Xmas wish list and New Year predictions

Tony Dowding, Editor of International Programme NewsDecember 18, 2016

Last year, the wish list included an insurance regulatory database that doesn’t come with caveats and disclaimers, or ‘grey’ areas. The industry is certainly getting there with a number of databases now available, though grey areas will always exist. Another wish was for a plain speaking guide to Solvency II, without jargon and without the words ‘calibration’, ‘internal model’ and endless Pillars. Not going to happen. Ever.

One wish that shows promise was for a meeting with someone who actually understands what DIC/DIL means at the IAIS. Ferma and others have met with IAIS and dialogue is “on-going”, so fingers crossed on that one. Sadly, there was less success with another wish: a country (just one, anywhere), just for once, to reduce Insurance Premium Tax rather than constantly increasing it. Hmmm. Are you listening UK?

The other wishes were far too ridiculous to contemplate, so no progress there (an end to January renewals, a place on the board, and the level of respect and understanding that people in the banking industry get, despite everything that has gone on since 2007.)

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As for forecasts, here are International Programme News’ predictions for 2017:

  • 2017 will go down in history as the year that Solvency III was first mooted
  • The last remaining territory that does not currently impose any sort of IPT will announce its intention to impose IPT
  • A new type of captive will be created, possibly a PCC – Parametric Capitalised Collective, or a Hive Captive (made up of cells but all interlinking)
  • Brexit will mean Brexit unless it means something else
  • Alaska will become the last State in the US to become a captive domicile (“we won’t freeze your assets – honest”)
  • An international arbitration panel will decide on the vexed issue of the use of “global” or “multinational” to refer to insurance programmes
  • A global/multinational insurance policy (just the one) will actually be issued before it incepts

The market will stay soft. Forever.

Season’s Greetings and a very Happy New Year.

Tony Dowding, Editor of International Programme NewsDecember 18, 2016
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