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Articles for October 2003
Supervision plans await finality
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01 October 2003
The European Commission’s reinsurance directive was set to be one of the fastest the insurance industry has seen. But the schedule has been set back to March next year. In this article,
IR&A
looks at..
Nick Lowe, IUA
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01 October 2003
The London market is one of the most active in global regulatory issues with Lloyd’s and the company market joining forces to improve London as a business environment and confront trade barriers. In this interview,
..
Near final rules reach milestone
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01 October 2003
General insurance brokers should now be in a better position to make the choice between direct regulation and becoming an appointed representative.
IR&A
looks at what the near-final rules mean for intermediaries.
The FSA has issued..
Investigated German insurers granted extension
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01 October 2003
Some of the seven German providers of industrial insurance accused of price fixing in July this year have applied for more time to consider the allegations. The country’s competition watchdog, the Federal Cartel Office, originally..
QBE accuses regulator of delay
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01 October 2003
Australian insurance group QBE has claimed that regulatory delays in defining capital requirements were holding it back from making acquisitions. At the announcement of the group’s strong half-year profits, chief executive Frank O’Halloran said QBE..
AIG settles SEC case
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01 October 2003
American International Group (AIG) has agreed to pay a US$10mn civil penalty to settle legal proceedings brought by the Securities & Exchange Commission (SEC) after an alternative risk transfer policy issued by an AIG company..
Lloyd’s awaits FSCS decision
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01 October 2003
The Financial Services Authority (FSA) is due to return its verdict on whether Lloyd’s should be forced to join the industry’s Financial Services Compensation Scheme (FSCS). Lloyd’s said it expected to know the outcome of..
Levene airs collateral frustrations
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01 October 2003
Lord Levene, chairman of Lloyd’s, told an audience in Los Angeles that the US requirements on “alien” reinsurers were unfair and restrictive. The US is one of the worst culprits for raising barriers to trade,..
Briefly noted
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01 October 2003
Members of the International Association of Insurance Supervisors (IAIS) were gathering for its annual conference
as IR&A
went to press at the beginning of the month. Delegates met in Singapore to tackle the issues of..
Lloyd’s debate rolls on
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01 October 2003
A Parliamentary vote asks whether UK respected EU directives for Lloyd’s
The debate over the UK’s regulation of the Lloyd’s market during the 1980s and 1990s has bubbled to the surface once more following a vote..
More consultation for EU rules
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01 October 2003
Regulation is changing the face of insurance business, but legislative procedures themselves are due for an overhaul. In this article,
Simon Gentry, head of European affairs at the Association of British Insurers, explains what’s in..
The EU passport: The Gibraltar experience
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01 October 2003
In this article
Nigel Feetham, partner of Hassans International Law Firm, explains the reasons why Gibraltar is becoming an attractive base for retail insurance into the EU and what issues insurers are likely to face.
With..
Bahrain continues regulatory overhaul
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01 October 2003
The Bahrain Monetary Agency (BMA) has issued its third consultative paper on the country’s future regulatory framework for insurance, this time concentrating on conduct of business rules for local insurers.
The proposed rules would apply to..
FSF discuss risks of reinsurance
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01 October 2003
Reinsurance remained on the agenda at the Financial Stability Forum’s (FSF) most recent meeting last month in Paris. Together with credit risk transfer, reinsurance has been identified as a “vulnerability in the international financial system”...
FSA opens anti-money laundering debate
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01 October 2003
The Financial Services Authority (FSA) has published two papers within as many months on anti-money laundering. The latest addition is in the form of a discussion paper that presents a series of options for the..
Treasury consults on transfer of complaints
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01 October 2003
The Treasury has re-opened the debate about complaints handling procedures during the transition of general insurance from a self-regulatory regime to statutory regulation in a new consultation paper.
Intermediaries expressed concern about the potential for the..
Member states quizzed on motor safety nets
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01 October 2003
The European Commission’s working group on Insurance Guarantee Schemes is gathering information from member states on their provisions for motor insurance compensation schemes. In particular, the Commission is interested in the various approaches to compensation..
Treasury advertises for FSA directors
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01 October 2003
A number of non-executive director posts at the Financial Services Authority (FSA) are due to become vacant in the next few months and the Treasury has begun a national recruitment drive to fill the positions...
CEA due for second IASB meeting
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01 October 2003
The Comité Européen des Assurances (CEA) plans to release its formal response to the International Accounting Standards Board’s (IASB) draft standard for insurance later this month after another meeting with the board.
The IASB issued the..
Reinsurance solvency softened
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01 October 2003
The Commission advises of changes ahead of the draft reinsurance directive
The European Commission has back-tracked on its plans that would have seen reinsurance busi-ness attract higher solvency margins than direct business as part of the..
Tiner pledges to cut consultations
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01 October 2003
Sir Howard Davies left the Financial Services Authority (FSA) last month without much of a fanfare. John Tiner’s promotion to chief executive, however, made more of an impact to the outside world after his inaugural..
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