European Union (EU)
Regulatory uncertainty raises domicile questions
Splitting tax domiciles and regulators could be an enticing prospect for insurance groups looking to avoid the European Union’s Solvency II regulations.
Top 5 European news stories
The top five stories from www.insuranceinsight.com over the past seven days.
Solvency II “ground to a halt” by national interest PRA boss says
Disagreement over the final Solvency II rules at a national level has seen negotiations “ground to a halt” according to Prudential Regulatory Authority boss Andrew Bailey.
Insurance premium tax ruling bad for business and EU policy
A European court ruling on the way insurance premiums are taxed will burden insurers with increased costs and and undermine the EU's attempts to create a single market for insurance, according to law firm Pinsent Masons.
Food Standards Agency publishes final horsemeat results
The Food Standards Agency has published the results of its final tests for horsemeat in UK beef products before launching into a new quarterly test regime in June.
Insurance Europe welcomes EC paper on disaster insurance
Insurance Europe has welcomed the European Commission’s investigation into the availability of catastrophe insurance.
Insurers miss opportunity to voice opinions on EU consultation on PPOs
The UK’s general insurance sector has failed to engage with a consultation on setting Solvency II liability rules, despite a European Union recommendation that 20% of the sector should contribute for the study to be credible.
EU-US dialogue project agrees five-year plan
The Steering Committee of the EU-U.S. Insurance Dialogue Project has agreed on a high level work plan from 2013 to 2017.
April Fool's: Pet-gender to have no bearing on insurance premiums
Fear not animal lovers, the gender of your beloved pooches and kittys will not impact the cost of their insurance.
Leader: Once, twice, third time’s a charm?
The idea of regulation is not new for the insurance industry. In November 1998, a government statement concluded that statutory regulation was not suitable for the general insurance market.
Eiopa chairman defends Solvency II guidelines
The chairman of the European Insurance and Occupational Pensions authority has defended its draft Solvency II guidelines as “an important step in the right direction that will help national authorities”.
Early implementation of SII elements 'burdensome' for UK firms
The European Insurance and Occupational Pensions Authority has published four consultation papers containing guidelines on the elements of Solvency II that it wants national supervisors implemented by national supervisors from 1 January 2014 on a "comply…
Regulation must not harm long-term investment says Insurance Europe
Insurance Europe has welcomed the European Commission’s adoption of a Green Paper on the long-term financing of the European economy.
RBS dismisses links between stock sale and timing of upcoming Esure float
The second tranche of Direct Line Group shares may have been rushed to market in order to get ahead of the float by Esure, according to analysts.
Austrian lawyer annointed as Van Hulle successor
The European Commission has appointed Klaus Wiedner to replace Karel Van Hulle as head of unit dealing with pensions and insurance in the Internal Market Directorate General.
Regulatory convergence not necessarily 'better' for insurance industry
Attempts to harmonise global insurance regulations are “more aspirational than realistic”, according to DLA Piper’s Bill Marcoux.
Improving Underwriting: Driving Profits
Can a more sophisticated approach to underwriting help motor insurers finally turn a profit?
Indian refiners to halt Iranian oil imports
India’s oil refiners may cease crude imports from Iran next month as a result of their inability to access cover due to Western sanctions, the head of its largest refiner has said.
International: Are you protected?
A pan-European data protection regulation may enhance transparency and accountability, but could inadvertently hamper insurance activities, harming companies and policyholders.
Analysts cast doubt on Co-op’s ability to sell off general insurance business
The Co-operative Bank may struggle to offload its general insurance business as part of a bid to make up a capital shortfall that is expected to result from a market-wide investigation of banks by the Financial Services Authority.
Insurer Arrow visits up 38% in 2012
Intensive regulatory inspections of insurers increased 38% last year according to figures from law firm Reynolds Porter Chamberlain.
Data Protection: Regulation frustration
A pan-European data protection regulation may enhance transparency and accountability, but could inadvertently hamper insurance activities, harming companies and policyholders.
View from the Top: Better together
Co-operation in the pursuit of common goals will make us all stronger, says Nicolas Aubert, managing director, AIG UK.