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

Industry braces for 2006 #

01 February 2006

2005 will likely be remembered for completion of the Financial Services Action Plan, but with so many measures now in force and yet to implement, what will 2006 hold for the world of insurance regulation? We take at look back at the major events of 2005 and look forward to what’s in store in 2006.

FSA reluctant to intervene in contract certainty #

01 February 2006

David Strachan, Insurance Sector Leader at the Financial Services Authority, recently updated the market on the FSA’s view of contract certainty. He said the market had come far, one year into the two-year challenge, but said there was more work to do at the coalface. The FSA is waiting for market data following 1 January renewals to help make its decision on whether to use regulatory intervention or be satisfied with the market’s progress. Visits to companies at the end of last year threw up a number of issues that Mr Strachan addressed in turn during his lecture to the Old Library at Lloyd’s.

Ceiops waves goodbye to Solvency II advice #

01 February 2006

The advisory body to the European Commission is adding the finishing touches to its third and final wave of advice on the Solvency II project. IR&A looks at Ceiops’ role to date, the detail of the third wave and what’s next for one of the most complex and radical reforms of insurance regulation.

EC proposes new shareholder rights directive #

01 February 2006

The European Commission has drafted a new proposal for a directive to set minimum standards in the exercise of shareholders’ rights across Europe. The standards focus on removing obstacles to the cross-border voting process and..

ABI publishes new SORP ahead of Phase II project #

01 February 2006

A revised version of the Statement of Recommended Practice (SORP) was published by the Association of British Insurers (ABI) towards the end of last year to replace the SORP last issued in 2003. The revised..

ASB tackles IFRS convergence plans #

01 February 2006

A lack of consensus on the accounting standards that should be used for companies not required to report under IFRS dominated the Accounting Standards Board’s City meeting in Janaury. The UK standard setter had originally pictured..

Australian firms make “smooth transition” to IFRS, regulator #

01 February 2006

Listed Australian companies have stepped up to the challenge of implementing the country’s equivalent of International Financial Reporting Standards (IFRS), according to a review by regulator the Australian Securities & Investment Commission (ASIC). The regulator..

S&P urges for progress on IFRS Phase II #

01 February 2006

Phase II of International Financial Reporting Standards (IFRS) for insurers “cannot come soon enough”, according to rating agency Standard & Poor’s. Analyst Hans Wright said that while IFRS 4 will result in improved consistency in..

Briefly noted #

01 February 2006

▪ The Association of British Insurers (ABI) has called on the UK government and the European Commission to make a final push in negotiations for trade liberalisation. Speaking after the Ministerial agreement on trade in..

Committee established to investigate Equitable Life regulation #

01 February 2006

The regulation of Equitable Life leading up to the time when it closed to new business will be put under the microscope in a new committee of inquiry approved by the European Parliament during a..

Costs of FSA compliance outweigh benefits for motor dealers, survey #

01 February 2006

Motor dealers that sell insurance are beginning to question the value of the insurance side of their business against the costs of regulation, according to the results of a survey by the Retail Motor Industry..

No case for rating agency regulation, Commission says #

01 February 2006

The European Commission has ruled out any legislative measures against rating agencies two years on since the European Parliament asked the Commission to assess the need for regulatory intervention. The European Commission said it is..

Lord Levene pressures US to drop collateral rules #

01 February 2006

US collateral requirements are “illogical” and “obsolete”, said Lloyd’s chairman Lord Levene speaking at an event organised by the Downtown Association and the Insurance Brokers Association of New York recently. He called on the US..

Commission adds to insurance guarantee wordings ahead of final decision on directive #

01 February 2006

The European Commission is due to make its final decision on legislation that would require all member states to establish insurance guarantee schemes. A working group was set up in 2001 to look at the..

FSA enforcement undergoes change following review #

01 February 2006

Margaret Cole, director of enforcement at the Financial Services Authority (FSA), says enforcement activity has to be taken in context of the regulator’s activities as a whole. The high profile nature of enforcement cases can..

EU member states delay broker rules changes #

01 February 2006

Nine member states have yet to implement the broker directive

FSA reveals contract certainty penalty options #

01 February 2006

The regulator is considering capital charges if market solutions fail to impress

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