The European Union has been deliberating on how to handle sanctions imposed against Iran since late last year. Iran has been the target of oil sanctions from much of Europe and the U.S. These sanctions would have a significant impact of the transportation of oil from the country and much of the Middle East. One of the major problems that would arise from the sanctions concerns the insurance industry. If the sanctions are enacted, insurers in Europe and the U.S. will no longer be able to provide coverage for ships…
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International Monetary Fund claims global economy is improving due to international cooperation
The global economy is showing significant signs of improvement, according to International Monetary Fund (IMF) Director Christine Lagarde. Lagarde traveled to Beijing this week to discuss the economic improvements that are being seen all over the world. Much of the improvements come from bold moves made in the insurance industry as a way to remedy the European financial crisis. With the help of insurers and reinsurers, the European Union was able to conduct the largest debt restructure in history and pull Greece from the brink of economic calamity. Lagarde notes…
Read MoreEU “unisex” laws take their tolls on the finances of both men and women
The latest rule changes in the European Union involving unisex pricing have meant that at the end of this year, when the regulations go into effect, men and women will both be facing expenses that they have never seen before. A primary example of this change is the ruling that prevents gender discrimination while establishing auto insurance premiums – regardless of the fact that it is less likely that a woman driver will be involved in a car accident than a man driver, and that crashes involving female drivers are…
Read MoreInsurer santalucía trusts SAS® to help address Solvency II and integrate risk management
MADRID – Building on its successful use of SAS in actuarial activities, Spanish insurer santalucía will use SAS Risk Management for Insurance to help meet Solvency II, Pillar I requirements to manage risks and calculate metrics. SAS, the leader in business analytics software and services, is a risk analytics solutions leader for the insurance industry. With 370 agencies, 9,000 employees and 7.5 million clients throughout Spain, santalucía chose SAS to undertake multidimensional risk analysis that includes both the standard model approach and the ability to develop integrated internal models in…
Read MoreConnecticut Becomes First U.S. Insurance Regulator to Join International Information Exchange Agreement
Membership Strengthens International Supervisory Cooperation, Promotes Enhanced Consumer Protection Connecticut Insurance Commissioner Thomas B. Leonardi and Peter Braumüller, Chairman of the Executive Committee of the International Association of Insurance Supervisors (IAIS), today announced that Connecticut has joined an international supervisory cooperation and information exchange agreement, becoming the first U.S. regulator to gain membership. Connecticut becomes the 22nd signatory of the IAIS Multilateral Memorandum of Understanding (MMoU), a framework that establishes a formal basis for global cooperation and information exchange among insurance supervisors. Commissioner Leonardi and Chairman Braumüller said Connecticut was…
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