Regulation/Legislation

Almost half of European insurers will not be ready for Solvency II by January 2014, reports Ernst & Young, but given an extra year, 90 percent say they will be ready by Jan. 1, 2015, the date proposed by the European Union.

Insurance industry officials fear Armageddon will be the result of a proposal by the Federal Reserve Board to use bank-centric standards in regulating insurance companies that operate thrifts.

The Patient Protection and Affordable Care Act has brought a degree of uncertainty to property and casualty independent agencies sale of employees benefits, but some experts say it may also be a time of opportunity for them as clients learn to navigate the new health care benefits landscape.

For P&C Agencies looking to expand into selling Life & Health, one alternative to hiring a full-time Life producer is working with a consulting firm.

One of the major changes under the Patient Protection and Affordable Care Act (PPACA) will be the mandated creation of state insurance exchanges by 2014. The exchanges will be able to craft plans for individuals and small businesses that were previously paying higher premiums or unable to afford coverage.

Prudential Financial on Thursday advanced to the final stage of the governments process for designation as a non-bank systemically important institution, according to several sources.