Indian regulator considers revision to GIC Re preference rules
The Insurance Regulatory and Development Authority of India (IRDAI) has proposed revisions to the country’s rules for the order of preference on reinsurance business, which could see alterations to GIC Re’s right to first refusal. A new exposure draft detailing the amendments to regulations under consideration shows that IRDAI is looking to remove the order […]
Hong Kong Insurance Authority: Decoding Premium Financing and its Risks
What is Premium Financing? Premium financing is an insurance funding arrangement whereby a policy holder borrows funds from a financial institution (usually a bank) to pay the premium of a new insurance policy, and in doing so, assigns all or part of the rights under the proposed policy as collateral to the financial institution. In […]
TehranRe sets up with Insurance-Linked Securities’ ambitions
A new reinsurer has been established in Iran’s capital called Tehran Reinsurance Company, which launches with around USD 20 million of capital, and which has ambitions to offer services for a local insurance-linked securities (ILS) market. After Iranian regulators approved the launch of TehranRe in March 2021, the firm reached an agreement in principal for […]
Lloyd’s to announce significant London Bridge 2 ILS expansion plan
Lloyd’s of London will today announce a significant expansion of its London Bridge insurance-linked securities (ILS) platform, with a plan to welcome more capital, new types of reinsurance transactions and make the transfer of different kinds of risks to capital market investors simpler. Dubbed London Bridge 2, according to the Financial Times that was given […]
Egypt’s financial regulator looks to insurance-linked securities (ILS)
The financial regulator in Egypt has become the latest government entity to look to implementation of an insurance-linked securities (ILS) framework within the country. Egypt already has insurance and some reinsurance activity going on within the country, but insurance-linked securities (ILS) are relatively unknown and a new concept to its market. Despite that, the Financial […]
PRA’s work on UK ILS market continues with consultation on ISPVs
As the UK’s top regulator, the Prudential Regulatory Authority (PRA), looks to further evolve the UK insurance-linked securities (ILS) regime, it’s outlined some proposed changes to the authorisation and supervision of insurance special purpose vehicles (ISPVs). In a recently published consultation paper, the PRA notes that since the launch of the HM Treasury’s Risk Transformation […]
ILS helps Hong Kong’s financial market diversify: Paul Chan
The passage of insurance-linked securities (ILS) legislation and now the successful issuance of a second catastrophe bond in the country, helps Hong Kong as it continues on its mission to further diversify its financial market and services sectors, according to Financial Secretary Paul Chan. With the recent completion of Hong Kong headquartered reinsurance firm Peak […]
Hong Kong Insurance Authority welcomes the second issuance of insurance-linked securities
The Insurance Authority (IA) today (3 June 2022) welcomed the second issuance of insurance-linked securities (ILS) in Hong Kong. This takes the form of a catastrophe bond amounting to US$150 million (equivalent to around HK$1.18 billion) sponsored by Peak Reinsurance Company Limited via Black Kite Re Limited, another authorized special purpose insurer, structured to cover […]
IRDAI allows insurance companies to introduce products without prior approval
The Insurance Regulatory and Development Authority of India (IRDAI) has allowed general insurance companies to introduce products without seeking prior approval from the regulator, in what is the first major reform by the new IRDA chairman. The IRDAI said it has extended the ‘use and file’ procedure for all the Health Insurance products and almost […]
Access to third-party capital & ILS positive for London market: AM Best
Rating agency AM Best has maintained its outlook for the London insurance and reinsurance market at Stable, with improving access to third-party capital one of the key drivers. AM Best believes that access to third-party reinsurance capital and the ability to more readily utilise insurance-linked securities (ILS) are positives for the London market, which should […]