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Insurable interest: Now you see it…
In the first part of this article, Tim Hardy, partner and Tracey Anderson, associate in BLG’s Reinsurance and International Risk team, look at the implications of the Law Commissions’ proposals for insurable interest on indemnity insurance. Part two, by Janet Lambert, partner in BLG’s Reinsurance and International Risk team, and Tracey Anderson focuses on how non-indemnity insurance will be affected
Online Published Date:
01 May 2008
Appeared in issue:
60 - 01 May 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 May 2008
Appeared in issue:
60 - 01 May 2008
UK mounts group supervision campaign
Group supervision is one of the biggest wins promised by the Solvency II directive, but it is also one of the most controversial areas. IR&A
looks at the UK’s proposals to strengthen the group support regime and reassure the concerns of other member states
Online Published Date:
01 May 2008
Appeared in issue:
60 - 01 May 2008
EC consults on insurers’ competition exemption
The European Commission has opened a public consultation on the Insurance Block Exemption Regulation, currently due to expire in 2010. Under the existing rule, the insurance industry is allowed to co-operate on issues such as standard policy..
Online Published Date:
01 May 2008
Appeared in issue:
60 - 01 May 2008
ABI gathers major players for Solvency II conference
On 10 June 2008, ABI (the Association of British Insurers) will host its flagship Solvency II conference. The day will bring together major decision makers and stakeholders and will take place at a crucial moment in the development of the Directive,..
Online Published Date:
01 May 2008
Appeared in issue:
60 - 01 May 2008
Firms put customers at risk of financial crime, FSA
The Financial Services Authority says a recent review of systems and controls used by UK financial services firms to prevent data breaches are failing customers and are a threat to the FSA’s statutory objective of reducing financial crime. In..
Online Published Date:
01 May 2008
Appeared in issue:
60 - 01 May 2008
Economy concerns beat over-regulation in PwC poll
Concerns over a downturn in the global economy have beaten over-regulation to be the top threat to growth troubling global chief executives, according to PricewaterhouseCoopers’ annual survey. Over-regulation has become a common sight at the..
Online Published Date:
01 May 2008
Appeared in issue:
60 - 01 May 2008
FOS review calls for “regulatory action” over mass complaints
Lord Hunt’s independent review of the Financial Ombudsman Service (FOS) has recommended 73 changes to improve the transparency and accessibility of the body. The review concluded that the FOS needs to appeal to a wider proportion of society..
Online Published Date:
01 May 2008
Appeared in issue:
60 - 01 May 2008
EP legal opinion on Solvency II proposes further change
The Solvency II framework directive has undergone further proposed changes following scrutiny by the European Parliament’s Committee of Legal Affairs. In its draft opinion, which follows the Committee on Economic and Monetary Affairs (ECON)..
Online Published Date:
01 May 2008
Appeared in issue:
60 - 01 May 2008
FSA gets tough with Lamfalussy committees
Europe’s regulators need to be tougher with each other over the implementation of new rules and measures, FSA chairman Callum McCarthy has said. In an interview in the FSA’s latest International Regulatory Outlook, Mr McCarthy, who is a..
Online Published Date:
01 May 2008
Appeared in issue:
60 - 01 May 2008
FSPP checks up on FSA
The Financial Services Practitioner Panel said it is to assess whether principles-based regulation and the regulator’s treating customers fairly initiative is “being applied at the coalface”. Setting out the FSPP objectives,..
Online Published Date:
01 May 2008
Appeared in issue:
60 - 01 May 2008
Ceiops new consumer panel to play key role in IMD review
Ceiops has approved a new Committee on Consumer Protection (CCP) that will play an active role in several important European Commission projects. Ceiops said the committee has been set up in response to the increasing importance of consumer..
Online Published Date:
01 May 2008
Appeared in issue:
60 - 01 May 2008
Solvency II issues must be resolved by end 2008, McCreevy
The UK insurance industry and its regulator the Financial Services Authority still have “plenty of work to do” to implement Solvency II, despite being one step ahead of the game by already operating a risk-based regulatory regime,..
Online Published Date:
01 May 2008
Appeared in issue:
60 - 01 May 2008
EC turns focus on to IMD implementation
After deciding against major changes to the Insurance Mediation Directive, the European Commission said it will instead look closely at how the rules have been transposed and implemented in Europe’s member states.
Internal market commissioner..
Online Published Date:
01 May 2008
Appeared in issue:
60 - 01 May 2008
Ceiops advises against IMD changes
A review of the Insurance Mediation Directive (IMD), requested by the European Commission just two years after the rules should have been implemented by member states, has concluded that it is too early to make changes.
“The majority of the..
Online Published Date:
01 May 2008
Appeared in issue:
60 - 01 May 2008
Safe harbour under threat
The EC needs convincing that the industry’s block exemption to competition rules should continue beyond 2010
Online Published Date:
01 May 2008
Appeared in issue:
60 - 01 May 2008
EC’s IMD reform halted
McCreevy tells the UK it is “not the right time” for changes
Online Published Date:
01 May 2008
Appeared in issue:
60 - 01 May 2008