In a long overdue move, the European Commission in June 2017 unveiled a proposal for a pan-European personal pensions product (PEPP). PEPPs are designed to complement – not replace or harmonize  – existing state-based occupational and national personal pensions throughout the European Union. The PEPP forms part of the Commission’s plan to build a Capital Markets Union (CMU), wherein the Commission believes the new pension product will help to

The UAE Ministry of Human Resources and Emiratisation (MOHRE) in 2016 issued work permit fines to over 52,000 organizations for a total of 141,000 fines for incomplete work permit registration or late renewals, hitting approximately 15 per cent of UAE companies. The fine is Dhs100 per day, capped at Dhs2,000 (USD 544 or EUR 476 at June 30, 2017 exchange rates). An organization cannot not receive any further work

Actuarial firm Milliman in June 2017 released a white paper: The 2016 US Group Disability Market Survey, which discusses employer-paid and employee-paid short-term disability (STD) and long-term disability (LTD) insurance products, and includes an analysis of premiums, cases, and covered lives from new sales and in-force business in 2015 and 2016. The white paper determined that the combined STD and LTD in-force premium among contributing companies in 2016 was

U.S. banking group Wells Fargo in June 2017 announced that it had sold Wells Fargo Insurance Services USA (WFIS) to USI Insurance Services. Wells Fargo group is refocusing on core banking products and services. Wells Fargo’s Personal Insurance business remains with Wells Fargo group and will report to its Consumer Lending division. WFIS provides small business, middle market, large corporate and high net worth clients with property and casualty,