All articles by Peter Johnstone
Peter Johnstone
Taiwan’s financial regulator gets tough on foreign life insurers
Taiwans Financial Supervisory Commission (FSC) reportedly plans to require foreign life insurance companies to set up subsidiaries, rather than just branches, for the sale of individual insurance policies on the island Taiwan Economic News said it would cost an estimated NT$2bn for a foreign life insurer to establish a subsidiary whereas now they only need an operating fund of NT$50m for a Taiwanese branch office
Euro body update on Solvency II equivalence
The European Insurance and Occupational Pensions Authority (EIOPA) has published its latest announcement on measures for Solvency II equivalence for non-EU countries. The announcement, in Solvency II Equivalence Transitionals comes after the European Commission has developed a transitional regime for Solvency II equivalence for third countries which either have a risk based regime similar to Solvency II, or are willing and committed to move towards such a risk-based regime over a predefined period
Deloitte: Solvency II alert on annuity rates
Solvency II regulation could reduce annuity rates by between 5% and 20% according to research conducted by Deloitte. The consultancy firm explained that the Solvency II regime may force annuity providers to switch from investing in corporate bonds to lower-yielding assets as well as also having to hold higher levels of reserves
PMI provider offers UK consumers private treatment abroad
Health insurance provider Passport2Health has launched a private medical cover package combining private UK diagnostics with overseas treatment. The providers customers can choose from hospitals in France, Germany, and Spain well as Belgium, Cyprus, Portugal, Gran Canaria and Malta The company says that medical tourism is a growing market, with around 60,000 people a year believed to be travelling away from the UK for treatment abroad
HMRC consults on insurance premium limit initiative
The UKs HM Revenue & Customs (HMRC) has published a consultation document inviting views on proposals for the implementation of an annual limit to the amount of premiums payable into qualifying life insurance policies The consultation is the next stage after the UK government announced plans for a £3,600 annual limit (out of date mentioned in budget) on premiums paid into qualifying policies (QPs) issued on or after 6 April 2013. In developing the necessary legislation and procedures, HMRC said it is looking to ensure that the limit is implemented effectively whilst minimising any additional requirements for policyholders, the life insurance industry and HMRC.
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Income annuities become bestsellers in the US
Income annuity sales in the US rose by 22.9% year-on-year (YoY) in Q1 2012 and were the quarters bestselling products for the first time, says a study. Data from the Beacon Research Fixed Annuity Premium Study noted that sales of indexed annuities also grew by 8.9% YoY in Q1 2012
UAE health insurer targets Qatari market
Daman, a specialised National Health Insurance Company in the United Arab Emirates (UAE), has launched Daman Health Insurance Qatar (Daman Qatar) in partnership with Munich Health, which is part of Munich Re
Canadian tax on health and disability insurance blasted
Frank Swedlove, president of the Canadian Life and Health Insurance Association (CLHIA) has criticised a new tax on life, health and disability insurance affecting consumers in the Canadian province of Manitoba The proposed Retail Sales Tax of 7% would apply to premiums associated with disability, critical illness and accidental death and dismemberment for both group and individual insurance policies, as well as for all forms of group creditor insurance and a significant number of individual life insurance policies.
Swiss Re UK assurance warning: mind the gap
The life assurance protection gap for the UK has increased by 20% from £2trn to £2.4trn over the past ten years, according to Swiss Re In its report Term and Health Watch 2012, Swiss Re said on average, this gap amounts to around £100,000 per person, with the amount of under-insurance greatest among single parents, couples with children and those aged 35 and under.
Burmese life industry set to open up
Burma is set to open up its life insurance market to private companies for the first time in almost fifty years, the Myanmar Times has reported. The state-run life insurer, Myanma Insurance, has reportedly sold 180 application forms to interested parties, although it is said foreign life companies will not be allowed to enter the market.