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The EU has clarified that (re)insurance provided by EU-based carriers for non-Russian airlines flying to and from the country is not prohibited under its sanctions. -
The Treasury acknowledged that maintaining an unlimited guarantee remains essential to Pool Re’s operation.
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Scor’s Malcolm Newman, Axa XL’s Sean McGovern and Aon’s Richard Dudley gave evidence to the Lords committee on regulation.
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President Putin has signed off on a new law that has banned Russian carriers from ceding risks to reinsurers in "unfriendly states".
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The new sanctions, which came into force at 17:00 UK time yesterday, give insurers until 28 March to cancel all existing direct or indirect contracts with Russia.
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The Prudential Regulation Authority’s CEO appeared at the House of Lords inquiry into London market regulation this morning.
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Whether the sanctions are effective immediately remains unclear.
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Government departments have published guidance on trading activities with Russia, including insurance of certain entities, that will now be prohibited.
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Hiscox’s non-executive chairman Robert Childs has told a House of Lords London market inquiry how a new competitiveness objective could be measured.
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Amid pressure to adopt a remit to promote growth, the UK’s financial regulators may be forced out of their comfort zone.
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The ruling deemed that the restaurant group was entitled to separate payouts for multiple premises.
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The regulators set out their views to MPs on a proposed statutory objective to focus on the UK financial services sector’s competitiveness.
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