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…

Moody’s says IFRS 17 unlikely to alter credit assessments

Moody’s says IFRS 17 unlikely to alter credit assessments

Moody’s says IFRS 17 unlikely to alter credit assessments

IFRS 17 will meaningfully affect some insurers’ reported profit and equity, but their underlying financial position will not change, according to Moody’s Investors Service. As a result, the new accounting standard is unlikely to alter its credit assessment in the vast majority of cases. Moody’s said IFRS 17, which is set to come into force in January 2022, is designed…

Bermuda removed from EU tax blacklist, but remains on ‘grey’ list

Bermuda removed from EU tax blacklist, but remains on ‘grey’ list

Bermuda removed from EU tax blacklist, but remains on ‘grey’ list

Bermuda’s (re)insurance and risk community breathed a collective sigh of relief after the country was removed from the European Union’s tax blacklist, but it remains on a ‘grey’ list until concerns are fully addressed. On Friday, the EU’s Economic & Financial Affairs Council (ECOFIN) said Bermuda, along with Aruba and Barbados, will be removed from a list of non-cooperative tax…

‘No bonfire’ of UK insurance regs post-Brexit but potential move towards principle-based rules, says FCA

‘No bonfire’ of UK insurance regs post-Brexit but potential move towards principle-based rules, says FCA

‘No bonfire’ of UK insurance regs post-Brexit but potential move towards principle-based rules, says FCA

There will be “no bonfire” of UK insurance regulations post-Brexit, but the Financial Conduct Authority (FCA) believes it is an opportunity to consider a move towards more principle-based, rather than detailed, rules, according to its director of general insurance and conduct specialist supervision. Addressing the British Insurance Brokers’ Association Conference this week, Karina McTeague also said the FCA continues to…

Clyde & Co opens Dublin office

Clyde & Co opens Dublin office

Clyde & Co opens Dublin office

Clyde & Co has opened an office in Dublin as a result of Brexit. The law firm said the move is to ensure its Irish law insurance practice can continue to operate seamlessly as the UK leaves the EU. England- and Ireland-qualified Clyde & Co insurance and reinsurance partner Garrett Moore will be based in the Dublin office, supported by…

Denmark updates terrorism insurance pool

Denmark updates terrorism insurance pool

Denmark updates terrorism insurance pool

There has been an update to the Danish terrorism insurance pool for non-life insurance, according to insurance premium tax specialists Impendulo. The ‘Act on a terror insurance scheme in the non-life insurance area’ will come into force on 1 July 2019. The reinsurance pool now has a total limit of DKK13.4bn. Impendulo said the scheme provides insurance coverage for property…

Insurance Europe says no justification for new systemic risk measures

Insurance Europe says no justification for new systemic risk measures

Insurance Europe says no justification for new systemic risk measures

There is no justification for new macroprudential measures for EU insurers, which would create significant initial and/or ongoing costs, according to Insurance Europe. This comes in response to a question raised by the European Commission to the European Insurance and Occupational Pensions Authority (EIOPA), on whether the existing provisions of the Solvency II framework allow for an appropriate macroprudential supervision.…

Ifrima plans academic study to back global programmes campaign

Ifrima plans academic study to back global programmes campaign

Ifrima plans academic study to back global programmes campaign

A serious academic study on the negative impact of inconsistent and protectionist insurance regulation around the world is likely needed if the international risk and insurance management community is to convince regulators of the need for reform from the top down, according to the chair of the International Federation of Risk & Insurance Management Associations (Ifrima). Mary Roth, who is…

US IRS reveals new arm’s-length captive pricing compliance campaign

US IRS reveals new arm’s-length captive pricing compliance campaign

US IRS reveals new arm’s-length captive pricing compliance campaign

The US Internal Revenue Service (IRS) has announced a compliance campaign aimed at captive service providers and focusing on arm’s-length pricing. The campaign is one of three additional compliance campaigns approved by the IRS large business and international division. The campaigns were identified through the IRS large business and international division’s data analysis and suggestions from IRS employees. The division…

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