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The California Insurance Working Group suggested the policy to cover areas with high wildfire risk. -
The new law limits insurer liabilities for attorney fee suits against insurers and reduces time limits for claims.
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The new accounting framework is being brought in to replace current GAAP reporting measures.
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The executive said reforms will help insurers, but more challenges remain to be tackled, as local executives remain divided on the potential impact of the legislation.
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The standards board set out its guidance for ILS managers seeking to isolate volatile assets in a memo published at the start of May.
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Whatever their eventual impact on runaway loss inflation the fact reforms were enacted at all is a happy surprise for the industry.
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The recommendations include establishing side pockets as quickly as possible after an event, prominently disclosing side-pocket performance and being transparent on processes and fees.
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The regulator had previously set a 27 July deadline after the merger partners offered divestments to secure regulatory approval.
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The move comes ahead of the COP26 climate summit in Glasgow in November.
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Sponsors want to know what the benefit will be to them, the broker said.
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The move follows Willis’ explorations of sales of Willis Re and European units.
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The EU’s SFDR is the first major regulatory attempt to codify ESG disclosure requirements, and other regions are expected to introduce similar rules in the future.
