Some details of the outcome of the QIS 4 exercise conducted by the Committee of European Insurance and Occupational Pensions Supervisors (Ceiops) have emerged ahead of publication of the full results in November. Following a..
The UK’s largest 120 firms will be asked to pay an additional fee to finance the regulator’s preparatory work for Solvency II. In a consultation paper on regulatory fees and levies for the 2009/10 financial..
UK insurance firms will have until June 2009 to tell the Financial Services Authority (FSA) whether they are intending to use an internal model to calculate their capital requirements under impending Solvency II rules. Under..
Ceiops has announced that it is looking at the lessons to be learnt from the current financial crisis for the future of the Solvency II regime. The adviser to the European Commission said the current..
The European Commission has referred five member states to the European Court of Justice (ECJ) after they failed to fully implement the Reinsurance Directive, almost one year since the rules should have taken effect in..
Research conducted by Ceiops as part of its QIS 4 exercise found that 63% of respondents intend to use full or partial internal models to calculate their Solvency Capital Requirement (SCR). Based on these results,..
The Financial Services Authority (FSA) has said it is escalating regulatory intervention into the sale of payment protection insurance (PPI). In reporting the latest news from its third phase of thematic work in the sector,..
A Lancashire-based insurance broker has been banned from trading after the Financial Services Authority (FSA) found that he failed to pass on customers’ premiums to insurers and other brokers and cancelled policyholders’ cover without their..
The European Commission is planning for the next stage in controversial discussions for a mandatory insurance guarantee scheme in every member state. The European Commission has yet to announce its conclusions but following a consultation..
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 rest of the year and into 2009. A second table lists developments elsewhere in the UK, Europe and internationally.
Political negotiations on the Solvency II framework directive are near completion. Although not without substantial changes, the text retains enough of its original risk-based focus to move forward at a critical time for financial services regulation
The European Parliament has given its formal approval to a call for the European Commission to introduce substantial legislative changes to the regulatory framework in financial services. Following the work of the Economic and Monetary..
In a speech to the Institute of Economic Affairs recently, insurance sector leader at the FSA Sarah Wilson set out her view of the risks facing the industry in an economic downturn. In this extract, Ms Wilson identifies potential pressures on firms and the FSA’s expectations of firms in this new climate
Following the recent banking crisis, the Basel II regulatory system faces criticism for failing to deliver market stability. This will make for interesting times as Europe seeks to implement the ambitious Solvency II regime for the insurance industry, according to Charl Cronje and Andrew Cox, partners at consultants Lane Clark & Peacock LLP.
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