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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 the year ahead 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 2007
Appeared in issue:
46 - 01 March 2007
Counting the cost of the regulator
There is always much talk and debate about the costs of regulation and the impact this has on firms’ business. Some costs however are clearer than others and the direct cost of financing the regulator’s work – which unlike other UK regulators is financed wholly by regulated firms – is the most transparent.
Online Published Date:
01 March 2007
Appeared in issue:
46 - 01 March 2007
EC Business Insurance Inquiry
It has taken 18 months and the interim report runs to over 150 pages and yet the European Commission has more work to do before it concludes the competition inquiry into business insurance. What the report does do, however, is provide strong indicators of its greatest concerns. In this article John Pheasant, a Partner at law firm Hogan & Hartson in London and Brussels, and Jean-Michel Coumes, an Associate at Hogan & Hartson in Brussels, provide an invaluable breakdown of the report and find that very few stones have been left unturned.
Online Published Date:
01 March 2007
Appeared in issue:
46 - 01 March 2007
Risky business
The FSA looks into its crystal ball again to forecast which risks may be hiding around the corner posing a threat to its statutory objectives and the stability of the firms it regulates. This year, the FSA’s radar has picked up on deteriorating key economic indicators but it saves its more outspoken comments for the quality and impact of International Financial Reporting Standards.
Online Published Date:
01 March 2007
Appeared in issue:
46 - 01 March 2007
Member states jump deficit rate hurdle
Europe’s member states put in their best performance to date in implementing internal market directives, according to the latest data collected by the European Commission. For the first time in history, member states’ average deficit..
Online Published Date:
01 March 2007
Appeared in issue:
46 - 01 March 2007
PPI fines top £1.5m
The Financial Services Authority (FSA) added to its tally of enforcement actions against Payment Protection Insurance (PPI) providers recently with fines against two banks raising total financial penalties from the FSA’s crackdown to..
Online Published Date:
01 March 2007
Appeared in issue:
46 - 01 March 2007
OFT refers PPI to Competition Commission
As expected, the Office of Fair Trading (OFT) has referred the payment protection insurance (PPI) market in the UK to the Competition Commission amid findings that the sector restricts competition and provides consumers with a “poor..
Online Published Date:
01 March 2007
Appeared in issue:
46 - 01 March 2007
Ceiops to test CEA’s Solvency II proposal to correct “fundamental flaws” in MCR
Ceiops’ services have been called upon again by the European Commission in the final stages of preparation for a framework Solvency II directive. The adviser to the European Commission has received guidance to draft the third quantitative..
Online Published Date:
01 March 2007
Appeared in issue:
46 - 01 March 2007
Industry wins contract certainty reprieve
It looked like it could go either way for a time but the London and UK insurance market has won over the regulator with its improvements to contract certainty standards. In a meeting with the industry on 24 January 2007, the Financial Services..
Online Published Date:
01 March 2007
Appeared in issue:
46 - 01 March 2007
UK pushes for single market shake-up
Europe needs a new strategy if it is to tackle the fresh challenges facing its quest for a truly single market, according to a new report by the UK government in response to a slowdown in progress. The European Union needs to rethink its traditional..
Online Published Date:
01 March 2007
Appeared in issue:
46 - 01 March 2007
IAIS lays ground for solvency standards
This year was always expected to be a watershed moment for the development of insurance solvency regulation with the Solvency II project but with the International Association of Insurance Supervisors (IAIS) also getting closer to producing solvency..
Online Published Date:
01 March 2007
Appeared in issue:
46 - 01 March 2007
FSA fears new duties
As the government closes consultation into its travel insurance review, the FSA’s chairman warns against expanding its remit
Online Published Date:
01 March 2007
Appeared in issue:
46 - 01 March 2007
EC focus on broker fees
The competition inquiry into business insurance has narrowed its interest
Online Published Date:
01 March 2007
Appeared in issue:
46 - 01 March 2007