EU capital rules for insurers need some tweaks but are not a deterrent to investment in infrastructure as some insurers’ claim, the Bank of England said on Wednesday. Officials from Aviva and Legal & General, two of Britain’s biggest insurers …
A major $200 billion loss from a combination of a cyber attack, U.S. hurricane and the failure of a reinsurer could strip insurers of up to 120 percent of their net capital base, tests of insurers in London showed. However, …
Sam Woods, a former U.K. Treasury official, was appointed as deputy governor for regulation at the Bank of England, replacing Andrew Bailey. Woods — who will continue as the central bank’s executive director of insurance until the end of June …
Britain’s biggest insurers will be exempt from having their most important indicator of financial health externally audited under proposals issued by the Bank of England on Friday. New European Union rules will require British-based insurance firms from January to meet …
UK regulators have asked property and casualty insurers to stress test their capital reserves against catastrophes, including a synchronized terrorist attack in London, New York and one other major city. The Prudential Regulation Authority (PRA) published the exercises last week …
It’s been a long process, but, according to Paul Fisher, deputy head of the Bank of England’s Prudential Regulation Authority (PRA), who supervises insurance and regulatory risk, the introduction of the EU’s Solvency II regulations is nearing completion. In his …
More than one in 10 people picked for the top jobs in British finance pull out during a regulatory vetting process which has got tougher since the financial crisis. People put forward for chief executive, chairman and for a handful …
Aon UK Limited, the UK arm of Aon plc, which in addition to traditional insurance activities, also provides risk management, human resource consulting and outsourcing expertise, welcomed over 60 senior risk executives from leading banks and other financial institutions to …
The UK’s newly established Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), which replaced the FSA on April first, have lost no time in ordering their priorities for 2013/14. The FCA announced that its overall Annual Funding Requirement …
In a move that is certainly not an April Fool’s Day joke, the Financial Services Authority (FSA), which has been responsible for regulating the UK’s financial services industry since 1997, including insurance regulation, has ceased to exist. It has been …
