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Articles for July 2008
Solvency II controversy takes centre stage
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01 July 2008
Concerns over the future of the Commission’s group supervision proposals, opposed by a core group of 12 member states, stole the limelight at the ABI’s Solvency II conference held in London recently
Coming your way…
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01 July 2008
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 is dedicated to the FSA’s agenda for consultations, discussion documents, thematic work or events of interest to insurers for the year ahead. A second table lists developments elsewhere in the UK, Europe and internationally.
Block exemption faces extinction
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01 July 2008
John Pheasant and Jean-Michel Coumes of Hogan & Hartson return to these pages to assess the mood of the European Commission as it prepares to decide the fate of the insurance block exemption beyond 2010
US considers joining IFRS club
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01 July 2008
The US is the missing piece of the jigsaw for international financial reporting standards, with 100 countries now using IFRS in some form. John White, director of the Division of Corporate Finance at US regulator the SEC, in the edited speech below tackles the resistance to move away from US GAAP and gives his view on how the US can influence the development of IFRS and why it is the right time to sign up
Briefly noted
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01 July 2008
▪ Travel firms that want to continue selling insurance
with package holidays after 1 January 2009 will be able to apply for authorisation from 30 June. The Financial Services Authority has published the final rules..
Treasury reveals impact of SCR choice
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01 July 2008
Non-life insurance firms in the UK could see their capital requirements under Solvency II rise by over half if they choose to use the standard solvency capital requirement (SCR) rather than develop their own internal..
IGS debate precludes consultation
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01 July 2008
The European Commission’s hearing on insurance guarantee schemes hosted a range of views that are likely to characterise its current consultation, which closes to responses on 7 July 2008. In a panel discussion on whether..
Law Commissions draft law on consumer insurance reform
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01 July 2008
Responses to the Law Commissions’ consultation on insurance contract law have agreed that consumer law is “in urgent need of reform”, however, its proposals for insurance intermediaries “proved to be much more controversial”.
In a summary..
PPI complaints up 480%
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01 July 2008
Complaints about payment protection insurance (PPI) fuelled a 30% increase in new reports to the Financial Ombudsman Service (FOS) in the year to 31 March 2008. The FOS said of 794,648 enquiries and complaints, 123,089..
EC keeps commission issue under review
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01 July 2008
Charlie McCreevy has said the European Commission will continue to look at conflicts of interest and transparency issues raised by brokers’ remuneration despite ruling out wholesale reform of the Insurance Mediation Directive (IMD). Speaking at..
ABI opposes law change
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01 July 2008
The Law Commissions will draft legislation switching-off the duty to disclose; the ABI questions need for reform
Group rules divide Europe
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01 July 2008
Solvency II political negotiations are finding it hard to please everyone
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