Insurance
Regulating big tech and non-bank financial services in the digital era
Big tech incursions into financial services in China and elsewhere demonstrate the potential benefits of adopting a digital-bank or holding-company approach to financial regulation
BoE’s Woods says PRA needs more rulemaking powers
PRA chief dismisses “caricature” of the “rampant regulator intent on crushing the industry”
BoE may diverge from EU on software as capital
PRA opens consultation after Bailey says there is no evidence software assets should count as capital
Central Bank of the UAE prepares to gain insurance powers
Insurance Authority is being merged into CBUAE as part of bid to become “top 10” central bank
FCA court victory gives clarity to SMEs over Covid disruption
Court ruling will see a larger number of businesses receive payouts from their insurers
BoE officials welcome stronger post-Brexit regulatory powers
Andrew Bailey says UK must not become a “rule-taker” on financial services
Canada launches climate risk scenario pilot
Project will test volunteer institutions for their exposure to climate change risk
RBNZ extends some emergency measures
New Zealand central bank delays capital changes again and may reinstate LTV limits
People: Shelton unlikely to have enough votes for Fed role
Judy Shelton’s nomination in doubt; Fed appoints new director of monetary affairs; Bermuda Monetary Authority promotes insurance director
Taiwan central bank open to more onshore insurer FX hedging
Central bank suggests lifers can use onshore swaps to hedge dividends, but some warn it could hit NDF market
The impact of AI adoption on supervisors
MAS’s former data chief says a triad of basic AI training, supervisor data scientist hubs and suptech adoption create strong foundations
The dawn of a safer and sounder European banking sector
Implementation of two pillars of banking union has led to significant improvements in the safety and soundness of the European banking system
Banks outpacing insurers with cloud adoption – BoE
UK financial institutions lean towards software when it comes to cloud outsourcing, blog post shows
Fiji’s central bank faces climate change challenge
Governor notes disaster risk management is evolving at rapid pace
Cyber stress tests reveal risks in Singaporean firms
Insurance firms report potential losses as high as $3.4 billion, while banks’ costs could hit 65% of quarterly profits
New Zealand’s life insurers failing to improve conduct risk management – Orr
RBNZ “underwhelmed” by response from life insurers to conduct recommendations
Climate risks may be uninsurable – DNB’s Elderson
NGFS chairman calls on the implementation of a carbon tax to help mitigate these risks
FSB warns gaps remain in resolution frameworks
Issues remain for central counterparties, global banks and insurers, report finds
France’s ACPR will not comply with Eiopa Brexit recommendation
ACPR is concerned over risks shifting from UK to France
RBNZ may raise insurance firms’ solvency levels
Governor expects review of insurers will lead to “series of thresholds”
King calls for radical shake-up to escape ‘low-growth trap’
Central bank models fail to appreciate demand-side secular stagnation; IMF could help to drive country-specific policies to reallocate resources
RBNZ flags insurers’ weak governance and risk controls
Conduct and culture review finds un-updated data, poor customer eligibility and products charging excessive premiums
Bank of Israel proposes measures to stabilise social security system
Benefit payments set to rise faster than GDP in the coming decades, warns central bank
Five insights into China’s green finance transformation
China’s top-down, state-directed mechanism may be the most effective way to embed green finance in a timely manner, writes the PBoC’s Ma Jun