Lieve Lowet

Lieve Lowet

EU Affairs consultant and lobbyist

The intra-European cross-border insurance market: some insights

29 April 2022

Recently, EIOPA published its 2021 Annual Insurance Overview together with updated statistics. The statistics included for the first time for the EEA “Cross-border premiums” allowing for insights on the cross-border activity of insurers both regarding life and non-life insurance business on a freedom of services (FOS) or on a branch basis. We analyzed these cross-border insurance data especially in the context of the current Solvency II review, as Solvency II is a Single Market directive. The establishment of the Single Market for insurance allowing unimpeded cross-border sales and establishment did not come about easily. It started for direct insurance with the adoption of the first non-life insurance directive 73/239/EEC, applied on 27 January 1976. The first life insurance Directive, 78/473/EEC, was applicable as of 2 June 1980. These timid steps were further completed, among others, with the third non-life Directive 92/49/EEC and the third life directive 92/96/EEC applicable as of 1 July 1994. Since then, nearly 20 years passed by. Continue reading…

FSB analyses external vulnerabilities in emerging market economies associated with US dollar funding

27 April 2022
Knowledge Base

The Financial Stability Board (FSB) has on April 26th published a report on the interaction between US dollar funding and external vulnerabilities in emerging market economies (EMEs). The report has been prepared in collaboration with the IMF and forms part of the FSB’s work programme on non-bank financial intermediation. The report proposes policy measures to address EME vulnerabilities arising from foreign currency borrowing. These include measures to tackle the build-up of foreign exchange mismatches; enhance crisis management tools; and address data gaps to facilitate risk monitoring and the timely adoption of policies. The report also stresses the importance of ongoing work to address vulnerabilities from liquidity mismatches in open-ended funds, which would also help bolster the resilience of EMEs’ financial systems. Continue reading…

The clock is ticking on International Financial Reporting Standard IFRS 17

26 April 2022
Knowledge Base

The clock is ticking on International Financial Reporting Standard 17 (IFRS 17), the January 1, 2023, compliance deadline drawing ever closer. For insurers around the globe struggling with self-development or “empty box” software solutions, there is a new path forward: KPMG IFRS 17 Express – powered by SAS®. The IFRS 17 solution blends KPMG’s deep IFRS experience, SAS’ best-of-breed analytics and an IFRS 17 methodology globally tested by Allianz, one of the world’s leading insurance groups with customers in more than 70 countries.
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Whitepaper

PwC

Know Your Customer’s ESG Risks

24 April 2022

Why ESG should be part of a Financial Institution’s Customer Due Diligence process !

Customer Due Diligence is a key component of a compliance framework and an essential tool for managing the risk of financial crime and money laundering. However, as the regulatory landscape continues to evolve and issues relating to climate change, human rights and social responsibility are gaining importance, financial institutions are under pressure to broaden their view of ESG risks when assessing their current and potential customer base.

Why should a Financial Institution’s Compliance and Risk professionals care about ESG? What are key considerations for a successful ESG risk assessment? And finally good practices and recommendations are to be found in this whitepaper.

FSB report finds that COVID-19 has accelerated the trend towards digitalisation of retail financial services

22 April 2022

The Financial Stability Board (FSB) has published a report on March 21st about FinTech and Market Structure in the COVID-19 Pandemic. The main finding of the report is that the pandemic has accelerated the trend toward digitalisation of retail financial services. While comprehensive data on the market shares of FinTechs, BigTechs and incumbent financial institutions in retail digital financial services are scarce, proxies suggest that BigTechs and larger FinTechs have further expanded their footprint in financial services. Continue reading…

Ukrainian IT company to participate in Brussels Congress on Combating FEC

21 April 2022
Knowledge Base

YouControl is a Ukrainian IT company, developing open data services since 2014 and a same-name analytical system for analysing companies’ and individuals’ activities (https://youcontrol.com.ua/en/). They have many years of successful experience in creating AML and KYC systems used by international companies. The company is a member of 15 business associations, such as the European Business Association, the U.S. Chamber of Commerce and many others. Furthermore, YouControl is trusted by the National Bank of Ukraine, the State Financial Monitoring Service of Ukraine, National Agency on Corruption Prevention (NACP), and many other government regulators. Continue reading…

Eurojust supports joint investigation team into alleged core international crimes in Ukraine

20 April 2022
Knowledge Base

Eurojust supported the setting up of a joint investigation team (JIT) into alleged core international crimes committed in Ukraine. The responsible national authorities of Lithuania, Poland and Ukraine signed a JIT agreement on 25 March to enable the exchange of information and facilitate investigations into war crimes, crimes against humanity and other core crimes. Participation in the JIT may be extended to other EU Member States, third countries or other third parties in due course. Continue reading…

Dina-Perla Portnaar

Dina-Perla Portnaar

Consultant

Book Ban Attempts in Libraries and Schools Grew in 2021

20 April 2022

Book ban attempts grew by four-fold in the US. A new report shows that people are trying to ban books from the American libraries and schools more than before. ALA, so The American Library Association reports on the state of America’s libraries. There were 729 challenges to the books and activities taking place in libraries in 2021. There are more than 100,000 libraries across America, 9,000 of which are public libraries. 1,597 individual books were challenged by politicians, school boards, parents, political groups, elected officials and more. In Florida, a bill critics refer to as the Don’t Say Gay bill would ban any discussion of LGBTQ+ identities in classrooms from grades kindergarten through third grade, including teachers talking about their own lives, or kids mentioning their parents. In dozens of states across America, Critical Race Theory has been banned from classrooms as well. Lawmakers are passing laws that ban discussing or teaching kids about LGBTQ+ history or so-called Critical Race Theory.

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FSB welcomes smooth transition from LIBOR

19 April 2022

On April 5th, the Financial Stability Board (FSB) published a statement welcoming the smooth transition away from LIBOR at the end of last year. The end of 2021 marked a major milestone in the transition away from LIBOR and the FSB welcomes the smooth transition to robust alternative rates across global markets, primarily overnight risk-free or nearly risk-free rates (RFRs). The absence of any significant market disruptions is a testament to the magnitude of market participants’ efforts and the level of attention from the regulators and industry bodies to support the transition to RFRs. Continue reading…

Ukraine: EU boosts humanitarian aid with additional €50 million

17 April 2022

As heavy fighting and missile strikes continue to destroy critical civilian infrastructure, humanitarian needs in Ukraine remain extremely high. Despite access and security constraints, EU humanitarian partners are providing assistance to vulnerable people in different regions of Ukraine. The EU is allocating a further €50 million in humanitarian funding to support the people affected by Russia’s war on Ukraine, including €45 million for humanitarian projects in Ukraine and €5 million for Moldova. This brings the EU’s total humanitarian aid funding in response to the war to €143 million. This funding is part of the €1 billion support package pledged by the European Commission at last week’s global pledging event ‘Stand Up For Ukraine’.
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