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Chinese Online Mediation and Litigation Rules Extend to Banking and Insurance Sector
China’s China Banking and Insurance Regulatory Commission (CBIRC) and the Supreme People’s Court have launched an online litigation and docking system to handle a growing number of banking and insurance industry disputes.
Commission Releases Legislative Proposals for Changes to EU Insurance and Reinsurance Regulation
Insurers and reinsurers operating in the EU will be subject to amended solvency rules, new rules regarding risk assessment and management of climate-related risks, a new cross-border resolution mechanism for distressed insurers and a more harmonised EU-level supervisory framework.
European Commission Adopts New Rules for Retail and Insurance Investment Products
The European Commission has published an updated Delegated Regulation and supporting Annexes to amend the regulatory technical standards (RTS) for packaged retail and insurance-based investment products (PRIIPs).