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Single regulator idea divides opinions
As Allianz calls for a single European financial services regulator, we take a look at why the issue is so controversial.
Online Published Date:
01 November 2006
Appeared in issue:
42 - 01 November 2006
Insurers prepare for change
As the European Commission gears up to publish a draft of the Solvency II directive with a view to submitting the proposal to the European Parliament in July 2007, we take a look at what the experts are expecting from the project.
Online Published Date:
01 November 2006
Appeared in issue:
42 - 01 November 2006
Supervisors get to grips with captives
The International Association of Insurance Supervisors (IAIS) approved an “Issues paper on the regulation and supervision of captive insurance” during its October meeting, held this year in Beijing. The paper has been drafted as a reference for supervisors explaining the history and nature of captives, their use and potential for misuse and the relationship between captives and the traditional insurance and reinsurance markets. It also addresses the main principles of the IAIS’s Insurance Core Principles (ICP) that apply to captives and in this extract we highlight how supervisors adapt their approach to the nature of the captive operations by looking at some of the key principles in turn.
Online Published Date:
01 November 2006
Appeared in issue:
42 - 01 November 2006
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 November 2006
Appeared in issue:
42 - 01 November 2006
Corporate governance and risk management: Relationships and regulations
As corporate governance and risk management practices have become more greatly entwined with regulation, many firms run the risk of overlooking the fundamental opportunities that these principles can bring to the business. In this article, Chris Charman, managing director of Thomas Miller Risk Management (UK) Limited, explains how the relationships have blurred and how firms can use corporate governance and risk management to their benefit.
Online Published Date:
01 November 2006
Appeared in issue:
42 - 01 November 2006
PPI market could be referred to competition authorities
The UK Payment Protection Insurance (PPI) market is under fire from both the Office of Fair Trading (OFT) and the Financial Services Authority (FSA) following the completion of their respective studies on the £5.5bn industry.
The OFT said it..
Online Published Date:
01 November 2006
Appeared in issue:
42 - 01 November 2006
Phase II insurance IFRS delayed until Q1 2007
The International Accounting Standards Board (IASB) has delayed publication of its discussion paper on Phase II Insurance Contracts to the first quarter of 2007. The paper, which sets out the IASB’s preliminary views before preparing an..
Online Published Date:
01 November 2006
Appeared in issue:
42 - 01 November 2006
FSA reports back on stress testing review
A recent review by the Financial Services Authority (FSA) of the banking sector’s approach to stress testing has concluded that many firms still need to make further progress if they are to realize the extent of risks facing their firm and..
Online Published Date:
01 November 2006
Appeared in issue:
42 - 01 November 2006
EC encourages industry to speak up
The financial services industry needs to do more to get itself involved in every stage of the legislative process to improve the policies that originate from Europe, according to Charlie McCreevy, internal market commissioner. Speaking at the..
Online Published Date:
01 November 2006
Appeared in issue:
42 - 01 November 2006
EU states face action over infringements
The European Commission (EC) has uncovered further infringements of insurance law in six member states and is taking action against Italy, Finland, Poland, Hungary, Germany and the Czech Republic. The EC first opened infringement proceedings against..
Online Published Date:
01 November 2006
Appeared in issue:
42 - 01 November 2006
UK insurers fear Solvency II outcome
A survey conducted by the Association of British Insurers (ABI) in September revealed that 68% of UK insurers responding to the poll are concerned that the Solvency II project will fall short of adopting an economic and risk-based approach. The ABI..
Online Published Date:
01 November 2006
Appeared in issue:
42 - 01 November 2006
Lamfalussy committees oppose EC’s M&A proposals
Europe’s supervisory authorities representing insurance, banking and securities have lodged an official protest with the European Commission (EC) over its plans to tighten up the merger and acquisition approval process in cross-border deals...
Online Published Date:
01 November 2006
Appeared in issue:
42 - 01 November 2006
NAO promises “hard-hitting” FSA review
The head of the National Audit Office (NAO), Sir John Bourne, has promised that its review of the Financial Services Authority (FSA) will be “hard-hitting”. In an interview with the Financial Times
recently Sir John dismissed concerns..
Online Published Date:
01 November 2006
Appeared in issue:
42 - 01 November 2006
FOS consultation delayed
The regulator needs more time to assess “radical” options for firms’ fees
Online Published Date:
01 November 2006
Appeared in issue:
42 - 01 November 2006
Industry pushes for tax change
The government promises to look at tax and over-regulation of insurance
Online Published Date:
01 November 2006
Appeared in issue:
42 - 01 November 2006