The Insurer TV: NAIC involvement crucial to help standardise US IBT structure
Industry leaders in the legacy market have called on the National Association of Insurance Commissioners (NAIC) to create nationwide legislation to help insurance business transfers (IBTs) become more widely accepted in the US market following initial success.
Property insurance and no-fault auto reform bills head to Florida House floor
A property insurance reform bill in Florida’s House of Representatives has cleared its final committee following amendments relating to roofing replacement costs and attorneys’ fees, joining legislation that would reform the state’s no-fault auto insurance system in heading to the House floor.
Pivotal week as suitors of WTW assets make case to regulators
With Arthur J Gallagher the frontrunner to acquire Willis Towers Watson (WTW) assets being divested ahead of its combination with Aon, the next few days will be pivotal for rival suitors including Howden and McGill and Partners as they make their case to regulators on both sides of the Atlantic, ...
Australian regulator delays Aon-WTW merger decision
The Australian Competition & Consumer Commission (ACCC) has again delayed the announcement of its findings of its review of Aon’s merger with Willis Towers Watson (WTW), with the regulator commenting it is awaiting further information from the parties.
FLOIR sets Citizens rates below requested level
The Florida Office of Insurance Regulation (FLOIR) has established 2021 insurance rates for Citizens Property Insurance Corporation below the levels requested by the state-backed insurer, including a 3.2 percent homeowners multi-peril increase that is almost half the 6.2 percent requested.
FCA planning regulatory “nursery” for fintechs
The UK’s City regulator is developing plans for a “regulatory nursery” to support firms post-authorisation, and will also launch a digital sandbox targeted at fintech and insurtech firms developing solutions to improve financial market infrastructure.
FCA names Sadan as first ESG director in sustainability push
The UK’s Financial Conduct Authority has appointed Sacha Sadan as director of environment, social and governance as the regulator continues to step up scrutiny of ESG disclosures for financial services firms.
Elementum promotes Pirilla Walter and hires GC from RenRe
Elementum Advisors has promoted Lynette Pirilla Walter to chief legal officer while the ILS fund manager has also brought in John Drnek from RenaissanceRe as general counsel in Bermuda.
Report: Aon and WTW provide remedy proposal in talks with EC over merger
Aon has offered up a remedy proposal to the European Commission (EC) as the broking giant seeks to get its mammoth acquisition of Willis Towers Watson (WTW) over various antitrust hurdles and across the finish line, according to reports.
Florida Senate passes property insurance reform bill
A bill that takes aim at excessive attorney fee awards in property insurance cases has cleared Florida’s Senate, while similar legislation in the state House cleared a second subcommittee.
APCIA sues over Washington regulator’s credit score ban
The American Property Casualty Insurance Association (APCIA) has taken legal action in response to emergency regulations filed by Washington insurance commissioner Mike Kreidler that ban the use of credit-based insurance scores in the rating and underwriting of insurance.
Farmers agrees $25mn settlement over Oklahoma earthquake claims
Farmers Insurance has agreed a $25mn settlement with the state of Oklahoma over its handling of earthquake claims.
New Jersey passes legislation requiring BI disclosure
New Jersey has passed legislation that would require insurers offering commercial property coverage to provide insureds with a summary of common clauses concerning coverage for loss of use and business interruption (BI).
NFIP to roll out delayed Risk Rating 2.0 methodology in October
Fema has announced it is updating the National Flood Insurance Program (NFIP)’s pricing methodology, with the previously delayed Risk Rating 2.0 system starting to be rolled out in October this year.
Moody’s fined €3.7mn for Berkshire Hathaway-related ratings
The EU’s securities markets regulator has fined five entities in the Moody’s group a combined €3.7mn ($4.3mn) over ratings tied to Warren Buffett’s Berkshire Hathaway, which is the largest shareholder in the ratings agency.
Scor says Covéa’s complaint against Kessler is “groundless and deceitful”
Scor has been left “stunned” by a Covéa complaint against chairman and CEO Denis Kessler that alleges market manipulation and misuse of corporate assets, with the reinsurer questioning why the French mutual has made the move “more than two years after it became aware of the facts it pretends to ...
NY regulator takes action on diversity in insurance
The New York State Department of Financial Services (DFS) has revealed a number of actions to promote diversity, equity and inclusion in the insurance industry.
Property insurance reform bill clears Florida Senate committee
A bill that takes aim at excessive attorney fee awards in Florida property insurance cases has passed the state’s Senate Judiciary Committee, the second committee to clear the legislation.
Regulatory pressure on climate risk is a positive for (re)insurance sector: Moody’s
Mounting pressure from regulators on global (re)insurers to integrate climate change into their risk management and underwriting processes heightens the threat of non-compliance but remains a long-term positive for the industry, according to Moody’s.
Government issues whiplash claim rules ahead 31 May deadline
The UK government has revealed a package of legal rules that will enable whiplash reforms to come into force on 31 May.