August 30, 2014
 

 

EY Regulatory Series:  FIO questions Captives and principle-based reserving; IAIS G-SII designation, and more.

 

In this edition of the EY Global Insurance Regulatory Series, host Bob Stein welcomes EY Global Advisory Partner Rick Marx for a discussion on details of the FIO report and IAIS GSII designation.

 

According to Marx, the report from the Federal Insurance Office (FIO) on the future of U.S. regulation “did a “good job of analyzing issues that exist in the U.S.  State-based system.” And while many expected the FIO to make a case for Federal regulation, the report expressed support for the current system, and suggested Congress be involved to ensure “modernization.”

 

FIO expressed concern over captives and “principle-based reserving.  Its report noted that the State-based regulation is not meant to be a consolidated capital/solvency system, which has promoted the use of captives in the past.  In regard to principle-based reserving, Mr. Marx notes that it is complicated and requires expertise, staff and resource that the State regulators do not currently have.  Outsourcing of the requisite analysis creates additional sources of concern.

 

The discussion turns to Globally Systemic Important Insurers (G-SIIs) and the limited intent of the International Association of Insurance Supervisors (IAIS) in designating capital requirements for G-SIIs.  Marx says some of the proposed requirements for certain insurers may be appropriate, but the question remains:  “if (an insurer) gets put in the (G-SIIs ) designation that requires excess capital, is there any way to get out of that designation?”

 

Visit the WRIN.tv On Demand Libraryfor more in the EY Global Insurance Regularity Series.

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WRIN.tv Week in Review: August 25-29, 2014.

WRIN.tv Week in Review: August 25-29, 2014.

 Q2'14 P&C underwriting results; NAIC adopts new monitoring framework for life insurers' captive transactions;  Earthquake coverage; Ironshore; ACORD Tech Talk: The Internet of Things.  Mid-season Hurricane Report; Insurers are expected to increase investments in BA securities; and more.   Watch more

Comments(0) 29 Aug 2014

Without a meaningful increase in interest rates, insurers are expected to increase investments in BA securities.

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ACORD Tech Talk: The Internet of Things – Part 1.

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Monday Morning Headlines: August 25, 2014.

Monday Morning Headlines: August 25, 2014.

Monday Morning Headlines: First look at Q2'14 P&C underwriting results; NAIC, industry groups blast IAIS over lack of transparency; NAIC adopts new monitoring framework for life insurers' captive transactions; Number of homeowners with earthquake coverage declining even as risk grows; Did Ironshore just effectively set its IPO price; Allied World to acquire Hong Kong, Singapore operations of RSA for $215M.    Watch more

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WRIN.tv Week in Review: August 18 - 22, 2014.

WRIN.tv Week in Review: August 18 - 22, 2014.

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Mexico ahead of EU on implementation of Solvency II-like regulation - A.M. Best

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Monday Morning Headlines: August 18, 2014.

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WRIN.tv Week in Review: August 11 - 15, 2014

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U.S. Captives continue to outperform commercial market - A.M. Best.

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Eye on the Storm – AIR says Iselle was a

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Comments(0) 11 Aug 2014

Monday Morning Headlines August 11, 2014.

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Comments(0) 10 Aug 2014

WRIN.tv Week in Review: August 4 - 8, 2014.

WRIN.tv Week in Review: August 4 - 8, 2014.

 Monday Morning Headlines; Conning on technology and cloud computing impacting insurance industry; Personal Assistance Programs are the biggest health insurance fraud problem in U.S. Medicaid system; A.M. Best looks at how new risk based solvency regulations are impacting China’s insurance carriers; and WRIN.tv Rewind CEO Whisltle Blowers fascinating story of corporate corruption .   Watch more

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WRIN.tv Rewind: CEO whistleblower says

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Comments(0) 07 Aug 2014

Personal Assistance Programs are the biggest health insurance fraud problem in the U.S. Medicaid system.

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Comments(0) 06 Aug 2014

New Risk Based Solvency Regs in China Influencing Capital Management - A.M. Best Analysts.

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CONNecting with Conning: Technology and cloud computing continue to transform the insurance industry.

