The British Insurance Brokers’ Association (BIBA) released the key findings of its Future of Regulation research on Monday March 21 at a Parliamentary Reception in the House of Commons, to an audience of MPs, civil servants, Lords and the industry. …
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 …
U.S. officials believe China’s insurance regulator passed on proprietary information about AIG to its Chinese rivals during the American firm’s collapse in 2008, according to unpublished diplomatic cables. The U.S. government bailout of American International Group Inc. in 2008 sent …
A bill that would make the Pennsylvania insurance commissioner an elected position has been introduced in the state’s House of Representatives. Legislation sponsored by Rep Neal Goodman, a Democrat from Mahanoy City, would change the insurance commissioner’s job from an …
Taiwan’s financial regulator said it will make a decision on American International Group Inc’s sale of local unit Nan Shan Life Insurance Co in the first half of this year. The Financial Supervisory Commission (FSC) had asked Ruen Chen Investment, …
The Obama administration was expected soon to name an Illinois state insurance regulator to head the new Federal Insurance Office, said sources familiar with the matter Thursday. Michael McRaith, seen as the front-runner for the job, is now head of …
Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corporation, is calling for a “simplified Internal Model Approval Process (IMAP) for natural catastrophe risk that would encourage insurers to better quantify these exposures under Solvency II.” Aon noted …
The UK’s Conservative government recently announced the long awaited regulatory reform proposals for financial services, covering both banks and insurers. They are far reaching, and will require changes in the way the UK’s insurance industry is regulated. As a result …
The Commerce and Employment Department of the States of Guernsey (the Guernsey Government) and the financial regulator, the Guernsey Financial Services Commission (GFSC) have released a joint statement, which affirms that “there are no plans for the Island to seek …
U.S. regulators proposed using six different factors Tuesday to help them gauge when a non-bank financial firm poses risks to the system and merits additional oversight. The Financial Stability Oversight Council agreed in a unanimous vote to open a 30-day …
