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Prior to approval, the commercial carrier owned 47.3% of the Chinese insurance group.
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The reforms include changes to balance-sheet requirements – to help insurers invest billions more in growth assets – and plans to aid new entrants.
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The regulator’s CEO and chairman issued stark warnings to MPs about regulatory intervention powers for ministers that could be inserted into a reform bill.
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The Treasury is yet to clarify its plans to introduce ‘call in’ powers against regulators, or detail how regulators will be held accountable over a new growth duty.
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MPs have criticised the Treasury’s move to delay the introduction of a call-in power against regulators, in a bill passing through Parliament.
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In a speech last night, the PRA CEO issued the regulator’s latest warning to MPs about regulatory reforms.
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After the new Cabinet was formed and ministerial appointments announced, Andrew Griffith has retained a portfolio that includes financial services regulation.
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Nikhil Rathi plans to address in a speech tonight regulatory reforms in the Financial Services and Markets Bill, now being debated in Parliament.
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Senior officials from the UK Treasury and Prudential Regulation Authority agreed measures with US Treasury officials to ensure transatlantic access to reinsurance is opened up.
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The ratings agency cited the impact of inflation on P&C underwriting profitability and expects a deterioration in P&C carriers’ combined ratios.
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The regulator has set out how tech companies such as Amazon and Apple may expand in UK financial services through M&A and other means.
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The regulator has seen various levels of embedding climate risk management processes among insurers and banks, and called for more progress by “all firms”.