FERMA secures buyer representation in EIOPA stakeholder group

FERMA secures buyer representation in EIOPA stakeholder group

FERMA secures buyer representation in EIOPA stakeholder group

The CEO of risk management federation FERMA, Typhaine Beaupérin, has been granted a term as a member of the European Insurance and Occupational Pensions Authority’s (EIOPA) Insurance and Reinsurance Stakeholder Group (IRSG), which feeds back on regulations, guidelines and recommendations. The two-and-a-half-year term affords the corporate insurance-buying community representation in the stakeholder group, which has a total of 30 members…

EIOPA report sets out primary causes of insurance failures

EIOPA report sets out primary causes of insurance failures

EIOPA report sets out primary causes of insurance failures

The primary causes of failures and near misses for EU non-life insurers are under-reserving and holding insufficient technical provisions, as well as inadequate or failed systems of corporate governance and overall control. This is according to a report titled Failures and near misses in insurance: Overview of the causes and early identification, published by the European Insurance and Occupational Pensions…

UAE tops most complex compliance regime list with Ireland bottom

UAE tops most complex compliance regime list with Ireland bottom

UAE tops most complex compliance regime list with Ireland bottom

The United Arab Emirates (UAE) has the most complex compliance regime of any country in the world, while Ireland is the simplest country in the world in corporate compliance terms, according to a new report by TMF Group. The UAE is followed by Qatar, then China and Argentina in terms of the complexity of its compliance regime. Ireland is followed…

Preparing for smooth sailing – whatever Brexit outcome is reached

Preparing for smooth sailing – whatever Brexit outcome is reached

Preparing for smooth sailing – whatever Brexit outcome is reached

As the UK Government sets out its desired future relationship with the EU and the negotiations move into their final phase in the coming months, it will come as no surprise that Brexit is a subject featuring more and more in our conversations with customers and distributors alike. Understandably, they want to know what the post-Brexit world will mean for…

No regulatory race to bottom after Brexit says FCA chair

No regulatory race to bottom after Brexit says FCA chair

No regulatory race to bottom after Brexit says FCA chair

UK insurers and banks do not want to see a regulatory race to the bottom after Brexit, chair of the Financial Conduct Authority (FCA) Charles Randell said this week. In his first major speech since becoming FCA chair in April, Mr Randall told a Reuters Newsmaker event that insurers and banks do not want to see regulation ripped up after…

Regulators must keep close eye on insurers’ Brexit contingency plans: EIOPA

Regulators must keep close eye on insurers’ Brexit contingency plans: EIOPA

Regulators must keep close eye on insurers’ Brexit contingency plans: EIOPA

Europe’s national regulators must urge insurers to enforce Brexit contingency measures and inform customers how the UK’s exit from the European Union will affect new and existing contracts, according to the European Insurance and Occupational Pensions Authority (EIOPA), an advisory body to the European Commission. The UK’s withdrawal from the bloc will affect cross-border contracts between EU policyholders and UK…

Insurers see value of Solvency II but concerns still exist – Insurance Europe

Insurers see value of Solvency II but concerns still exist – Insurance Europe

Insurers see value of Solvency II but concerns still exist – Insurance Europe

The majority of EU insurers have seen a positive effect from the EU’s 2016 Solvency II regulation, but there are still concerns over the cost of capital in the risk margin, and the impact of the regulation on long-term savings products with guarantees. This is according to a survey of insurers from across Europe by Insurance Europe. The survey revealed…

Persistent low-yield environment remains main risk for EU insurance sector

Persistent low-yield environment remains main risk for EU insurance sector

Persistent low-yield environment remains main risk for EU insurance sector

The European Insurance and Occupational Pensions Authority (EIOPA) has warned that the persistent low-yield environment remains the main risk for the insurance sector. In its June 2018 Financial Stability Report of the (re)insurance and occupational pensions sectors in the European Economic Area, EIOPA also warns that new types of risks are emerging with the onset of climate change and rapid…

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