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Comments(0) 04 Aug 2014

Monday Morning Headlines August 4, 2014.

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Monday Morning Headlines: Aviation war insurance rates could shoot up by 300%,; US P&C insurers experienced favorable development in Q1; Top refunds paid by health insurers under MLR rule; House passes resolution-authorizing suit against Obama; Greenberg to face January '15 trial over fraud.   Watch more

Comments(0) 03 Aug 2014

WRIN.tv Week in Review: July 28-August 1, 2014.

WRIN.tv Week in Review: July 28-August 1, 2014.

 Aviation rates to increase, Aon Benefield asses Nat Cats in, FSOC progress report, Travelers, Federated National, C.A. Bank Corp.; ACORD Tech Talk - cyber security, What’s New in Insurance- Bitcoin, WRIN.tv Rewind Dr. Robert Hartwig; A.M. Best SE Asia update  Watch more

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WRIN.tv Rewind: Natural Catastrophe potential remains high for rest of year…according to III’s Dr. Robert Hartwig.

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Comments(0) 31 Jul 2014

Bitcoins...more legitimate - if not secure.

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In the third part of a series on Bitcoins, Ty Sagalow, President of the Innovation Insurance Group discusses "What's News in Insurance" and how the peer-to-peer payment system has become more legitimate, if not more secure.   Watch more

Comments(0) 30 Jul 2014

ACORD Tech Talk: Cyber Security is everybody’s responsibility.

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Economic growth in SE Asia spurring growth for the insurance industry - A.M. Best

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Monday Morning Headlines July 28, 2014.

Monday Morning Headlines July 28, 2014.

Monday Morning Headlines: Aspen to double aviation war insurance rates; Impact Forecasting global natural disasters caused $22B in losses; FSOC facing greater scrutiny; Federated National aims to boost Fla. homeowners through JV; Travelers focuses on client retention.     Watch more

27 Jul 2014

WRIN.tv Week in Review: July 21-25, 2014.

WRIN.tv Week in Review: July 21-25, 2014.

 Week in Review Featuring: Monday Morning Headlines-7-year TRIA reauthorization, NAIC launches educational initiative, Texas hailstorm losses; BoA, AIG settle RMBS suits for $650M; Exciting changes affecting Inland Marine; IIS Regulator panel highlights; A.M. Best on impairments.     Watch more

Comments(0) 25 Jul 2014

WRIN.tv Rewind: Hurricane Season Preview- Below average activity predicted; not so the number of storms.

WRIN.tv Rewind: Hurricane Season Preview- Below average activity predicted; not so the number of storms.

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Comments(0) 24 Jul 2014

U.S. P/C industry shows sharp decline in impairments - A.M. Best.

U.S. P/C industry shows sharp decline in impairments - A.M. Best.

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Comments(0) 23 Jul 2014

Regulators and Experts Stake Positions on Global vs. Country Standards/Compliance – IIS Seminar Highlights.

Regulators and Experts Stake Positions on Global vs. Country Standards/Compliance – IIS Seminar Highlights.

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Comments(0) 22 Jul 2014

Driverless Cars/Trucks are Among Exciting Changes Affecting Inland Marine, says IMUA President.

Driverless Cars/Trucks are Among Exciting Changes Affecting Inland Marine, says IMUA President.

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Comments(0) 21 Jul 2014

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Monday Morning Headlines: August 18, 2014.

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Monday Morning Headlines: August 25, 2014.

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24 Aug 2014

Mexico ahead of EU on implementation of Solvency II-like regulation - A.M. Best

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WRIN.tv Week in Review: August 18 - 22, 2014.

WRIN.tv Week in Review: August 18 - 22, 2014.

 Hawaii relatively unscathed by Hurricane Iselle, and avoiding Hurricane Julio; Allianz looking to raise airline insurance prices; poor underwriting practices hurting results of commercial auto insurers; WellPoint is changing its name to Anthem; BIBA’s CEO; Mexico plans to implement a Solvency II-like risk-based solvency regime; Who Got Caught – healthcare fraud.  Watch more

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