i-law

Insurance Regulation & Accounting

They said it…
Our favourite quotes to summarise the year’s events in insurance regulation
Online Published Date:  01 December 2006
Appeared in issue:  55 - 01 December 2007
Insurance regulation steals the headlines
IR&A takes a retrospective look at the many and varied events that made insurance regulation one of the biggest stories in the industry in 2007. We also look at what we can expect from 2008, and find that there is plenty already on the agenda.
Online Published Date:  01 December 2006
Appeared in issue:  55 - 01 December 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 and providing essential background. Table 1 focuses on the FSA’s agenda for consultations, discussion documents, thematic work and other events of interest to insurers for the rest of 2007 and into 2008. Table 2, on the next page, lists the consultations, papers and events on the horizon from other UK bodies, including the government, and also in Europe and internationally. See page 14 for IR& A ’s review of 2007.
Online Published Date:  01 December 2006
Appeared in issue:  55 - 01 December 2007
Protecting principles
Kitty Ussher, economic secretary to the Treasury, has spoken out in defence of the UK’s principles-based regulatory system, which became the subject of a whispering campaign across Europe for those that felt the UK had been let down by the more radical approach over Northern Rock. In a speech to the think-tank Centre for European Reform, she explained why the UK will continue with its approach, why it should be adopted more widely within Europe, and why the UK will not support a pan-European regulator.
Online Published Date:  01 December 2006
Appeared in issue:  55 - 01 December 2007
They said it…
Respondents to the House of Lords Select Committee on Regulators said what they really think about the FSA
Online Published Date:  01 December 2006
Appeared in issue:  55 - 01 December 2007
FSA measures up to committee scrutiny
A new report from a House of Lords select committee rounds off a year plagued by reviews, investigations and analysis of the financial services regulator. IR&A looks at how the regulator has fared in the latest review, which pitches the FSA against its regulatory peers.
Online Published Date:  01 December 2006
Appeared in issue:  55 - 01 December 2007
Coming up in IR&A …
In the next few issues of Insurance Regulation & Accounting , we will be featuring a range of views and opinions from industry experts, including: The outcome of the NAIC’s crucial winter meeting in December where it will discuss the..
Online Published Date:  01 December 2006
Appeared in issue:  55 - 01 December 2007
UK
A recent discussion paper from the UK’s Financial Services Authority (FSA) and HM Treasury says that the Lamfalussy arrangements have made a “major contribution” to the supervision of Europe’s financial markets. It believes..
Online Published Date:  01 December 2006
Appeared in issue:  55 - 01 December 2007
EC expects more from Lamfalussy committees
The Lamfalussy process, first introduced to securities in 2001 before it was extended to insurance and banking in 2004, needs to be more efficient, and in particular the work of the three Level 3 committees – Ceiops, CEBS and CESR – must..
Online Published Date:  01 December 2006
Appeared in issue:  55 - 01 December 2007
FSA charges for Solvency II work
Insurers are facing a regulatory fee of £500,000 to cover some of the costs of the Financial Services Authority’s (FSA) work on Solvency II, which is expected to step up a gear next year. The FSA says the special project fee will mainly..
Online Published Date:  01 December 2006
Appeared in issue:  55 - 01 December 2007
Briefly noted
▪ The High Level Group on City Competitiveness met for the third time since it was formed in 2006 at the instruction of then Chancellor Gordon Brown in November. Chancellor Alistair Darling and economic secretary to the Treasury Kitty Ussher..
Online Published Date:  01 December 2006
Appeared in issue:  55 - 01 December 2007
Lead supervisor concept takes off in Europe
Europe’s member state supervisors are increasingly co-operating in the supervision of pan-European insurance groups, according to a new report from Ceiops which adds that further progress is expected before the introduction of Solvency..
Online Published Date:  01 December 2006
Appeared in issue:  55 - 01 December 2007
Analysts find insurers’ IFRS accounts wanting
Insurers’ financial statements are generally failing to meet the adequacy requirements of analysts, but European insurers are particularly lacking following their adoption of International Financial Reporting Standards (IFRS), according to the..
Online Published Date:  01 December 2006
Appeared in issue:  55 - 01 December 2007
Member states split over MCR approach
The jury is still out on how Solvency II’s key Minimum Capital Requirement (MCR) should be calculated following the third quantitative impact study. The issue has divided member states, with the UK leading support for a compact approach,..
Online Published Date:  01 December 2006
Appeared in issue:  55 - 01 December 2007
US collateral debate creates animosity
European reinsurers and the National Association of Insurance Commissioners (NAIC) launched a war of words in the UK national press recently, publicly airing the animosity that has grown since the NAIC’s proposal to continue its collateral..
Online Published Date:  01 December 2006
Appeared in issue:  55 - 01 December 2007
Lloyd’s blasts “red herrings” of collateral reform
Lloyd’s has accused US opponents to reinsurance reform of diverting attempts to reduce the 100% collateral requirements on foreign reinsurers with a series of “red herrings”. Earlier this year it looked as though the National..
Online Published Date:  01 December 2006
Appeared in issue:  55 - 01 December 2007
FSA scraps wholesale compensation fund proposal
The Financial Services Authority (FSA) has shelved plans to establish a safety net fund for the wholesale financial services market. The idea of an additional pool of funds – of between £1bn and £2bn in size – was first floated..
