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Hong Kong targets ILS as important driver of reinsurance growth

The Hong Kong government's Financial Services Development Council (FSDC) has said in a report that it sees insurance-linked securities (ILS) as an important driver of future growth for the Hong Kong reinsurance market.The FSDC notes that the Hong Kong insurance market is facing increasing competition regionally, with reinsurance one of read the full article →

Cayman to fast-track cat bond license approvals

The Cayman Islands has made some changes to its regulatory framework for catastrophe bonds, with a new fast-track license approval process that aims to streamline the issuance of cat bonds registered in the domicile.The Cayman Islands has fallen far behind in the race to attract catastrophe bonds and other insurance-linked read the full article →

Experts share opinions on Brexit’s impact on UK’s ILS ambitions

Industry experts have again emphasised the importance of speed to market if London is going to develop a competitive insurance-linked securities (ILS) framework, but expressed varied thoughts on what impact Brexit might have on the UK’s ILS ambitions.The London market and UK government continues to work towards the establishment of read the full article →

Consultation launched on FCA oversight of UK ILS rules

The UK's Financial Conduct Authority (FCA) has launched a consultation on changes to the FCA Handbook to incorporate its supervisory oversight of the UK's new insurance-linked securities (ILS) regulatory regime.The consultation has been launched today, and sets out the FCA's proposals for the ILS related changes required to its handbook, read the full article →

Elements of UK ILS proposal could be improved: Ashurst

International law firm Ashurst has provided some feedback and commentary on the UK government’s proposed insurance-linked securities (ILS) framework, highlighting potential areas HM Treasury and the Prudential Regulation Authority (PRA) should take into consideration to ensure a competitive regime.Ever since the UK government published its draft regulations for the facilitation read the full article →

Guernsey expands ILS regulations, with SPI vehicle for cat bonds & more

Guernsey has updated its insurance-linked securities (ILS) rules in order to clarify the regulatory treatment of collateralised reinsurance transactions, add a full-featured SPI structure that can support catastrophe bonds and sidecars, and to speed up the approval to a one-day process.The Guernsey Financial Services Commission (GFSC) has published the new read the full article →

UK must create competitive ILS regime: Des Potter, GC Securities

Failure from the London marketplace to create a competitive insurance-linked securities (ILS) regime will be a “massively missed opportunity” that will most likely see another jurisdiction fill the void, according to Des Potter, Head of GC Securities, EMEA.“If London doesn’t become competitive in this market, then what I will predict read the full article →

ILS can help London maintain its competitive edge: City Minister, Kirby

Simon Kirby, Economic Secretary to the Treasury (City Minister) at HM Treasury, has stressed that the UK government’s proposed insurance-linked securities (ILS) regulations can help the London insurance and reinsurance market maintain its competitive edge.Addressing an audience at City & Financial’s ILS conference held in London on December 5th 2016, read the full article →

Law firms highlight potential issues with UK’s draft ILS regulations

As the UK government continues to develop and advance its ambition of turning London into a global hub for insurance-linked securities (ILS) business, international law firms have highlighted some uncertainties and potential shortcomings of the new guidelines.The establishment of an ILS hub in the United Kingdom has the potential to read the full article →

ILS a priority for UK Gov post-Brexit, regs to be in place H1 2017

Insurance-linked securities (ILS) business is seen as a priority in a post-Brexit Britain by the new UK Government cabinet, and the new regulatory regime will be in place in the first-half of 2017, according to government speakers at an event in London this morning.The UK ILS regulation consultation period, which read the full article →