Marsh & McLennan has announced that Michael Sevi has been appointed General Counsel and Chief Compliance Officer of Guy Carpenter effective immediately. Mr. Sevi succeeds Michael Borik, who has served as the General Counsel of Guy Carpenter for the past four years, and will be moving into a joint business and legal role as Managing Director and Chief Counsel of Guy ... Continue Reading »
compliance
How to Turn Compliance Into a Competitive Advantage
Subas Roy, Partner; Michael Heaney, Principal; and Hanjo Seibert, Principal, Oliver Wyman Contact Regulatory technology, or regtech, has emerged as a cost-effective solution to help banks deal with the numerous and burdensome tasks required for compliance with regulations. Regtech also helps banks improve their bottom line by enabling them to more effectively manage risks and ... Continue Reading »
Regulation; A World View: Conclusion
The costs associated with compliance and disclosure will continue to rise as insurance regulators and rating agencies increase their scrutiny of the industry. (Re)insurers that operate on a global scale, for example, may wrestle with the complexity of multiple capital requirements and the return targets of investors. Smaller companies, often with fewer resources, may be forced ... Continue Reading »
Regulatory Challenges and Opportunities for (Re)insurers, Part III: Europe
European insurers are facing a more complex regulatory environment from national, regional and superregional authorities. The approaching date for implementation of Solvency II, January 1, 2016, is taking center stage. Member states are expected to transpose the directive requirements into local requirements with equivalence decisions this year. ... Continue Reading »
Regulatory Challenges and Opportunities for (Re)insurers, Part II: United States
The National Association of Insurance Commissioners (NAIC) has been continuously engaged in the formulation of the regulatory standards that the International Association of Insurance Supervisors is developing, but has expressed several concerns due to the different legal, regulatory and accounting systems that exist. The NAIC does not want the Insurance Capital Standard (ICS), ... Continue Reading »
Regulatory Challenges and Opportunities for (Re)insurers, Part I: International
(Re)insurers are being challenged as the regulatory environment becomes more complex, with regulation increasing considerably at multiple levels in numerous jurisdictions throughout the world. Insurers are facing new costs and pressures in their efforts to manage the regulatory landscape. ... Continue Reading »
Global Regulatory Change for the (Re)insurance Industry
James Wrynn, Mark Shumway, Managing Directors and Graham Jones, Andrew Cox and Markus Mueller, Senior Vice Presidents Contact In the wake of the global financial crisis in 2008, significant regulatory change aimed at preventing/mitigating future crises was implemented. While the U.S. insurance regulatory framework did remarkably well in the protection of insurance consumers a ... Continue Reading »
Acing ORSA and Bringing it Home: Webinar Scheduled: October 10, 2013
The National Association of Insurance Commissioners' (NAIC's) Own Risk and Solvency Assessment (ORSA) goes into effect on January 1, 2015. Currently, many (re)insurers are in the process of developing and implementing their ORSA plans and approaches to the new regulation. They may be challenged over how much work has yet to be done and how best to do it. However, while some of ... Continue Reading »
Solvency II Pillar Two: Corporate Governance
To support Solvency II compliance, (re)insurers need to implement rigorous corporate governance programs that address all areas of the company, from the tone and activities of company leadership through granular risk and capital management activities. Consistent with the principles of ERM, the corporate governance framework should define a clear and robust organizational ... Continue Reading »
Solvency II’s Impact on the Reinsurance Market: Drawbacks and Risks
Capital Requirements and the Costs of Compliance are Discriminately Higher for Smaller Reinsurers and Will Force Some Consolidation Large, diversified and highly-rated reinsurance groups with approved internal capital models will likely have materially lower capital requirements under Solvency II than they already maintain for their ratings. For these reinsurers, rating ... Continue Reading »
