Regulation
Insurance Europe disappointed by ECON's approval of long-term guarantees
Insurance Europe, formerly the CEA, welcomed the approval of the provisions in relation to non-life and health insurance by the European Parliament’s economic and monetary affairs committee today, saying it hoped to see them included in the final Omnibus…
Solvency II changes ignore industry concerns, E&Y says
The European Parliament’s Economic and Monetary Affairs Committee’s agreed Solvency II amendments disregards industry proposals, according to Ernst & Young.
Analysts praise ECON vote on Solvency II
Industry experts have praised the European Parliament Economic and Monetary Affairs Committee decision to back a series of Solvency II amendments.
Analysts praise ECON vote on Solvency II
Industry experts have praised the European Parliament Economic and Monetary Affairs Committee decision to back a series of Solvency II amendments.
Insurers in Philippines fight proposed capital hike
Insurers in the Philippines have locked horns with the country's Department of Finance over proposals to increase the capital requirements for insurers to P1bn (€17m) by 2016.
Guernsey and Malta sign double tax agreement
Guernsey has signed a comprehensive Double Taxation Agreement with Malta, the third tax agreement for the captive favourite, after deals with the UK and Jersey.
CEO of UK regulator to step down in June
Hector Sants, chief executive of the UK Financial Services Authority, has announced his intention to leave the organisation at the end of June 2012.
European insurers win ground in Solvency II debate
European Union insurers could be spared the full impact of solvency rules owing to a last-minute agreement on Thursday between senior lawmakers.
Asian states lobby EU in hope of Iran oil sanctions U-turn
European Union foreign ministers are expected to consider how the bloc's Iranian oil embargo will affect insurers at a meeting in Brussels next week, under mounting pressure from Asian states to change their stance.
Insurers still wary despite Solvency II deal ahead of vote next week
The European Parliament's two biggest parties have tentatively agreed to include measures related to Solvency II legislation that could save the industry billions and avoid a long delay to the rules' implementation, according to reports.
Solvency II unlikely to spark wave of relocations, says Fitch
Solvency II is unlikely to lead to a wave of European insurers moving their headquarters out of Europe as a result of concerns about third-country equivalence, particularly for the US, ratings agency Fitch has claimed.
Insurance bosses invited to discuss common standard for telematics
Executives from some of the UK's biggest insurance firms will sit down next month to discuss the formulation of a common standard for issues surrounding telematics data ahead of an expected boom in demand.
EU may exempt liability insurers from Iran sanctions
The European Union is considering relaxing rules on indemnifying Iranian tankers, to allow insurers to provide cover for third-party and environmental liability.
Study in Jordan may liberalise compulsory TPL insurance
The Jordanian government is considering liberalising prices of compulsory third-party liability insurance services this year, according to media reports.
Saudi Arabia ripe for growth as health insurance dominates market
Health represented 53% of gross written premiums in 2010 and regulation has changed the Saudi Arabia insurance market dramatically with further development anticipated, according to a report.
Insurance Insight – top 10 stories
The 10 most read stories from www.insuranceinsight.eu over the past seven days.
US targets insurers of Iran deals
Companies that insure trade with Iran would be cut off from the US financial system under legislation aimed to further target Tehran's nuclear programme.
'Sticking plaster' Statement of Principles distorts flood insurance market
The Statement of Principles was never designed to be anything more than a "sticking plaster", according to James Dalton, head of property insurance at the Association of British Insurers.
Government warned it cannot 'duck' issue of poor being priced out of flood insurance
People on lower incomes could be priced out of flood insurance following the end of the Statement of Principles.
Renewing Statement of Principles will not solve flood cover issue, says Defra
The issue that confronts the insurance sector and government today is not the ending of the Statement of Principles, as renewing it would not solve the problem, but that underwriters are changing their approach to pricing flood risk.
Brokers appeal to Emirates regulator over payments decision
The brokering community is believed to have approached the Emirates Insurance Authority for a reappraisal of its recent decision on how premium payments are collected.
Insurance Insight – top 10 stories
The top 10 stories from www.insuranceinsight.eu over the past seven days.
Insurance Europe calls for parity between IORPs and insurers
Insurance Europe, the European insurance and reinsurance federation, has spoken out in support of the European Commission's aim to promote a more harmonious approach to the challenges faced by pension systems in EU member states.
We need Solvency II now, demands Eiopa director
Policymakers should not let politics impede the implementation of Solvency II regulations, the head of Eiopa has urged.