The UK’s resource and leadership

Together, the Bank of England, its PRA subsidiary and the FCA have a sheer scale of resource and  influence that is market- leading. The ability to draw on the expertise of specialists with  detailed technical knowledge and its thought leadership for other regulators means that the UK  authorities are highly influential in leading the direction of travel of regulation, both within  the rest of Europe and elsewhere in the world.

Clyde & Co says: Shame England’s football team can’t do the same.

China’s laissez-faire approach to off-shore reinsurance

The China Insurance Regulatory Committee has in place very light touch regulation regarding how and  where primary insurers from the People’s Republic of China cede their reinsurance to offshore  entities. There is no prescriptive “marking down” of  the value of reinsurance recoverables for  minimum/regulatory capital purposes, nor is there yet a full-blown requirement for foreign reinsurers to hold assets in China, in  contrast to the requirements in some other jurisdictions, such as Australia.

Clyde & Co says: China’s insurance regulator could probably teach its football team a thing or two.

Malta’s proactive industry support

The Malta Financial Services Authority has displayed welcoming and proactive support for the insurance industry. Examples of this include designing PCC legislation specifically to fix perceived deficiencies of the rules in other jurisdictions and its recent introduction of a regime geared towards making securitization and the issuance of ILSs more certain and easier to achieve.

Clyde & Co says: World Cup minnow learning from the big boys.

France’s pragmatic approach

The French insurance regulator, the ACPR, often agrees to adopt pragmatic solutions when regulated  entities are faced with unclear or often conflicting legislation or regulation. This approach has  proven useful in the face of a constantly changing legal, regulatory and tax environment, coupled  to unpredictable case law.

Clyde & Co says: Will Les Bleus adopt a similar philosophy on the pitch?

Singapore’s business friendly attitude

The Monetary Authority of Singapore continues to foster a pro-business regulatory environment to  accelerate the growth of the local industry. The development of Singapore’s captive insurance  market is just one example of the willingness of the regulator to embrace policies that are  attractive to business. Singapore has achieved its position as the leading domicile in the region  by implementing a light touch regulatory environment conducive to the establishment of  captive  insurers, offering an attractive tax incentive scheme which provides captives with exemptions from  tax on a range of income streams for up to ten years.

Clyde & Co says: Cutting edge tactics – the Jose Mourinho of insurance regulators.

Brazil’s willingness to open the reinsurance market

For almost seventy years, the Brazilian reinsurance market was solely operated by government-owned  Brazilian Reinsurance Institute (IRB).  In 2007 this scenario started to change with new rules that  opened the market to other companies. Although the IRB and other local reinsurers were still  granted a significant reserve of 60% of the operations this was reduced to 40% in 2010 and will  likely decrease further in the future.

Clyde & Co says: Success in insurance industry certain to follow glory on the pitch.

Australia’s insurance regulator’s safe pair of hands

During the turbulent times of the global financial crisis in 2007 and since that period, the  Australian Prudential Regulatory Authority (APRA) has guided the Australian financial sector and  the insurance industry through turbulent waters, leaving the sector virtually unscathed and in a  strong position. A booming commodities market obviously plays an identifiable role in the continued  success of the Australian economy but without APRA’s vision and adaptability, the prudential  regulation of the Australian financial services sector would not be in the world leading position  it is in today.

Clyde & Co says: Resilient and adaptable in tough situations, APRA’s hands are as solid and dependable as those of Gordon Banks.

The Middle East’s commitment to best practice

The Dubai International Financial Centre and Qatar Financial centre were set up from scratch, so  the regulating bodies have had the ability to cherry-pick from the best of the existing financial  centre legislation. This, combined with on-going and continuous regulatory overhaul, makes a  compelling case for setting up in these bespoke Middle East financial centres to obtain access to  the growth markets in this developing region.

Clyde & Co says: Quality from top to bottom – reminiscent of the all-conquering Spanish XI.