European Union Archives - Page 4 of 20 - Insurance & Reinsurance

Second Annual C5 Cyber Risk & Data Protection Insurance Conference held in London on 9 October and 10 October

Oct 10, 2012 | Industry Developments, Privacy/Data Security/Cyber Risk | European Union, United Kingdom, United States

The second annual C5 conference was co-chaired by Ben Beeson of Lockton and Laurie Kamaiko of Edwards Wildman. The initial focus addressed the controversial questions of whether the cyber insurance market was failing to offer a meaningful solution to current day cyber risk, the struggle to remain relevant in the current business market, and whether the UK market would evolve the same as the US market, in light of the impending focus on data breaches with the upcoming European Commission’s Draft Regulation on Data Protection that is likely to impose notice requirements.

UK Government Publishes Response to Test-Achats Ruling on Gender Neutrality in Insurance

Jul 27, 2012 | Industry Developments | European Union

The UK Government has published its formal response to the ruling by the European Court of Justice (ECJ) that insurance benefits and premiums should be gender neutral after 21 December 2012.

EU: Ban on Insurance of Tankers Carrying Iranian Oil

Jun 19, 2012 | European Union

On 1 July 2012, a European Union (EU) ban on payment by EU-based insurers of any claims related to the shipment of oil or oil products across Iran’s borders comes into force. The ban will prevent buyers of Iranian oil from purchasing protection and indemnity (P&I) insurance in the London market.

EU: Solvency II: FSA Gives Initial Feedback to Firms About Their Pre-Application Submissions for Internal Model Approval

Apr 25, 2012 | Solvency II | European Union

On 19 April 2012, Julian Adams, Director of Insurance Supervision in the Prudential Business Unit of the Financial Services Authority (FSA), gave a speech at the City & Financial Conference entitled “The new approach to insurance regulation and the implementation of Solvency II”.

EU: Proposed Solvency II Rules will Severely Hamper Investment into Europe’s Securitisation Sector, According to Survey

Apr 18, 2012 | Regulatory, Solvency II | European Union

A survey conducted by the Association for Financial Markets in Europe (AFME), and published on 11 April 2012, suggests that the proposed Solvency II rules will dramatically reduce the willingness of insurers to invest in securitisation assets. AFME suggests that this in turn will have a negative impact on economic recovery.

EU: Competition Commission Progresses Review of Business Insurance Sector

Mar 27, 2012 | Regulatory | European Union

The European Commission’s Directorate-General Competition (DGC) has issued further questionnaires to a number of co-insurance firms with European subsidiaries. The study, conducted by Ernst and Young, is set to further investigate competitiveness amongst European participants to the subscription market, with a particular focus on whether the automatic upward alignment in premiums is still prevalent in the subscription market.

EU: Regulatory: European Commission Publishes Green Paper on Shadow Banking

Mar 21, 2012 | Regulatory | European Union

On 19 March 2012, the European Commission (the Commission) published a Green Paper on shadow banking activities (see the full Green Paper here).

EU: German High Court Allows Direct Insured to Pursue Claim for Damages Against Equitable Life Despite UK Scheme of Arrangement

Feb 22, 2012 | European Union

On 15 February 2012, the German High Court, the Bundesgerichtshof (BGH), the final appeal court in Germany, allowed a German direct insured to pursue his claim against Equitable Life (effectively for misselling a German law insurance policy) despite a Scheme of Arrangement being effective pursuant to Part 26 of the UK Companies Act 2006.

EU: Solvency II Faces Possible Further Delay

Jan 30, 2012 | Solvency II | European Union

On 12 January 2012, a vote by the Economic and Monetary Affairs Committee of the European Parliament on the Omnibus II Directive was delayed until 21 March 2012. When adopted, Omnibus II will make significant changes to the Solvency II Directive. The vote had previously been rescheduled from 20 December 2011 to 24 January 2012.

UK: Consultation on Use of Gender as a Risk Factor

Dec 9, 2011 | European Union

In March 2011, the European Court of Justice ruled that, with effect from 21 December 2012, the use of gender as a risk factor by insurers should not result in individual differences in premiums and benefits for men and women (see our previous blog post here). The Government has expressed its disappointment with the judgment, believing that financial services providers should be allowed to make sensible decisions based on sound analysis of relevant risk factors, but is nevertheless required to implement the ECJ’s judgment.

Jurisdiction: European Union

Second Annual C5 Cyber Risk & Data Protection Insurance Conference held in London on 9 October and 10 October

UK Government Publishes Response to Test-Achats Ruling on Gender Neutrality in Insurance

EU: Ban on Insurance of Tankers Carrying Iranian Oil

EU: Solvency II: FSA Gives Initial Feedback to Firms About Their Pre-Application Submissions for Internal Model Approval

EU: Proposed Solvency II Rules will Severely Hamper Investment into Europe’s Securitisation Sector, According to Survey

EU: Competition Commission Progresses Review of Business Insurance Sector

EU: Regulatory: European Commission Publishes Green Paper on Shadow Banking

EU: German High Court Allows Direct Insured to Pursue Claim for Damages Against Equitable Life Despite UK Scheme of Arrangement

EU: Solvency II Faces Possible Further Delay

UK: Consultation on Use of Gender as a Risk Factor

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