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The future of insurance regulation
The FSA has carefully introduced the idea of differentiating its regulatory approach for general insurance, reserving stricter rules for protection products and loosening the reins for other, low risk products. In this article, Nathan Willmott and Polly James of Berwin Leighton Paisner say the proposals fit with the FSA’s wider regulatory philosophy but there are several issues that still need to be ironed out
Online Published Date:
01 September 2007
Appeared in issue:
52 - 01 September 2007
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 the year ahead 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 September 2007
Appeared in issue:
52 - 01 September 2007
All change for consumer insurance law
In the last edition of IR&A , Stephen Netherway of CMS Cameron McKenna reviewed the Law Commission and Scottish Law Commission proposals for reform of insurance law in the UK. In this article Mr Netherway and Jonathan Thorpe discuss the substance of the reforms, and consider the implications for those offering consumer and business insurance in further detail.
Online Published Date:
01 September 2007
Appeared in issue:
52 - 01 September 2007
Brokers fear shifting goal posts in IMD review
The EC’s review of the Insurance Mediation Directive has been welcomed but professional brokers are concerned that they could bear the brunt of any changes. In this article Steve White, head of compliance and training at BIBA, presents the industry’s arguments for a level playing field.
Online Published Date:
01 September 2007
Appeared in issue:
52 - 01 September 2007
TCF – principles-based regulation in practice
Principles-based regulation is at the core of the Financial Services Authority’s strategy and while there is much discussion about its meaning, it has been difficult to see how it works in practice until recently. In this extract from a recent presentation Sarah Wilson, insurance sector leader at the FSA, explains the challenges of the FSA’s treating customers fairly initiative and how it embraces the principles-based concept.
Online Published Date:
01 September 2007
Appeared in issue:
52 - 01 September 2007
Moody’s predicts limit on use of hybrid capital
The introduction of Solvency II should help continue insurers’ interest in financial leverage products such as hybrid instruments but the industry is unlikely to reach its maximum allowance set by regulations, according to a new report by..
Online Published Date:
01 September 2007
Appeared in issue:
52 - 01 September 2007
Member states differ over eligible solvency capital
With the publication of the Solvency II framework directive complete, there is much more work to do on drafting the detailed technical aspects and implementing measures. While the political process gets underway, Ceiops has been preparing ahead and..
Online Published Date:
01 September 2007
Appeared in issue:
52 - 01 September 2007
Brokers warned to meet capital requirements without goodwill from 2008
On 14 January 2008, when insurance brokers can mark their third anniversary of statutory regulation, the transitional arrangements that allowed brokers to include goodwill in the calculation of their capital resources will come to an end and the..
Online Published Date:
01 September 2007
Appeared in issue:
52 - 01 September 2007
Briefly noted
▪Following a period of consultation, freight for
warders and storage firms that conduct insurance broking services for commercial customers will no longer have to seek authorization from the Financial Services Authority. The changes took..
Online Published Date:
01 September 2007
Appeared in issue:
52 - 01 September 2007
FSA reveals run-off policy
The Financial Services Authority (FSA) has set out its approach to schemes of arrangement in a new paper to provide the run-off market with greater knowledge of the tests that the regulator applies before deciding whether firms have acted within the..
Online Published Date:
01 September 2007
Appeared in issue:
52 - 01 September 2007
FSA proposes to reduce RMAR by 30%
A review into the reporting requirements of mortgage and general insurance intermediaries has supported the Retail Mediation Activities Return (RMAR) although further streamlining measures are proposed to make it easier for firms to complete.
The..
Online Published Date:
01 September 2007
Appeared in issue:
52 - 01 September 2007
Treasury consults on Reinsurance Directive
The Treasury said it “intends to take a proportionate and risk-based approach to implementing the provisions” of the Reinsurance Directive, adding that it is proposing to introduce a “Part VII-lite” in its application of..
Online Published Date:
01 September 2007
Appeared in issue:
52 - 01 September 2007
Pressure mounts for Ceiops
EC requests more advice to keep Solvency II on target for 2012
Just weeks after the Solvency II framework directive was published, the European Commission requested further advisory work from Ceiops which it said would allow the directive to remain..
Online Published Date:
01 September 2007
Appeared in issue:
52 - 01 September 2007
UK argues for IMD reform
The EC should consider the scope and costs of the directive
The UK government and regulator have called on the European Commission to make substantial changes to the Insurance Mediation Directive, which is currently under review less than three..
Online Published Date:
01 September 2007
Appeared in issue:
52 - 01 September 2007