On 4 January 2021, the French regulator (the Autorité de Contrôle Prudentiel et de Résolution – ACPR) issued a press release reminding UK authorised financial institutions (including those located in Gibraltar) of their obligations towards customers residing in France. As of 1 January 2021, European law is no longer applicable in the United Kingdom (UK). … Continue Reading
The FSB’s Reinsurance Regulatory Review Position Paper in September 2016 sketches a reinsurance regime by which foreign reinsurers wishing to reinsure South African risks will have to register as a licensed branch in South Africa unless the foreign reinsurer is regulated by a country with an equivalent regulatory framework according to the FSB. Presumably the … Continue Reading
With the flood of recent natural disasters, APRA has clarified the type of aggregate reinsurance arrangements that require its approval. Accordingly, it is timely for insurers to review their reinsurance arrangements to determine whether such approval is required. In recent years, Australia and New Zealand have amply demonstrated their propensity for catastrophic losses flowing from … Continue Reading
