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Breaking down the barriers
Europe has been driving changes in the insurance industry for centuries and has always had the same aim: to establish a single market. In an edited version of a speech given to the Comité Européen des Assurances on its 50th anniversary,..
Online Published Date:
01 August 2003
Appeared in issue:
4 - 01 August 2003
Avoiding the pitfalls of change
High profile failures in the UK market have inevitably led to a review of business practices in the insurance and reinsurance industry. In this article
Jonathan Drake, a consultant at law firm Clyde & Co, explains why and how insurers are now..
Online Published Date:
01 August 2003
Appeared in issue:
4 - 01 August 2003
IT steps up for new regime
Regulatory pressures on the industry have reached a peak, and while insurers are up to speed in many areas the control of management information is still a weakness.
Simon Gallagher, a partner at Moore Stephens, explains how companies can use new..
Online Published Date:
01 August 2003
Appeared in issue:
4 - 01 August 2003
Costs and market impacts
It has become an (almost) accepted fact that FSA regulation will increase general insurers’ cost bases. But what will the costs be, and how will this affect the market? In this article,
Dr John Spicer, a senior consultant at Europe Economics,..
Online Published Date:
01 August 2003
Appeared in issue:
4 - 01 August 2003
Capital consultation singles out London insurers
Within days of his appointment as the new chief executive of the Financial Services Authority (FSA), John Tiner didn’t mince his words on announcing tighter capital requirements for insurers. Never one to want to tread softly, Mr Tiner singled..
Online Published Date:
01 August 2003
Appeared in issue:
4 - 01 August 2003
FSA revises sales rules
The industry has been heartened by the outcome of FSA consultation paper CP187 which shows signs of having listened to the concerns of the insurance industry. For one, the FSA has been convinced to give up its preferred option for defining customers..
Online Published Date:
01 August 2003
Appeared in issue:
4 - 01 August 2003
Briefly noted
Up to half of UK brokers are running the risk
of missing compliance deadlines when the industry falls under the auspices of the Financial Services Authority (FSA), according to Beachcroft Wansbroughs Consulting. General insurers are a long way off..
Online Published Date:
01 August 2003
Appeared in issue:
4 - 01 August 2003
Mirel lends support to UK
DC’s insurance commissioner shakes up US protectionists
The insurance commissioner of Washington DC, Lawrence Mirel, has come out in support of the UK’s regulatory regime under the Financial Services Authority (FSA) and went as far as..
Online Published Date:
01 August 2003
Appeared in issue:
4 - 01 August 2003
Executives unite to oppose IAS
Two topics dominated the recent annual gathering of the International Insurance Society in New York; corporate governance and the IAS concept of “fair value” accounting.
Whether organisers had planned it that way or not, the agenda was..
Online Published Date:
01 August 2003
Appeared in issue:
4 - 01 August 2003
Leading the way to a single market
For senior management and technical specialists of global companies one of the biggest headaches can be the sheer number of organizations and bodies that are involved in regulatory and accounting change. In this article,
IR&A
takes a look at..
Online Published Date:
01 August 2003
Appeared in issue:
4 - 01 August 2003
Coming your way…
In the launch issue of
IR&A
we published a timetable of what’s on the cards in an attempt to separate the woods from the trees. Below is an update for readers of international and domestic meetings, papers and events. Please let us know..
Online Published Date:
01 August 2003
Appeared in issue:
4 - 01 August 2003
US government widens insurance role
Insurance issues are top of the political agenda in the US for the first time in over a decade. This could bode well for foreign insurers as they step up the campaign for changes to collateral rules, says
L Charles Landgraf, LeBoeuf, Lamb, Greene..
Online Published Date:
01 August 2003
Appeared in issue:
4 - 01 August 2003
FSAP: nine month deadline “challenging”
With only nine months to go before the Financial Services Action Plan (FSAP) is due to go live, all parties involved are being urged to step up the pace. The latest progress report, discussed at the European Parliamentary Financial Services Forum..
Online Published Date:
01 August 2003
Appeared in issue:
4 - 01 August 2003
Green light for governance code
The much-maligned corporate governance code has finally met with approval in time for companies to apply it for 2004 accounts, beginning on or after 1 November 2003, some four months behind the original schedule.
The Financial Reporting Council..
Online Published Date:
01 August 2003
Appeared in issue:
4 - 01 August 2003
Tiner signals FSA overhaul
Promotion leaves a gap in regulator’s insurance division
The new chairman and chief executive of the Financial Services Authority (FSA) will both be looking “urgently” at the new structure of the regulator when they take over in..
Online Published Date:
01 August 2003
Appeared in issue:
4 - 01 August 2003
Culture of non-compliance heightens reputational risk
Financial services firms are neglecting the role that compliance plays in making or breaking a company’s name, according to new research by PricewaterhouseCoopers (PwC) and the Economist Intelligence Unit. Poor compliance procedures and..
Online Published Date:
01 August 2003
Appeared in issue:
4 - 01 August 2003
IAS receives first endorsement
Insurers have welcomed the European Commission’s (EC) decision to exclude the controversial standards IAS 32 and 39 from a general endorsement of International Accounting Standards (IAS) in their current form.
Following the advice of the..
Online Published Date:
01 August 2003
Appeared in issue:
4 - 01 August 2003