May 2013

Talk Around the Bazaar

A new regulatory regime has been established in the United Kingdom. Following the passage of the Financial Services Act 2012, the ground was set for the creation of three new regulatory bodies: the Financial Conduct Authority, the Prudential Regulation Authority and the Financial Policy Committee. The Chartered Insurance Institute has written a clearly worded article explaining these new bodies at http://www.cii.co.uk/knowledge/policy-and-public-affairs/articles/the-uk%27s-new-financial-services-regulatory-landscape/25460

Mexico has introduced a new regulatory and legal framework for insurers and surety firms, a move which could boost the insurance sector’s transparency and enhance supervision. The law, likely to be fully implemented in early 2014, is in line with Solvency II rules and includes revised capital requirement standards. BN America has the full story at http://www.bnamericas.com/news/insurance/mexicos-pena-nieto-signs-insurance-bill-into-law?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+BusinessNewsAmericas-TopStoriesEN+%28Business+News+Americas+-+Top+Stories+EN%29#close

The Croatian government is gearing up to privatise the country’s biggest insurance company and seventh biggest bank. The centre-left government plans to sell the majority shares of the Hrvatska poštanska banka Croatia and biggest insurance company, Croatia Osiguranje. SeeNews has the detail at http://wire.seenews.com/news/croatian-fin-min-says-plans-to-call-co-hpb-sell-off-tenders-in-may-media-345784

A London underwriting agency has opened up a capability to help place risks which regional brokers struggle with. Intelligent Insurer reports on a team who can place UK, European and other international risks in the London market at http://www.intelligentinsurer.com/news/apc-targets-the-london-market?utm_source=Insurance&utm_campaign=92dac5bb21-Intelligent_Insurer_Weekly_15_04_2013&utm_medium=email

The latest data from the 7th World Islamic Insurance Directory reveals that the number of takaful operators worldwide rose from 196 in 2012 to 200 in 2013. Readers can get further information at http://www.businessinsurance.com/article/20130417/NEWS09/130419853

Guernsey has signed a Double Taxation Arrangement (DTA) with Hong Kong. Signing this agreement recognises the importance attached to Guernsey’s business relationship with the Far East. For more detail, please go to http://www.guernseyfinance.com/press-room/news/2013/04/guernsey-signs-dta-with-hong-kong/

The Los Angeles regional earthquake warning system has received a $5 million federal grant. Such a system will help prepare the region for a major quake. Advisen has an interesting article at http://propfpn.advisen.com/fpnHomepagep.shtml?resource_id=1979573071659867813&userEmail=george.worsley@worldwiderisksolutions.com#top

RIMS has announced the launch of two new chapters as it reach extends further outside the United States. Australasia and Peru become numbers 81 and 82 as Strategic Risk reports at http://www.strategic-risk.eu/story.aspx?source=NewsAnalNewsAlert&storycode=1402179

For the first time ever, Chinese companies have topped the Forbes Global 2000 listing of public companies. This is a sign of the times and we shall see more of this in the coming years. To see who these firms are, please go to http://www.forbes.com/sites/scottdecarlo/2013/04/17/the-worlds-biggest-companies-2/

Following in the footsteps of its European counterpart Solvency II, the South African Solvency Assessment and Management (SAM) regime for insurers has been delayed. Captive International reports on this unsurprising development at http://www.captiveinternational.com/news/south-african-solvency-regulation-delayed

Famous quotations. Here are some words of wisdom which have survived the passage of time…

  • When they asked Michelangelo how he made his statue David, he is reported to have said: “It is easy; you just chip away at the stone which doesn’t look like David”
  • “When you say that you agree to a thing in principle, you mean that you have not the slightest intention of carrying it out” – Otto von Bismarck

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