Posts Tagged ‘Regulation’



April 17th, 2019

Evolving Regulatory Pressures Signal Potential Turning Point in Cyber Risk Management Strategies

Posted at 1:00 AM ET

Siobhan O’Brien, Head of the Cyber Center of Excellence for International and Global Specialties

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Cyber risk presents an exciting opportunity for re/insurers, but as one of the most dynamic perils in the industry, regulators are formalizing capital requirements and quantitative and qualitative measurements of risk appetite. In the United Kingdom, the Prudential Regulation Authority (PRA) is now asking (re)insurers to develop a silent cyber action plan by the end of the first half of 2019 and will conduct deep-dives on select firms in the second half to assess how they are meeting expectations described in a 2017 supervisory statement. It will then further assess affirmative cyber risk via an exploratory stress test later this year.

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April 8th, 2019

Amid Regulatory Scrutiny Financial Institutions Must Monitor Third-Party Cyber Risk

Posted at 1:00 AM ET

cyber-handbook-cover-image-smallCybersecurity ranks among the top concerns for banks, insurers, and other financial institutions, which can represent prime targets for cyber-attackers and be vulnerable to potential disruptions because of their often-complex technology systems and the valuable financial assets and rich customer data they can hold.

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February 25th, 2019

GC Videocast - 2019 Cyber Landscape: New Regulations, Risks and Management Expectations

Posted at 1:00 AM ET

Cyber Practices experts at Guy Carpenter’s affiliate, Marsh, held a video webcast to look at how changing cyber risk exposures, regulations and best practices will change the cyber risk management landscape in 2019. Continue reading…

October 24th, 2018

Accounting Changes Impacting the Reinsurance Landscape - GC@BB Commentary

Posted at 9:00 AM ET

achtert_blende11_s hettinger_cropped3lightfoot_david_300x300Frank Achtert, Head of Capital Optimization, EMEA; Tom Hettinger, Strategic Advisory Leader, U.S./Canada; David Lightfoot, Head of Global Strategic Advisory – Asia Pacific and Latin America

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  • With IFRS 17, reinsurance for managing capital KPIs needs to be different in type/scale
  • Users of internal capital models must ensure flexibility of underlying simulation platform
  • Accounting for reinsurance contracts separate from underlying contracts

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September 11th, 2018

Accounting Changes Impacting the Reinsurance Landscape - GC@MC Commentary

Posted at 1:00 AM ET

achtert_blende11_s hettinger_cropped3lightfoot_david_300x300Frank Achtert, Head of Capital Optimization, EMEA; Tom Hettinger, Strategic Advisory Leader, U.S./Canada; David Lightfoot, Head of Global Strategic Advisory – Asia Pacific and Latin America

Contact

  • With IFRS 17, reinsurance for managing capital KPIs needs to be different in type/scale
  • Users of internal capital models must ensure flexibility of underlying simulation platform
  • Accounting for reinsurance contracts separate from underlying contracts Continue reading…
August 14th, 2018

Regulatory Landscape Part VII: Conclusion

Posted at 1:00 AM ET

GC Capital Ideas has analyzed in the last few posts the intricacies and corporate responsibilities and challenges in a world of constant technological innovation. This order requires striking a balance between new initiatives such as the use of big data and advanced analytics, and regulatory requirements and privacy needs. These are the aims of Global Data Protection Regulation’s (GDPR) and the recently adopted California Consumer Privacy Act of 2018, which goes into effect in 2020. Continue reading…

August 13th, 2018

Regulatory Landscape Part VI: California Consumer Privacy Law

Posted at 1:00 AM ET

The European Union’s (EU) General Data Protection Regulation (GDPR), which became enforceable in the spring, may be a model or a prelude to similar regulations across the Atlantic.

In late June, America’s largest state adopted California Consumer Privacy Act of 2018. The California bill goes into effect on January 1, 2020, allowing lawmakers to propose changes before it becomes enforceable. Compliance with the law will most likely increase the costs of doing business. Continue reading…

August 9th, 2018

Regulatory Landscape Part V: NAIC Model Law

Posted at 1:00 AM ET

The recently enacted European Union (EU) General Data Protection Regulation (GDPR), the National Association of Insurance Commissioners (NAIC) Model Law and the New York State Department of Financial Services (NYDFS) Cybersecurity Act all address data privacy (the personal information of individuals) and data protection (using such personal information for business objectives), but from different perspectives. The NYDFS and NAIC regulations are focused on the technical requirements of financial service companies to assess cyber risk in their systems, implement additional security and report breaches promptly.

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August 8th, 2018

Regulatory Landscape Part IV: NYDFS Cybersecurity Act - Risk of Third Party Service Providers

Posted at 1:00 AM ET

The recently enacted European Union (EU) General Data Protection Regulation (GDPR), the National Association of Insurance Commissioners (NAIC) Model Law and the New York State Department of Financial Services (NYDFS) Cybersecurity Act all address data privacy (the personal information of individuals) and data protection (using such personal information for business objectives), but from different perspectives. The NYDFS and NAIC regulations are focused on the technical requirements of financial services companies to assess cyber risk in their systems, implement additional security and report breaches promptly. The NYDFS regulation became effective on March 1, 2017.

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