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Today, Thursday, August 28, Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department will host a webinar entitled “Insurance Implications of Climate Change”. This 60 minute webinar will comprise a discussion of the global legal framework which recognizes the reality of climate change. 

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Read More TODAY’S WEBINAR: Insurance Implications of Climate Change

The two consultation papers published by the European Commission (Commission) on 31 July 2008 result from the perception that CRAs contributed to current market turmoil by underestimating the credit risk of structured instruments in which sub prime mortgages were embedded. Many investors relied too heavily on the generally favourable ratings given by CRAs to these products instead of assessing the risk characteristics themselves and assessing performance of the underlying assets. …
Read More EU: European Commission Publishes Two Consultation Papers on Regulation of Credit Rating Agencies (CRAs)

On Thursday, August 28, Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department will host a webinar entitled “Insurance Implications of Climate Change”. This 60 minute webinar will comprise a discussion of the global legal framework which recognizes the reality of climate change. …
Read More August 28 EAPD Webinar: Insurance Implications of Climate Change

Last week we reported that Portugal has issued a consultation paper on the implementation of the EU Reinsurance Directive (see the post here). The transposition deadline was 10 December 2007.  Portugal is one of four member states to receive a letter of formal notice from the Commission in relation to its failure to implement the Directive, the others being the Czech Republic, the Netherlands and Poland. …
Read More EU: Commission Takes Action Against 4 Member States for Failure to Implement the Reinsurance Directive

In the June edition of Insurance and Reinsurance Review, we reported on the current status of implementation of the Reinsurance Directive across the European Union (the article can be found here. At the time, we reported that Portugal had not yet commenced its public consultation. That consultation has now been commenced, and is open until 8 July 2008. 

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Read More EU: Portugal Consults on the Implementation of the Reinsurance Directive

On 10 June 2008, the CEA issued a press release stating that it believed that failure to adopt a risk-based approach to the calculation of the MCR would perpetuate the disadvantages of the current regulatory system, Solvency I. Michaela Koller, director general of the CEA, said that, “Approaches to calculating the MCR that are not consistent with the overall system could jeopardise the effectiveness of the whole Solvency II regime” and called for the MCR to be linked to the solvency capital (SCR) requirement so that both reflect the true risk profile of the insurer. The CEA suggested that the MCR should be calculated as a percentage of the SCR. 

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Read More EU: Solvency II – Comité Européen des Assurances (CEA) Calls for Risk-Sensitive Approach to the Calculation of the Minimum Capital Requirement (MCR)

Today is the one-year anniversary of the launch of InsureReinsure.com and we mark the occasion by adding an additional feature for our readers. Beginning today, on the left-hand side of your screen, you will see a new link allowing you to “subscribe” to InsureReinsure.com to receive emails each workday morning with links to the prior day’s posts. 

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Read More InsureReinsure.com Turns One, Launches Subscription Feature

On 28 May the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) published two Papers of final advice to the European Commission for the Solvency II project, entitled “Advice to the European Commission on aspects of the Framework Directive Proposal related to Insurance Groups” and “Advice to the European Commission on the Principle of Proportionality in the Solvency II Framework Directive Proposal”. 

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Read More EU: CEIOPS Publishes Final Advice to the European Commission for the Framework Directive Proposal Related to Proportionality and Insurance Groups Supervision