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.
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.
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, ...
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.
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.
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.
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 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.
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.
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.
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 Insurance has agreed a $25mn settlement with the state of Oklahoma over its handling of earthquake claims.
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).
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.
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 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 ...
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.
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.
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.