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The changing face of the Annual Report
With so many demands on a company’s annual report, it is little wonder that it is struggling to live up to the expectations of both investors and firms themselves. In this article, Tony Hoskins of consultancy The Virtuous Circle finds out what investors and firms alike really think about the state of the annual report and the opportunities on the horizon to satisfy the needs of both sides.
Online Published Date:
01 August 2007
Appeared in issue:
51 - 01 August 2007
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 work or events of interest to insurers for the year ahead and beyond. On the next page we list the events, papers and developments on the horizon from other bodies in the UK, Europe and internationally.
Online Published Date:
01 August 2007
Appeared in issue:
51 - 01 August 2007
They said it…
The initial response to Solvency II has been positive, but tempered with caution regarding the political process that will now get underway. We take a look at some of the comments from the industry in a Solvency II special of “They said it”.
Online Published Date:
01 August 2007
Appeared in issue:
51 - 01 August 2007
Solvency II begins long road ahead
After years of discussion, the framework directive has been published. However, a delay has already been factored in with the rules not expected to take effect before 2012. In this article, IR&A
identifies the potential areas for conflict in political negotiations and looks at the discussion surrounding the implications for firms.
Online Published Date:
01 August 2007
Appeared in issue:
51 - 01 August 2007
Solvency II: step-by-step
If 370 pages of the Solvency II framework directive look like a daunting read, Elizabeth Abraham of PricewaterhouseCoopers offers a headstart with a detailed introduction to the proposals which are expected to transform insurance regulation in Europe.
Online Published Date:
01 August 2007
Appeared in issue:
51 - 01 August 2007
When insurance law meets principled regulation
As the full importance of the Law Commission’s proposals for reform of insurance contract law come to light, Stephen Netherway of CMS Cameron McKenna explains how the changes will impact both consumer and business insurance in the UK and why the broker-insurer relationship will be shaken by the proposed reforms.
Online Published Date:
01 August 2007
Appeared in issue:
51 - 01 August 2007
Ceiops supports insurance guarantee funds
The European Commission’s insurance adviser Ceiops has added its support for mandatory insurance guarantee schemes across Europe. The European Commission is currently considering whether to propose a framework for safety net schemes in the..
Online Published Date:
01 August 2007
Appeared in issue:
51 - 01 August 2007
Briefly noted
□ Max Taylor, deputy chairman of Aon UK, has been
appointed non-executive director of the Financial Services Compensation Scheme (FSCS) from 1 September 2007. The FSCS announced recently that it paid £150m in compensation during 2006/7..
Online Published Date:
01 August 2007
Appeared in issue:
51 - 01 August 2007
CEA says Solvency II costs “manageable”
The costs of implementing Solvency II could soar if the economic approach currently proposed for the project was replaced with a more conservative approach during the political negotiation process, according to the results of an impact analysis by..
Online Published Date:
01 August 2007
Appeared in issue:
51 - 01 August 2007
US proposes to eliminate IFRS-US GAAP reconciliation
Foreign companies filing reports in the US will not have to reconcile IFRS accounts with US GAAP under new proposals by the Securities & Exchange Commission (SEC) to eliminate the requirement by 2009. As part of the convergence project between..
Online Published Date:
01 August 2007
Appeared in issue:
51 - 01 August 2007
Routine audits retained for insurers and credit unions
Insurance companies will still have to provide routine audits of their regulatory returns despite proposals to remove the requirement from other sectors. Under the proposals set out
in a new consultation paper, “External Assurance on..
Online Published Date:
01 August 2007
Appeared in issue:
51 - 01 August 2007
Small firms need more relationship management, panel
The Financial Services Authority (FSA) needs to do more to address the compliance needs of small firms, according to the FSA Smaller Businesses Practitioner Panel. In its annual report, the panel said small firms, which account for 93% of the..
Online Published Date:
01 August 2007
Appeared in issue:
51 - 01 August 2007
Sants appointed to replace John Tiner
As widely predicted, Hector Sants has taken over as chief executive of the Financial Services Authority, replacing John Tiner who stepped down at the annual general meeting after four years in the role.
Mr Sants, previously managing director of..
Online Published Date:
01 August 2007
Appeared in issue:
51 - 01 August 2007
CSFI report proposes “devolution” of FSA
The Financial Services Authority (FSA) found itself in an uncomfortable, or at least unfamiliar, position of late when it became the subject of an outburst of praise ranging from diverse sources as the chairman of the US’s Federal Reserve Bank..
Online Published Date:
01 August 2007
Appeared in issue:
51 - 01 August 2007
Insurance law “outdated” and “incoherent”
The Law Commission says there is a growing gulf between the law, the regulator and the Ombudsman
Online Published Date:
01 August 2007
Appeared in issue:
51 - 01 August 2007
Get ready for 2012…
Solvency II shares more than just a date with the London Olympics as both tackle the challenges of a five year deadline
Online Published Date:
01 August 2007
Appeared in issue:
51 - 01 August 2007