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

Europe’s supervisors face up to issues #

01 February 2007

European regulation has made its presence felt in financial services in the past six years but what are the issues facing regulators over the next decade? Speaking to the Estonian Financial Supervision Authority recently, FSA chairman Callum McCarthy explained why he is unhappy with the current home-host supervisory procedures and believes finding a solution will be one of the major tasks for regulators in future.

Coming your way… #

01 February 2007

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 incorporates the FSA’s agenda for consultations, discussion documents, thematic work or events of interest to insurers for 2007 and beyond. On the next page we list the events, papers and developments on the horizon from other bodies in the UK, Europe and internationally.

Creating a level playing field #

01 February 2007

US regulators are pressing ahead with a proposal to replace the current 100% collateral requirements on foreign reinsurers with a sliding scale based on financial strength. But the changes have been a long time in the making, says Lawrence H Mirel, partner at Washington-based law firm Wiley Rein & Fielding LLP and former Commissioner of Insurance, Securities and Banking for the District of Columbia. In this article Mr Mirel says while the proposal is likely to be adopted by the NAIC, it will mark only the beginning of a much longer process.

Tiner leaves behind insurance legacy #

01 February 2007

John Tiner announced his decision recently to step down from the regulator in July. IR&A takes a look at his watch as the first chief executive of the Financial Services Authority and finds that Mr Tiner will not be forgotten by the insurance industry for a very long time.

CEPS points the way on Solvency II #

01 February 2007

This year will be instrumental in the development of the Solvency II project but with so much uncertainty, a report from the Centre for European Policy Studies (CEPS) helps to break the issues down and comes up with some useful recommendations for the European Commission as it prepares to publish a framework directive in October 2007.

Personal lines insurers warned over “misleading” ads #

01 February 2007

Advertisements that promise consumer savings on motor, home and travel insurance are “either unclear or misleading”, according to the Financial Services Authority (FSA) which is warning firms they face regulatory action if they do not..

Flu pandemic “less testing” for insurers than banks #

01 February 2007

The insurance sector would suffer less from a flu pandemic than other financial services sectors, according to the conclusion of the government, Bank of England and Financial Services Authority’s latest market-wide exercise to test the..

Briefly noted #

01 February 2007

▪ UK-based insurer Brit said it had achieved 100% contract certainty by the end of the year on 20 core outwards non-proportional reinsurance placements incepting on 1 January 2007, as measured by the Market Reform..

FSA “not convinced” PPI rules are enough #

01 February 2007

The Financial Services Authority (FSA) is putting the Payment Protection Insurance (PPI) industry under greater scrutiny as part of its regulatory work to improve sales practices in the sector. The regulator said it will review..

RAA calls for single reinsurance regulator in US #

01 February 2007

The Reinsurance Association of America (RAA) is lobbying for a single regulator for reinsurance in the US as part of its reform plans for the coming year. Moreover, the RAA said it will join the..

Principles-based regulation is no easy option - ABI #

01 February 2007

The Financial Services Authority’s (FSA) shift to principles-based regulation is “not a soft option” for the insurance industry, warned the Association of British Insurers (ABI) in a recent report on regulation of the sector. The..

Ceiops advances lead supervisor concept #

01 February 2007

Ceiops has published a protocol framework for lead supervisors of insurance groups that it says should pave the way for all cross-border insurance groups to operate the concept. The lead supervisor approach was expected to..

CESR reviews rating agencies’ compliance with IOSCO code #

01 February 2007

Rating agencies are continuing to find it difficult to separate their rating activities from other services to ease regulatory concerns over conflicts of interest. In its first report to the European Commission since advising against..

Briefly noted #

01 February 2007

▪ The Comité Européen des Assurances (CEA) has appointed Michaela Koller as director-general, replacing Daniel Schanté. Eric Fischer, former director-general of the Dutch Insurance Association, temporarily filled the role for the eight months since Mr..

UK still faces EU implementation challenge #

01 February 2007

The Financial Services Authority (FSA) has committed itself to improving supervision for UK regulated firms but European legislation has exerted an increasing influence over the sector in recent years. The FSA keeps an eye on..

EU safety net study gets under way #

01 February 2007

UK consultancy Oxera Consulting will conduct a study into insurance guarantee schemes in the EU following its successful bid for the contract offered by the European Commission. The Commission had been due to make a..

EC competition inquiry focuses on co-operation and distribution #

01 February 2007

The European Commission’s competition inquiry into business insurance will reveal its preliminary findings in an interim report before the end of January. The interim report had been scheduled for publication before the end of 2006..

Tiner steps down #

01 February 2007

Change at the top as John Tiner and Callum McCarthy plan exits

FSA “superior” to US system #

01 February 2007

The UK regulatory climate is hailed as example to US in new report

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