i-law.com - Newsletter (Insurance Regulation & Accounting)

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 March 2006

Appeared in issue: 34 - 01 March 2006

FSA’s costs rise to cover staff pay and changes to the enforcement regime

The UK regulator has announced a slight increase in its budget for the next financial year but what work has it got planned? IR&A looks at the FSA’s recent budget and plan for 2006/7 to find that internally its focus will be on staff development while its policy for the industry will continue to embed principles of better regulation.

Online Published Date: 01 March 2006

Appeared in issue: 34 - 01 March 2006

Insurers brace for EC competition inquiry

Since trade associations answered the EC’s first stage of the inquiry into business insurance, there has been little new development. However, a selection of insurers, reinsurers and brokers are expected to receive questionnaires on their practices any time soon. In this article, IR&A looks at the status of the inquiry following a market briefing by DLA lawyer Alexandra Kamerling that brings the investigation up to date.

Online Published Date: 01 March 2006

Appeared in issue: 34 - 01 March 2006

Investigations in 2005 shape future regulation

Broker commissions, finite reinsurance and financial reporting all hit the headlines last year and the impact of regulatory investigations is like to shape a new era of insurance regulation. In this extract, Alessandro Iuppa, president of the National Association of Insurance Commissioners, explains how the events of 2005 have affected insurance regulation and the issues the NAIC will tackle in 2006. He also comments on the NAIC’s opposition to a federal regulator and how it will tackle Sarbanes-Oxley.

Online Published Date: 01 March 2006

Appeared in issue: 34 - 01 March 2006

Briefly noted

▪ China is to adopt new accounting standards that take it some way to convergence with International Financial Reporting Standards. David Tweedie, chairman of the International Accounting Standards Board, attended a ceremony in Beijing where..

Online Published Date: 01 March 2006

Appeared in issue: 34 - 01 March 2006

Ceiops receives new Solvency II mandate

Ceiops’ will continue to work on the Solvency II project after all three waves of advice have been completed, confirmed the European Commission at the end of January. Ceiops had been expecting a new work programme to develop some of the areas..

Online Published Date: 01 March 2006

Appeared in issue: 34 - 01 March 2006

IASB says expect few IFRS changes before end-2006

The International Accounting Standards Board has promised that any changes to international financial reporting standards in the next year will be “minor” and “infrequent”. In an address to the Economic and Monetary Affairs..

Online Published Date: 01 March 2006

Appeared in issue: 34 - 01 March 2006

McCreevy urges two-year delay in US GAAP reconciliation decision

The European Commission is to recommend that Europe delay its decision on whether to grant US GAAP equivalent status with International Financial Reporting Standards (IFRS). Charlie McCreevy, internal market commissioner, said he will seek approval..

Online Published Date: 01 March 2006

Appeared in issue: 34 - 01 March 2006

PPI industry given regulator deadline

The Payment Protection Insurance industry has been given until 17 March to comply with improvements proposed by the Financial Services Authority, according to news reports. The regulator is said to have held a meeting with industry players and trade..

Online Published Date: 01 March 2006

Appeared in issue: 34 - 01 March 2006

Fresh call for global harmonisation of reinsurance regulation

Regulators across the world need to develop a more harmonised approach to their supervision of the reinsurance industry that allows reinsurers to be regulated on a consolidated basis across jurisdictions, according to a report by The Group of..

Online Published Date: 01 March 2006

Appeared in issue: 34 - 01 March 2006

FSA to monitor continuity plans

The Financial Services Authority (FSA) said it will follow-up work on the London market’s business continuity plans as a measure of the importance the regulator attaches to a firm’s ability to operate in the aftermath of a disaster. The..

Online Published Date: 01 March 2006

Appeared in issue: 34 - 01 March 2006

Douetil to lead contract certainty reform

Dane Douetil is to take over from Nick Prettejohn as chairman of the Market Reform Group and head up the London market’s drive to improve contract certainty. The group was eager to find a quick replacement for Mr Prettejohn who has been the..

Online Published Date: 01 March 2006

Appeared in issue: 34 - 01 March 2006

Wilson to replace Strachan as FSA insurance leader

David Strachan is to move on from his role as director of retail firms and insurance sector leader to replace Oliver Page as director of major retail groups. Mr Strachan will take on the additional role of financial stability sector leader and will..

Online Published Date: 01 March 2006

Appeared in issue: 34 - 01 March 2006

Money laundering rules removed in favour of principles

Money laundering rules under the Financial Services Authority’s (FSA) regime are to be revoked and instead replaced with high-level requirements. The change in approach is part of the regulator’s drive to simplify the FSA handbook..

Online Published Date: 01 March 2006

Appeared in issue: 34 - 01 March 2006

FSPP launches new FSA study

A new survey to assess the performance of the Financial Services Authority (FSA) is underway. It has been two years since the Financial Services Practitioner Panel (FSPP) last carried out the study which raised concerns about the costs of..

Online Published Date: 01 March 2006

Appeared in issue: 34 - 01 March 2006

Collateral rules on agenda

The time has come to “move forward” on alien reinsurance barriers, NAIC

Online Published Date: 01 March 2006

Appeared in issue: 34 - 01 March 2006

FSA warns of over-regulation

Chairman of the regulator says “disproportionate” rules have taken their toll

Online Published Date: 01 March 2006

Appeared in issue: 34 - 01 March 2006