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Solvency II controversy takes centre stage
Concerns over the future of the Commission’s group supervision proposals, opposed by a core group of 12 member states, stole the limelight at the ABI’s Solvency II conference held in London recently
Online Published Date:
01 July 2008
Appeared in issue:
62 - 01 July 2008
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 is dedicated to the FSA’s agenda for consultations, discussion documents, thematic work or events of interest to insurers for the year ahead. A second table lists developments elsewhere in the UK, Europe and internationally.
Online Published Date:
01 July 2008
Appeared in issue:
62 - 01 July 2008
Block exemption faces extinction
John Pheasant and Jean-Michel Coumes of Hogan & Hartson return to these pages to assess the mood of the European Commission as it prepares to decide the fate of the insurance block exemption beyond 2010
Online Published Date:
01 July 2008
Appeared in issue:
62 - 01 July 2008
US considers joining IFRS club
The US is the missing piece of the jigsaw for international financial reporting standards, with 100 countries now using IFRS in some form. John White, director of the Division of Corporate Finance at US regulator the SEC, in the edited speech below tackles the resistance to move away from US GAAP and gives his view on how the US can influence the development of IFRS and why it is the right time to sign up
Online Published Date:
01 July 2008
Appeared in issue:
62 - 01 July 2008
Briefly noted
▪ Travel firms that want to continue selling insurance
with package holidays after 1 January 2009 will be able to apply for authorisation from 30 June. The Financial Services Authority has published the final rules for regulating travel..
Online Published Date:
01 July 2008
Appeared in issue:
62 - 01 July 2008
Treasury reveals impact of SCR choice
Non-life insurance firms in the UK could see their capital requirements under Solvency II rise by over half if they choose to use the standard solvency capital requirement (SCR) rather than develop their own internal model. In a partial impact..
Online Published Date:
01 July 2008
Appeared in issue:
62 - 01 July 2008
IGS debate precludes consultation
The European Commission’s hearing on insurance guarantee schemes hosted a range of views that are likely to characterise its current consultation, which closes to responses on 7 July 2008. In a panel discussion on whether to retain the status..
Online Published Date:
01 July 2008
Appeared in issue:
62 - 01 July 2008
Law Commissions draft law on consumer insurance reform
Responses to the Law Commissions’ consultation on insurance contract law have agreed that consumer law is “in urgent need of reform”, however, its proposals for insurance intermediaries “proved to be much more..
Online Published Date:
01 July 2008
Appeared in issue:
62 - 01 July 2008
PPI complaints up 480%
Complaints about payment protection insurance (PPI) fuelled a 30% increase in new reports to the Financial Ombudsman Service (FOS) in the year to 31 March 2008. The FOS said of 794,648 enquiries and complaints, 123,089 cases were referred to its..
Online Published Date:
01 July 2008
Appeared in issue:
62 - 01 July 2008
EC keeps commission issue under review
Charlie McCreevy has said the European Commission will continue to look at conflicts of interest and transparency issues raised by brokers’ remuneration despite ruling out wholesale reform of the Insurance Mediation Directive (IMD). Speaking..
Online Published Date:
01 July 2008
Appeared in issue:
62 - 01 July 2008
ABI opposes law change
The Law Commissions will draft legislation switching-off the duty to disclose; the ABI questions need for reform
Online Published Date:
01 July 2008
Appeared in issue:
62 - 01 July 2008
Group rules divide Europe
Solvency II political negotiations are finding it hard to please everyone
Online Published Date:
01 July 2008
Appeared in issue:
62 - 01 July 2008