An event in parliament has heard that new EU-wide insurance rules have finally been agreed and the test now is to ensure they are implemented on time. Martin Banks reports.
The roundtable, co-organised by the Parliament Magazine, focused on a law known as Solvency II and Omnibus II, a recast of several EU directives.
A packed audience of industry experts, MEPs, commission representatives and stakeholders was told the recent agreement on Solvency II had finally brought to an end the “uncertainty” which has been hanging over the sector for many years.
Continue Reading “EU’s Solvency II Legislation ‘finally on track’” at The Parliament News
By Paul Taylor
PARIS, Nov 26 (Reuters) – With the ink barely dry on new capital rules for banks, insurers and pension funds, some European policymakers are already pressing for changes to avoid strangling investment in credit-starved small business as an unintended consequence.
At the heart of the issue is the treatment of asset-backed securities (ABS), through which banks can bundle up loans made to companies, sell the resulting package and free themselves up to do even more lending.
Forcing financial companies to set aside more capital when they buy ABS seemed like common sense after the 2008 financial crisis, yet it could hinder economic revival in euro zone states worst hit by the bloc’s debt crisis, economists and market players say.
Continue Reading “ Ink barely dry, EU Aides Fret New Rules Crimp Investment” at Reuters News
Aon Global Risk Consulting, the risk management consulting arm of Aon plc (NYSE: AON), and Optial (UK) Limited have collaborated to create the first truly integrated Governance, Risk, and Compliance (GRC) system for the commercial insurance and reinsurance sector.
The GRC platform facilitates the connection of board level vision and strategy with real day-to-day operational controls and processes, thereby defining and realising a clear operating model that remains proportionate to each undertaking’s specific requirements.
Conitnue Reading “Optial (UK) Limited Demonstrate their Newly Created GRC Platform for Solvency II Governance” at Bobs Guide News
The International Association of Insurance Supervisors recently announced that it would draft capital standards for insurers doing business on a global basis. The draft supposedly will be finished in 2016 and ready for implementation three years later — although those who have followed the saga of Solvency II or the long-delayed report on insurance regulatory modernization report from the Federal Insurance Office can be forgiven for doubting that any such deadline will be met.
The response from much of the U.S. insurance industry was predictable: They didn’t like the proposal, just as some elements of the industry haven’t thought much of any other recent proposals that would centralize insurance regulation to one degree or another.
Continue Reading “COMMENTARY: Insurers Have the Right to Fight Bank-Centric Rules” at Business Insurance News
(Reuters) – European insurers breathed a sigh of relief on Thursday that a deal on new capital requirements was less burdensome than initially feared, ending an uncertainty which has been hanging over the sector for many years. Lawmakers from the European Parliament and representatives of European Union states agreed the new Solvency II rules late on Wednesday to end a 13-year legislative marathon.
The reform will be phased in from January 2016 but top insurers like Prudential (PRU.L), Aviva (AV.L), Allianz (ALVG.DE), Axa (AXAF.PA) and Generali (GASI.MI) have already spent millions of euros in preparation.
Continue Reading “ EU Insurers Express Relief Over Deal On New Capital Rules” at Reuters News
Europe may be nearing an agreement on rules that aim to make insurance companies safer after 13 years of wrangling between politicians, companies and regulators.
Insurers and European Union officials are working out a compromise on the capital they need to ensure they can make good on long-term products such as annuities, according to Ralph Koijen, professor of Finance at the London Business School, citing recent draft accords he has studied.
Insurers from countries including Germany, the U.K. and France have criticized the so-called Solvency II proposal, saying the rules could make savings products excessively costly as more capital would be required to cover risks for longer-term investments.
Continue Reading “Europe Appears Close to Agreement on Solvency II Insurance Rules” at Insurance Journal News
MILAN, Nov 7 (Reuters) – Italian insurer Generali said on Thursday a series of asset sales had bolstered its capital position, putting it on track to beat last year’s results and hit its business targets.
The earnings update provided evidence that Chief Executive Mario Greco’s plan for giving the firm a more solid and more profitable business footing is bearing fruit.
Under Greco, Europe’s biggest life insurer by premiums is taking steps to sell non-core assets and focus on higher-margin life products.
Continue Reading “ UPDATE 2-Generali Asset Sales Point to Leaner, Meaner Future” at Reuters News