GDPR has created regulatory patchwork in Europe: Beazley

GDPR has created regulatory patchwork in Europe: Beazley

GDPR has created regulatory patchwork in Europe: Beazley

Europe’s data protection regulators have shown wide differences in General Data Protection Regulation (GDPR) fines and been inconsistent in dealing with cyber incidents, according to analysis from Beazley. In its latest Breach Insights article, Beazley says there has been little consistency so far even though the same rules apply across Europe. Beazley notes that although GDPR regulatory activity has picked up,…

Self-Insurance Institute of America defends captives in light of IRS clampdown

Self-Insurance Institute of America defends captives in light of IRS clampdown

Self-Insurance Institute of America defends captives in light of IRS clampdown

The Self-Insurance Institute of America (SIIA) has defended captives in light of the US Internal Revenue Service’s (IRS) ongoing clampdown on ‘micro-captives’. Earlier this month, the IRS said it was to significantly increase enforcement activity and “vigorously pursue” those involved in micro-captives. The IRS issued IR 2020-26 announcing the results of a global settlement initiative offered last year to just…

EU returns Bermuda to white list of fully cooperative tax jurisdictions

EU returns Bermuda to white list of fully cooperative tax jurisdictions

EU returns Bermuda to white list of fully cooperative tax jurisdictions

Bermuda has been removed from the European Union’s (EU) so-called tax ‘grey list’ and returned to the ‘white list’ of fully cooperative tax jurisdictions. Bermuda was placed on the grey list in May last year, having been put on the list of non-cooperative tax jurisdictions earlier in 2019. The EU had some concerns over collective investment funds but the Bermuda…

Cayman to be added to EU tax haven blacklist

Cayman to be added to EU tax haven blacklist

Cayman to be added to EU tax haven blacklist

The Cayman Islands is to be added to the EU list of non-cooperative tax jurisdictions, according to the Financial Times. The newspaper said it is the first UK overseas territory to be “named and shamed” by Brussels for failing to crack down on tax abuse. The Financial Times noted that the move comes less than a month after the UK’s…

IUMI proposes stronger fire safety regulations to IMO

IUMI proposes stronger fire safety regulations to IMO

IUMI proposes stronger fire safety regulations to IMO

The International Union of Marine Insurance (IUMI) has submitted its promised paper to the International Maritime Organisation (IMO), calling for changes to current safety regulations to enhance rules governing containership fires. IUMI said mandatory measures are needed to address the rising risk of fires on large containerships. Current regulations under the International Convention for the Safety of Life at Sea…

Study suggests businesses support clearer human rights laws

Study suggests businesses support clearer human rights laws

Study suggests businesses support clearer human rights laws

Businesses would largely support stronger laws on corporate human rights and the environment, along similar lines to the UK Bribery Act, that provide greater clarity, finds a new study by the British Institute of International Law (BIICL). Published with support from law firms Quinn Emanuel and Hogan Lovells, the study weighs up whether the ‘failure to prevent’ mechanism used in…

French government plans to make France a more attractive jurisdiction for captives

French government plans to make France a more attractive jurisdiction for captives

French government plans to make France a more attractive jurisdiction for captives

The French government plans to make the country a more attractive jurisdiction for captives, as risk managers turn to alternative risk transfer vehicles to mitigate the effects of the hardening insurance market. The announcement was made on the final day of the AMRAE conference. It comes at a time when a growing number of companies are expected to boost alternative…

Insolvencies to rise in 2020 as EU-UK trading future discussed, warns Atradius

Insolvencies to rise in 2020 as EU-UK trading future discussed, warns Atradius

Insolvencies to rise in 2020 as EU-UK trading future discussed, warns Atradius

Robust risk management will be key to protecting businesses, said trade credit insurer Atradius, as it predicted insolvencies will rise 7% or higher in the UK and more modestly in Europe during 2020 as a result of Brexit. If a trade deal is not agreed between the EU and UK by the end of the Brexit transition period on 31…

Airbus’s €3.6bn fraud settlement agreed by authorities

Airbus’s €3.6bn fraud settlement agreed by authorities

Airbus’s €3.6bn fraud settlement agreed by authorities

Aircraft manufacturer Airbus has confirmed it will pay €3.6bn, plus interest and costs, to fraud authorities in France, the UK and the US following court approvals of a settlement agreed in principle last week. The bulk of the payment (€2.1bn) will be paid to French fraud authority Parquet National Financier (PNF), with €984m to the UK’s Serious Fraud Office (SFO).…

Supply chain risk escalates as global trade faces multiple challenges

Supply chain risk escalates as global trade faces multiple challenges

Supply chain risk escalates as global trade faces multiple challenges

Global trade is being tested as geopolitical risks converge to disrupt supply chains, warned the Institute of Export and International Trade (IEIT) on the day the UK leaves the European Union. Marco Forgione, director general of the IEIT, said Brexit will change the rules of trade for business in the UK and Europe, but it is just part of a…

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