Buyers must check broker compliance as Brexit looms

Buyers must check broker compliance as Brexit looms

Buyers must check broker compliance as Brexit looms

Buyers need to start a dialogue with their brokers over post-Brexit compliance, because market access will not be guaranteed when the transition period expires at the end of this year, according to speakers at Airmic Fest. The Brexit transition period – which allowed UK firms continued access to the EU single market – ends on 31 December 2020. Hopes are…

EC starts work on pan-European pandemic risk transfer solution

EC starts work on pan-European pandemic risk transfer solution

EC starts work on pan-European pandemic risk transfer solution

Commercial Risk Europe has learned that the EC is setting up a working group to deliver risk transfer solutions for pandemics and other cat risks, which will consider a pan-European private-public pool with EU funding at the very top. After much discussion, this is the first concrete sign that work is officially underway on the topic. In a letter seen…

London market brokers choose Belgium as top EU base for post-Brexit business

London market brokers choose Belgium as top EU base for post-Brexit business

London market brokers choose Belgium as top EU base for post-Brexit business

Almost one quarter of London market brokers have set up a base in Belgium to continue operating in Europe after the UK’s transition period expires at the end of December, according to the London & International Insurance Brokers Association (LIIBA) that is confident members will be able to continue serving clients in the EU. The survey of London market intermediaries…

India’s insurance regulator mulls Indian pandemic risk pool

India’s insurance regulator mulls Indian pandemic risk pool

India’s insurance regulator mulls Indian pandemic risk pool

The Insurance Regulatory and Development Authority of India (IRDAI) is looking at the introduction of an Indian pandemic risk pool. A working group has produced a report for the IRDAI, which recommends the formation of an Indian pandemic risk pool “to address losses and unsettlement caused to the informal and low-income sectors of society, and serve as a medium of…

TMF Group’s index highlights global business complexity

TMF Group’s index highlights global business complexity

TMF Group’s index highlights global business complexity

Curaçao, Israel and the US are among the simplest jurisdictions in terms of their legislative environment, while Indonesia tops the list as the most complex, according to TMF Group’s Global Business Complexity Index 2020. The index is generated from an in-depth survey of TMF Group’s in-market experts in 77 jurisdictions. The index shows there is significant global variation in the…

Changing tariffs affect Indian global property programme local policies, says Willis Towers Watson

Changing tariffs affect Indian global property programme local policies, says Willis Towers Watson

Changing tariffs affect Indian global property programme local policies, says Willis Towers Watson

Global property programme local policies in India will require increased attention as a result of changing tariffs in the Indian insurance market, according to a whitepaper from Willis Towers Watson. The paper notes that while some tariffs were reduced, most have increased as a result of property tariffs issued by the General Insurance Council. The paper, authored by Disha Sahni,…

Insurance Europe highlights impact of Covid-19 on insurance industry

Insurance Europe highlights impact of Covid-19 on insurance industry

Insurance Europe highlights impact of Covid-19 on insurance industry

The European insurance industry has remained solid throughout the pandemic, with firms generally maintaining their solvency positions. although it has presented insurers with unprecedented challenges, according to Insurance Europe. In its response to a consultation by the International Association of Insurance Supervisors (IAIS) on the impact of Covid-19 on insurers, Insurance Europe states that while the pandemic has already had…

New insurance regulator for Bermuda Monetary Authority

New insurance regulator for Bermuda Monetary Authority

New insurance regulator for Bermuda Monetary Authority

The Bermuda Monetary Authority (BMA) has appointed Gerald Gakundi to the position of director, supervision (insurance). Mr Gakundi has more than 15 years’ experience in the insurance industry. He joined the Authority in 2010 as assistant director, supervision (insurance), and was subsequently promoted to deputy director. According to the BMA, he has extensive knowledge of Bermuda’s insurance regulatory environment. It…

Hong Kong’s group capital rule will enhance insurance supervision

Hong Kong’s group capital rule will enhance insurance supervision

Hong Kong’s group capital rule will enhance insurance supervision

Hong Kong’s proposed group capital rule (GCR) will be beneficial to the group-wide risk and capital management culture of insurance entities, according to AM Best. The proposed regulation would augment the current regulatory framework to allow Hong Kong’s Insurance Authority (IA) to monitor multinational insurance groups on a group basis. Best said it will enhance the regulator’s supervision of insurance…

European insurers respond to European Commission’s Solvency II review

European insurers respond to European Commission’s Solvency II review

European insurers respond to European Commission’s Solvency II review

Europe’s insurers have largely supported the European Commission’s Solvency II inception impact assessment, but believe there are key omissions and refinements that are necessary to address the flaws in Solvency II. In its response to the Commission’s consultation, Insurance Europe says it supports the Commission’s objective of expanding and improving the application of proportionality in Solvency II, and the objective…

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