Nine out of 10 Lloyd's of London insurers are working on their own governance rules for artificial intelligence, the Lloyd's Market Association said Thursday, as the U.K.'s financial watchdog launched a probe into the adoption of the new technology.
Nine out of 10 Lloyd's of London insurers are working on their own governance rules for artificial intelligence, the Lloyd's Market Association said Thursday, as the U.K.'s financial watchdog launched a probe into the adoption of the new technology.
The government has reported the new administrator of the Civil Service Pension Scheme to the Information Commissioner's Office over a data breach, amid growing official frustration over a botched handover.
The European Union's insurance watchdog has proposed cutting 13 sets of guidelines on Solvency II by 25% to reduce the administrative burden on insurers.
Insurers of gas pipelines hit by explosions in 2022 said at the start of their trial on Thursday that exclusions in their policies prevent damages payouts of up to €580 million ($682 million) because the blasts were linked to the Russia-Ukraine war.
The Financial Conduct Authority set out on Thursday its new U.K. short selling regime, which will greatly reduce reporting requirements and clarify when the regulator can use its emergency powers to stop short selling.
Europe's insurance industry has urged regulators to simplify and refine the bloc's sustainable finance rulebook, warning that its complexity and data gaps risk undermining its effectiveness in steering capital toward climate-friendly activities.
