European insurance watchdog is now the one under investigation

EU insurance watchdog industry

The EIOPA is typically the one watching over the market but it is now facing scrutiny for two practices. The European insurance watchdog is normally the organization responsible for watching over the industry and making sure the practices are kept legal and appropriate. However, the European Insurance and Occupational Pensions Authority (EIOPA) is now under investigation to check into its own practices. The European Court of Auditors is conducting an audit looking primarily into two main areas. The insurance watchdog will be investigated in the following main areas: its supervision…

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Consumer data rules could affect the insurance industry in Europe

europe insurance news industry

EU introduces draft regulation that is meant to protect consumer information Protecting consumer data is becoming a more important issue for the insurance industry. In Europe, insurance companies may have to take the security of personal data more seriously, pending new rules being debated by the European Union. The European Union has released a draft regulation concerning the protection of consumer data. Protection standards for the draft regulation were initially introduced by the European Commission in 2012 in order to address issues concerning advancing technology and the globalization of the…

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Insurance industry gains more flexibility as EU relaxes Iran sanctions

Iran Oil Insurance industry News

EU lifts some sanctions against Iranian oil The European Union has lifted sanctions on several Iranian oil companies, allowing insurance providers to offer coverage for the oil that these companies produce once again. The insurance industry had experienced some turbulence due to the sanctions, as they prevented insurers from covering ships containing oil produced in Iran. These sanctions were meant to pressure Iran into aligning itself with certain political interests, but also introduced some economic stress to other countries that rely on Iranian oil, such as India and Japan. Insurance…

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Oil insurance to resume per new deal with Iran

oil Insurance News

Sanctions against Iran relaxed Oil shipments to countries throughout Asia have been suffering due to sanctions imposed against Iran by the European Union and the United States. These sanctions have barred European insurance companies from providing coverage to freighters that are shipping oil coming from Iran. The sanctions have had a significant economic impact on Iran, as the country’s oil sales have plummeted by more than half since 2011. Now, the EU has announced that it will be relaxing its sanctions on the country due to a new deal. Sanctions…

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Germany balks at EU regulations targeting the insurance industry

German insurance industry

Insurance industry shows unease over new risk management regulations The European Union is currently working to introduce new regulations to the insurance industry in an effort to moderate risk and exposure. These rules are meant to impose new risk management standards on large insurance companies in order to mitigate any problems that could be caused by future financial disasters. In Germany, these regulations are being met with resistance as the insurance industry balks at the deadlines imposed by the European Union concerning the implementation of these new regulations. German agency…

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Insurance industry report finally delivered by the Federal Insurance Office

Insurance Industry

Federal Insurance Office released long-awaited insurance industry report The U.S. Department of the Treasury‘s Federal Insurance Office has released a highly anticipated report concerning the insurance industry. The report was initially scheduled for release in January of 2012, but this release was delayed in order for the Federal Insurance Office to take better account of emerging trends in the insurance industry and provide better insight on how the industry has evolved over a relatively short period of time. The agency is tasked with providing these types of reports on an…

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ING Group wins more time to divest in insurance businesses

ING Group awarded time by the European Commission for divestment efforts The ING Group, one of the world’s largest financial services companies, has been working to divest its insurance operations over the past several months. The company has been met with several challenges in this task and has petitions the European Commission, the legislative arm of the European Union, for more time, a request that has been granted this week. The European Commission had originally set a deadline for the company it divest its insurance businesses by the end of…

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