First Lloyd’s managing agent receives FSA fine
Goshawk Syndicate Management Ltd has become the first Lloyd’s managing agent to receive a fine from the Financial Services Authority (FSA) since the regulator entered into supervisory arrangements with..
FSA investigates finite re and announces new guidelines
An investigation into UK insurers’ use of financial reinsurance has been confirmed by the Financial Services Authority (FSA). It said in October that it is looking at a..
▪ The European Commission has presented a
three-year project to reduce the number of unnecessary regulations and cut red tape. It has pledged to repeal, codify, recast or modify 222 basic legislation which total..
The two remaining features of the Financial Services Action Plan (FSAP) – the Capital Requirements Directive and the 8th Company Law Directive – were adopted in October, completing the substantial legislative programme. In total, some 42 pieces of legislation made up the FSAP. The exercise was some effort but the extent of it began to take its toll in the last few years of its life.
Ceiops leads ECOFIN discussions
Ceiops’ chairman Henrik Bjerre-Nielsen joined his peers at the two other Lamfalussy committees – for the banking and securities sector – in a presentation to the ECOFIN meeting in October on the..
Ceiops prepares for solvency impact studies
The first quantitative impact study (QIS) for the Solvency II project will begin this autumn, according to Ceiops, and will specifically look at technical provisions. The study follows work carried..
IAIS lays foundations for global solvency structure
The International Association of Insurance Supervisors (IAIS) adopted a paper during its annual conference in October that will aid its development of regulatory requirements for the assessment of insurer..
IOSCO develops IFRS database
The International Organization of Securities Commission (IOSCO) is to establish a system that allows international regulators to share information on IFRS. The IOSCO said its intention is to improve consistency in the..
IFRS pain will be worth it, says McCreevy
There will be no gain without pain in the adoption of IFRS, Charlie McCreevy, European Commissioner for internal market, told an accountancy body in Europe recently. He recognised..
ICAS wants IFRS convergence “as soon as possible”
The Scottish accountancy body, the Institute of Chartered Accountants of Scotland (ICAS), has opposed its England and Wales counterpart over the adoption of international financial reporting standards (IFRS)..
Industry investigations cause uncertainties, S&P report
Corporate governance failures, broker commission investigations and allegations of finite reinsurance abuse have all added up to create additional costs and uncertainties for the insurance industry, according to a research..
US regulators approve new disclosure rules
New disclosure rules for financial reinsurance deals struck by US insurers have been approved by the National Association of Insurance Commissioners (NAIC). The new rules are the result of a..
IAIS adopts finite risk guide for supervisors
A new guidance paper on finite risk, especially for regulators, was adopted by the International Association of Insurance Supervisors (IAIS) during its annual meeting, held this year in Vienna...
IUA publishes finite re guide
New guidelines from the International Underwriting Association (IUA) on finite reinsurance are proving popular to members and non-members alike. Published in September, the guide sets out the position taken by the..
Foreign SEC registrants granted further year to apply Section 404
The Securities & Exchange Commission (SEC) has granted a further extension to registrants – including some foreign issuers – to apply the challenging internal control requirements..
▪ Two new directors have been appointed as part
of the Financial Services Authority’s (FSA) new director team. Sally Dewar, currently head of primary markets at the UK Listing Authority, takes on the role..
Equitable Life case shrinks as director claims dropped following auditor case collapse
Equitable Life has called a dramatic halt to its legal action for negligence against former auditing firm Ernst & Young, ending a court case..
Broker directive remains unimplemented in 10 EU countries
The European Commission has taken proceedings against 10 member states that have yet to implement the Insurance Mediation Directive to the second stage of action. It sent reasoned..
FSA enforcement changes to complete by year end
Changes to the enforcement process policy adopted by the Financial Services Authority (FSA) took effect on October 20, 2005 following the outcome of an internal review published in..
General insurers warned to improve disclosure documents
General insurance documents are failing customers and regulatory rules, according to the Financial Services Authority (FSA) in a warning to the market. It said that a survey of mainly..