Senior representatives of the European Parliament and Commission last week reassured insurance buyers that their concerns about Solvency II are being listened to and that pressure to ensure that captives enjoy simplified treatment is under serious consideration.
The U.K. Law Commission is unlikely to recommend the extension of the recent reform of insurance contract law that significantly reduces the burden of disclosure on policyholders to the commercial insurance market.
Matthew Elderfield, Head of Financial Regulation at the Irish Financial Regulator, (FR) has promised captive owners that they will receive proportional treatment under Solvency II, in his domicile at least.
[LONDON]—Pressure is fast building on the European Commission from insurance company and buyer representative groups to water down the advice given to it on Solvency II or risk forcing the industry to carry more risk than it wants or needs as the European economy tentatively creeps out of recession.
Italian petrochemical case clarifies polluters’ responsibility as EC mandatory insurance system unlikely for now.
Swiss insurance buyers agree with colleagues around Europe that pricing conditions for their core lines will remain stable for the foreseeable future as competition between insurers remains at a high level.
AIRMIC, the U.K. insurance and risk managers association, has added its weight to the growing opposition to Solvency II, Europe’s planned new capital adequacy system, as it currently stands.
Pressure on the architects of Solvency II, Europe’s planned new capital adequacy regime for the insurance sector, to relax recently toughened proposals was ramped up last week as a number of leading industry bodies called for a radical rethink.
The Russian parliament has proposed tighter licensing and merger regulations for the country’s insurance industry, according to news agency Reuters.
A European Commission report on the efficiency of the Environmental Liability Directives (ELD) is due next month and could recommend the adoption of an E.U. wide mandatory financial security scheme. But, insurers and operators alike have urged the commission to refrain from making this move.