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FSA confirms Solvency II costs for firms
The Financial Services Authority (FSA) has confirmed that the Solvency II bill for 2009/10 will total £7.4m. Under the regulator’s special projects fee, the costs will be shared between insurers most affected by the preparations for the..
Online Published Date:
09 July 2009
Appeared in issue:
74 - 01 July 2009
FSA closes the door on troubled year
The partnership of Lord Turner and Hector Sants at the helm of the FSA coincided with one of the worst financial storms to face the regulator. IR&A looks at the FSA’s annual report to find that firms can expect a very different FSA in future
Online Published Date:
09 July 2009
Appeared in issue:
74 - 01 July 2009
IAIS global cooperation framework gets under way
A new cooperation framework for supervisors, adopted by the International Association of Insurance Supervisors (IAIS) in 2007, has gone live after authorizing the first supervisors to join the progamme. The Bermuda Monetary Authority, the Financial..
Online Published Date:
09 July 2009
Appeared in issue:
74 - 01 July 2009
Ceiops prepares for busy 2009
Ceiops, insurance adviser to the European Commission, has set out its work plan for the next year. Between the delay for political agreement on the text of the Solvency II Directive and the financial crisis, Ceiops’ timetable was considerably..
Online Published Date:
09 July 2009
Appeared in issue:
74 - 01 July 2009
Light touch era “over”
The financial crisis calls for a new regulatory approach for all sectors
Online Published Date:
09 July 2009
Appeared in issue:
74 - 01 July 2009
UK questions new European framework
A UK parliamentary committee has questioned whether the European Commission’s proposals to increase the legal and supervisory powers of European bodies will be possible under the terms of the existing Treaty agreement. The House of Lords EU..
Online Published Date:
09 July 2009
Appeared in issue:
74 - 01 July 2009
Ceiops identifies supervisory differences
Some regulators in Europe have adopted additional supervisory and sanctioning powers in their application of EC insurance and reinsurance directives. According to a new analysis of existing powers of supervisory authorities in EU member states,..
Online Published Date:
09 July 2009
Appeared in issue:
74 - 01 July 2009
IUA fears new insurance regulation
The International Underwriting Association (IUA) has added its weight to the anti-new regulation lobby. Speaking at the IUA’s annual general meeting, chairman Stephen Riley said London market insurers are concerned that the fallout from the..
Online Published Date:
09 July 2009
Appeared in issue:
74 - 01 July 2009
Insurance avoids heavy hand of FSA
In this extract from his first address to an insurance audience at the ABI’s annual conference, Lord Turner, chairman of the FSA, assures the insurance industry that it will not be subject to major regulatory reforms, although insurers will feel the impact of the financial crisis in the FSA’s new philosophy as it moves from a light touch approach to more intensive oversight and higher expectations of all regulated firms
Online Published Date:
09 July 2009
Appeared in issue:
74 - 01 July 2009
ABI defends industry against new regulations
The UK’s regulator of financial services should not be subject to major structural reform in response to the banking crisis, but should work to correct failures identified by the crisis, according to the Association of British Insurers (ABI)...
Online Published Date:
09 July 2009
Appeared in issue:
74 - 01 July 2009
IGS proposed across Europe
All member states could have to operate a compensation fund
Online Published Date:
09 July 2009
Appeared in issue:
74 - 01 July 2009
Plans for new Ceiops go ahead despite UK concerns
The European Council of Ministers has agreed to new plans to replace Ceiops and the two other Level 3 Committees for new authority bodies with enhanced legal and supervisory powers.
The Council said the new European Supervisory Authorities –..
Online Published Date:
09 July 2009
Appeared in issue:
74 - 01 July 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. The first table 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. A second table lists developments elsewhere in the UK, Europe and internationally.
Online Published Date:
09 July 2009
Appeared in issue:
74 - 01 July 2009
Solvency II will boost insurance securitizations, Ceiops
New Solvency II capital requirements are likely to drive forward the insurance-linked securities (ILS) market, according to a report by insurance adviser to the European Commission Ceiops. The new directive, which is due to come into effect in..
Online Published Date:
09 July 2009
Appeared in issue:
74 - 01 July 2009
ABI “dismayed” at governments’ influence over IASB
The Association of British Insurers (ABI) said it was left “dismayed” by the level of government interference – from Europe and the US – in the work of accounting standard setters following the financial crisis. In its..
Online Published Date:
09 July 2009
Appeared in issue:
74 - 01 July 2009
Regulation risk rises on back of financial crisis
Regulatory intervention is seen as posing a greater risk to global insurance companies this year, according to the results of Ernst & Young’s “Second Annual Business Risk Report – Insurance 2009”. The survey, conducted..
Online Published Date:
09 July 2009
Appeared in issue:
74 - 01 July 2009
Insurance exec joins FSA as sector leader
An insurance industry executive has been appointed to replace Sarah Wilson as insurance sector director at the Financial Services Authority. Ken Hogg, currently interim chief financial officer at MGM Assurance, will join the FSA on July 6.
The..
Online Published Date:
09 July 2009
Appeared in issue:
74 - 01 July 2009