Omnibus II, a key enabler of the plans for European re/insurance regulation under Solvency II has passed a major hurdle today with a yes vote from the European Commissioner.
After two years of negotiations, The Lloyd’s Market Association (LMA) has said it has ended over two years of negotiations and finally reached an agreement over the insurance of troops and equipment by the United Nations.
The UK’s Secretary to the Treasury has said the new European super regulator must deliver a “consistent” regulatory regime across the single market post the adoption of Solvency II.
The decision to increase the liability limits under the Limitation of Liability for Maritime Claims Convention 1996 (LLMC) has been backed by the association which represents the world’s shipowners.
Swiss Re Corporate Solutions has announced that it has received a licence from the Dubai Financial Services Authority (DFSA) to operate in the Dubai International Financial Centre (DIFC).
The President and CEO of OIL Insurance said the mutual has changed fundamentally drawing on the lessons learned from the devastating hurricanes of 2005 and 2008.
Whatever the level of third party liability coverage that U.S. legislators decide on in the amendment of the Oil Pollution Act the insurance industry will be asked to pick up the tab.
While Western Europe’s air transport systems remained crippled this week there was further bad news for the industry with research showing aircraft values have plunged in the past year.
The Chairman of the London Market Group (LMG) has said the year ahead has to be “one of delivery” as the market seeks to fend of the challenge of rival risk centres.
Underwriters at the International Union of Marine Insurance (IUMI) annual conference in Zurich have been told they face a sanctions nightmare over Iran as the European member states look to implement the latest round of sanctions.
The Chief Risk Officer at Swiss Re, Raj Singh, has urged global governments to appoint dedicated risk officers to deliver a “more joined up” approach to the management of national risk.
European re/insurers are faced with a summer of regulatory discontent after the Committee of European Insurance Supervisors (CEIOPS) published 23 consultation papers addressing several areas of detail that were left open in the Framework Directive, which was approved in May of this year.
New York has a new head of its insurance department after Governor David. Paterson announced he had found the man to replace the outgoing Eric Dinallo.
At the Guy Carpenter Reinsurance Symposium on , 25 October 2009, Victor Peignet, CEO of SCOR Global P&C presented SCOR’s analysis of the reinsurance market and the outlook for the upcoming 2010 renewals.
International Underwriting Association, Chairman Stephen Riley has issued a rallying call to the London market warning progress already made on market reform will mean nothing if the process of continual development falters.
Swiss Re has furthered its move into the rapidly expanding Islamic insurance and reinsurance market after being granted a licence to underwrite Retakaful business.
Willis Group Chairman and CEO Joe Plumeri has hit out at any return to the use of contingent commissions for brokers telling a group of influential business leaders his firm will never take such commissions.
The National Association of Insurance Commissioners' (NAIC) has agreed the proposed bill which will look to modernise the way in which reinsurance is regulated in the world’s biggest risk market
A senior member of the Board of Management at Munich Re has warned insurers that the advent of Solvency II will demand a constant reevaluation of their capital strength.
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