The insurance industry is adapting to the demands of the new Solvency II regulatory regime, but the unprecedented vote for Brexit could put a spanner in the works for UK insurers. By Farah Khalique.
Insurance
Insurers urgently need to beef up their cyber resilience
The insurance industry is under constant attack from cyber criminals as it often holds very valuable data about individuals. The industry needs to quickly undertake measures ranging from more robust IT systems through to better procedures
IAIS ponders global insurance cyber security standards
The International Association of Insurance Supervisors confirms work on global cyber security standards for the industry
FINMA consults on tighter insurance rules
The Swiss Financial Market Supervisory Authority has launched a consultation on four circulars ranging from business plan practices through to the composition of boards for insurance companies
Regulator says tough conditions should put insurance bosses on alert
The persistence of soft premiums in parts of the insurance market, should put insurance bosses on alert over capital levels and risk management, according to a Bank of England official.
SIFI regime hangs in the balance after MetLife victory
MetLife court ruling over SIFI status throws down the gauntlet to US policy makers to preserve a key part of US regulatory reforms.
EIOPA publishes macro-prudential approach to low interest rates
European insurance regulators have been given a number of suggestions to safeguard the robustness of insurance businesses in the face of persistently low interest rates in a paper by the European Insurance and Occupational Pensions Authority.
Insurers remain unconvinced by attempts to identify systemic risk
The industry believes the International Association of Insurance Supervisors has not focused enough on the impact of an insurer’s default.
US lawmakers seek oversight of international insurance talks
A key US Congress committee wants full public consultation before Federal regulators agree to any new international insurance regulatory standards.
Insurers ask for continuity on resolution planning
Responses to the Financial Stability Board concept show the industry wants rules that are consistent with diverse existing practices in each jurisdiction.
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