Tag: EU

Consumer data rules could affect the insurance industry in Europe

Marc
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

Marc
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

S.Vagus
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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EU insurance regulations may be put on hold

S.Vagus
Insurance industry News

Insurance regulations may be delayed for up to two years European insurance companies could get a break from the looming insurance regulations that are coming from the European Union. These regulations, which will cause serious changes in the European insurance industry and could push some smaller companies out of business, are currently scheduled to take effect in January, 2014. The insurance regulations put strict capital requirements on insurance companies and have been the source of controversy for some time. Now, a top European insurance regulator is working to have the…

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EU insurance rules put on hold

S.Vagus
EU insurance watchdog industry

Governing body announces EU insurance rules delayed The European Union has been struggling to solve the problems created by the ongoing financial crisis that has stricken the region. The governing body has turned to the global insurance industry for assistance, which has responded with providing the coverage needed to mitigate some of the aspects of the continuous crisis. Earlier this year, the EU introduced a new plan that would impose strict capital rules on insurers in some member countries as part of new regulations focused on the banking industry. It…

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