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The Corporation is cracking down on LOC exposure following the Vesttoo scandal.
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Finance minister describes the activity as “widespread, repeated and continuous”.
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The provision was made as part of the Berne Financial Services Agreement signed by Chancellor Jeremy Hunt today.
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Robert O’Leary, managing executive officer at Tokio Marine Holdings, has resigned from the company.
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Under the proposal, the tax would be effective from 2025.
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An affiliate of the Chinese investment group has a 33% shareholding in the carrier.
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The rating is the market’s highest ever from S&P.
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The metrics will measure the regulators’ performance in promoting the financial sector’s competitiveness.
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The 200-year-old firm is not the only one to be caught up in watchdogs’ investigations into corruption and bribery controls.
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The DoJ also hit rival reinsurance broker Tysers with a $36mn penalty and administrative forfeiture of around $10.5mn.
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Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.
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The UK government has set out a re-energised international development agenda which has highlighted the potential for greater disaster risk financing.