Insurance
Singapore official points to benefits big data offers insurers
Insurers can gain a competitive edge by harnessing insights from big data when designing products, the Monetary Authority of Singapore’s Chua Kim Leng says
Bank of Russia unveils framework for insurance industry regulation
Russia’s central bank will monitor insurance companies for compliance with financial ratios and other indicators; has set up institute for risk management in insurance industry
Irish insurance firms face more scrutiny, supervisor says
Irish central bank’s director of insurance supervision outlines new regime; firms will have to provide more evidence to back up their claims
BoE’s Woods says Solvency II not a revolution
Executive director at the Bank of England examines historical changes in insurance regulation, concluding the introduction of Solvency II is in line with existing philosophy
Sovereign debt holdings ‘significant’ driver of insurer risk, Bundesbank paper says
Insurance companies at risk from holdings of sovereign debt, and current regulation does not adequately deal with problem, paper argues
EC urged to exempt insurers from central clearing
The need for cash collateral could encourage pro-cyclical investing, industry representatives say
HLA could incentivise systemic activity – Swiss Re
Swiss insurer's head of governmental affairs says crude measures might have unintended consequences for systemic risks
German life insurers vulnerable to interest rate shock, research warns
Discussion paper finds life insurers could have experienced a policyholder run in 2013 if interest rates had risen 2.1 percentage points; says QE might make it hard for insurers to protect themselves
BoE launches ‘Bank Underground’ research blog
Blog provides platform for researchers to voice more controversial ideas; comes alongside rebranded staff working papers, written with ‘hands off’ approach from senior managers
BoE concerned by broken long-term investment incentives
FPC continues work on procyclicality and short-termism among pension funds and insurers, but participants at event in London suggest others may now need to pick up the baton
BoE challenged US Treasury on G-Sii status of Berkshire Hathaway
UK regulator asked for clarity on Berkshire's place in provisional list of systemically important firms
Climate change on BoE research agenda
Bank of England says research could examine how central banking can ‘play a role’ in addressing systemic environmental risks; conference panellists consider issue
Davis Report reveals extent of FCA communications blunder
Report uncovers misguided comms strategy, poor supervision by senior managers and sluggish response as FCA ‘taken by surprise’
Focus on risk culture is ‘remaking’ the banking system
Patricia Jackson highlights ‘big shift’ in banking as firms implement more rigorous risk frameworks; BoE’s Andrew Bailey sets out the PRA’s approach
Carney spells out ‘right ideas’ for insurance regulation
Bank of England governor sets out three forthcoming strands of reform to the way insurers will be regulated, to avoid systemic crises in the style of AIG
BoE working group finds ‘striking' changes in investment behaviour by insurers and pension funds
Nature of investments has changed markedly over the past 15 years, says Andrew Haldane-led group, which also includes Oxford professor Ian Goldin and Jim O'Neill
Atiur Rahman demands authorities tackle maturity mismatch in financial sector
Bangladesh Bank governor encourages long-term saving through life insurers and pension funds, in an attempt to generate more housing and infrastructure financing; also supports market development
New Zealand SWF to invest in catastrophe reinsurance
Catastrophe insurance's strong liquidity and cyclical nature makes it a good fit for New Zealand sovereign wealth fund, investment strategist tells Central Banking conference
BoE prudential regulator wrestles with early warning indicators calibration
Calibration for general insurers and with-profits funds frustrates regulator's progress
RBNZ licenses 99 insurers as three-year deadline passes
New Zealand's 2010 Insurance Act gave insurers until this Saturday to apply for and receive a licence allowing them to continue business operations in the country
UK regulator right to retain flexibility to force changes on internal models
Head of the PRA plans to use early warning indicators in supervisory work, notwithstanding the risk of EU challenge
Asia faces increasingly complex risk, says MAS assistant managing director
Ng Nam Sin says insurers face both growing opportunities and increasingly large, complex and interconnected risks; Asean committee will help promote co-operation
Mutuals warn of capital threat from UK 'twin peaks' regulation
Guidance needed on treatment of with-profits fund surpluses under new supervisory regime
Norwegian regulator to ease internal model timetable in wake of Solvency II delays
France's regulator also considering adjusting pre-approval schedule