June 2011

Talk Around the Bazaar

In India, the Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development Authority (IRDA) are set to lose their financial autonomy. Should this occur, there is a chance of improved communication and collaboration between the two regulators. For more detail see http://www.dnaindia.com/money/report_sebi-irda-set-to-surrender-fiscal-autonomy_1544078 a part of India Insure’s iNotes

One of the sticky issues in any contractual relationship which has gone wrong is: whose fault is it? Depending on the legal system, geographical location, the skill and expertise of your lawyers, you may get clarity before the costs go through the roof. A discussion has been going on in the U.A.E. and Hadef & Partners has an interesting perspective on Force Majeure at http://www.hadefpartners.com/News/pageid/120-137/default.aspx?Mediaid=166

Indonesia has signed a Tax Information Exchange Agreement (TIEA) with Guernsey – its first. Such bilateral agreements are aimed at preventing money-laundering and terrorist-financing. Guernsey has now signed 23 TIES and has another fifteen on the drawing board. This is well documented by Guernsey Finance on http://www.guernseyfinance.com/news_room/indonesia%E2%80%99s-first-tiea-with-guernsey

Inex24 – the countdown continues! The 1st July is just around the corner and you can get the latest news by subscribing to their newsletter at http://www.inex24.de/index_en.html

Our friends at TMF advise that Hungary has revised its Insurance Tax arrangements. For more detail, please go to http://www.tmf-vat.com/insurance-premium-tax/hunagry-insurance-premium-tax-ipt.html

Did you know that by the end of 2010, there were 2,550 specialised insurance intermediaries in China? That is 42% up on the previous year. In the past, an insurance career used to be a well-kept secret but young entrepreneurs have caught the bug. For facts and figures, MyChinaViews can help at http://mychinaviews.com/2011/05/chinas-insurance-premiums-hit-461-72-bln-yuan-in-q1-circ/

Not to be outdone by Vancouver where RIMS has just been held, Toronto is to host the 47th Annual Seminar of the International Insurance Society. For information on speakers and more, go to http://www.iisonline.org/toronto/

The Nepalese government has mooted the idea of providing health insurance coverage to civil servants. The excellent República reports the full story at http://www.myrepublica.com/portal/index.php?action=news_details&news_id=31124

 For those of us who knew that the Amsterdam Insurance Bourse (or Exchange as some called it) was older than Lloyd’s, the news that both the Amsterdam and Rotterdam Bourses are to become history as digitisation signifies their demise, it will be a sad day. As Post Europe eloquently points out  face to face in business is vital – but not for commodity insurance trading.(http://www.postonline.co.uk/post/opinion/2070728/post-europe-dutch-trading-history-paves-digital-revolution?wt.mc_ev=click&wt.mc_id=E363|E21009&wt.seg_1=email||newsletters||POST%20-%20Insurance||Europe%20Weekly||13%20May||Post%20Europe%3A%20Dutch%20trading%20history%20paves%20the%20way%20for%20digital%20revolution)

Following the disastrous earthquake in Christchurch, the government has laid out a plan to invest $5 billion for basic infrastructure repair. Stuff.co.nz has the full story and some personal stories:   http://www.stuff.co.nz/business/rebuilding-christchurch/5023257/5-5b-for-Christchurch-rebuild Estimated losses are in the region of $16 billion and the insurance market is expected to pay a large share of this. As a result, insurance premiums will rise, but not just locally as the Wanganui Chronicle in the North Island reports in http://www.wanganuichronicle.co.nz/local/news/quake-shock-as-cover-up-50pc/3952058/ The main appeal fund has now exceeded$130 million, as reported in http://www.stuff.co.nz/national/christchurch-earthquake/5017501/Christchurch-appeal-funds-exceed-130m

According to Marketing Leadership (www.marketingleadership.co.uk), Cranfield University’s School of Management links sales behaviour to sales success, as you can see at http://www.som.cranfield.ac.uk/som/p16091/Think-Cranfield/2011/January-2011/Sales-Behaviour-links-to-Sales-Success What do you think?

For a long time, Lloyd’s has forbidden corporate links between brokers and managing agents who run the syndicates writing business in its market place. However, with stricter regulation and increased financial transparency, it is no longer taboo. Marking this development, Business Insurance discusses the arrival of some high profile personalities onto the London scene with http://www.businessinsurance.com/apps/pbcs.dll/article?AID=/20110518/NEWS/110519927

Indonesia’s largest lender by assets, Bank Mandiri, is to branch into insurance. Jakarta Globe reports that the bank is to acquire a majority interest in Asuransi Dharma Bangsa. As shareholders, they will team up with Axa who is strengthening its presence in the country. For more, please go to http://www.thejakartaglobe.com/bisindonesia/mandiri-shareholders-sign-off-on-acquiring-insurer/442763

Did you know? Here are some interesting facts which could come in handy to know…

  • Boxing rings are called rings because they used to be round
  • Playing cards in India are round