As the human and economic costs of COVID-19 continue to mount, reinsurers are working with healthcare executives on how to mitigate the impacts of the virus on the sector. The (re)insurance industry, policyholders and governments throughout the world must come together on an approach that offers relief to those who need it now and develop a plan to implement mitigation ... Continue Reading »
compliance
Two Years On, General Data Protection Regulation Continues to Shape Global Data Privacy Regulation
As a sector intrinsically tied to digital technology, cyber insurance is known for its dynamic and evolving nature. In 2019, the cyber insurance industry began to grapple with multiple headwinds including record General Data Protection Regulation (GDPR) fines, the introduction of new privacy regulations and systemic ransomware claims. When the European Union GDPR took effect ... Continue Reading »
Compliance and COVID-19: Moving to a New Normal
COVID-19 has created unprecedented business and regulatory disruption in a condensed period. There are massive changes to how financial institutions operate and what regulators and supervisors expect, in addition to significant economic impacts on society, businesses and individuals, according to Oliver Wyman Financial Services Partners Elena Belov, Tammi Ling and Allen Meyer, ... Continue Reading »
Marsh & McLennan Names Michael Sevi General Counsel and Chief Compliance Officer of Guy Carpenter
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 »
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 »
