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Articles for June 2008
Solvency II seeks group supervision compromise to bridge divide
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01 June 2008
The Slovenian EU Presidency has narrowed the disputed areas of Solvency II to just two, putting even more pressure on member states to reach agreement on controversial group supervision proposals
Coming your way…
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01 June 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.
Solvency II: The next steps
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01 June 2008
Paul Barrett of the Association of British Insurers and Naren Persad and Neil Chapman of Tillinghast team up to spread the word about internal models and the importance of QIS4
Towards the harmonisation of European insurance law
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01 June 2008
Peter Mansfield, partner at law firm CMS Cameron McKenna LLP, discusses PEICL, the Principles of European Insurance Contract Law, and assesses their likely impact on insurance practice
BIBA lashes out at FSA
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01 June 2008
The insurance industry is working on a market solution to settle the regulator’s concerns over commission disclosure. To date, the industry has failed to come up with a plan agreeable to all parties and the..
Briefly noted
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01 June 2008
▪ Brit Insurance has told
The Times
that it would
consider following the lead of other insurers and redomicile outside of the UK to benefit from more business friendly tax regimes. The majority of Brit..
EC consults on insurance safety net schemes
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01 June 2008
The European Commission has opened a public consultation on last year’s Oxera study concerning insurance guarantee schemes to inform its decision on whether to mandate for schemes in all member states. At the time of..
FSCS scope extends to EEA policyholders
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01 June 2008
Europeans who take out general insurance and long-term policies with local branches of UK firms will be afforded the same levels of protection as UK policyholders under new proposals by the Financial Services Authority. In..
Price comparison sites warned to improve
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01 June 2008
The Financial Services Authority (FSA) has turned down brokers’ requests for a review of ICOB rules in relation to price comparison websites. The regulator said that during a review of 17 insurance comparison websites, it..
Bermuda failing international standards of regulation, House of Commons report
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01 June 2008
Bermuda’s financial services regulation has been criticized for operating below international standards by a House of Commons committee. In a report on the risks posed by UK territories, the Committee of Public Accounts said that..
High level principles for the placement of risks by brokers with multiple insurers
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01 June 2008
1. The intermediary shall, based on information provided, specify the demands and needs of the client as well as the underlying reasons for any advice.
2. Before placing a risk, an intermediary will review and advise..
Brokers propose subscription market reform to settle EC competition concerns
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01 June 2008
New principles for the insurance industry propose to end automatic premium alignment in the insurance subscription market, an industry practice criticised by the European Commission in its sector inquiry into business insurance last year. The..
FSA plans complaints league table
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01 June 2008
Firms with the worst records will be “named and shamed”
Group supervision stalls
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01 June 2008
The EU Presidency compromise text on Solvency II omits group rules
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