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New look Solvency II rules clear final hurdle
After months of negotiation and debate, the Solvency II framework directive has been approved and the new rules are expected to go live in October 2012, in line with the original timetable and ruling out the possibility of any extra time for..
Online Published Date:
28 May 2009
Appeared in issue:
72 - 01 May 2009
US reforms cause stir
Foreign reinsurers concerned over potential for double regulation
Online Published Date:
28 May 2009
Appeared in issue:
72 - 01 May 2009
Risk takes centre stage
A renewed focus on risk management is rising from the ashes of the financial crisis
Online Published Date:
28 May 2009
Appeared in issue:
72 - 01 May 2009
Trade bodies roll-out commission disclosure guidance
A group of insurance bodies has published guidance for the industry on commission disclosure and conflicts of interest, which it is hoped will be enough to continue to hold off regulatory rules. The insurance trade bodies – BIBA, ABI, LIIBA..
Online Published Date:
28 May 2009
Appeared in issue:
72 - 01 May 2009
Equitable Life regulatory failures “will not be remedied”
The government’s proposal to compensate Equitable Life policyholders for financial loss incurred as a result of regulatory failure does not go far enough, said the Parliamentary Ombudsman Ann Abraham in a new report laid before Parliament. Ms..
Online Published Date:
28 May 2009
Appeared in issue:
72 - 01 May 2009
EC will renew half of block exemption competition rules
Insurers could see the scope of an existing block exemption to European competition rules reduced under a new report adopted by the European Commission. The Insurance Block Exemption Regulation (BER) was renewed most recently in 2003, although it..
Online Published Date:
28 May 2009
Appeared in issue:
72 - 01 May 2009
FSA simplifies insurance safety net scheme
The Financial Services Authority (FSA) is to remove the current two-tier level of compensation for policyholders of failed insurance companies in favour of a more simplified system. Under the current rules, the Financial Services Compensation..
Online Published Date:
28 May 2009
Appeared in issue:
72 - 01 May 2009
Industry braces for new rules, survey
Regulators and insurance professionals alike agree that the regulatory burden on insurance companies will increase in the future. According to a survey conducted by the Geneva Association, 80% of all respondents agree that the regulatory burden..
Online Published Date:
28 May 2009
Appeared in issue:
72 - 01 May 2009
FSA gets tough on risk
The UK regulator has unveiled a new “intensive” approach to supervision in the wake of the financial crisis. In this extract, FSA chief executive Hector Sants explains what this will mean for governance and expectations for risk management, which he argues should be a board level responsibility
Online Published Date:
28 May 2009
Appeared in issue:
72 - 01 May 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:
28 May 2009
Appeared in issue:
72 - 01 May 2009
The final countdown for the Insurance Block Exemption
Linda O’Toole of Norton Rose says insurers have only a short space of time to influence the future shape of the Insurance Block Exemption Regulation that currently protects insurers from the full force of EC Competition laws
Online Published Date:
28 May 2009
Appeared in issue:
72 - 01 May 2009
US collateral reform faces EU opposition
International reinsurers have lodged their opposition to proposed reforms in the US that will treat foreign reinsurers differently to US reinsurers. In response to the NAIC’s Reinsurance Task Force consultation on legislation that will enact..
Online Published Date:
28 May 2009
Appeared in issue:
72 - 01 May 2009
Solvency II takes shape: Emerging blueprint for implementation
A clearer picture is beginning to emerge of how the principles of the new directive are likely to be put into practice particularly with the recent adoption of the Solvency II Directive, the launch of significant new supervisory guidance and the overhaul of risk management regulations in Germany. Mark Batten and Julia Schüller of PricewaterhouseCoopers discuss what regulators are likely to expect and the resulting implications for insurers
Online Published Date:
28 May 2009
Appeared in issue:
72 - 01 May 2009