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Insurance

Consultation

consultBusinessIFC provides an up-to-the-minute guide to all current insurance industry consultations on technical and regulatory issues.

The section also features report back where it is supplied by the various regulatory agencies. We present a short summary of the objective of the consultation exercise, its key constituent parts and the closing date. 

Contained within the summary is the key contact at the issuing authority.

LATEST CONSULTATIONS 

Fraudulent drivers push up Car Insurance  

July 19, 2010 - Car insurance is rising at its fastest rate, due in no small part, claims the Guardian, to an increasing number of fraudulent claims.

BMA provides regulatory and legislative update for the insurance sector

March 27, 2009 – The Bermuda Monetary Authority (BMA) has issued its latest report on key regulatory and legislative developments in the insurance sector. In this bulletin, the BMA has focused on reclassification of Class 3 insurers, group-wide supervision of insurance companies, economic capital modelling and amendments to insurance accounts.

IAIS revises group-wide solvency assessment and supervision 

March 6, 2009 - The International Association of Insurance Supervisors (IAIS) has released an issues paper on group-wide solvency assessment and supervision. IAIS said that the financial crisis has served to emphasise the importance of supervisors taking both a solo and group-wide approach to supervision.  The paper elaborates on challenges from a group-wide perspective, including:

  • intra-group transactions and gearing of capital
  • fungibility of capital and transferability of assets
  • complexity of group structures, including non regulated entities 
  • diversity of legal and regulatory frameworks and regulatory arbitrage
  • measurement of risk dependencies and aggregation of risks
 IAISThis paper will have an influence on future IAIS work on the development of a comprehensive suite of supervisory papers on group-wide solvency assessment and supervision. Peter Braumüller, chairman of the IAIS Executive Committee, said: “as the IAIS develops further papers on group-wide supervision, we will continue to remain vigilant and consider the lessons learnt from the financial crisis”.

 

 

 

The paper can be found on the IAIS website.  

 

Malta Financial Services Authority amends Insurance Business Act

MFSAMarch 2, 2009 – The Malta Financial Services Authority (MFSA) is planning to revise the Insurance Business Act and the Insurance Intermediaries Act to take account of the provisions of the EU acquisitions directive. 

The main aim of the directive is to improve the process of supervisory approvals for acquisitions of licensed entities, including authorised companies by increasing legal certainty, clarity and transparency. 

 

Copies of the consultation document and the draft amendments are on the MFSA web site in consultation papers under the section called announcements.