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

Insurance for regulatory fines

The FSA is heading towards a complete ban on insurance of fines, but while clarification of the issue by way of a rule amendment will be welcome news to insurers, the transitional period will impose some risks, say Chris Warren-Smith and Toby..

Online Published Date: 01 November 2003

Appeared in issue: 7 - 01 November 2003

Behind the scenes of Solvency I

The deadline for Solvency I implementation expired in September. In this article, IR&A looks at the meaning of the Solvency I directive, often overlooked by its successor-to-be Solvency II, as it moves into UK national law. Of all..

Online Published Date: 01 November 2003

Appeared in issue: 7 - 01 November 2003

Barry Sear and Stuart Holman, CCL Partnership

Barry Sear and Stuart Holman of compliance consultants CCL talk to IR&A about the culture shock that will present itself to both the FSA and intermediaries when they come under the new regime in January 2005 and the potential for a..

Online Published Date: 01 November 2003

Appeared in issue: 7 - 01 November 2003

Risky business?

Insurance is normally associated with safety and piece of mind but its involvement in credit risk transfer and other complex financial instruments has raised eyebrows among supervisors and high level think tanks. IR&A looks at the..

Online Published Date: 01 November 2003

Appeared in issue: 7 - 01 November 2003

NCOIL vote could propel collateral white list

London market individuals need to familiarize themselves with the arguments against the tough US rules on collateral for foreign reinsurers and adopt an evangelical approach, a leading lawyer told a meeting of the Insurance Institute of London last..

Online Published Date: 01 November 2003

Appeared in issue: 7 - 01 November 2003

EFSRT urges greater single market commitment

The influential European Financial Services Round Table (EFSRT) has said more needs to be done to harmonize regulation in Europe’s financial sector if the full benefits of cross-border services are ever to be realised. In a report on the..

Online Published Date: 01 November 2003

Appeared in issue: 7 - 01 November 2003

Insurance still a priority, says FSA’s Tiner

John Tiner, the former managing director of consumer, investment and insurance at the Financial Services Authority (FSA), said that insurance will still be a priority in his new position as chief executive. In a speech to the London market, hosted..

Online Published Date: 01 November 2003

Appeared in issue: 7 - 01 November 2003

Supervision goes global

The annual conference of the IAIS in Singapore signalled a welcome advance in establishing a seamless international regulatory environment for reinsurers, says Dave Matcham, director of operations at the International Underwriting Association...

Online Published Date: 01 November 2003

Appeared in issue: 7 - 01 November 2003

Industry airs accounting woes

The IASB made few friends when it published an exposure draft for insurers The International Accounting Standards Board (IASB) always knew that it faced some tough opposition on publishing a draft standard for insurance (ED5) at the end of July. It..

Online Published Date: 01 November 2003

Appeared in issue: 7 - 01 November 2003

EU environmental liability directive

An important step towards better environmental protection or just good intentions on paper? The success of the planned EU environmental liability directive will largely depend on the insurability of the scheme, says Daniel Schanté, director..

Online Published Date: 01 November 2003

Appeared in issue: 7 - 01 November 2003

Non-execs to face Equitable Life charges

A group of Equitable Life’s directors will now have to defend a legal suit after their arguments to have the case dismissed were rejected. And at a time when boardrooms are coming under increasing scrutiny, the interesting factor in this case..

Online Published Date: 01 November 2003

Appeared in issue: 7 - 01 November 2003

CEA objects to transparency proposals

Listed companies should not be made to report on a quarterly basis, argued the Comité Européen des Assurances (CEA) on behalf of insurers in response to the European Commission’s proposal for a Transparency Directive. Instead,..

Online Published Date: 01 November 2003

Appeared in issue: 7 - 01 November 2003

UK launches financial groups consultation

The Treasury and Financial Services Authority (FSA) have launched a joint consultation on how to implement the European directive for financial groups/conglomerates. As part of the Financial Services Action Plan, proposals will have to be finalised..

Online Published Date: 01 November 2003

Appeared in issue: 7 - 01 November 2003

EU challenges member states over implementation

The UK and nine other member states have about two months to answer a reasoned opinion filed by the European Commission about the implementation of the winding-up directive, which should have been transposed into national law in April this year. The..

Online Published Date: 01 November 2003

Appeared in issue: 7 - 01 November 2003

FSA overhauls management

The regulator will look significantly different come April 2004 The much-promised management shake-up at the Financial Services Authority (FSA) has initiated a recruitment campaign for three new managing directors to oversee reorganised business..

Online Published Date: 01 November 2003

Appeared in issue: 7 - 01 November 2003

Green light for personal injury motor limits

The European Commission has said that it will accept six of the seven amendments to the fifth motor directive proposed by the European Parliament that will overhaul the current approach to personal injury in motor accidents. However, the Commission..

Online Published Date: 01 November 2003

Appeared in issue: 7 - 01 November 2003

New EC review for financial services

The European Commission has denied that a review of Europe’s financial markets will result in more legislation. On announcing the creation of four expert groups, internal markets commissioner, Frits Bolkestein, said the new project would..

Online Published Date: 01 November 2003

Appeared in issue: 7 - 01 November 2003

EC adopts insurance Lamfalussy

New decision-making structure tackles regulatory co-operation The European Commission has set in motion a directive that will simplify the committee structure governing insurance and banking legislation in the European Union using the Lamfalussy..

Online Published Date: 01 November 2003

Appeared in issue: 7 - 01 November 2003