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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 in 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 February 2006
Appeared in issue:
33 - 01 February 2006
Industry braces for 2006
2005 will likely be remembered for completion of the Financial Services Action Plan, but with so many measures now in force and yet to implement, what will 2006 hold for the world of insurance regulation? We take at look back at the major events of 2005 and look forward to what’s in store in 2006.
Online Published Date:
01 February 2006
Appeared in issue:
33 - 01 February 2006
FSA reluctant to intervene in contract certainty
David Strachan, Insurance Sector Leader at the Financial Services Authority, recently updated the market on the FSA’s view of contract certainty. He said the market had come far, one year into the two-year challenge, but said there was more work to do at the coalface. The FSA is waiting for market data following 1 January renewals to help make its decision on whether to use regulatory intervention or be satisfied with the market’s progress. Visits to companies at the end of last year threw up a number of issues that Mr Strachan addressed in turn during his lecture to the Old Library at Lloyd’s.
Online Published Date:
01 February 2006
Appeared in issue:
33 - 01 February 2006
Ceiops waves goodbye to Solvency II advice
The advisory body to the European Commission is adding the finishing touches to its third and final wave of advice on the Solvency II project. IR&A
looks at Ceiops’ role to date, the detail of the third wave and what’s next for one of the most complex and radical reforms of insurance regulation.
Online Published Date:
01 February 2006
Appeared in issue:
33 - 01 February 2006
EC proposes new shareholder rights directive
The European Commission has drafted a new proposal for a directive to set minimum standards in the exercise of shareholders’ rights across Europe. The standards focus on removing obstacles to the cross-border voting process and address the..
Online Published Date:
01 February 2006
Appeared in issue:
33 - 01 February 2006
ABI publishes new SORP ahead of Phase II project
A revised version of the Statement of Recommended Practice (SORP) was published by the Association of British Insurers (ABI) towards the end of last year to replace the SORP last issued in 2003. The revised SORP takes account of new UK accounting..
Online Published Date:
01 February 2006
Appeared in issue:
33 - 01 February 2006
ASB tackles IFRS convergence plans
A lack of consensus on the accounting standards that should be used for companies not required to report under IFRS dominated the Accounting Standards Board’s City meeting in Janaury.
The UK standard setter had originally pictured a two tier..
Online Published Date:
01 February 2006
Appeared in issue:
33 - 01 February 2006
Australian firms make “smooth transition” to IFRS, regulator
Listed Australian companies have stepped up to the challenge of implementing the country’s equivalent of International Financial Reporting Standards (IFRS), according to a review by regulator the Australian Securities & Investment..
Online Published Date:
01 February 2006
Appeared in issue:
33 - 01 February 2006
S&P urges for progress on IFRS Phase II
Phase II of International Financial Reporting Standards (IFRS) for insurers “cannot come soon enough”, according to rating agency Standard & Poor’s. Analyst Hans Wright said that while IFRS 4 will result in improved consistency..
Online Published Date:
01 February 2006
Appeared in issue:
33 - 01 February 2006
Briefly noted
▪ The Association of British Insurers (ABI) has
called on the UK government and the European Commission to make a final push in negotiations for trade liberalisation. Speaking after the Ministerial agreement on trade in services at the WTO..
Online Published Date:
01 February 2006
Appeared in issue:
33 - 01 February 2006
Committee established to investigate Equitable Life regulation
The regulation of Equitable Life leading up to the time when it closed to new business will be put under the microscope in a new committee of inquiry approved by the European Parliament during a sitting in Strasbourg on 18 January.
The committee,..
Online Published Date:
01 February 2006
Appeared in issue:
33 - 01 February 2006
Costs of FSA compliance outweigh benefits for motor dealers, survey
Motor dealers that sell insurance are beginning to question the value of the insurance side of their business against the costs of regulation, according to the results of a survey by the Retail Motor Industry Federation (RMIF) recently. One year..
Online Published Date:
01 February 2006
Appeared in issue:
33 - 01 February 2006
No case for rating agency regulation, Commission says
The European Commission has ruled out any legislative measures against rating agencies two years on since the European Parliament asked the Commission to assess the need for regulatory intervention. The European Commission said it is confident that..
Online Published Date:
01 February 2006
Appeared in issue:
33 - 01 February 2006
Lord Levene pressures US to drop collateral rules
US collateral requirements are “illogical” and “obsolete”, said Lloyd’s chairman Lord Levene speaking at an event organised by the Downtown Association and the Insurance Brokers Association of New York recently. He..
Online Published Date:
01 February 2006
Appeared in issue:
33 - 01 February 2006
Commission adds to insurance guarantee wordings ahead of final decision on directive
The European Commission is due to make its final decision on legislation that would require all member states to establish insurance guarantee schemes. A working group was set up in 2001 to look at the possibilities and following the group’s..
Online Published Date:
01 February 2006
Appeared in issue:
33 - 01 February 2006
FSA enforcement undergoes change following review
Margaret Cole, director of enforcement at the Financial Services Authority (FSA), says enforcement activity has to be taken in context of the regulator’s activities as a whole. The high profile nature of enforcement cases can give the wrong..
Online Published Date:
01 February 2006
Appeared in issue:
33 - 01 February 2006
EU member states delay broker rules changes
Nine member states have yet to implement the broker directive
Online Published Date:
01 February 2006
Appeared in issue:
33 - 01 February 2006
FSA reveals contract certainty penalty options
The regulator is considering capital charges if market solutions fail to impress
Online Published Date:
01 February 2006
Appeared in issue:
33 - 01 February 2006