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London mounts comeback
A new review proposes to restore the UK’s competitive position
Online Published Date:
16 January 2009
Appeared in issue:
68 - 01 January 2009
European Commission launches solvency analysis project
The European Commission is preparing to undertake an impact assessment of Solvency II implementing measures in 2009. In an open call for tender, the European Commission said it specifically wants the assessment to look at the issues of mass risks..
Online Published Date:
16 January 2009
Appeared in issue:
68 - 01 January 2009
UK regulations lack competitive edge, report
The UK’s regulatory and taxation position should be subject to independent surveys each year and measured against other global financial centres, a new report, commissioned by the Mayor of London’s office, has recommended. In a review..
Online Published Date:
16 January 2009
Appeared in issue:
68 - 01 January 2009
Industry awaits fee guidance
The FSA has backed down over new rules for two years
Online Published Date:
16 January 2009
Appeared in issue:
68 - 01 January 2009
IIB calls for compensation scheme cap
The Institute of Insurance Brokers (IIB) has called on the Financial Services Authority (FSA) to cap compensation payments for insurance mediation in order to keep the costs of the compensation scheme within the reach of brokers. Commenting on the..
Online Published Date:
16 January 2009
Appeared in issue:
68 - 01 January 2009
US supervisors approve collateral proposal
European reinsurers have welcomed the decision by US insurance commissioners to approve a reform package aimed at reducing the collateral requirements on non-US reinsurers writing US risks. In the latest development in the long-running effort to..
Online Published Date:
16 January 2009
Appeared in issue:
68 - 01 January 2009
Australia introduces group supervision rules
The Australian insurance regulator has said it will rollout a new prudential supervision regime for general insurance groups from 31 March 2009, accelerating the pressure on Europe to approve advanced insurance group supervision rules under..
Online Published Date:
16 January 2009
Appeared in issue:
68 - 01 January 2009
UK firms concerned over Solvency II MCR approach
UK insurers are concerned that the approach most recently tested by Ceiops to calculate the minimum capital requirements (MCR) under Solvency II is not sufficiently risk sensitive. The Financial Services Authority, which conducted the UK’s..
Online Published Date:
16 January 2009
Appeared in issue:
68 - 01 January 2009
FSA’s Egg fine adds to PPI pot
The Financial Services Authority (FSA) has raised the total collected from payment protection insurance fines (PPI) to £12m in 2008 after collecting £721,000 from Egg Banking.
The regulator identified “serious failings” at Egg..
Online Published Date:
16 January 2009
Appeared in issue:
68 - 01 January 2009
MP report urges government to compensate Equitable Life policyholders
The UK government is under increasing pressure to act on the recommendations of the Parliamentary Ombudsman’s report into the near-failure of Equitable Life. Following the publication of Ann Abraham’s report in July 2008, the Public..
Online Published Date:
16 January 2009
Appeared in issue:
68 - 01 January 2009
Lloyd’s plans Solvency II test for 2011
Lloyd’s has said it will conduct a Solvency II test for market participants ahead of the introduction of the new regime, currently pencilled in for October 2012. In its report for the next three years 2009-2011 and annual plan for 2009,..
Online Published Date:
16 January 2009
Appeared in issue:
68 - 01 January 2009
Regulator introduces new stress test rules
The Financial Services Authority (FSA) has announced a package of new measures to enhance its rules on stress and scenario testing at regulated firms that it hopes will reduce the risk of firms failing in future. Current market conditions have..
Online Published Date:
16 January 2009
Appeared in issue:
68 - 01 January 2009
Industry takes “final chance” to improve fee disclosure
Despite several threats to introduce new rules, the FSA has decided to hold fire until the industry rolls out new guidance to improve transparency in commission disclosures
Online Published Date:
16 January 2009
Appeared in issue:
68 - 01 January 2009
European Commission accepts third country GAAPs
The European Commission has confirmed that it will accept national GAAP reports from companies in six non-EU companies after agreeing that the national GAAPs are equivalent to International Financial Reporting Standards (IFRS) used in Europe.
From..
Online Published Date:
16 January 2009
Appeared in issue:
68 - 01 January 2009
Life insurers wait for MCEV guidance
The current dislocation in financial markets is threatening to disrupt the implementation of new financial reporting rules for life assurers. The European Insurance CFO Forum said it is working on developing guidance for firms applying Market..
Online Published Date:
16 January 2009
Appeared in issue:
68 - 01 January 2009
Briefly noted
l Insurance regulators across Europe have achieved a significant level of harmonisation in their implementation of Insurance and Reinsurance Directives, said Ceiops (Committee of European Insurance and Occupational Pensions Supervisors) as part..
Online Published Date:
16 January 2009
Appeared in issue:
68 - 01 January 2009
Rethinking regulation: Europe gets tough
The financial crisis that dominated the later part of 2008 has given cause for the financial services industry, regulators and policymakers to rethink regulation. The extent of the crisis has weakened the industry’s bargaining position in fending off new legislation. In this extract, Charlie McCreevy, European Commissioner for Internal Market and Services, explains why the European Commission will not be silenced over its concerns about the financial services industry and why the industry can no longer expect to keep legislators at a distance.
Online Published Date:
16 January 2009
Appeared in issue:
68 - 01 January 2009
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. Table 1 is dedicated to the FSA’s agenda for consultations, discussion documents, thematic work or events of interest to insurers for the rest of the year. Table 2 lists developments elsewhere in the UK, Europe and Internationally.
Online Published Date:
16 January 2009
Appeared in issue:
68 - 01 January 2009
Financial crisis undermines confidence in FSA
Regulated firms are less convinced of the FSA’s ability to maintain confidence in financial markets after a turbulent year for financial services and supervision
Online Published Date:
16 January 2009
Appeared in issue:
68 - 01 January 2009