‘Hot fun in the summertime’: insurance regulatory activity heats up
The now iconic song of 1969 aptly describes the insurance regulatory activity we are seeing in the summer of 2013.
During the last two weeks of July, the International Association of Insurance Supervisors (IAIS) announced new standards for the regulation of G-SIIs, including releasing the initial list of insurance group G-SIIs; the National Association of Insurance Commissioners (NAIC) officially adopted a number of initiatives relating to captive insurance transactions; and the New York Department of Financial Services (NYDFS) moved forward with its scrutiny of private-equity and hedge-fund investments in insurance by imposing higher policyholder protection standards in a private-equity acquisition.
These activities are summarised in this briefing…
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