FIO to expedite probe into climate change impact on insurance availabilityThe US Department of Treasury has warned that climate change is set to add pressure to the availability and affordability of insurance as it tasked the Federal Insurance Office (FIO) to move fast in analyzing the potential impact, particularly in areas of the country most vulnerable.
Fitch warns Bermuda’s benefits to reduce on global tax changeBermuda’s advantageous tax status for the (re)insurance industry will be reduced at the margin with the expected passage of an Organisation for Economic Cooperation and Development (OECD) multilateral agreement to establish a 15 percent global minimum tax rate, Fitch Ratings has commented.
FCA: UK insurers settle two-thirds of BI test case claims as payouts near £1.1bnUK insurers have paid out £1.095bn ($1.5bn) in interim and final payments following the resolution of the Financial Conduct Authority’s test case on Covid-19 business interruption claims.
FCA chair Randell to step down in spring 2022The chairman of the UK’s Financial Conduct Authority, Charles Randell, has resigned a year earlier than expected, amid ongoing uncertainty at the City watchdog over its transformation programme.
IAG sued by Australian regulator over failing to apply discountsIAG has apologised for an “unacceptable” failure following the Australian Securities and Investments Commission (ASIC) commencing civil penalty proceedings against the insurer for stating that customers were eligible for certain discounts on renewal of their home and motor insurance policies and then failing to apply those discounts.
IGI restates 2020 results on SEC’s SPAC accounting changeInternational General Insurance Holdings has said it will decrease its net income for 2020 by $4.4mn in response to the Securities and Exchange Commission’s recent rule change regarding warrants issued by special purpose acquisition companies.
UK motor insurance pool in threat to sue government over controversial EU lawThe UK Motor Insurers’ Bureau – the body responsible for compensating victims of uninsured drivers – is threatening to sue the British government over its alleged failure to scrap controversial EU legislation that requires insurers to foot the bill for vehicle accidents on private land.
Ex-GA insurance commissioner Beck sentenced to seven years in prisonJim Beck, a former insurance commissioner for Georgia, was sentenced to federal prison on Tuesday and ordered to pay $2.6mn in restitution over a years-long fraud scheme.
Cali commissioner Lara orders FAIR Plan to increase commercial coverage limitsCalifornia Insurance Commissioner Ricardo Lara has ordered the state’s FAIR Plan to raise the limits offered under its commercial property program from $4.5mn to $8.4mn, while business owner’s policy limits must be doubled to $7.2mn.
Insurers win invalidation of Washington state’s emergency credit score ruleA superior court judge in Washington state has granted insurers’ summary judgment motion to invalidate insurance commissioner Mike Kreidler’s emergency rule banning the use of credit-based insurance scores.
Insurers urge chancellor to freeze “regressive” premium taxBritish insurers have urged Chancellor Rishi Sunak against hiking a “regressive stealth tax” applied to premiums and paid for by policyholders as the UK government looks for ways to bolster its finances and support economic recovery following the Covid-19 pandemic.
Willkie Farr & Gallagher adds Paran and GershowitzLaw firm Willkie Farr & Gallagher has expanded its global insurance practice with the addition of Prakash Paran and Gabriel Gershowitz.
European insurers urge PRA to consider impact of SII reformsEurope’s insurers have called on the UK’s Prudential Regulation Authority to consider how potential reforms to capital rules may impact carriers on the continent operating in the country under temporary permissions in the wake of Brexit.
Gallagher remains confident on Willis Re deal with CMA inquiry a “standard part of process”Willis Re’s future ownership has been clouded with uncertainty since Aon and Willis Towers Watson agreed to combine in March last year.
CMA launches inquiry into Gallagher’s proposed acquisition of Willis ReThe UK’s Competition and Markets Authority (CMA) has launched an inquiry into Arthur J Gallagher’s proposed acquisition of Willis Re.
NFIP extended after Congress passes stopgap funding billThe National Flood Insurance Program (NFIP) has avoided being allowed to lapse after Congress passed a stopgap bill that means the federal government will continue to be funded until 3 December.
US agencies end Markel CatCo loss reserve probeMarkel has revealed that the US Department of Justice (DoJ) and Securities and Exchange Commission (SEC) will not take any action after finishing their inquiries into loss reserves at Markel CatCo Re Ltd, with the insurer also stating that there are no pending requests from the Bermuda regulator.
EU unveils Solvency II overhaul but industry wants more…Brussels last week unveiled a package of reforms to the Solvency II directive, including a short-term capital boost of up to €90bn ($105bn) for European insurers which it hopes will be used to increase investment in the region’s economy.
LDI extends insurance non-cancellation provision as Louisiana responds to IdaThe Louisiana Department of Insurance (LDI) has extended Emergency Rule 47 (ER 47) with insurers now unable to cancel or refuse to renew coverage to qualified policyholders in the state until 24 October 2021.
Allianz exploring life asset transfer amid Structured Alpha probe: reportsEurope’s largest insurer Allianz is reportedly in advanced talks to transfer a block of Swiss life insurance assets to Resolution Life, a move that could free up regulatory capital as the firm prepares for the financial hit from US probes into its asset management arm.