The Federation of European Risk Management Associations has recommended that Brazil limit its regulation on market capacity and security.
FERMA has campaigned for a relaxation of aspects of the regulations on behalf European multinationals with business interests in Brazil and in support of the Brazilian risk management association.
14/11/2011
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The global reinsurance broker has appointed a chairman to its North America division in order to continue growth in that region.
Paddy Jago will become chairman of Willis Re North America with immediate effect.
10/11/2011
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Regulatory functions within organisations should be more proactive and aligned with the global strategy of the organisation, says a Zurich-sponsored report.
Regulatory groups are often not at the table for key strategic meetings and instead seen as a “necessary evil” in many organisation.
10/11/2011
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Most captives will be eliminated from government definitions of systemically important financial institutions (SIFIs), it is predicted.
The financial stability oversight council (FSOC) was created under the Dodd Frank Act to identify potential threats to the financial system.
09/11/2011
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Chinese regulators are considering allowing foreign insurers to sell compulsory motor third-party liability insurance.
This may allow a company to write the risk into its captive rather than using fronting insurers.
08/11/2011
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Solvency II’s first official consultation on reporting was launched today.
The consultation proposes what captive’s calculation of minimum capital requirements should be, which differs for life insurance, reinsurance and non-life insurance.
08/11/2011
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An alternative to letters of credit is being offered to captive insurers by Wilmington Trust.
An English Law Reinsurance Trust Agreement is reported to provide mitigated risk and a cost-effective alternative to tradition letters of credit (LoC).
07/11/2011
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New officers were elected by the National Association of Insurance Commissioners (NAIC) on Friday November 4.
Kevin McCarty, Florida insurance commissioner, was named the new president effective from January 1, 2012.
07/11/2011
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Aon Risk Solutions has appointed Mark Manwaring as the client director of Aon's national legal indemnity practice.
Manwaring will be reporting to commercial director, Tim Scoble, from Aon’s London offices.
07/11/2011
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Vermont captive insurance division believes Dodd Frank does not apply to captives, as a recent whitepaper suggested.
Jim McIntyre of the Vermont Captive Insurance Association (VCIA) recently published a whitepaper stating that the broadness of definitions by Dodd Frank’s Non-admitted and Reinsurance
Reform Act (NRRA) raises questions about the Act’s impact on captive insurance.
31/10/2011
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Apogee Enterprises’ captive has had its financial strength rating of A- (excellent) and issuer credit rating of ‘a-‘ affirmed.
AM Best said the outlook for both ratings was stable.
31/10/2011
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The Cayman Islands has experienced a 93% growth in the number of captive formations in 2011 so far.
In the first nine month of 2011 the domicile licensed 29 captives, 14 more than during the same period in 2010.
31/10/2011
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Global reinsurer Swiss Re and its core subsidiaries have had their ratings raised by Standards and Poor’s to AA- from A+. The outlook on its long-term counterparty credit and insurer
financial strength ratings is stable.
S&P believes that since its last review Swiss Re has successfully de-risked its asset portfolio, repaid the convertible perpetual capital instrument (CPCI) with Berkshire Hathaway, maintained
its significantly redundant 'AAA' capital position, and stabilised its net income.
28/10/2011
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