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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Transatlantic insurance market gets shot in the arm from US, EU deal

european union EU american USA united states transatlantic insurance market

The United States and European Union have come to an agreement to boost this international marketplace. On Friday, the United States and European Union came to an agreement to shrink legal and capital hurdles to the transatlantic insurance market. The goal was to give a boost to both the insurance and reinsurance marketplaces. The transatlantic insurance and reinsurance markets are currently worth a combined $3 billion. This transatlantic insurance market accord is one that has been under negotiation for over a year. It is a follow-up to an agreement that…

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Insurance news from Zurich is that it is looking to expand in Asian market

International Insurance fund news

The insurer is seeking to broaden its presence in Indonesia and China. The largest Swiss insurer, Zurich Insurance Group, has revealed in its latest insurance news, that it is working to obtain additional licenses in order to be able to broaden its business in Chinese cities, as an element of its strategy to boost its presence in emerging markets. This announcement came from Martin Senn, Zurich’s chief executive officer. Senn also stated that while the insurer does see opportunities for growth in the channel of mergers and acquisitions, the company…

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Insurance watchdog warns EU not to postpone insurance regulations any further

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…

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EU sanctions against Iran could mark a major shift in the world of insurance

European Union sanctions against Iran’s oil trade are expected to have a significant impact on the marine insurance industry, according to the International Group of P&I Clubs, a consumer association of marine insurance providers. In July, the EU’s sanctions will be enacted and will bar insurance companies from providing coverage to ships that are transporting Iranian oil. Companies that are unwilling to comply with the sanctions or cut ties with the nation are likely to pursue self-insurance, which could weaken the industry considerably as clients begin to exodus. European insurers…

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