to S&P. The ratings agency said some insurers could even increase debt at attractive rates to either boost solvency positions or capitalise on growth opportunities as rates moves upwards. Insurers across the globe should be able to redeem or refinance $140bn of debt…

Fitch takes 30% negative actions on global insurers since Covid-19

Fitch takes 30% negative actions on global insurers since Covid-19

Fitch takes 30% negative actions on global insurers since Covid-19

Fitch said the global insurance sector has shown resilience to Covid-19, but noted that the pandemic has resulted in 30% negative rating actions in the form of outlooks, watches or downgrades against the firms it rates. It warned that any positive rating actions are unlikely for the remainder of this year because of uncertainties caused by the pandemic. It added…

Temporary exemption for certain insurance premium taxes in Russia

Temporary exemption for certain insurance premium taxes in Russia

Temporary exemption for certain insurance premium taxes in Russia

Specialist insurance premium tax (IPT) compliance firm Impendulo has highlighted some changes to the Russian tax code in relation to insurance premiums. The changes relate to exemption from certain taxes and insurance premiums due to the coronavirus pandemic. Impendulo said: “We have information regarding the exemption from taxes and insurance premiums payable for the second quarter of 2020. According to…

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