European Union (EU)
EU may delay Solvency II
Michel Barnier, the European Union commissioner in charge of regulation, has attributed a potential delay to Solvency II to wrangling between member states over the shape of the regulation.
'Credibility' of industry hinging on trialogue talks, says PWC
The reputation of the European insurance industry is in the balance as talks continue on the final text of Omnibus II, according to PWC.
EU placated as Guernsey repeals "harmful" tax provisions
Guernsey's revised zero-10 corporate tax regime has been given a clean bill of health by the European Union after previously being deemed harmful by regulators.
Iran praises sanctions for kickstarting insurance market
Iran's insurers are ready to offer cover to foreign ships traveling through Iranian waters, according to Seyed Karimi, president of Iran's insurance regulator Bimeh Markazi.
Guernsey signs tax agreements with Italy and Latvia
Guernsey has signed tax information exchange agreements with Italy and Latvia in an effort to increase transparency with the two European Union member states.
Further delays to Omnibus II
Omnibus II has been delayed again with the new date of implementation set at 20 November, Post understands.
Cyber liability: Combatting cyber crime
From the £21bn bill for businesses to the inevitable reputation damage, cyber crime can have a devastating impact on UK organisations. So why do so few understand or act on the risks?
Understanding cyber risks
Cyber risks have become high profile but, as David Froud explains, insurers need to conduct more than simple Q&A assessments to understand the true nature of a company’s data value and the potential cost of a loss.
Milliman launches Solvency II reporting tool for insurers
Global consulting firm Milliman is launching a suite of Solvency II analysis and reporting tools designed to meet the demands of European insurers and reinsurers.
EC drops anti-trust probe into marine insurance agreements
An anti-trust inquiry by the European Union into marine insurance agreements among groups of ship owners has been dropped owing to a lack of conclusive evidence.
Japan's first self-insured Iranian oil shipment loaded
Japan has reportedly loaded its first self-insured shipment of Iranian crude oil on two Japanese tankers.
Travel cancellation insurance must be opt-in, ECJ rules
Online travel agents can no longer automatically include travel cancellation insurance in the price of plane tickets bought on the internet, following a ruling by the European Court of Justice.
IMD2 - a level playing field?
Legislative proposals released this month by the European Commission for the Insurance Mediation Directive have met with mixed reviews. Victor Fornasier asks whether they will finally create a level playing field.
Solvency II timetable faces more delays after failed talks
Solvency II regulations could face more delays after talks to finalise the legislation ended without conclusion, according to a UK insurers trade body.
View from the top: Eyes wide shut?
It is hard to read news reports that do not contain stories about the latest cyber data breach, or information on 'spyware' and computer espionage.
Insurers urged to adopt unisex rates ahead of directive deadline
Group risk insurer Ellipse has been swift to set out its response to the EU's gender directive, announcing it will switch to providing rate tables on a unisex basis only from September this year.
VAT & Outsourcing: VAT's the way to do it
The rules on VAT in the insurance industry can be complex when it comes to outsourcing, and the European Union isn't providing any quick and easy answers.
Insurance contract law: Overcoming the barriers
A single European contract law has been on the cards for the past decade, but would a similar rationalisation in the insurance industry suit the continent's firms?
Eiopa publishes consultation on Solvency II disclosure requirements
The European Insurance and Occupational Pensions Authority published its final report on reporting and disclosure requirements for insurance undertakings and insurance groups today.
More remuneration data could confuse customers, says Insurance Europe
Insurance Europe believes proposed European regulatory changes fail to ensure an equal level of consumer protection for all distribution channels of insurance products.
"High roller" attacks show banks underestimate cyber risks
Many online banking systems rely dangerously on PCs being secure according to the European Union’s cyber security agency.
Biba "disappointed" with IMD revisions
The British Insurance Broker’s Association said it was “very disappointed” by the five year timetable set for mandatory commission disclosure in the draft version of the Insurance Mediation Directive II.
Solvency II implementation date confirmed
The 1 January 2014 implementation date for Solvency II was confirmed by the European Parliament today.