Legal/ Regulatory

AIG expands access to reproductive care, regardless of where staffers reside

AIG’s Peter Zaffino has become the latest industry CEO to respond to the Supreme Court ruling overturning Roe v Wade, telling colleagues in an all-staff memo Tuesday that the company is expanding its healthcare benefits to support reproductive choices for colleagues regardless of their state of residence.

Insurers sound alarm on “discriminatory” market access barriers in Argentina

European insurers have warned that “discriminatory” market access barriers are causing “dangerous concentrations” of risk to build up in Argentina.

Downing Street impatient over pace of insurance capital reforms: reports

Prime Minister Boris Johnson and Downing Street officials are reportedly growing increasingly impatient with the UK’s financial regulators over the pace of post-Brexit capital reforms for the insurance sector.

Sunak pledges to help UK insurers on capital reforms at high-level Downing St summit

The UK will deliver its much-anticipated reforms to the EU’s capital rules “at pace”, Chancellor of the Exchequer Rishi Sunak promised an elite gathering of insurance executives yesterday.

WTW, NFP, Amwins and Chubb among companies to respond to SCOTUS ruling

Leaders at companies from across the industry have sent memoranda to staff in response to Friday’s Supreme Court ruling eliminating the constitutional right to an abortion, with executives almost universally calling for colleagues to treat one another with respect amid heated debate and with many firms extending healthcare benefits to cover out-of-state medical costs.

Moody’s: Insurers to remain well-capitalised under UK’s SII reforms

UK insurers’ solvency will remain “robust” under the UK government’s proposed post-Brexit overhaul to the EU’s Solvency II capital rules, according to Moody’s.

MMC reassures staff on out-of-state healthcare travel costs after SCOTUS ruling

Marsh McLennan CEO Dan Glaser has told colleagues in the wake of Friday’s Supreme Court ruling overturning Roe v Wade that the firm will extend employee health benefits to include travel costs for out-of-state health care, including reproductive procedures.

EU insurers call for rules on third party litigation funding

European insurers have called on the EU to develop appropriate rules and regulation for third party litigation funding (TPLF).

FCA fines JLT Specialty £7.8mn for 2013-17 Colombian inducements

UK regulator the Financial Conduct Authority (FCA) has fined JLT Specialty more than £7.8mn ($9.6mn) over financial crime control failings related to business placed through its Colombian operations.

Howden-backed MGA Spring Insure receives approval for Dublin-based European unit

Financial and professional lines MGA Spring Insure has received regulatory approval from the Central Bank of Ireland for its new Dublin unit to begin operations.

R Street proposes five NFIP solutions at Senate hearing

Public policy research organisation R Street suggested five solutions to help fix the National Flood Insurance Program (NFIP) during a recent Senate banking committee hearing, including developing a private market by pricing policies at an actuarially sound rate.

MPs call for UK regulators to have economic growth objective

An influential cross-party committee of MPs has called for the UK’s financial services watchdogs to be given a new secondary objective of promoting economic growth and said regulators should start to favour policies that could boost the country’s economic growth rate.

WTW: IFRS 17 Implementation now set to cost insurers $18bn-$24bn

Implementing IFRS 17 is now set to cost the global insurance sector between $18bn and $24bn, WTW has warned, an increase of 20 percent on the broker’s previous estimate issued in June 2021.

FCA says poor broker governance is leading to customer harm

The Financial Conduct Authority (FCA) has said it continues to see evidence of “ineffective governance” within UK insurance intermediaries, with the watchdog warning that poor oversight is leading to “significant risk” of potential harm for policyholders.

PRA claims UK Solvency II overhaul will boost insurer competitiveness

The Bank of England’s Prudential Regulation Authority (PRA) has said capital adequacy rules under the Solvency II regime could be better tailored to make the UK (re)insurance sector more competitive.

European insurers call for global consistency on capital rules

European insurers have called on international regulators to ensure consistency around capital standards for the biggest players in the global (re)insurance market.

FCA expresses “disappointment” in lack of industry progress on oversight and culture

The UK’s Financial Conduct Authority (FCA) has expressed “disappointment” in what it described as the failure of London market brokers, MGAs and Lloyd’s members’ agents to embrace its key messages on product oversight and firm culture.

Oregon judge denies TRO in AP-CAC Specialty senior living execs dispute

Senior living broking executives fired by AssuredPartners (AP) and who have recently agreed to join upstart retailer CAC Specialty have defeated a request by their former employer seeking a temporary restraining order that would block them from starting their new roles.

HM Treasury to target insurer’s critical outsourcers with legislation

The government is mulling plans to hand Britain’s financial watchdog new powers to directly regulate so-called critical third parties (CTPs), in a move expected to impact the technology and service providers relied upon by the UK’s (re)insurance sector.