Regulation
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An investigation by Germany’s financial watchdog BaFin is looking across multiple departments of Allianz’s business, according to Reuters.
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The regulator said many firms will not be ready to meet the 1 October deadline for new product governance rules.
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The questionnaire follows a market impact study, as the PRA said there are areas where it needs further insights to inform Solvency II reforms.
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The PRA has proposed that where non-life legacy transfer deals involve a carrier in run-off, the acquirer may have to go through a Section 166 review under certain circumstances.
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Insurers said it’s too early to talk loss quantum, but believe they are well poised to deal with any future losses.
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The regulator has set out timelines and the high-level scope for its 2022 stress-testing exercise with insurers.
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The regulator’s proposals also suggest there should be at least one senior board member from a non-white ethnic minority background at every listed firm.
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The regulator has responded to industry feedback with final changes to rules for SPAC listings, creating an easier path for firms taking this route.
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The Week in 90 Seconds: Aon and DoJ return to the table; German flooding latest; Aki Hussain profilePlus the latest on UK BI legal wrangling and all the top news from this week.
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Huge disputes over aggregation of claims and ongoing coverage disputes point to uncertain overall exposures.
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The executive spoke exclusively to Insurance Insider about his role leading the London Market Group’s five-point plan to lobby for UK regulatory reforms.
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Craig Swan will become CEO of the monetary authority, after working as deputy CEO for 21 months.
