capital requirements News

UK Should Avoid Hasty Financial Services Reforms Following Brexit: Lawmakers

Britain should avoid hasty reforms to make its financial sector more globally competitive after the industry’s separation from the European Union by Brexit, a parliamentary report said on Thursday. The finance ministry has proposed scores of changes to rules governing …

UK Lawmakers Warn About Watering Down Post-Brexit Financial Regulation

Brexit is no reason to radically alter British financial regulation and regulators should not be forced to water down rules to boost London’s competitiveness, or stray from global standards, a UK parliamentary committee report said on Thursday. Britain’s departure from …

Britain Aims to Bolster Competitiveness in Financial Services With Nimbler Regulation

Britain said on Tuesday it will require its regulators to help the City of London remain a globally competitive financial center after being largely cut off from the European Union due to Brexit. The government outlined planned legislation marking the …

EU Plans to Ease Capital Rules for Insurers to Provide €120 Billion Economic Boost

The European Union proposed changing the bloc’s capital rules for insurers on Wednesday to release 120 billion euros ($141 billion) for repairing an economy hit by COVID and to meet climate goals without eroding policyholder protection. Britain, which is home …

DARAG to Provide Retrospective Quota Share Reinsurance for Protector Forsikring

DARAG Group Ltd., the Malta-based legacy acquirer, announced it has signed a retrospective quota share reinsurance agreement with Protector Forsikring ASA, a multinational general insurance company listed on the Oslo Stock Exchange. DARAG’s German risk carrier, DARAG Deutschland AG (DAG), …

Plans to Reform UK Insurance Capital Rules Not Part of ‘Deregulatory Agenda’: Minister

Britain’s plans to change capital requirement rules for insurers following its departure from the European Union are about tailoring them to local conditions rather than any “gratuitous deregulatory agenda,” its financial services minister said. Britain inherited the Solvency II insurance …

UK Insurers Not Likely to See Cuts in Capital Requirements After Brexit: Bank of England

The Bank of England told insurers on Wednesday not to expect any big reduction in capital requirements after Brexit, adding that more capital could be “part of the answer” to meeting a 1.7 billion pound bill for COVID-19 claims. Britain …

Solvency II Capital Rules for Insurers Need Changing: EU Watchdog

The European Union’s capital rules for insurers need changing to reflect low interest rates and provide stronger intervention powers like banning dividends to preserve solvency during market shocks, the bloc’s insurance watchdog said on Thursday. The EU is reviewing its …

EU Still Seeking Clarity Over Britain’s Financial Services, Insurance Rules

The European Commission is still waiting for Britain to say if it will diverge from European Union rules before Brussels can decide on UK financial market access, a spokesman for the EU executive body said on Tuesday. Daniel Ferrie, the …

Bermuda Gains Reciprocal Status With U.S. Starting in 2020

Bermuda’s insurance market gains reciprocal status with the U.S. as of Jan. 1, 2020, something that industry and business groups there are celebrating as they countdown to the new year. Reciprocal status will make Bermuda on par with the U.S., …