Hello, and welcome to the first edition of (Re)Insurance News for 2013.
2012 ended on a busy note, with developments in a number of areas pertinent to (re)insurers. Our contentious and insurance specialists examine the legislation that was introduced to address the Test Achats decision. They also look at a UK decision which could be significant to insurers that have underwritten risks contained in consumer-facing contracts.
There were some noteworthy developments in the field of anti-money laundering, while both the Revenue Commissioners and Central Bank of Ireland issued papers that will be of interest to (re)insurers. Our specialists in each area look at all of these matters.
While Solvency II continues to be a source of uncertainty for all (re)insurers, the latest edition of the Central Bank’s ‘Solvency II Matters’ illustrates that regulators are working to address this uncertainty. Our article on Solvency II gives an overview of some of the main developments at both an Irish and European level.
William Fry is delighted to announce that it will be a sponsor of the 2013 European Insurance Forum, run by DIMA and taking place in the Four Seasons in Dublin on 9th & 10th May. Our “In Short” section contains some details on the forum.
Our “In Short” section also provides a high-level overview of a number of other recent developments which are relevant to the (re)insurance sector. Of the areas covered in that section, the publication of the Companies Bill 2012 is the most significant. (Re)insurers should closely follow that Bill as the changes required will be quite substantial. There are also pieces that list recent publications by the CBI, EIOPA and IAIS. Other areas covered in “In Short” include developments in competition law, FATCA, Central Bank strategy and a proposal to levy insurers for pyrite-related issues.
We hope that you find our newsletter informative, and would welcome any feedback you can give us.
John Larkin, Partner
To view the articles, please click on the relevant links below:
- The Aftermath of Test Achats
- Does the Liability Cap Fit for Insurers?
- Anti-Money Laundering Watch
- Tax Updates for (Re)Insurer’s
- Proposed Changes to the Industry Funding Levy
- Solvency II Update
- William Fry Sponsors European Insurance Forum
- Central Bank Updates
- EIOPA Updates
- Recent IAIS Papers
- Companies Bill 2012
- Competition Authority Guidance on Insurers’ use of Preferred Repairers
- Foreign Account Tax Compliance Act (FATCA)
- Central Bank’s Strategic Plan 2013 – 2015
- Proposal for Pyrite Levy
