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Regulator must consider competition
Stephen Haddrill, director general of the Association of British Insurers, explains why competition needs to be working to full effect before regulatory intervention can be justified and why he believes the FSA’s regulatory duties should be expanded to include the promotion of competition. Addressing an audience gathered for the ABI’s better regulation conference, Mr Haddrill also scratches beneath the surface of principles based regulation to find that not all insurers are happy with the change in direction.
Online Published Date:
01 January 2007
Appeared in issue:
44 - 01 January 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 2007 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 January 2007
Appeared in issue:
44 - 01 January 2007
2006 lays the ground for potential reform in 2007
If you thought 2006 was a busy year in the development of insurance regulation, just wait until 2007. IR&A
takes a retrospective look at the main events of the past year and finds that the agenda for 2007 is just as full with the potential for significant change in insurance regulation in the UK and the EC’s Solvency II project due to culminate in a proposal for a directive in the summer.
Online Published Date:
01 January 2007
Appeared in issue:
44 - 01 January 2007
The unspoken exposure
If EU premium tax compliance is to be brought under control, insurers and insureds need to start discussing the issue openly, says Mike Stalley, chief executive officer of insurance premium tax consultancy FiscalReps.
Online Published Date:
01 January 2007
Appeared in issue:
44 - 01 January 2007
A necessary evil
A necessary evil According to the results of a practitioner survey, the regulator is struggling to keep everyone happy, with smaller players the most disgruntled by the FSA regime. And even measures undertaken by the FSA to improve the lot of its regulated firms are causing concern. As the FSA has said itself, the nature of regulation means it will never win many friends.
Online Published Date:
01 January 2007
Appeared in issue:
44 - 01 January 2007
News focus
In the last issue of IR&A
, we looked at the main recommendation of the government commissioned report, The Davidson Review, as its impacts the insurance industry. But the report had much to say about the implementation of EU legislation in the UK in general.
Online Published Date:
01 January 2007
Appeared in issue:
44 - 01 January 2007
Briefly noted
▪ CRA International is to oversee a research project
that will compare implementation of the Insurance Mediation Directive across Europe’s member states. The directive’s rules should have been in place since the beginning of 2005..
Online Published Date:
01 January 2007
Appeared in issue:
44 - 01 January 2007
UK QIS exercise identified commercial insurers, reinsurers and monoline firms most likely to see increase in capital requirements
The UK’s participation in Ceiops’ QIS 2 has revealed where the winners and losers will be under the Solvency II regime. The conclusions are tentative, given that QIS 2 was more about the methodology and less about calibrations, but the..
Online Published Date:
01 January 2007
Appeared in issue:
44 - 01 January 2007
Ceiops looks to QIS 3
Ceiops is to begin a third round of Quantitative Impact Studies in the first half of 2007 after QIS 2 revealed several areas that need to be tightened up in order to get a clearer picture of the impact the new solvency calculation will have on..
Online Published Date:
01 January 2007
Appeared in issue:
44 - 01 January 2007
Narrative reporting makes headway, ABI report
Narrative reporting to supplement the financial accounts of companies has been through several changes of late but a new report by the Association of British Insurers (ABI) finds that most investors believe standards of narrative reporting are..
Online Published Date:
01 January 2007
Appeared in issue:
44 - 01 January 2007
Insurers improve risk management but regulator looks for further progress
Insurers have made “significant” and “encouraging” progress in developing risk management practices in the past three years but the Financial Services Authority (FSA) is looking for further improvement. In a review of..
Online Published Date:
01 January 2007
Appeared in issue:
44 - 01 January 2007
Government collects evidence for level playing field in travel industry regulation
The government review of travel insurance regulation is seriously considering bringing travel agents into the Financial Services Authority’s regime. Speaking as a witness in the Treasury Committee’s inquiry into the scope of FSA..
Online Published Date:
01 January 2007
Appeared in issue:
44 - 01 January 2007
FSA looks deeper into mandatory disclosure
The Financial Services Authority (FSA) has urged commercial insurance brokers to develop a solution to raise transparency in commission disclosure, or face new rules. The regulator will begin a market failure analysis alongside a cost benefit..
Online Published Date:
01 January 2007
Appeared in issue:
44 - 01 January 2007
Collateral rules win NAIC vote
Financial strength proposal enters next stage of NAIC approval process
Online Published Date:
01 January 2007
Appeared in issue:
44 - 01 January 2007
FSA challenge deadline expires
After two years of effort, the FSA plans to reveal whether the market has succeeded in raising standards of contract certainty
Online Published Date:
01 January 2007
Appeared in issue:
44 - 01 January 2007