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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 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 May 2006
Appeared in issue:
36 - 01 May 2006
CEA backs cost of capital approach
The Comité Européen des Assurances (CEA) has published a new Solvency II working document that supports the cost of capital approach to assess the market-consistent value of liabilities. The cost of capital approach, which bases the risk..
Online Published Date:
01 May 2006
Appeared in issue:
36 - 01 May 2006
UK regulators and industry back Solvency II reform
The ABI tackled the complex issue of Solvency II at a recent conference and found that there is strong agreement between regulators and industry, but still much more detail to be worked out before the European Commission publishes a draft directive in July 2007.
Online Published Date:
01 May 2006
Appeared in issue:
36 - 01 May 2006
Narrative reporting – where do we go from here?
The government’s change of heart over the Operating & Financial Review has left many companies confused over whether to pursue the OFR on a voluntary basis or produce new Business Reviews. In this article, Richard Sharman, Head of Enterprise Risk Management at KPMG LLP, and Nicola Collins, Audit Committee Institute at KPMG LLP, explain the recent history of reporting requirements and how the two reviews compare.
Online Published Date:
01 May 2006
Appeared in issue:
36 - 01 May 2006
Solvency II: Burden or opportunity?
Insurers that are currently worried about the implications of Solvency II should take a positive view of the process, says Richard Rodriguez of actuarial firm EMB. Far from threatening to be an unnecessary burden, it can help firms achieve their financial objectives.
Online Published Date:
01 May 2006
Appeared in issue:
36 - 01 May 2006
Briefly noted
▪ The Association of British Insurers (ABI) has
told the UK government that it is “disappointed” by its decision to back down on mandatory Operating & Financial Reviews for listed companies. In a response to the Department of..
Online Published Date:
01 May 2006
Appeared in issue:
36 - 01 May 2006
Ceiops refers political storm to EC
The European Commission is looking at having to develop a compromise solution to Solvency II following unrelenting clashes between the UK and France which continue to stand at opposing ends of the project.
Ceiops, the insurance body advising the..
Online Published Date:
01 May 2006
Appeared in issue:
36 - 01 May 2006
Sarbanes-Oxley costs decrease in second year
The cost of compliance with Sarbanes-Oxley section 404 has decreased for accelerated filers during the second year of adoption, according to the results of a survey by Financial Executives International. The average cost of compliance stood at..
Online Published Date:
01 May 2006
Appeared in issue:
36 - 01 May 2006
FSA and SEC agree supervisory co-operation
US and UK financial services regulators have signed a memorandum of understanding to improve supervisory co-operation of the industry. The Securities & Exchange Commission (SEC) and the Financial Services Authority (FSA) signed the agreement at..
Online Published Date:
01 May 2006
Appeared in issue:
36 - 01 May 2006
Europe must come together for global standard, FEE
Europe needs to be more co-ordinated in its approach to the global convergence project if it is to have any effective input, says a new report by the Fédération des Experts Comptables Européens (FEE), which represents accountancy..
Online Published Date:
01 May 2006
Appeared in issue:
36 - 01 May 2006
Six member states referred to ECJ over insurance broker rules
The European Commission has referred six member states to the European Court of Justice (ECJ) over their failure to implement the Insurance Mediation Directive. The Commission has brought the case against Germany, Greece, France, Malta, Spain and..
Online Published Date:
01 May 2006
Appeared in issue:
36 - 01 May 2006
FSA favours high-level principles
The Financial Services Authority (FSA) is committed to tipping the balance of insurance regulation in the UK towards high level principles and away from prescriptive rules, said John Tiner in his speech to the industry during the Insurance Sector..
Online Published Date:
01 May 2006
Appeared in issue:
36 - 01 May 2006
Regulator announces fast-track authorisations and SPV opportunities
The Financial Services Authority (FSA) used its second Insurance Sector Conference in March to make several announcements. The first, its decision not to intervene in the market’s progress in raising levels of contract certainty, was the..
Online Published Date:
01 May 2006
Appeared in issue:
36 - 01 May 2006
ABI report is a bad start for FSA’s review of general insurance regime
As the Financial Services Authority (FSA) begins its survey into the effectiveness of the general insurance sales regime introduced at the beginning of last year, an industry-commissioned report has condemned the new rules as over-pre-scriptive and..
Online Published Date:
01 May 2006
Appeared in issue:
36 - 01 May 2006
UK makes Solvency II stand
The EC has been asked to step in over member state divide
Online Published Date:
01 May 2006
Appeared in issue:
36 - 01 May 2006
Market wards off FSA
The regulator says it will hold fire on new contract certainty powers but will watch closely as it suspects market of picking easy targets
Online Published Date:
01 May 2006
Appeared in issue:
36 - 01 May 2006