Tax changes in Denmark and Guernsey highlighted by Impendulo

Tax changes in Denmark and Guernsey highlighted by Impendulo

Tax changes in Denmark and Guernsey highlighted by Impendulo

Specialist insurance premium tax compliance firm Impendulo has noted two recent tax changes in Denmark and Guernsey. In Denmark, the contribution to the Stormrådet will decrease from DKK60.00 per policy to DKK40.00 per policy, effective from 1 July 2021. The Stormrådet is a storm surge and flood pool, which now exceeds $500m. According to the Danish authorities, this means that…

Lloyd’s gets approval for PCC to attract new and alternative capital

Lloyd’s gets approval for PCC to attract new and alternative capital

Lloyd’s gets approval for PCC to attract new and alternative capital

Lloyd’s has received regulatory approval to create a multi-insurance special purpose vehicle (MISPV), called London Bridge Risk PCC Limited, to raise new and alternative capital as part of its modernisation plans. Lloyd’s said approval from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) is a “key milestone” in its Future at Lloyd’s strategy, which partly aims to…

McGill and Partners sets up in Ireland for post-Brexit EU access

McGill and Partners sets up in Ireland for post-Brexit EU access

McGill and Partners sets up in Ireland for post-Brexit EU access

McGill and Partners is setting up a European operation in Ireland to service EU customers post-Brexit. The office will be based in Dublin. Stephen Cross, McGill and Partners’ head of innovation and strategy, who is also a founding partner of the firm, has been appointed CEO of the Irish entity. He said the new business will allow the specialist (re)insurance…

Hong Kong’s new group capital rules due in first quarter of 2021

Hong Kong’s new group capital rules due in first quarter of 2021

Hong Kong’s new group capital rules due in first quarter of 2021

The Hong Kong Insurance Authority (IA) has announced some modifications to its draft Insurance (Group Capital) Rules in respect of the new supervisory framework for multinational insurance groups, which it now hopes will be implemented in the first quarter of 2021. The changes come after a consultation on the rules. According to the IA, the main objective of the proposed…

China’s insurance regulator consults on revised regulation on foreign insurers

China’s insurance regulator consults on revised regulation on foreign insurers

China’s insurance regulator consults on revised regulation on foreign insurers

The China Banking and Insurance Regulatory Commission (CBIRC) is reported to have begun soliciting public opinion on a revised regulation on foreign insurance companies, according to the Xinhua News Agency. It reported that the CBIRC said the revised regulation will mainly clarify access conditions for foreign insurers and overseas financial institutions, fine tune shareholder change and access requirements, and scrap…

Global insurance industry resilient in face of Covid-19, but vulnerabilities remain – IAIS

Global insurance industry resilient in face of Covid-19, but vulnerabilities remain – IAIS

Global insurance industry resilient in face of Covid-19, but vulnerabilities remain – IAIS

The global insurance industry has remained both operationally and financially resilient to the shocks triggered by Covid-19, yet uncertainties remain for the future outlook, including the potential for decreasing credit quality of insurers’ fixed-income portfolios and the impact of the deepened low yield environment. This is according to the International Association of Insurance Supervisors’ (IAIS) 2020 Global Insurance Market Report.…

IFRS 17 will see radical change in analysis of insurers’ performance, says Fitch

IFRS 17 will see radical change in analysis of insurers’ performance, says Fitch

IFRS 17 will see radical change in analysis of insurers’ performance, says Fitch

Fitch Ratings believes that the implementation of IFRS 17 will improve comparability and transparency of insurers’ reporting standards. It said this will usher in a radical change to the way users of insurance accounts analyse financial performance and risk exposure of the insurance industry. IFRS 17, the new global accounting standard for insurance contracts, aims to provide account users with…

Insurers criticise Eiopa’s SII review for failing to tackle proportionality

Insurers criticise Eiopa’s SII review for failing to tackle proportionality

Insurers criticise Eiopa’s SII review for failing to tackle proportionality

The European insurance industry has criticised advice published this week by the European Insurance and Occupational Pensions Authority (Eiopa) on the review of Solvency II, because it fails once again to insist that national supervisors properly apply the principle of proportionality. Insurance Europe, the Brussels-based group that represents the insurance sector, and the Association of Mutual Insurers and Insurance Cooperatives…

NAIC adopts supervisory analytical tool and elects new officers

NAIC adopts supervisory analytical tool and elects new officers

NAIC adopts supervisory analytical tool and elects new officers

The US National Association of Insurance Commissioners (NAIC) has adopted an analytical tool to enable US solvency regulators to conduct group-wide supervision. The NAIC’s group capital calculation (GCC) was developed by the NAIC’s GCC (E) working group, in a project that began in 2015. It has been adopted by the NAIC together with model legislative language designed to enable the…

IAIS sets outs priorities for 2021 and beyond

IAIS sets outs priorities for 2021 and beyond

IAIS sets outs priorities for 2021 and beyond

The International Association of Insurance Supervisors’ (IAIS) executive committee has revealed its four overarching priorities for the coming years, together with leadership reappointments and the addition of five new members to the IAIS. Its first priority is risk assessment and the maintenance of financial stability, including ongoing assessment of potential vulnerabilities arising from the impact of Covid-19. Secondly, delivering on…

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