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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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…
Read MoreEuropean Commission plan rejected by Germany
European Commission finds opposition to banking plan German lawmakers have rejected a proposal coming from the European Commission concerning the ongoing financial crisis enveloping Europe. The European Commission has been working to solve the issues caused by the financial crisis, but has made little headway. With the help of the insurance industry, however, some problems have been resolved. Some of the world’s largest insurance companies have agreed to provide coverage and issue bonds that will help countries recover from the financial crisis. Not all of the European Commission’s proposals have…
Read MoreEU insurance rules put on hold
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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