Credit rating agencies have warned the European Commission that they could stop rating risky countries if the EU executive goes ahead with plans to make them legally liable for errors of judgment, industry sources said. Tensions have been rising between …
The European Union is pressing China to relax restrictions on foreign ownership of its banks in order to gain wider access to the Chinese financial markets, the region’s Internal Markets Commissioner said on Tuesday. Michel Barnier, in Beijing for a …
European insurers face no major threat from the turmoil ensuing from last week’s earthquake and tsunami in Japan, the European Union’s insurance watchdog said on Thursday. “From a European viewpoint, the impact is not severe, it is under control and …
Standard & Poor’s Ratings Services has issued a bulletin analyzing last week’s European Court Of Justice ruling that prohibits gender-based discrimination in the calculation of insurance premiums and benefits. S&P said it is “likely to have a neutral effect on …
The Federation of European Risk Management Associations (FERMA) has issued a response concerning the revised European Insurance Mediation Directive (IMD), which states that it “should incorporate binding standards of transparency for brokers in their relationship with insurance buyers no matter …
As business becomes more globalized, the financial services industry, including insurance, has recognized the need to keep up with the changing times. Both U.S and European Union regulators have therefore embarked on several initiatives requiring mutual discussion and cooperation, as …
“The decision by the European Court of Justice (ECJ) to ban the use of gender in insurance policies from December 2012 is disappointing news,” states a bulletin from the Association of British Insurers (ABI). The UK’s insurance industry “has fought …
Insurance companies cannot take gender into account when setting premiums and paying out benefits from annuities and retirement savings or accident cover, the European Union’s top court ruled on Tuesday. The ruling by the European Court of Justice could increase …
Somali pirates are increasingly using hijacked merchant vessels with hostage crews as giant motherships to attack deeper into the Indian Ocean, the European Union anti-piracy task force says. Forcing the original crew to operate the ship at gunpoint, pirates can …
