insurance industry regulations Archives

Consumer data rules could affect the insurance industry in Europe

March 18, 2015March 16, 2015 Marc

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…

US insurance industry oversight increase sought by Treasury

December 18, 2013December 16, 2013 G. Turner

It is looking for a larger role in being able to regulate insurers, particularly in specific sectors. The United States Treasury has now made a call to be able to receive a broader role in overseeing the US insurance industry on a federal level, especially when it comes to areas such as mortgage coverage, the use of personal data for calculating premiums, the collection of the information in the first place, and the employment of secretive “captives” entities by insurers in order to try to keep risks off the books.…

Germany balks at EU regulations targeting the insurance industry

August 7, 2013August 5, 2013 S.Vagus

Insurance industry shows unease over new risk management regulations The European Union is currently working to introduce new regulations to the insurance industry in an effort to moderate risk and exposure. These rules are meant to impose new risk management standards on large insurance companies in order to mitigate any problems that could be caused by future financial disasters. In Germany, these regulations are being met with resistance as the insurance industry balks at the deadlines imposed by the European Union concerning the implementation of these new regulations. German agency…

Insurance industry professionals must cope with regulation risks

July 19, 2013July 17, 2013 Julie Campbell

Insurance industry risks - Banana Peel Survey

A new study has revealed the largest risks faced by pros, the results of which have now been published in a report. New local and international level regulations are now being seen as the greatest risk faced by the insurance industry, according to a PricewaterhouseCoopers and Centre for the Study of Financial Innovation report. The new rules could considerably increase problems with compliance as well as costs for insurers. According to the 2013 Insurance Banana Skins Survey, new regulations regarding market conduct and solvency could “swamp” the insurance industry with…

Federal Insurance Office report could have far reaching implications for state-based insurance regulations

January 24, 2012May 5, 2013

The Federal Insurance Office (FIO) is scheduled to release a report at the end of the month that will have a dramatic impact on how insurance regulations are formed in the U.S. The agency, which is part of the Department of Treasury, has been working with insurers, consumer advocates and legal representative to determine how to modernize existing regulations. Insurers are eagerly anticipating the report as it may bring major changes to how the industry operates. The FIO expects that consumers may find favor with the report because it advises…