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ABI warns of Solvency II capital drain
The UK insurance industry has intensified its opposition to controversial implementation measures for Europe’s new solvency rules. The Association of British Insurers (ABI) confirmed that it penned a strongly-worded letter to the Chancellor of..
Online Published Date:
15 September 2009
Appeared in issue:
76 - 01 September 2009
Solvency II challenges captives, report
Companies with captives within the European Union are looking at whether Solvency II will force them to find a new home, according to a report by AM Best. Regulatory and compliance burdens under Solvency II are “disproportionately large”..
Online Published Date:
15 September 2009
Appeared in issue:
76 - 01 September 2009
Risk managers concerned over contingent commission ruling
European risk managers said a new ruling in the US paves the way for all brokers to resume taking contingent commission payments on insurance contracts.
At the end of July, broker Arthur J Gallagher reached an agreement with the Illinois attorney..
Online Published Date:
15 September 2009
Appeared in issue:
76 - 01 September 2009
IUA, CEA, Lloyd’s urge US to adopt reforms
European and London market insurers have given their overall approval to proposed reforms of reinsurance regulation in the US, which they said are now ready to be adopted in US law. Although several key concerns remain, European insurers said recent..
Online Published Date:
15 September 2009
Appeared in issue:
76 - 01 September 2009
FSA warns insurers to be on guard
The head of commercial insurance firms’ supervision at the Financial Services Authority (FSA) has told the industry that all insurers will be subject to greater scrutiny, regardless of size. In a letter to Insurance Day, Tony Brooke-Taylor,..
Online Published Date:
15 September 2009
Appeared in issue:
76 - 01 September 2009
An insurance conundrum: Internal model or standard formula?
Andrew Harley, director in the Business Consultancy team at EMB, helps insurers decide whether the costs of developing internal models for Solvency II will pay dividends in the long term
Online Published Date:
15 September 2009
Appeared in issue:
76 - 01 September 2009
Critics push for FSA reform
The FSA is fighting for survival in the wake of a recent MP report critical of the regulator’s reforms and the revelation that it faces abolition if the Conservative Party comes to power in the next general election
Online Published Date:
15 September 2009
Appeared in issue:
76 - 01 September 2009
NAIC reforms “ready”
European reinsurers say collateral proposals should be put before Congress
Online Published Date:
15 September 2009
Appeared in issue:
76 - 01 September 2009
Financial crisis boosts IAIS campaign
Common rules for insurers across the world would help avert a financial crisis in the insurance sector, said the International Association of Insurance Supervisors (IAIS). Speaking to Bloomberg, vice-chairman of the IAIS Tatsuo Yamazaki said:..
Online Published Date:
15 September 2009
Appeared in issue:
76 - 01 September 2009
Promise of group support review in 2015 questions restructuring plans, Fitch
Insurers with group operations throughout Europe may decide to hold-off major restructuring plans until the European Commission revisits the issue of group support under Solvency II rules, according to a new report from rating agency Fitch.
On..
Online Published Date:
15 September 2009
Appeared in issue:
76 - 01 September 2009
New compensation proposals for Equitable Life customers
Compensation for Equitable Life policyholders will be assessed using a more flexible approach, said Sir John Chadwick, the government-appointed adviser, in his latest progress report.
Since his appointment to advise the government on its..
Online Published Date:
15 September 2009
Appeared in issue:
76 - 01 September 2009
FSA publishes first complaints data
The financial services industry received almost 6% more complaints from customers between 2006 and 2008, according to new data on complaints released for the first time by the Financial Services Authority. Although the regulator has always collected..
Online Published Date:
15 September 2009
Appeared in issue:
76 - 01 September 2009
IAIS urges co-operation on SPVs
The IAIS hopes plans for new guidance will foster greater convergence in regulatory approaches to insurance securitisation
Online Published Date:
15 September 2009
Appeared in issue:
76 - 01 September 2009
France follows single regulator trend
The financial crisis has led to urgent reform of the regulatory system of financial services in France. New legislation is expected to be in place by the end of this year to create a single prudential regulator for banks and insurers and replace the..
Online Published Date:
15 September 2009
Appeared in issue:
76 - 01 September 2009
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 is dedicated to the FSA’s agenda for consultations, discussion documents, thematic work or events of interest to insurers for the rest of the year. A second table lists developments elsewhere in the UK, Europe and internationally.
Online Published Date:
15 September 2009
Appeared in issue:
76 - 01 September 2009
Reinsurers form new lobby
Industry group puts regulatory issues at top of “to do” list
Online Published Date:
15 September 2009
Appeared in issue:
76 - 01 September 2009
FSA interviews reduce candidates
The UK regulator’s recent scrutiny of applicants for senior management positions at large financial services firms is affecting the number of suitable candidates per role, according to law firm Reynolds Porter Chamberlain (RPC). The law firm..
Online Published Date:
15 September 2009
Appeared in issue:
76 - 01 September 2009