Tag: insurance watchdog

European insurance watchdog is now the one under investigation

Logan B.
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…

Read More

Insurance industry watchdog prepares European insurers for new risk rules

H. Cutner
EU insurance watchdog industry

The group has taken action to get companies and regulators ready for broad scale changes. This week, the European Union’s insurance industry watchdog took considerable action to begin the preparations of insurers as well as national regulators, for the implementation of new regulations that will lead to widespread changes to their risk and capital management. The EIOPA issued a draft of the guidelines that it is recommending for a number of insurer functions. The European Insurance and Occupational Pensions Authority (EIOPA) released its guidelines draft for the insurance industry, which…

Read More

Insurance news announcement from Europe works to counterbalance low interest rate risk

europe insurance news industry

EU watchdog is now calling for a joint effort to help to counter the risks presented by the rates. The latest insurance news in the European Union includes a call from the insurance watchdog for a joint action among all of the national regulators for helping to counteract the negative impact that the low interest rates are having on the financial security of insurers. This will help those companies to be able to protect policyholders more effectively and at a lower cost. This topic has been making insurance news for…

Read More

Consumer group accuses P/C insurance industry of foul play in new report

H. Cutner

The Consumer Federation of America (CFA) and the property/casualty insurance industry are clashing. Late last week, the CFA released a report titled “The Insurance Industry’s Incredible Disappearing Weather Catastrophe Risk.” The report accuses the P/C insurance industry of “overcapitalizing” and making no effort to cover the risks of floods and terrorism. The CFA is urging state and federal insurance regulators to take action and prevent insurers from imposing any more costly rate hikes. Insurers have a different perspective. As a whole, the industry is decrying the report. They are arguing…

Read More

Insurance watchdog warns EU not to postpone insurance regulations any further

Nordstrom

The EIOPA, an insurance watchdog that is part of the European Union, has issued a warning to the EU governing body regarding the pace at which it is introducing new insurance regulations. The group, which is part of the European System of Financial Supervision, claims that any delays in enacting these regulations could create problems for insurers trying to adapt to the troubling economic times that have come to Europe. Delays could be possible due to the EU legislative process, according to the European Commission, the agency responsible for drafting…

Read More