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Articles for November 2007
Enforcement action remains an option as EC closes sector competition inquiry
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01 November 2007
The European Commission has published its final report into whether practices in business insurance breach EC competition law but has left the door open as to whether it will take further action on several key areas. Following their comments on the EC’s interim report in our March 2007 issue, John Pheasant, Partner, Hogan & Hartson London and Brussels and Jean-Michel Coumes, Counsel, Hogan & Hartson Brussels present their expert view on the EC’s conclusions.
Briefly noted
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01 November 2007
▪ The Financial Services Authority has withdrawn
the individual approval of insurance broker Richard Wolf and has taken action to prevent him from working in relation to any regulated activity on the basis that he..
Ceiops updates Solvency II schedule
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01 November 2007
Ceiops has updated its work plan on the development of Solvency II between now and when the directive is due to come into force in 2012. The plan has been adapted slightly to accommodate the..
CEA sets out Solvency II arguments
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01 November 2007
The framework directive for Solvency II leaves too much room for member states to diverge in their implementation of the rules, according to the Comité Européen des Assurances (CEA). One of the first to submit..
Industry ICA reviews impress regulator
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01 November 2007
The insurance industry is still underestimating the level of capital required to support its risks, according to the regulator, although the Financial Services Authority (FSA) says the gap between insurers’ assessments and its own are..
FSA threatens higher fines for PPI failures
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01 November 2007
The latest review of the Payment Protection Insurance (PPI) industry has left the Financial Services Authority (FSA) “extremely disappointed” that some firms have made little progress in improving sales practices. After three reviews as part..
FSA admits “lessons to be learnt” in Treasury committee grilling
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01 November 2007
The Financial Services Authority (FSA), under an intense grilling from the notorious Treasury Select Committee, said supervisory checks on Northern Rock were “inadequate”. Faced with questions about the gap between full risk assessments, Hector Sants,..
Government stirs up debate over compensation limits
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01 November 2007
The government has formally opened discussions about whether the Financial Services Compensation Scheme (FSCS) should guarantee larger deposits in the event of a bank collapse following the first run on a bank in recent history...
BIBA responds to “alarming” ICOB proposals
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01 November 2007
Proposals to change Insurance Conduct of Business (ICOB) rules have attracted criticism from insurance brokers concerned that the reforms could leave them on an unequal footing with direct insurers. In response to the Financial Services..
Industry must act on EC competition conclusions
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01 November 2007
The “open verdict” means insurers need to address EC concerns
NAIC backtracks on collateral
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01 November 2007
New proposal rejects plan to impose same collateral requirements on US and foreign reinsurers; London market “profoundly disappointed”
New NAIC proposals rattle foreign reinsurers
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01 November 2007
Proposals to charge US domestic reinsurers collateral based on their financial strength on the same basis as foreign reinsurers accepting business in the US have been abandoned, while the minimum percentages of collateral required from foreign reinsurers has been raised.
Coming your way…
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01 November 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 and providing essential background. Table 1 focuses on the FSA’s agenda for consultations, discussion documents, thematic work and other events of interest to insurers for the rest of 2007 and beyond. Table 2, on the next page, lists the consultations, papers and events on the horizon from other UK bodies, including the government, and also in Europe and internationally.
More principles, more challenges
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01 November 2007
The regulator has faced some tough questions over the past few weeks following the run on Northern Rock, and the FSA itself has said that there are lessons to be learnt. But will the recent events upset its plans for more principles-based regulation? In this extract from a speech by David Kenmir, managing director of regulatory services at the FSA, he explains why the new regulatory approach is exactly what is needed and also presents new ideas on increased disclosures about firms.
Euro tax authorities eye IPT
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01 November 2007
Insurers providing multi-national risk coverage across Europe are now attracting the interest of local tax authorities, who see Insurance Premium Tax as their newest ‘soft’ target. Richard Asquith, from TMF, takes a look at what tax authorities have been doing to catch-out unsuspecting insurers, and how European IPT works.
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