regulation News

BNSF in Washington to Examine Covering Coal Trains Under Agreement

BNSF Railway will study the use of physical covers for coal and petroleum coke trains as part of a tentative agreement reached this week with environmental groups that sued alleging that coal spilled from trains pollutes waterways in Washington state. …

California Commissioner Orders State Farm to Reduce Homeowner Rates

California Insurance Commissioner Dave Jones on Tuesday issued a decision requiring State Farm Insurance Co. to reduce its dwelling insurance rates by an average of 7.0 percent, resulting is $78.6 million in annual savings for California policyholders. State Farm requested …

UK’s Regulator Reviews Mission as It Redefines Itself Under New CEO

The U.K. Financial Conduct Authority opened a review of its regulatory “mission” as the agency looks to redefine itself under a new chief executive officer following a turbulent year. The regulator said Wednesday that it’s looking to create a “guiding …

Industry Needs to Address Gaps in Workers’ Compensation, AMCOMP Panelists Say

At the American Society of Workers’ Compensation Professionals (AMCOMP) Fall Meeting held recently in New York, Mark Walls, vice president of communications and strategic analysis at Safety National, and Kimberly George, senior vice president at Sedgwick, discussed a lack of …

Insurance Industry Collaboration Key to Facing Disruption, III CEO Says

In an increasingly connected and globalized world, the insurance industry needs to work together to understand and accommodate the many disruptions it faces today and in the future, according to Sean Kevelighan, CEO of the Insurance Information Institute (III), during his …

China Seeks Help from UK on Its Plans to Create Financial Super-Regulator

China has asked Britain for advice on plans to create a financial super-regulator, as it looks to improve financial oversight following last year’s stock market crash, sources with knowledge of the talks told Reuters. The discussions between representatives from China …

UK Firms ‘Can’t Afford to Ignore’ Cyber Risks, One of Top Business Threats: PwC

UK companies and institutions remain vulnerable to cyber attacks despite the fact that many CEOs now rank cyber as one of the top threats to their businesses, warns PwC’s Cyber Security practice. Almost three-quarters (74%) of chief executive officers in …

EU’s Shadow Banking Rules Arrive, Intending to Prevent Credit Crunch Rerun

A European Union regulation intended to prevent a rerun of the global credit crunch by shining a light on financing arrangements such as repurchase agreements, securities lending and margin loans comes into force on Tuesday. The EU’s Securities Financing Transactions Regulation …

Head of UK Financial Watchdog Resigns; Government Refuses to Extend Contract

The head of Britain’s financial watchdog is stepping down early in a move some industry watchers said was a sign the government wants to take a less confrontational stance towards banks. Sources familiar with the matter said Martin Wheatley, viewed …

UK Insurers to Stress Test Capital Reserves Against Synchronized Terrorist Attack

UK regulators have asked property and casualty insurers to stress test their capital reserves against catastrophes, including a synchronized terrorist attack in London, New York and one other major city. The Prudential Regulation Authority (PRA) published the exercises last week …