Online Published Date:  01 December 2006
Appeared in issue:  55 - 01 December 2007
Insurers pass Solvency II test
Europe’s insurers have responded well to QIS 3, but with some firms failing the SCR, there is more work to do
Online Published Date:  01 December 2006
Appeared in issue:  55 - 01 December 2007
FSA must promote competition
A House of Lords committee says regulators must be statutorily required to consider the competitiveness of UK industries
Online Published Date:  01 December 2006
Appeared in issue:  55 - 01 December 2007
Nine months for finishing touches to Solvency II
Solvency II is still on track for a proposed framework directive in July next year, according to Charlie McCreevy, the EC’s internal market commissioner. However, finalising the project is no easy task and in this extract from Mr McCreevy’s address to a CEA conference recently, he explains the EC’s position on developing the lead supervisor concept, keeping the standard formula simple enough for small firms and clears up some of the misunderstandings that have been circulating about CEIOPS’ QIS 2.
Online Published Date:  01 December 2006
Appeared in issue:  43 - 01 December 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 work or events of interest to insurers for 2006 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 December 2006
Appeared in issue:  43 - 01 December 2006
FSA considers shifting balance of regulation
The Financial Services Authority is due to report back in full on its review of the general insurance rules during the first quarter of 2007 but at a recent evidence session with the Treasury Committee, the FSA gave away some important signs of what is to come.
Online Published Date:  01 December 2006
Appeared in issue:  43 - 01 December 2006
CEIOPS consults on new Solvency II advice
November was a busy month for CEIOPS when it issued no less than six consultation papers on the Solvency II project. CEIOPS, which met the deadline set by the European Commission to complete its advice on the three pillars of the project in January..
Online Published Date:  01 December 2006
Appeared in issue:  43 - 01 December 2006
UK proposes new group supervisory system under Solvency II
The government and regulator have teamed up to argue that the current rules for supervision of insurance groups should be replaced as part of the Solvency II project.
Online Published Date:  01 December 2006
Appeared in issue:  43 - 01 December 2006
Battle lines are drawn in collateral proposals
The NAIC Reinsurance Task Force’s proposals for a new system of reinsurance collateral based on financial strength, circulated in November, have inevitably created a stir. US reinsurers are facing the prospect of collateral requirements for the first time and while “alien” reinsurers welcome the proposals, they say more can be done to eliminate collateral requirements altogether for the financially strongest firms.
Online Published Date:  01 December 2006
Appeared in issue:  43 - 01 December 2006
Briefly noted
▪ The Financial Services Authority will require less staff when its plan to fully embrace principles-based regulation takes hold, according to a report in the Financial Times. Chief executive of the FSA, John Tiner, is reported by the..
Online Published Date:  01 December 2006
Appeared in issue:  43 - 01 December 2006
Gen Re fined for reinsurance deals
The Financial Services Authority (FSA) has fined Berkshire Hathaway’s UK reinsurance subsidiary, General Re £1.225m over its part in two finite reinsurance deals. The UK regulator said the fine related to two “improper”..
Online Published Date:  01 December 2006
Appeared in issue:  43 - 01 December 2006
FSA bans travel insurance broker
The Financial Services Authority (FSA) has banned the senior manager of Whiteley Insurance Consultants from regulated activity after it found the broker had issued thousands of customers with invalid travel insurance. Christopher Whiteley was banned..
Online Published Date:  01 December 2006
Appeared in issue:  43 - 01 December 2006
Government opens review of travel industry’s sales of insurance
The government has begun collecting evidence as part of its review of travel insurance sold by travel agents that is almost certain to see greater oversight of the sector. Extending the Financial Services Authority’s (FSA) regime to the..
Online Published Date:  01 December 2006
Appeared in issue:  43 - 01 December 2006
Lloyd’s Names lose regulation case against HM Treasury
Lloyd’s Names have had their class-action style lawsuit against the UK government thrown out of court after the judge ruled that there was no legal basis for such a claim. Over 1,000 Names were granted a group litigation order in 2004 to..
Online Published Date:  01 December 2006
Appeared in issue:  43 - 01 December 2006
UK corporation taxes comparatively low but also the most complicated, reveals World Bank report
A new survey by the World Bank and PricewaterhouseCoopers has waded into the current debate on the competitiveness of the UK tax system by ranking the UK’s corporation tax regime as the 42nd highest out of 175 countries worldwide. According to..
Online Published Date:  01 December 2006
Appeared in issue:  43 - 01 December 2006
Treasury Committee launches new inquiry into UK general insurance rules
The general insurance regulatory regime, already the subject of an FSA review, is to be part of a new inquiry raised by the Treasury Committee. Only weeks after the Treasury Committee held an evidence session with the FSA over its annual report,..
Online Published Date:  01 December 2006
Appeared in issue:  43 - 01 December 2006
US proposes collateral changes
European reinsurers face reduced collateral requirements for the first time
Online Published Date:  01 December 2006
Appeared in issue:  43 - 01 December 2006
Review targets insurance rules
The FSA should remove gold-plated IMD measures by July 2008, recommends influential study
Online Published Date:  01 December 2006
Appeared in issue:  43 - 01 December 2006

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