January 2015

Talk Around the Bazaar

China is to open three more free trade zones. As we know, developments like this do not happen overnight but they are very welcome. South China Morning Post has some good articles about this at http://www.scmp.com/topics/shanghai-free-trade-zone

“A number of foreign re/insurers have suffered losses in the Middle East and North Africa (MENA) in recent months and re reviewing their approach to a market that has become soft and more competitive. However, low penetration levels and an ever more strategic approach to risk among many of the region’s large corporates mean that demand for re/insurance is growing.” These are the opening lines of an authoritative report by the excellent Intelligent Insurer. To access this please click on http://content.yudu.com/web/1aa0x/0A39kxg/IIMENA14/flash/resources/index.htm?referrerUrl=http%3A%2F%2Fcontent.yudu.com%2Fweb%2F1aa0x%2F0A39kxg%2FIIMENA14%2Findex.html

Bermuda has taken a step closer to equivalence with the European Union’s upcoming Solvency II risk-based capital regulatory regime, with the European Insurance and Occupational Pension Authority endorsing key aspects of the country’s insurance and reinsurance regulations, The Royal Gazette reports on this at http://www.royalgazette.com/article/20141219/BUSINESS/141219633

Fenchurch Faris (http://www.fenfar.gr/) has opened its representative office in the Dubai International Financial Centre (DIFC). Asia Insurance Review discusses this popular development at http://www.asiainsurancereview.com/News/View-NewsLetter-Article/id/31777/Type/MiddleEast

Along with TMF (http://www.tmf-group.com/), Impendulo (http://www.impendulo.com/) and Fiscal Reps (http://www.fiscalreps.com/), Alavara has automated solutions for tax compliance questions. See their website at http://www.avalara.com/products/

Sudan is almost ready to introduce a new insurance law. A welcome development which is discussed by Middle East Insurance Review at http://www.meinsurancereview.com/News/View-NewsLetter-Article/id/31790/type/MiddleEast/Sudan-New-insurance-law-on-the-way

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

  • “Whistle while you work” – Song title in Snow White and the Seven Dwarfs, Walt Disney
  • “On ne naît pas femme, on le devient… One is not born a woman, one becomes one” – Simone de Beauvoir