The UK’s financial services supervisor wants to scrap “nominal” regulatory thresholds to make compliance costs “proportionate” and prevent more financial firms from falling under rules simply because they have grown in size rather than risk.
Insurance
Posted inInsurance
Former Lloyd’s CEO breached code of conduct
The former CEO of Lloyd’s of London breached the insurance market’s compliance rules after his relationship with a fellow director was deemed to be so close that it created “a perceived conflict of interest.”
Posted inBest Practices
Practitioner lessons from Prudential Life of Japan’s scandal
Prudential Life Insurance’s scandal in Japan attracted limited attention in the West when it broke in January, but six months on, it has become one of the most consequential compliance failures seen this year.
Posted inInsurance
Former insurance CEO gets 12 years for $2B insurance fraud scheme
The former chief executive officer and founder of Eli Global and Global Bankers Insurance Group was sentenced Tuesday to 12 years in prison for a vast, $2 billion insurance fraud operation that bankrupted numerous insurance companies and cheated thousands of insurance policyholders.
Posted inBest Practices
Why risk fluency defines great leadership
Every leadership decision is ultimately a risk decision — whether leaders explicitly frame it that way or not.
Posted inRisk Management
Rethinking war risk in an era of persistent conflict
For many organizations, “war risk” still sounds like a niche concern, something reserved for defense contractors, energy companies, or humanitarian organizations operating near active conflict. Over the past several years, that assumption has quietly eroded, particularly for the insurance industry.
Posted inInsurance
Incline P&C Group appoints risk chief
Incline P&C Group, a property and casualty insurance program market services firm, announced the appointment of Sheel Patel as chief risk and strategy officer.
Posted inInsurance
Liberty Mutual Insurance names CCO
Liberty Mutual Insurance announced that Nicole Arangio has been named executive vice president and chief compliance officer, effective Apr 1.
Posted inInsurance
Boston Mutual Life Insurance promotes legal chief to president, COO
Boston Mutual Life Insurance Company announced that General Counsel & Secretary Grant Ward, Sr., JD, has been named president and chief operating officer, effective Jan. 1.
Posted inInsurance
Liberty Bankers Insurance appoints compliance, legal chief
Liberty Bankers Insurance Group announced Lori Ann Fox as the new senior vice president, chief compliance and legal officer.