“AIG’s non-insurance parent company is federally regulated and, therefore, not held to the same investment, accounting and capital adequacy standards as its state-regulated insurance subsidiaries.”
National Association of Insurance Commissioners (NAIC) president Sandy Praeger following the..
European Commission – Insurance Block Exemption Regulation consultation
By 31 March 2009
The Insurance Block Exemption Regulation – which allows insurers to co-operate in the issue of standard policy wordings and create insurance pools without breaching competition..
Since the Commission adopted its Proposal for a Framework Directive on Solvency II in July last year, discussions have progressed in both the Council and the European Parliament at an impressive pace. Clearly, our ambitious..
Table1: Forthcoming FSA papers and events of interest to insurers
International Financial Reporting Standards review
Q2 2008 – delayed
The FSA has delayed its review of the practical application of IFRS and the implications to its prudential regimes...
After a tumultuous few weeks in global financial markets, the inevitable questions about the role of regulation are in full swing. With the Federal Reserve bailout of AIG, and its apparent refusal to come to..
On regulation and reform
“Just as no government on its own can combat global terrorism or tackle climate change, so no Government alone can put in place the right supervisory safeguards in this global economy.”
The current trading and economic environment has “reduced the room for error” and put insurers under renewed pressure to understand their risks, according to a new sector briefing on risk management from the Financial Services..
John Tiner has announced his first full-time role in business since leaving the Financial Services Authority, where he was chief executive for four years until July last year. Mr Tiner has been named chief executive..
Ceiops has presented its preliminary findings on QIS 4 to the European Parliament ahead of the publication of its full findings in November 2008. According to the Comité Européen des Assurances (CEA), the results support..
Revised proposals by the National Association of Insurance Commissioners’ (NAIC) Reinsurance Task Force could see top-rated foreign reinsurers released from collateral obligations when conducting business in the US. Under plans approved by the Reinsurance Task..
The world’s largest insurer American International Group (AIG) has signed a definitive agreement for a US$85bn loan from the Federal Reserve Bank of New York after serious liquidity problems threatened to topple the insurer. The..
Reinsurance collateral reforms are becoming a familiar sight at the National Association of Insurance Commissioners’ (NAIC) winter meeting. For the third consecutive year members will be asked to vote on a proposal to change the..
Regulators and governments around the world are facing up to the consequences of the current market turmoil. While the focus for now is to stabilise financial institutions and markets, regulation is already facing questions about..
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