- Practice Areas
- Publication Type
- Resources
- Practice Areas
- Publication Type
- Resources
- Home/Publications/Insurance Regulation & Accounting
Proposals promise shake-up of broking laws
Stephen Netherway and Jonathan Thorpe of CMS Cameron McKenna focus on the changes that face the broking sector in the third part of a series of articles analysing the Law Commission’s proposals for insurance law reform
Online Published Date:
01 October 2007
Appeared in issue:
53 - 01 October 2007
Coming your way…
The last quarter of 2007 promises to resolve several uncertainties in the world of insurance regulation. Reviews, reports and investigations have dominated the regulatory calendar in 2006 and into 2007 but their conclusions should take place before..
Online Published Date:
01 October 2007
Appeared in issue:
53 - 01 October 2007
Spotlight falls on FSA over Northern Rock
All three units that make up the tripartite system overseeing banks in the UK have come under pressure in the wake of Northern Rock. Callum McCarthy, chairman of the Financial Services Authority, gave his view of events in an address at Mansion House and here we provide an extract of his reaction to the criticism.
Online Published Date:
01 October 2007
Appeared in issue:
53 - 01 October 2007
Bank run raises questions over safety net
Neither the compensation scheme backing savings in UK banks nor the regulator’s assurances were enough to stop a run on Northern Rock. IR&A
looks at how the bank’s woes have escalated to become a major issue for the whole of the financial services industry with the potential for more regulatory change.
Online Published Date:
01 October 2007
Appeared in issue:
53 - 01 October 2007
The Companies Act 2006
Directors are holding their breath as a new law that increases their duties whilst at the same time making it easier for shareholders to take action has yet to show its hand in the courts. Philip Lumb, a solicitor in the insurance team at Mills & Reeve LLP, explains what the changes will mean for companies, their directors and their insurers.
Online Published Date:
01 October 2007
Appeared in issue:
53 - 01 October 2007
EFR recommendations
1. The EU institutions should make progress towards the implementation of the lead supervisor model for both the banking industry and the insurance industry. One road towards lead supervision is to extend the role of the consolidated or group..
Online Published Date:
01 October 2007
Appeared in issue:
53 - 01 October 2007
Briefly noted
▪ Alberto Corinti stepped down as secretary general
of Ceiops at its AGM in mid-September to take up the role of economics and finance director at the Comité Européen des Assurances (CEA). Mr Corinti will focus on developing the..
Online Published Date:
01 October 2007
Appeared in issue:
53 - 01 October 2007
FSA keeps “open mind” over retail distribution review
The Financial Services Authority (FSA) has moved to assure the retail financial market that it is keeping an open mind on the outcome of its paper discussing the future of retail distribution. The FSA – which published its discussion paper in..
Online Published Date:
01 October 2007
Appeared in issue:
53 - 01 October 2007
Industry guidance approval takes effect
The Financial Services Authority (FSA) has confirmed that it will officially recognise advice provided by industry associations and others to help firms comply with the regulator’s principles and rules. The FSA’s adoption of..
Online Published Date:
01 October 2007
Appeared in issue:
53 - 01 October 2007
Calls for Ceiops reform “premature”
The three committees that underpin the Lamfalussy process should be allowed more time before criticism, that has been directed at the process recently, can be justified, according to the UK’s regulator the Financial Services Authority (FSA)...
Online Published Date:
01 October 2007
Appeared in issue:
53 - 01 October 2007
Findings of the sector inquiry into business insurance
The Final Report of the Sector Inquiry focused on five aspects of the provision of insurance to businesses in the EU: the financial performance of the insurance industry (though not intermediaries); the issue of alignment of terms and conditions in..
Online Published Date:
01 October 2007
Appeared in issue:
53 - 01 October 2007
Block exemption
The industry mounted a strong defence against the implication in the interim report that it may lose its treasured block exemption from competition law for certain industry cooperations. However, the Commission warned in its final report that..
Online Published Date:
01 October 2007
Appeared in issue:
53 - 01 October 2007
Brokers
Global brokers have been under pressure to reform remuneration arrangements with insurers ever since Eliot Spitzer investigated the use of contingent commission in the US, and the Commission adds to the debate in its final report. However, it says..
Online Published Date:
01 October 2007
Appeared in issue:
53 - 01 October 2007
Market integration outpaces regulatory convergence
The EFR says lead supervision must be implemented across Europe
Online Published Date:
01 October 2007
Appeared in issue:
53 - 01 October 2007
EC competition review issues industry ultimatum
The Commission is concerned that alignment of premiums could breach competition law while broker remuneration will be looked at as part of the IMD review
Online Published Date:
01 October 2007
Appeared in issue:
53 - 01 October 2007