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Briefly noted
▪ Lloyd’s Names have taken their battle for compen
sation from the UK government for losses incurred in the 1990s to the courts in legal proceedings that if successful could open the doors for a class action of thousands of Names. The..
Online Published Date:
01 August 2006
Appeared in issue:
39 - 01 August 2006
Coming your way…
IR&A’s timetable is regularly updated to cover as many new developments as possible while also keeping an eye on events as they unfold. The first table incorporates the FSA’s agenda for consultations, discussion documents, thematic..
Online Published Date:
01 August 2006
Appeared in issue:
39 - 01 August 2006
Regulation key to London’s competitiveness
In his early days as the new economic secretary to the Treasury, Ed Balls promised to champion London’s financial services sector in Europe and internationally. As one of the most influential players in the regulation of the sector, Mr Balls tracks the development of London’s competitive position as one that embraced globalisation to its benefit. Mr Balls says it is important that the FSA is a light-touch regulator and added that he is watching the industry’s backs for competitive threats, noting the rise of Bermuda as an international insurance centre. We feature some of his most significant comments below.
Online Published Date:
01 August 2006
Appeared in issue:
39 - 01 August 2006
Contract certainty challenge enters final stage
With less than six months to go before the deadline to achieve contract certainty expires, the regulator’s feathers are ruffled.
Online Published Date:
01 August 2006
Appeared in issue:
39 - 01 August 2006
FSA change in control approvals
There are many bases to cover during merger and acquisition proceedings but understanding the regulatory requirements is one factor that cannot afford to be misunderstood or ignored. In this article David Heard, insurance partner at law firm Reed Smith Rambaud Charot LLP, explains the FSA’s streamlined change in control approvals.
Online Published Date:
01 August 2006
Appeared in issue:
39 - 01 August 2006
Study lifts lid on regulatory costs
In answer to the growing criticism of its regulated firms about the costs of regulation, the UK commissioned Deloitte to identify the incremental costs of complying with FSA rules, ie costs that firms would not otherwise have incurred. IR&A looks at the results and what they will mean for the future of FSA regulation.
Online Published Date:
01 August 2006
Appeared in issue:
39 - 01 August 2006
IASB holds off new standards until 2009
The International Accounting Standards Board (IASB) has completed a review of its work programme in order to be more transparent and communicative with stakeholders. Procedures at the accounting standard setter have been criticised and many had..
Online Published Date:
01 August 2006
Appeared in issue:
39 - 01 August 2006
Insurers under-estimate level of Phase I work
Insurers were considered to have an easy ride when International Financial Reporting Standards (IFRS) went live at the beginning of last year, only having to implement Phase I of changes in view of a more complex transfer on the development of Phase..
Online Published Date:
01 August 2006
Appeared in issue:
39 - 01 August 2006
Insurers penalised by lack of insurance standard
The lack of a complete insurance standard for insurers has put the industry at a competitive disadvantage on the capital markets, says Allianz board member Helmut Perlet. Speaking to Allianz.com News, Mr Perlet, who is also the current chairman of..
Online Published Date:
01 August 2006
Appeared in issue:
39 - 01 August 2006
They said it…
“There is no free lunch. If you want more capital, you will have less growth, and higher prices… If it is so, it is going to end up being very nasty, because big players like us will have a reduced interest in investing further in..
Online Published Date:
01 August 2006
Appeared in issue:
39 - 01 August 2006
Ceiops work continues with new consultations
Ceiops has finalised its three waves of advice to the European Commission but its work on the Solvency II project is far from over. During the three wave stages, it became clear that some issues would need further work and as a result Ceiops agreed..
Online Published Date:
01 August 2006
Appeared in issue:
39 - 01 August 2006
McCreevy calls for end to supervisory barriers
European commissioner for internal market Charlie McCreevy said the European Commission wants Solvency II to create “genuine harmonization” amongst Europe’s 25 member states. Speaking at a hearing organized by Ceiops, Mr McCreevy..
Online Published Date:
01 August 2006
Appeared in issue:
39 - 01 August 2006
NAO to probe FSA
Government instructs effectiveness review of the regulator for the first time
Online Published Date:
01 August 2006
Appeared in issue:
39 - 01 August 2006
FSA ponders costs study
In the first survey of its kind, the regulator pins down the cost burden of its rules
Online Published Date:
01 August 2006
Appeared in issue:
39 - 01 August 2006