UK’s PRA wants to improve ILS authorisation process and speed
The United Kingdom’s Prudential Regulatory Authority (PRA), which is part of the Bank of England, said that it recognises the need to improve the country’s authorisation process for insurance-linked securities (ILS) vehicles, noting that time taken is a factor. In a letter to insurance and reinsurance CEO’s, Anna Sweeney and Charlotte Gerken, two Executive Directors […]
UK Gov committee approves plan to exempt ILS from Stamp Duty taxes
This week, UK Member’s of Parliament (MP’s) approved the passage of new Government legislation designed to exempt insurance-linked securities (ILS) issuance and reinsurance transformer vehicle issued notes from any Stamp Duty taxes, to promote ILS activity in the United Kingdom. The move saw MP’s from both sides of the House agreeing to pass the legislation, […]
Enormous potential for cat bonds in Greater Bay Area: Hong Kong’s Carrie Lam
Carrie Lam, Chief Executive of the Government of Hong Kong, sees “enormous potential” for catastrophe bonds and insurance-linked securities (ILS) to provide important disaster risk capital to underpin risks in the Greater Bay Area. The Greater Bay Area, also known as the Guangdong – Hong Kong – Macau Greater Bay Area, is a megalopolis made […]