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Recent regulatory developments of interest to insurers and their intermediaries. See also our General regulatory news in the Related Materials links.
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Future opportunities for the insurance industry: ABI speech
Insurer capital requirements: PRA speech
The UK Prudential Regulation Authority (PRA) has published a speech by Anna Sweeney, PRA Executive Director, Insurance, titled Goldilocks and the three pillars: how much capital is just right? . In her speech, Ms Sweeney explains the PRA s thoughts about the relationship between capital requirements and the rest of the prudential regime, in the context of the government s review of Solvency II. Points of interest in Ms Sweeney s speech include:
KUALA LUMPUR: The General Insurance Association of Malaysia (PIAM) has assured flood victims with flood insurance coverage its members are ready to speed up the claims process and payout claims against losses caused by the current flood situation. PIAM member companies will process all flood claims so long as flood is an insured peril, regardless of whether a state of emergency is declared or not,” it said in a statement today.
It said member companies are committed to expedite flood claims settlement by reaching out to claimants and prepared to waive claim forms and supporting documents for shorter turnaround times.