European Union

• SAP Offering Helps Insurers With Approaching Solvency Requirements

  By Staff Writer  |  December 3, 2012

  SAP's rapid-deployment solution is designed to help insurers located or doing business in the EU to meet the Solvency II Directive's reporting requirements.

• Staying Compliant Amid Escalating Cyber Threats

  By David M. Governo, Corey M. Dennis  |  November 30, 2012

  Despite the increased focus on data security, many insurers experienced data breaches in the past 12 months. Balancing compliance obligations and cyber attack vulnerabilities.

• AIA Hires, Promotes Staff to Meet Regulatory Challenges Abroad

  By Staff Writer  |  November 27, 2012

  The American Insurance Association says it has hired two new staff members to augment its financial regulatory and international team.

• EU Watchdog: If It Walks and Talks Like a Bank, It Should Be Regulated as One

  By Reuters  |  November 21, 2012

  Insurers that venture into bank-like business activities in search of higher returns must realize they will be regulated like banks, the head of the European Union's insurance watchdog said on Wednesday.

• Europe's Insurers May Get Single Supervisor

  By Jonathan Gould, Reuters  |  November 20, 2012

  Europe's insurers may get a single supervisor, mirroring a plan to centralize banking regulation under the European Central Bank, the head of the EU's insurance rule-making body said on Tuesday.

• Iran Oil Liability Fears Grow as Insurance Ban Bites

  By Jonathan Saul, Reuters, Myles Neligan, Reuters  |  November 14, 2012

  A ban on European Union insurers covering Iranian oil exports has forced shipowners to fall back on new, untested insurance providers, raising fears that governments may have to pay in the event of an oil spill.

• Accident-Avoidance Tech Drives Claims Trends

  By Greg Horn  |  October 26, 2012

  A combination of telematics, EDRs and black box technologies will continue to impact both claims frequency and severity in different ways.

• EU Weighs 2-Year Delay for Insurer Capital Rules

  By Myles Neligan, Reuters, Jonathan Gould, Reuters  |  October 25, 2012

  European Union officials have entertained the idea of a two-year delay in the implementation of strict new capital rules for the bloc's insurers, an internal document shows.

• Many European Insurers Moving Slowly on Solvency II Readiness

  By Anya Khalamayzer, PropertyCasualty360.com  |  October 23, 2012

  Almost half of European insurers will not be ready for Solvency II by January 2014, reports Ernst & Young, but given an extra year, 90 percent say they will be ready by Jan. 1, 2015, the date proposed by the European Union.

• 

  ORSA Feedback Pilot Project Lands with Little Turbulence

  By Denise Tessier  |  October 15, 2012

  Insurers voice opinions on the Model Act so regulators can review reporting requirements prior to the implementation deadline. What are they saying?

• 

  Accident-Avoidance Tech Continues To Impact Auto Claims

  By Greg Horn  |  October 8, 2012

  A combination of telematics, EDRs and black box technologies will continue to impact both claims frequency and severity in different ways. Mitchell's Greg Horn explains.

• EU Eyes Rules for Dealing with Failing Insurers

  By Claire Davenport, Reuters  |  October 8, 2012

  The European Commission may draw up rules for rescuing and closing down failing clearing houses and insurers, as regulators across the world seek to prevent collapsed businesses from wreaking havoc in financial markets.

• EU Watchdog Bemoans Stagnant Talks on Insurer Rules

  By Jonathan Gould, Reuters  |  October 5, 2012

  The European Union's powerful insurance watchdog EIOPA on Friday blasted stagnant political talks to finalise new risk capital rules for the insurance sector, saying delay was undermining EU credibility internationally.

• 

  McRaith to Lead Influential IAIS Committee as Regulatory Discussions Heat Up

  By Elizabeth Festa, PropertyCasualty360.com  |  October 5, 2012

  Michael McRaith, director of the Federal Insurance Office in the Treasury Department, has been named to head the Technical Committee of the International Association of Insurance Supervisors, the group’s influential policy-developing body.

• Smaller Insurers May Need to Rethink Strategies Under Evolving EU, U.S. Regulatory Schemes

  By Phil Gusman, PropertyCasualty360.com  |  September 24, 2012

  Regulatory developments in the European Union and United States present opportunities for large insurers that can use their resources to reduce their capital requirements, while smaller insurers may have to consider strategies such as specializing in particular lines of business to compete, a new report says.

• EU May Delay Tough New Capital Rules for Insurers

  By Angelika Stricker, Reuters  |  September 19, 2012

  The European Union may have to postpone strict new capital rules for insurers because of wrangling between member countries over the final shape of the new regulations, the official in charge of the project acknowledged on Wednesday.