RGA buys PRA authorised UK life insurer HLAC
05-02-2021
02-10-2017
Global life and health reinsurer Reinsurance Group of America (RGA) has entered into an agreement to acquire 100 percent of the share capital of Hodge Life Assurance Company (HLAC), which is authorised by the UK s Prudential Regulation Authority (PRA).
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APRA, Macquarie Uni say BEAR regime is showing sharp teeth
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The Banking Executive Accountability Regime, known as BEAR, has improved culture and behaviour by assigning individual responsibility to bankers, the prudential regulator and new research by Macquarie University have found.
The results should provide confidence to Treasury as it prepares to roll out an extended version of BEAR to the finance sector via the “Financial Accountability Regime”.
Macquarie University governance Professor Elizabeth Sheedy: “BEAR has undoubtedly brought a greater clarity about who is accountable for what.”
Peter Braig
Stuart Bingham, general manager of governance, culture, remuneration and accountability at the Australian Prudential Regulation Authority, said on Thursday BEAR had improved board oversight by encouraging directors to ask more probing questions of the banks’ management.
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Following the end of the EU-UK transition period and the UK’s full withdrawal from the EU on December 31, 2020, (re-)insurance undertakings domiciled in the UK or Gibraltar have lost their European passporting rights that they previously had under Article 15(1) of Directive 2009/138/EC
Solvency II). Equally, those pension funds that were, under EU rules categorized as institutions for occupational retirement provision (
IORPs), domiciled in the UK or Gibraltar, have lost rights under Articles 11 and 12 of Directive (EU) 2016/2341
IORPs II Directive), notably those that previously allowed IORPs to operate on a cross-border basis without an establishment in a given EU Member State.
THIS ANNOUNCEMENT (INCLUDING THE APPENDIX) AND THE INFORMATION CONTAINED HEREIN ARE RESTRICTED AND ARE NOT FOR PUBLICATION, RELEASE, DISTRIBUTION OR FORWARDING, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE FOR INFORMATION PURPOSES ONLY AND DO NOT CONSTITUTE AN OFFER OF SECURITIES IN ANY JURISDICTION. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT. This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.
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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.
Contents
General insurance pricing practices: FCA Q&A
COVID-19: FCA information on flood and storm claims
COVID-19: EIOPA consults on ORSA supervisory statement
End of Brexit transition period: Lloyd s underwriters trading rights
Cyber risk underwriting: IAIS report on challenges and supervisory considerations for sustainable market development
Solvency II: PRA CP1/21 on deep, liquid and transparent assessments, and GBP transition to SONIA
The UK Prudential Regulation Authority (PRA) has published a consultation paper, CP1/21, on deep, liquid and transparent (DLT) assessments and GBP transition to the Sterling Overnight Index Average (SONIA) under the Solvency II regime. CP1/21 is relevant to all UK Solvency II firms, including in respect of the Solvency II groups pr