i-law.com - Newsletter (Insurance Regulation & Accounting)

Setting the limits of regulation

John Tiner’s recent speech to Monte-Carlo Rendez-Vous delegates was not only notable for his timely comments on Hiscox’s redomicile to Bermuda (see page 14). In this extract from his presentation, Mr Tiner also questions the premise of..

Online Published Date: 01 October 2006

Appeared in issue: 41 - 01 October 2006

Monte-Carlo tackles the question of over-regulation

Regulation may have been of secondary interest to the subject of US catastrophe exposure for delegates at this year’s reinsurance Rendez-Vous de Septembre in Monte-Carlo but timing conspired to make the subject of particular relevance as the topic for the event’s formal debate.

Online Published Date: 01 October 2006

Appeared in issue: 41 - 01 October 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 October 2006

Appeared in issue: 41 - 01 October 2006

UK faces taxing issue

The growing allure of Bermuda as the location of choice for not only new capital but traditional London market insurers has served as a wake-up call to the regulator and government. Both are concerned enough about the threats to London’s competitive position to make changes to the regulatory policy and begin talking about the UK’s fiscal regime. IR&A looks at the events that are raising questions about London’s competitive position.

Online Published Date: 01 October 2006

Appeared in issue: 41 - 01 October 2006

Focus: FSA confronts industry divide in new broker commission review

The industry has had long enough to sort out its differences over commission disclosure, the FSA says, and the regulator is taking control.

Online Published Date: 01 October 2006

Appeared in issue: 41 - 01 October 2006

Briefly noted

▪ The International Underwriting Association (IUA) has received a second request for information from the European Commission’s competition inquiry into business insurance. The association said it has responded in full to the latest..

Online Published Date: 01 October 2006

Appeared in issue: 41 - 01 October 2006

Regulator pads out ICAs principles

Insurers will be able to refer to a new set of sub-principles when preparing their Individual Capital Assessments (ICAs). The Financial Services Authority (FSA), which did not want to impose a set of prescriptive rules when it introduced the..

Online Published Date: 01 October 2006

Appeared in issue: 41 - 01 October 2006

New chairman for CEA’s Solvency II committee

One of the Solvency II project’s key professionals Olav Jones has stepped down as chairman of the Solvency II Steering Committee at the Comité Européen des Assurances (CEA). Mr Jones, who works for Fortis, has led the project for two..

Online Published Date: 01 October 2006

Appeared in issue: 41 - 01 October 2006

EC plans for FSAP review part II

The European Commission has launched the second part of its evaluation of the Financial Services Action Plan (FSAP) which will look at the economic impact of the measures on the EU’s financial sectors. The first round of evaluation looked at..

Online Published Date: 01 October 2006

Appeared in issue: 41 - 01 October 2006

UK makes few changes to implementation of EU Reinsurance Directive

The UK’s implementation of the EU Reinsurance Directive will go ahead relatively unchanged since the Financial Services Authority (FSA) published its proposals in June this year. The FSA said responses to its plans had been positive and it is..

Online Published Date: 01 October 2006

Appeared in issue: 41 - 01 October 2006

Treasury Committee prepares to grill FSA

The Financial Services Authority (FSA) is to appear before a Treasury Committee hearing to give evidence on its annual report for 2005/6. The Treasury Committee said this follows a similar hearing held last year when it grilled chief executive John..

Online Published Date: 01 October 2006

Appeared in issue: 41 - 01 October 2006

FSA fines Berry Birch broker over client money breach

The Financial Services Authority (FSA) has taken action against a senior manager of an insurance broking firm in its third action against senior management of mortgage and insurance intermediaries since taking over regulation of the sectors at the..

Online Published Date: 01 October 2006

Appeared in issue: 41 - 01 October 2006

EC comes out on top in impact assessment report

The European Commission has long been criticised for its lack of impact analysis when proposing new measures. The Financial Services Action Plan, an extensive list of measures designed to create a single financial services markets in the EU, was one..

Online Published Date: 01 October 2006

Appeared in issue: 41 - 01 October 2006

LSE regulation protected by new FSA veto

The Treasury is taking legislative measures to safeguard the regulation of the London Stock Exchange (LSE) in the event that it is taken over by a foreign exchange. The Financial Services Authority (FSA) will be granted new powers to veto any rules..

Online Published Date: 01 October 2006

Appeared in issue: 41 - 01 October 2006

Commission proposes tighter M&A rules for supervisors

Cross-border merger & acquisition applications in the insurance, banking and securities sectors seeking approval from supervisory authorities will meet with new procedures should a recent proposal by the European Commission get the go ahead. The..

Online Published Date: 01 October 2006

Appeared in issue: 41 - 01 October 2006

NAIC collateral review enters final stages

The Reinsurance Task Force charged with finding an alternative to the 100% collateral rule for foreign reinsurers in the US said it would take on board an industry proposal to replace the current system. Hosting a meeting between 8 & 9 September..

Online Published Date: 01 October 2006

Appeared in issue: 41 - 01 October 2006

Contract certainty levels up

The market finds out in January if progress is enough to satisfy the FSA

Online Published Date: 01 October 2006

Appeared in issue: 41 - 01 October 2006

IASB faces tight deadline

The first paper on Phase II of the IASB’s insurance project is due in December

Online Published Date: 01 October 2006

Appeared in issue: 41 - 01 October 2006