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Articles for issue 42 - 01 Nov 2006
Single regulator idea divides opinions
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01 November 2006
As Allianz calls for a single European financial services regulator, we take a look at why the issue is so controversial.
Insurers prepare for change
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01 November 2006
As the European Commission gears up to publish a draft of the Solvency II directive with a view to submitting the proposal to the European Parliament in July 2007, we take a look at what the experts are expecting from the project.
Supervisors get to grips with captives
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01 November 2006
The International Association of Insurance Supervisors (IAIS) approved an “Issues paper on the regulation and supervision of captive insurance” during its October meeting, held this year in Beijing. The paper has been drafted as a reference for supervisors explaining the history and nature of captives, their use and potential for misuse and the relationship between captives and the traditional insurance and reinsurance markets. It also addresses the main principles of the IAIS’s Insurance Core Principles (ICP) that apply to captives and in this extract we highlight how supervisors adapt their approach to the nature of the captive operations by looking at some of the key principles in turn.
PPI market could be referred to competition authorities
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01 November 2006
The UK Payment Protection Insurance (PPI) market is under fire from both the Office of Fair Trading (OFT) and the Financial Services Authority (FSA) following the completion of their respective studies on the £5.5bn industry.
The..
Phase II insurance IFRS delayed until Q1 2007
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01 November 2006
The International Accounting Standards Board (IASB) has delayed publication of its discussion paper on Phase II Insurance Contracts to the first quarter of 2007. The paper, which sets out the IASB’s preliminary views before preparing..
FSA reports back on stress testing review
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01 November 2006
A recent review by the Financial Services Authority (FSA) of the banking sector’s approach to stress testing has concluded that many firms still need to make further progress if they are to realize the extent..
EC encourages industry to speak up
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01 November 2006
The financial services industry needs to do more to get itself involved in every stage of the legislative process to improve the policies that originate from Europe, according to Charlie McCreevy, internal market commissioner. Speaking..
EU states face action over infringements
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01 November 2006
The European Commission (EC) has uncovered further infringements of insurance law in six member states and is taking action against Italy, Finland, Poland, Hungary, Germany and the Czech Republic. The EC first opened infringement proceedings..
UK insurers fear Solvency II outcome
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01 November 2006
A survey conducted by the Association of British Insurers (ABI) in September revealed that 68% of UK insurers responding to the poll are concerned that the Solvency II project will fall short of adopting an..
Lamfalussy committees oppose EC’s M&A proposals
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01 November 2006
Europe’s supervisory authorities representing insurance, banking and securities have lodged an official protest with the European Commission (EC) over its plans to tighten up the merger and acquisition approval process in cross-border deals. In a..
NAO promises “hard-hitting” FSA review
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01 November 2006
The head of the National Audit Office (NAO), Sir John Bourne, has promised that its review of the Financial Services Authority (FSA) will be “hard-hitting”. In an interview with the Financial Times
recently Sir John..
FOS consultation delayed
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01 November 2006
The regulator needs more time to assess “radical” options for firms’ fees
Industry pushes for tax change
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01 November 2006
The government promises to look at tax and over-regulation of insurance
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