European Union (EU)
IMD2 - a level playing field?
Legislative proposals released this month by the European Commission for the Insurance Mediation Directive have met with mixed reviews. Victor Fornasier asks whether they will finally create a level playing field.
Solvency II timetable faces more delays after failed talks
Solvency II regulations could face more delays after talks to finalise the legislation ended without conclusion, according to a UK insurers trade body.
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.
Insurers urged to adopt unisex rates ahead of directive deadline
Group risk insurer Ellipse has been swift to set out its response to the EU's gender directive, announcing it will switch to providing rate tables on a unisex basis only from September this year.
VAT & Outsourcing: VAT's the way to do it
The rules on VAT in the insurance industry can be complex when it comes to outsourcing, and the European Union isn't providing any quick and easy answers.
Insurance contract law: Overcoming the barriers
A single European contract law has been on the cards for the past decade, but would a similar rationalisation in the insurance industry suit the continent's firms?
Eiopa publishes consultation on Solvency II disclosure requirements
The European Insurance and Occupational Pensions Authority published its final report on reporting and disclosure requirements for insurance undertakings and insurance groups today.
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.
"High roller" attacks show banks underestimate cyber risks
Many online banking systems rely dangerously on PCs being secure according to the European Union’s cyber security agency.
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.
Solvency II implementation date confirmed
The 1 January 2014 implementation date for Solvency II was confirmed by the European Parliament today.
Flotation deemed 'only option' for Direct Line Group divestment
Analysts have rubbished recent claims that Direct Line Group could be bought by a private equity house, stating that the insurer has to go ahead with the planned initial public offering to obtain the best price and appease UK taxpayers and the European…
Loss adjusting: A standards issue
Direct regulation of loss adjusters has been on the agenda for more than a decade but, with Europe ready to step in, is the industry prepared to be governed by forces on the continent?
Iranian firms ready to fill oil cover void, says regulator
Iranian insurance companies are ready to offer cover to allow foreign tankers to continue shipping oil after a European Union ban comes into effect next month, the semi-official Fars news agency reported on Tuesday.
Oil markets blasé as sanctions force Iran's Asian buyers to cease imports
Iran's Asian oil buyers look set to halt imports when EU sanctions come in on 1 July, with potential repercussions for the global oil market.
Japan's lower house passes Iranian oil tanker bill
Japan took a major step towards circumventing the imminent EU sanctions against Iranian oil on Friday after its lower house passed a bill to provide government guarantees on insurance for Iranian crude cargoes, Reuters reported.
EU stands firm on Iran shipping sanctions
The European Union has no intention of delaying the implementation of sanctions against ships carrying Iranian oil, and Europe could cope with any extra loss of Iranian crude exports stemming from these measures, EU Energy Commissioner Gunther Oettinger…
Indian shippers to stop handling Iranian oil if government can't agree cover
Indian state-owned refiners look set to halt oil imports of 173 000 barrels a day from Iran, unless the government permits them to use insurance and freight arranged by Tehran.
Japan approves insurance for tankers carring Iranian oil
Japan's cabinet has approved a bill to provide sovereign insurance to tanker operators that import Iranian oil before European Union sanctions come into force.
Bluefin boss joins campaign against mandatory commission disclosure
Bluefin boss Stuart Reid has thrown his weight behind a campaign to stop mandatory broker commission disclosure being forced on the industry by Eurocrats, claiming that just 50 of its clients have asked for commission disclosure in the past year.
Japan and South Korea petition EU for Iran sanctions exemption
South Korea and Japan are asking the European Union to allow access to European insurance for Iranian oil shipments even after a 1 July embargo comes into effect, according to Al Arabiya news.
The GCC insurance market: Crème brûlée or Heath Bar?
The term crème brûlée was first used to refer to insurance in perhaps 2002 in an Insurance and Reinsurance Conference in Bermuda, and then used again during the following Monte Carlo Rendezvous and Baden Baden meetings of the same year.
Japan's government considers insurance for Iran crude tankers
Japan's government may insure tankers unable to get cover for shipments of Iranian oil due to European Union sanctions, according to the International Oil Daily.
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.