- World Economic Forum(WEF) Global Risks Report 2019 highlights worsening international relations hindering action across a growing array of serious challenges
- Comments on Brexit vote impasse
- Allianz Risk Barometer highlights cyber and concerns around Brexit as as top risks in UK
- Willis Re's Summary of Natural Catastrophe Events 2018 report estimates insured losses from major natural catastrophes at around $71.5bn
- BIBA highlights opportunities for business in 2019 Manifesto
- UK Comprehensive car insurance prices fell by 6% in 2018 says Confused.com/ Willis Towers Watson analysis
- Insurance Europe concerned that the European Commission’s proposal for an ePrivacy Regulation could hamper insurers’ ability to offer innovative insurance policies to consumers expired
- ArgoGlobal collaborating with broker Axieme and digital platform Jobby in Italy to respond to a need for on-demand, pay-as-you-go insurance for temporary and short-term workers expired
- LV= General Insurance successfully deploys Guidewire Core and Data solutions in the largest transformation the business has ever undertaken expired
- Marsh announces that it had placed more than 10,000 risks in 2018 through Placing Platform Limited(PPL)-over 15,000 in total expired
- ZhongAn and Grab to establish joint venture company to enter the digital insurance distribution business in Southeast Asia expired
- Greenlight Capital Re becomes largest shareholder in Chicogo-based MGU AccuRisk expired
7th November 2018
Insurance Europe welcomes IAIS changes to its proposals for a ComFrame for the supervision of Internationally Active Insurance Groups(IAIGs)
Europe’s insurers have welcomed changes made by the International Association of Insurance Supervisors(IAIS) to its proposals for a Common Framework(ComFrame) for the supervision of Internationally Active Insurance Groups (IAIGs).
In particular, the IAIS’ efforts to clarify how requirements apply across an IAIG are welcome. However, additional guidance is needed on what approach should be taken if the group-wide and legal entity supervisors have different expectations.
In its response to an IAIS consultation on ComFrame, Insurance Europe said it generally supports the ComFrame material and the IAIS’ proposed guidance, however a number of concerns were raised with respect to overlapping issues and lack of consistency between specific insurance core principles(ICPs), overly detailed and prescriptive governance requirements and requests for further clarification.
Insurance Europe reiterated the need for proportionality to be an overarching principle in ICPs and ComFrame, adding that proportionality needs to be introduced to several provisions throughout the ICPs.
Insurance Europe Trends(159 articles)
IAIS Trends(136 articles)