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OVERMATTER - they said it.
“AIG’s non-insurance parent company is federally regulated and, therefore, not held to the same investment, accounting and capital adequacy standards as its state-regulated insurance subsidiaries.”
National Association of..
Online Published Date:
01 October 2008
Appeared in issue:
65 - 01 October 2008
OVERMATTER - table 2
Development
European Commission – Insurance Block Exemption Regulation consultation
Date
By 31 March 2009
Detail
The Insurance Block Exemption Regulation – which allows insurers to co-operate in the issue of..
Online Published Date:
01 October 2008
Appeared in issue:
65 - 01 October 2008
Solvency II stays on track
Since the Commission adopted its Proposal for a Framework Directive on Solvency II in July last year, discussions have progressed in both the Council and the European Parliament at an impressive pace. Clearly, our ambitious proposals for a..
Online Published Date:
01 October 2008
Appeared in issue:
65 - 01 October 2008
Coming your way…
Table1: Forthcoming FSA papers and events of interest to insurers
Development
International Financial Reporting Standards review
Date
Q2 2008 – delayed
Detail
The FSA has delayed its review of the practical..
Online Published Date:
01 October 2008
Appeared in issue:
65 - 01 October 2008
Risky business bites back
After a tumultuous few weeks in global financial markets, the inevitable questions about the role of regulation are in full swing. With the Federal Reserve bailout of AIG, and its apparent refusal to come to the rescue of Lehman Brothers, to the..
Online Published Date:
01 October 2008
Appeared in issue:
65 - 01 October 2008
They said it…
On regulation and reform
“Just as no government on its own can combat global terrorism or tackle climate change, so no Government alone can put in place the right supervisory safeguards in this global economy.”
Alistair Darling,..
Online Published Date:
01 October 2008
Appeared in issue:
65 - 01 October 2008
FSA keeps up pressure on insurers to improve risk management
The current trading and economic environment has “reduced the room for error” and put insurers under renewed pressure to understand their risks, according to a new sector briefing on risk management from the Financial Services Authority..
Online Published Date:
01 October 2008
Appeared in issue:
65 - 01 October 2008
Tiner heads up Resolution relaunch
John Tiner has announced his first full-time role in business since leaving the Financial Services Authority, where he was chief executive for four years until July last year. Mr Tiner has been named chief executive of Resolution, which following..
Online Published Date:
01 October 2008
Appeared in issue:
65 - 01 October 2008
QIS 4 results highlight issues for firms
Ceiops has presented its preliminary findings on QIS 4 to the European Parliament ahead of the publication of its full findings in November 2008. According to the Comité Européen des Assurances (CEA), the results support the Solvency II..
Online Published Date:
01 October 2008
Appeared in issue:
65 - 01 October 2008
Lloyd’s demands tax reform
The chairman of Lloyd’s Lord Levene has called on the government to reform the UK’s tax regime to secure the future success of Lloyd’s. In a speech to the Lloyd’s City Dinner, Lord Levene said overseas financial services..
Online Published Date:
01 October 2008
Appeared in issue:
65 - 01 October 2008
Baptism of fire greets Lord Turner
Lord Adair Turner appeared to be aware of what he had let himself in for at a Treasury Select Committee ahead of taking over from Sir Callum McCarthy as chairman of the regulator. But nothing could have prepared him for the scale of problems facing..
Online Published Date:
01 October 2008
Appeared in issue:
65 - 01 October 2008
US moves forward on collateral reform
Revised proposals by the National Association of Insurance Commissioners’ (NAIC) Reinsurance Task Force could see top-rated foreign reinsurers released from collateral obligations when conducting business in the US. Under plans approved by..
Online Published Date:
01 October 2008
Appeared in issue:
65 - 01 October 2008
AIG agrees government bailout
The world’s largest insurer American International Group (AIG) has signed a definitive agreement for a US$85bn loan from the Federal Reserve Bank of New York after serious liquidity problems threatened to topple the insurer. The loan..
Online Published Date:
01 October 2008
Appeared in issue:
65 - 01 October 2008
Third time lucky?
Reinsurance collateral reforms are becoming a familiar sight at the National Association of Insurance Commissioners’ (NAIC) winter meeting. For the third consecutive year members will be asked to vote on a proposal to change the current rules..
Online Published Date:
01 October 2008
Appeared in issue:
65 - 01 October 2008
Spotlight falls on regulation
Regulators and governments around the world are facing up to the consequences of the current market turmoil. While the focus for now is to stabilise financial institutions and markets, regulation is already facing questions about its role in the..
Online Published Date:
01 October 2008
Appeared in issue:
65 - 01 October 2008