Obama administration makes insurance news with EU agreement negotiations

europe insurance news industry

The U.S. Treasury and U.S. Trade Representative have said they plan to work for a covered agreement. The insurance news announcement has now been made that the U.S. Treasury and the U.S. Trade Representative intend to enter into negotiations with the European Union over a covered agreement regarding insurance. The goal of these negotiations will be to “level the regulatory playing field for U.S-based insurers and reinsurers.” E.U. insurance companies and industry regulators have been expressing frustration with regards to the American reinsurance collateral requirements. The issue at the center…

Read More

European insurance industry feels the pressure of new capital rules

Europe insurance industry Flooding and Heavy Rains

Insurers are facing stricter capital rules that may prove difficult to comply with The European insurance industry may be in for a shock from revised capital rules that will take effect in January 2016. ASR Nederland N.V., a Dutch insurance provider, announced last week that its available capital fell drastically below the standard imposed by the new rules. Other companies have reported similar issues, which may show that the European insurance industry is relatively ill-prepared to comply with the new rules once they go into effect. Insurers may be forced…

Read More

Insurance news made as almost 3 in 4 women see gender equality progress in industry

women in insurance news gender equality

A recent study has shown that 72 percent feel that insurers are headed in the right direction. According to the insurance news making findings from the Women in Insurance Global Conference, 72 percent of women within the industry feel that insurers are making progress toward the goal of achieving gender equality. Two out of every three claim that they have seen efforts made within their own insurance companies. These were the findings from the conference, which was hosted by the Insurance Industry Charitable Foundation (IICF). The insurance news came from…

Read More

Health insurance must be purchased by Californians by today

California health insurance

The residents of that state will need to buy their coverage or they will face a tax penalty for the full year. Californians who haven’t yet purchased their health insurance plan under the Affordable Care Act have until the end of the day, today, to obtain their coverage and stop themselves from facing a tax penalty for the whole year. The second, extended enrollment period for the health care reform is now coming to an official close. Technically speaking, the health insurance enrollment period was supposed to have come to…

Read More

Cybersecurity insurance news buzzes with new NAIC industry guidance

digital integration hubs insurance

The National Association of Insurance Commissioners has now taken on twelve new regulatory guidance principles. The National Association of Insurance Commissioners (NAIC), has recently announced its adoption of twelve Principles for Effective Cybersecurity Insurance Regulatory Guidance. This is an important move from this standards setting organization which is made up of regulators from across the country. These twelve cybersecurity insurance principles have come at a time in which the threats to the industry have been receiving a tremendous amount of time in the spotlight, particularly following the Anthem data breach.…

Read More

India’s government approved major insurance industry overhaul

india insurance industry auto car

Economic measure receives approval from the Indian Parliament India’s insurance industry is in for an overhaul, as Prime Minister Narendra Modi has passed his first major economic reform a year after coming to power. The Indian Parliament has voted  to pass a measure that would have a major impact on the domestic insurance industry, allowing foreign investors to participate in the sector. The measure will increase the investments that foreign parties can make into local companies, which may be a boon for smaller companies that offer certain kinds of coverage.…

Read More

Insurance law that fines uninsured Louisiana drivers cause anger

Minnesota auto insurance company rates

These high penalties have caused some residents of the state to call this new regulation unfair. A new insurance law has now gone into effect in Louisiana, which is designed to deter drivers from heading out onto the road while uninsured, but some residents of the state are now calling it unfair, as the penalties associated with it are quite high. Previously, the fine for driving without any auto insurance had been a small, one-time fee. However, drivers are now discovering that this insurance law means business. The fee now…

Read More