USA - March 5 2012 The Model Act revisions provide that the Form B must include a statement that the insurer’s board of directors is responsible for any oversees corporate governance and internal controls and that the insurer’s officers or senior management have approved, implemented and continue to maintain and monitor corporate governance and internal control procedures.
European Union - March 5 2012 February has seen continued speculation about when (and even whether!) Solvency II will be implemented.
European Union - March 5 2012 The European Commission (the “Commission”) published a White Paper on 16 February 2012 entitled “An Agenda for Adequate, Safe and Sustainable Pensions” (the “White Paper”).
European Union - March 5 2012 EIOPA has published a 2012 action plan for colleges of supervisors, which is dated 16 January 2012 (the “Action Plan”).
China - March 5 2012 For more than 4 years prior to the end of 2010 no new approvals for the establishment of Insurance Asset Management Companies (“IAMCs”) had been issued by the CIRC, and only 9 IAMCs existed in the China market.