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Tag Archives: solvency

Posted in European Union, Regulatory and legislative updates, USA

U.S. and EU Sign Covered Agreement; Issue Clarifying Statements

On Friday, September 22, 2017 the United States and the European Union signed a bilateral agreement on certain prudential measures regarding insurance and reinsurance (the “Covered Agreement” or “Agreement”).  Execution had been pending since both parties announced their intention to sign on July 14, 2017. Negotiation of the Agreement had been finalized six months earlier,

Posted in Asia, Indonesia, Regulatory and legislative updates

Indonesia: Otoritas Jasa Keuangan (OJK) to get rid of sanctions for insurance companies who fail to meet minimum risk-based capital (RBC) requirement

Background In order to maintain sound financial management, insurance companies in Indonesia are currently obliged to maintain a minimum solvency level of at least 100% of their risk-based minimum capital. Beyond this, insurance companies are also expected to reach the “target” solvency level of 120%, below which the Minister of Finance can require an insurance