The Insurance Act 2015 (the "Act") comes into force tomorrow. It represents a fundamental departure from existing insurance law. The changes impact on a number of key areas which are...11 August 2016
The Russian Central Bank receives authority as a new insurance regulator
The move was also supplemented by a new law requiring the insurers to submit more detailed reporting to the Central Bank, establish the internal control and internal audit functions, and undertake steps to make more information available to the public through their corporate web-sites.
The recent actions taken by the Central Banks against a number of Russian banks involved in suspicious business practices and money laundering or having inadequate capital structures leadmarket players believe that it will also tighten supervision in the insurance sector, which sustained a number of recent market departures and insolvencies. Less than two months later, the Central Bank withdrew a licence from the Insurance Company Russia on a formal ground of failure to submit information on their assets and their liquidity.
The subsequent Central Bank’s communication made it clear that a number of top 20 Russian insurers may meet insolvency criteria, which gives rise to a serious concern of the sustainability of the whole industry.
The Hogan Lovells’ Corporate Insurance Newsletter for July has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based...04 August 2016
Introduction03 August 2016