European Commission (EC)
Post magazine - 19 July 2012
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Editor's comment: Not so jolly holidays for insurers
So school is out for summer and, as children and MPs bask in the knowledge that there is no homework until September, insurers have been left hanging until term starts up again.
Industry left dangling on key issues as parliaments take summer recess
The insurance industry has been left in limbo after the UK and European parliaments failed to address a list of key issues as they broke for summer recess.
Insurers in 'limbo' after Solvency II meeting ends in stalemate
The Association of British Insurers has warned of further Solvency II delays after decision makers in Brussels failed to agree on the final draft of the directive.
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.
Brokers insist on level playing field over EC Insurance Mediation Directive
Insurers have been dragged into the mandatory commission disclosure debate by disgruntled brokers demanding a "level playing field", following the latest publication of the revised Insurance Mediation Directive.
Insurers urged to use proposed Solvency II templates
The European Insurance and Occupational Pensions Authority has "strongly" advised insurers to start using the proposed reporting templates for Solvency II as a basis to start the implementation phase.
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.
Mandatory commission – an necessary evil?
Rumors of mandatory commission disclosure have plagued the market since the start of the year but as the European Commission confirms brokers fears Francesca Nyman assesses the impact on European brokers.
Commission disclosure overhaul could hit Germany hardest
Commission disclosure requirements in the revised Insurance Mediation Directive would have a particular impact on the German market according to law firm Norton Rose.
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.
IMD II to spark regulation for adjusters, claims managers and aggregators
Legal experts believe the European Commission’s latest Insurance Mediation Directive – IMD II – will lead to tighter regulation for loss adjusters, claims management companies and aggregators.
Biba slams European timetable for commission disclosure
The British Insurance Brokers’ Association has accused the European Commission of ignoring the views of major financial and insurance bodies in its decision to impose a timetable to mandate disclosure of insurance commissions.
IMD draft confirms mandatory disclosure for GI brokers by 2017
A draft of the revised Insurance Mediation Directive released by the European Commission has confirmed broker’s fears regarding commission disclosure.
Information essential to spur cyber market growth
Better research data and an incentive system could galvanise Europe's cyber insurance market, a report from the European Network and Information Security Agency claims.
European Commissioner calls for 'proportionate approach' ahead of IMD II
European Commissioner Michel Barnier has told the European Federation of Insurance and Financial Intermediaries he wants a "proportionate approach" ahead of the publication of the revised Insurance Mediation Directive.
Barnier assures brokers IMD regulation will be 'proportionate'
European Commissioner Michel Barnier has said the revision of the Insurance Mediation Directive is "an important step in restoring consumer confidence in the financial sector".
Your say: Another layer of bureaucracy?
Much opinion has been expressed on the subject of the regulation of loss adjusters, unfortunately often by people with vested interests, says Chris Hall.
EC could force mandatory commission disclosure, warns Biba
The British Insurance Brokers' Association has said that the revision of the Insurance Mediation Directive could result in mandatory disclosure of commission for the insurance industry by 2019 along with an increase in the regulatory cost burden.
Proposals for standardised contract law spark debate among UK insurers
Industry leaders have vowed to keep a close eye on EU proposals to harmonise insurance contract law across the continent, amid concerns that brokers could face policy wording headaches.
All eyes on Polish regulator after EC clears Warta aquisition
The European Commission has cleared under EU merger regulations the acquisition of Polish insurance company Warta by Germany's Talanx International and Japan's Meiji Yasuda Life Insurance.
Wunelli boss cancels telematics discussion amid insurer support
Wunelli chairman Sandy Dunn has announced his decision to abandon an industry seminar exploring the merits of a common standard for telematics data, following "almost unanimous support" from insurers.
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.
Solvency II measures 'far from perfect'
Following the European Parliament Economics and Monetary Affairs Committee vote today, Otto Thoresen, director general at the Association of British Insurers, has urged finance ministers, the European Parliament and the European Commission to work…