Legal/ Regulatory

Bank of England to test climate-related risks

Underlining the growing importance of climate change for the (re)insurance market, the Bank of England (BofE) is to test the resilience of the UK’s largest insurers and banks to risks associated with different possible climate scenarios, as well as the financial system’s broader exposure to climate-related risk.

US House passes Tria and NFIP extensions

The US Senate is being urged to take action after the House of Representatives passed a broad government spending package that includes a seven-year extension of the federal terrorism insurance backstop and a nine-month extension of the National Flood Insurance Program (NFIP).

Tria extension included in government spending bill

A seven year reauthorisation of the Terrorism Risk Insurance Act (Tria) has been included in US Congress’s latest government spending package, a move applauded by the American Property Casualty Insurance Association.

Integrand dispute with reinsurers moved to arbitration

Puerto Rico insurer Integrand has failed in its efforts to avoid arbitration of its dispute with reinsurers including Everest Re, Odyssey Re and Swiss Re over $56mn of claims from 2017’s hurricanes Irma and Maria.

Insurers on hook for reported $25mn Weinstein settlement

Harvey Weinstein and the board of his former film studio have reportedly reached a tentative $25mn settlement to be paid by insurers that would end nearly every lawsuit against the disgraced producer and his former company.

NAIC grants Bermuda, Japan and Switzerland reciprocal jurisdiction status

The National Association of Insurance Commissioners (NAIC) has granted Bermuda, Japan and Switzerland reciprocal jurisdiction status – a new designation that was introduced this year.

NAIC elects South Carolina’s Farmer as 2020 president

The National Association of Insurance Commissioners (NAIC) has elected its officers for the upcoming year with South Carolina’s Ray Farmer and Florida’s David Altmaier being named president and president-elect, respectively.

California imposes one year non-renewal moratorium for wildfire risks

California’s carriers have no choice but to renew wildfire-exposed homeowners’ coverage after the Golden State’s insurance commissioner issued a one-year moratorium preventing them from declining to reinstate protection.

Swiss Re bullish on US casualty market hardening; reassures on reserves adequacy

After bolstering its US casualty reserves by $224mn at H1 2019, Swiss Re has reassured investors about the robustness of its long-tail reserves after a recent earnings quarter dominated by warnings over the industry’s exposure to rising tort inflation.

RSA hull head Forsyth fined £154K for secret payments to wife and avoiding tax

London-listed carrier RSA’s marine hull business leader Stuart Forsyth has been fined £154,498 ($200,315) by UK regulators the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) for allegedly transferring “excessive” amounts of his salary to his wife in a previous role in an effort to avoid tax.

House sends bill including 1-month NFIP extension to Senate

The US House of Representatives has passed a continuing resolution that would fund the government through 20 December, with the stopgap measure now heading to the Senate.

Tripra extension bill passed in US House, clears Senate committee

The US House of Representatives has passed a bill that would extend the federal terrorism risk insurance programme for seven years, with a companion bill in the Senate subsequently clearing a key committee.

Holderness re-emerges as Paraline senior adviser

Paraline Group – the holding company owned by activist investor group Elliot Management and Wand Partners – has appointed Andrew Holderness as a senior advisor, after he stepped down as global head of law firm Clyde Co’s corporate insurance group last month.

Resolution in Guy Carp-Lockton dispute looks close after talks extended

An update in Guy Carpenter’s dispute with three executives that left to launch the Lockton Global Re platform suggests meaningful progress has been made towards resolution.

FCA executive lambasts own staff for misconduct: report

Chief operating officer of the UK’s Financial Conduct Authority, Georgina Philippou, has written a scathing letter to employees after incidents of poor behaviour, from verbally abusing caterers to stealing company property.

BoE encourages legal advice as ACPR pushes back on EIOPA Brexit recommendation

The Bank of England has advised the UK insurance sector to “seek legal advice” ahead of the UK’s exit from the EU after the French regulator rejected the European regulator’s recommendation on insuring UK policyholders living in France.

NFIP rating revamp pushed back a year

Fema has announced that its Risk Rating 2.0 initiative will now be implemented in October 2021, a year later than it originally announced, against a backdrop of political criticism of the new rating system.

Applied rails at California regulator after court order to conserve CIC

A court has appointed a conservator and blocked the attempted merger of Applied Underwriters subsidiary California Insurance Company (CIC) with a New Mexico-based insurer, in the latest twist in the buyout of the workers compensation insurer from Berkshire Hathaway.

PRA warns London market (re)insurers on reserving levels

The UK’s Prudential Regulation Authority (PRA) warned today (5 November) that reserving deficiencies may be emerging in a number of longer-tail classes and warned that it will crack down on (re)insurers that are overlying optimistic in their reserving assumptions.

BoE warns insurers to improve corporate culture

The Bank of England (BoE) has warned insurance CEOs to improve the workplace culture within their firms in the wake of revelations about sexual harassment and bullying within the insurance market.

Region

Topics

Events & Conferences

Content Types