Legal/ Regulatory

EU watchdog backs overhaul of insurer reporting standards

The EU’s securities regulator has backed plans for new accounting standards for insurance contracts and argued that the reforms will have a positive impact on investor protection and financial stability.

AIG to pay $12mn NY pension risk transfer penalty

AIG will pay a $12mn penalty to New York for state insurance law violations related to the pension risk transfer (PRT) business of subsidiary American General Life Insurance Company (AGL).

India to increase insurance foreign ownership cap to 74%

India’s finance minister has announced an increase in the foreign direct investment (FDI) limit in insurance to 74 percent from 49 percent.

NZ carrier FMG raises Aon-WTW competition concerns

New Zealand insurer FMG has raised concerns about the impact that the Aon combination with Willis Towers Watson would have on competition and delivering the best outcome for insureds in the domestic market.

Aon-WTW seek to allay “three-to-two” concerns of NZ regulator

Aon and Willis Towers Watson have rebuffed preliminary findings by New Zealand’s Commerce Commission (CCNZ) warning of further concentration in the commercial insurance and reinsurance broking markets and highlighted a lack of concern from clients about the merger.

Irish regulator fines overcharging broker on consumer protection failures

The Central Bank of Ireland has hit Keystone Insurance Ltd with a fine of €41,385 ($50,200) for breaching the country’s Consumer Protection Code and overcharging customers.

Auto insurtech Metromile approved for combination with INSU

Metromile has received the necessary regulatory approvals to complete its previously announced business combination with INSU Acquisition Corp II, a deal that will result in the auto insurtech becoming a publicly listed company.

Gibraltar-based Prometheus Insurance collapses

Prometheus Insurance Company Ltd (PICL) has entered administration as it can no longer meet its liabilities and pay claims.

Insurers call on EU to remove barriers in investment framework

Insurers have called on the European Commission (EC) to overhaul regulation on long-term investments to make them more attractive to institutional investors.

Allianz’s Bäte calls for capital overhaul to help industry fund climate transition

Allianz CEO Oliver Bäte has called on European regulators to overhaul their capital rules to free up insurers to invest more in climate-friendly infrastructure projects.

Allianz receives greenlight to launch insurance asset management firm in China

Allianz has secured regulatory approval to set up China’s first wholly foreign-owned insurance asset management company, as the German insurer continues to step up expansion in Asia.

Trade bodies push back against new WA retroactive BI bill

Industry trade bodies have hit back at Washington lawmakers over a newly introduced bill that would assist small businesses looking to recover Covid-19 related losses under business interruption (BI) coverages.

Insurers hit out on cost of new EU accounting standards

Insurers have warned that there remain “unresolved issues” in the EU’s planned overhaul of financial reporting standards which carriers fear could raise compliance costs for the sector.

FCA warns insurers over wider impact of test case judgment

The UK’s Financial Conduct Authority (FCA) has told insurers to consider the impact of last week’s Supreme Court judgment on business interruption insurance for claims unrelated to the coronavirus pandemic such as flooding and hurricanes.

Catalina UK continues board overhaul as names Mason chair and Shaw as non-exec

The UK arm of run-off specialist Catalina has appointed Tony Mason as chair and Penny Shaw as a non-executive director, marking the latest changes to the board since the firm was handed a Section 166 review by the Financial Conduct Authority in the summer of 2019.

FCA mulls price cap on CMC fees

The UK’s City watchdog has unveiled plans to crack down on claims management companies (CMCs) in a move which would cap fees and save consumers an estimated £9.6mn ($13.1mn) a year.

WTW agrees $90mn settlement of investor lawsuits over 2016 merger

Willis Towers Watson (WTW) and co-defendants have agreed a $90mn settlement in two long-running lawsuits brought by investors over the 2016 merger of Willis and Towers Watson.

Ex-ABI director Savill joins Sicsic Advisory

Former Association of British Insurers (ABI) director Hugh Savill has joined financial services risk and regulation consultancy Sicsic Advisory as a senior adviser.

FCA to use new powers to pull authorisations

The UK’s Financial Conduct Authority (FCA) has warned financial services providers that it will move quickly to start using its new powers to withdraw permissions if they cease to carry out regulated activities.