All Archive articles – Page 10
-
Online only
Japan
Non-admitted insurance: Prohibited, unless permission is granted by the Financial Supervisory Agency for coverage not available in the market.Premium tax paid by insured: A stamp duty of around US$2 is levied on all policies. There is a 0.2% fire brigade charge on fire premiums and a Road Safety Fund charge ...
-
Online only
United Kingdom
Non-admitted insurance: Permitted, except for third party motor liability and employer’s liability. Premium tax paid by insured: 5% all non-life lines. Regulator: The Financial Services Authority (FSA).Overview: The UK is widely seen as a major centre for international insurance and reinsurance expertise and is home to the London Market, a ...
-
Online only
Mexico
Non-admitted insurance: Prohibited, except by special permission from the Ministry of Finance.Premium tax paid by insured: 15% VAT plus small policy issuance fees. Regulator: The industry is regulated by the Comision Nacional de Seguros y Fianzas (CNSF), which translates as the National Commission for Insurance and Surety.Overview: Mexico has made ...
-
Online only
New Zealand
Non-admitted insurance: Permitted. Premium tax paid by insured: 12.5% on premium plus Goods and Services Tax.Regulator: The New Zealand insurance industry is overseen by the Insurance and Superannuation Unit of the Ministry of Economic Development.Overview: New Zealand has undergone massive reforms over the past two decades. Compared with its larger ...
-
Online only
Nigeria
Non-admitted Insurance: Prohibited unless individually sanctioned by the local regulator. Regulator: The National Insurance Commission (NAICOM) is the regulator for the Nigerian insurance industry.Overview: Historically, weaknesses in the local insurance market meant most large insurance business was written by foreign companies. Today, the rapidly developing oil and gas sector demands ...
-
Online only
Russia
Non-admitted insurance: Prohibited. The share of foreign capital in a Russian insurance company cannot exceed 49%.Premium tax paid by insured: UnknownRegulator: The insurance industry is regulated by the Federal Service for Insurance Supervision, under the Ministry of Finance.Overview: Russia has been hit very hard by the financial crisis; the government ...
-
Online only
Spain
Non-admitted insurance: Permitted under the terms of the EU’s Freedom of Services Directive; otherwise, non-admitted insurance is generally prohibited. Premium tax paid by insured: As from 1 January 1997, 4%.Regulator: The insurance industry is regulated by the Director General of Insurance, an agency of the Ministry of Economy and Finance. ...
-
Online only
United States
Non-admitted insurance: Foreign companies are only permitted to sell insurance if they are registered in the US. Premium tax paid by insured: Varies from state by state, but the rate currently ranges from 0.5% to 4.265%.Regulator: Insurance regulation in the US is decentralised and handled on a state-by-state basis. Overview: ...
-
AIRMIC Portfolio
AIRMIC'S D&O guidance
AIRMIC has revised its guidance on directors' and officers' (D&O) liability insurance
-
European Round-up
XL targets building industry
As part of its plans for long term expansion in the European construction sector, XL Insurance has more than doubled its underwriting capacity for construction projects from $40m to $100m. The insurer has also increased its European construction team with seven new underwriters in Spain, France, Germany, the Netherlands and ...
-
AIRMIC Portfolio
Comments on captives and solvency
AIRMIC's captive focus group is to draft AIRMIC's comments on the impact on captives of Solvency ll, the planned European prudential regime for insurance companies currently under discussion. The issue arose after a study by a sub-committee of the Dublin International Insurance & Management Association had concluded that under Solvency ...
-
European Round-up
Change and continuity
European risk managers will find a number of the sessions at this month's BCI Symposium of particular interest. Sessions include, among other topics:- Could a risk manager do your job?- Business continuity and enterprise risk management – are they coming together? - Corporate defence: risk management, business resilience and beyond- ...
-
European Round-up
Risk management - Diary dates
2007OCTOBER 4-5 ENERGYFORUM ENTERPRISE RISK MANAGEMENTAmsterdamwww.energyforum.comOCTOBER 18-19The BCI SymposiumThe Hilton International, Amsterdamwww.thebci.org/diary.htm DECEMBER 4FLEET RISK FORUM 2007 – Update on new legislation; improving health & safety and greening your fleetLondonwww.symposium-events.co.ukDECEMBER 5 AIRMIC ANNUAL DINNERRoyal Lancaster Hotel,Londonwww.airmic.com
-
European Round-up
Public sector seeks to self-insure
Swedish municipalities are increasingly looking to form captive insurers. Some of the larger municipalities have established, or are considering establishing, their own captives. Smaller municipalities are joining together and taking the mutual captive route.The trend is the result of recent severe premium increases that have reflected the worsening claims results ...
-
Comment
Rt Hon Michael Howard
In managing risks to reputation in an age of globalisation, close analysis of information is vital says Michael Howard
-
Online onlyWater shortage are you prepared?
40% of Fortune 1000 companies surveyed said the impact of a water shortage would be severe or even catastrophic
-
Online onlyEU says justify business insurance practices or reform them
The European Commission has adopted the final report of the competition inquiry on the business insurance sector
-
AIRMIC Portfolio
AIRMIC PORTFOLIO UK: News and views
Risk management systems on paradeAIRMIC is hosting an exhibition of risk management systems in London on 28 September, following three successful similar events earlier this year in Edinburgh, Manchester and Birmingham. The exhibition will take place at the Novotel, 10 Pepys St, London EC3N 3NR. About 180 members of AIRMIC ...
-
European Round-up
New anti-hacking measures
The German government has approved new legislation which seeks to crack down on the sharp rise in computer attacks in Germany's public and private sectors. Although Germany, like the UK and the rest of Europe, already has computer crime legislation in place, the new law seeks to close more loopholes, ...
