All articles by LII editorial
LII editorial
EIOPA stress test a ‘time-waster’
Though he expressed himself in more diplomatic terms, Peter Vipond, the Association of British Insurers (ABI) director of financial regulation and taxation, has effectively told the European Insurance and Occupational Pensions Authority (EIOPA) to stop wasting insurers time. Vipond was responding to an announcement by EIOPA of the second Europe-wide stress test for the insurance sector in the run-up to implementation of the European Union (EU) Solvency II regulatory regime at the start of 2013.
Markets boost industry to a new high
Europes asset management industry has shrugged off the slump of 2008 to record a new all-time high in assets under its management at the end of 2010
US annuity market gets off to a roaring start
Variable annuity (VA) sales in the US continued to power ahead in the first quarter of 2011, rising 24% compared to the first quarter of 2010 to $39.81bn, reported research and consulting organisation LIMRA.
ING a step closer to full bail-out repayment
Digging into its retained earnings, ING has, at a 50% premium, repurchased 2bn ($2.8bn) of the core Tier 1 securities issued to the state in November 2008 to prop up its embattled balance sheet
Buy-ins finally make their debut in the US
A small deal compared with some that have been executed in the UK, the transaction involved a $75m pension risk transfer transaction for Hickory Springs Manufacturing Company, one of the largest furniture manufacturers in the US.
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Desperate Irish government out to pluck pension funds
In serious need of revenue, Irelands government is turning its attention to one of the remaining reliable sources of tax to dig the country out of its economic plight: pension funds
Alliance with Wright USA ups ING access to federal employees
In a press release, Wright USA said the alliance will enable it to offer an expanded line of life insurance products designed to replace or supplement the Federal Employees Group Life Insurance plan offered by the government
Aviva goes for speed with Simplified Life
That is the promise from UK insurer Aviva which claims 80% of consumers who apply online using the “super-fast quote and apply tool” for its Simplified Life product, with cover up to £500,000 ($800,000), will have an “on-the-spot decision” within a few minutes
Florida becomes 23rd state to settle with John Hancock
In a continuation of the unpaid death benefits scandal that hit the US life industry in April, the Florida Office of Insurance Regulation (FOIR) has become the 23rd state regulator to reach a settlement with John Hancock. The US unit of Canadian insurer Manulife Financial, John Hancock is the first and only life insurer to have reached a settlement with regulators in an unfolding investigation in which regulators of at least 36 states are now involved.
HSBC and Aviva strengthen ties in EU
Chief executive of Avivas UK business Mark Hodges said: “As a leading bancassurance provider in the UK and Europe, and an HSBC preferred partner, we are in the unique position of being able to offer a range of market-leading life and general insurance products