News
US academic hits out at Obama proposal for systemic risk regulation
The Obama administration’s proposal to give the Federal Reserve regulatory authority over insurers designated as systemically significant – known as Tier 1 financial holding companies (FHCs) – would increase instability in the insurance market, according…
Remuneration controls in Solvency II ‘unjustified’
Proposals to include measures relating to remuneration policy as part of the Solvency II directive have been slammed by Spanish mutual insurer Groupama, which described the initiative as “unjustified interference in company management”.
HSBC adds to insurance group
HSBC has added two senior figures to its debt capital markets insurance solutions group (ISG) for Europe, the Middle East and Africa. Dick Rae has joined as managing director in the ISG from Deutsche Bank, where he was co-head of its strategic solutions…
Zurich Corporate Pensions appoints new UK head
Simon Foster has been promoted to head of Zurich Corporate Pensions, UK, from director of proposition management and development. A fellow of the Institute of Actuaries, Foster has been with Zurich since 1991 and has held a wide variety of positions…
Aviva appoints US CEO
Christopher Littlefield has been named chief executive officer of Aviva’s US business, having served as US chief operating officer since February 2008. Based in Des Moines, Iowa, Littlefield will continue to report to Tom Godlasky, CEO for Aviva’s North…
US state regulators make move toward principle-based regulation
The National Association of Insurance Commissioners (NAIC), the group representing industry regulators within the United States and its territories, has adopted principle-based reserve requirements for life insurance products, replacing its previous…
Recovery plans could be scrapped next year
Many Dutch pension schemes may be able to scrap their recovery plans by summer 2010 if the recovery of the global economy continues, according to the Dutch pension regulator, De Nederlandsche Bank (DNB).
European industry condemns Ceiops’ risk-free rate proposals
The decision by the Committee of European Insurance and Occupational Pensions Supervisors (Ceiops) to opt for only triple A-rated government bond rates to be allowed to discount insurers’ technical provisions in Solvency II has received widespread…
Doubts over EU plan for OECD carbon market by 2015
The EU is unlikely to meet its vision for an OECD-wide carbon market by 2015, Emmanuel Fages, senior analyst at Orbeo, said at the Carbon Show in London on September 29.
China will beat US to cap-and-trade scheme says Bluenext
“China will have a cap-and-trade scheme before the US and we will hear some statement from China on this at Copenhagen,” Philippe Chauvancy, director of sales at Paris-based exchange Bluenext predicted during a panel discussion at the Carbon Show in…
