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Articles for April 2009
Uncertain times, certain change
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01 April 2009
Several high profile reviews agree on one thing: regulation has been lacking and is in need of fundamental reform
Larosière proposes strengthened Solvency II
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01 April 2009
Europe should implement a set of new measures to strengthen insurance supervision in addition to Solvency II rules, said Jacques de Larosière in his report to the European Commission. The focus of the High Level..
FSA moots new regulatory approach
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01 April 2009
The UK regulator has signalled it will make significant changes in its supervisory approach in answer to what it called the worst financial crisis in 70 years.
In his review of banking regulation, Financial Services Authority..
EC committees should be replaced, Larosière report
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01 April 2009
The three level 3 committees that advise the European Commission should be transformed into new authorities with enhanced legal powers over member states’ adoption of European rules, said Jacques de Larosière’s report from the High..
ABI backs Tripartite regulation
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01 April 2009
The Association of British Insurers (ABI) has cautioned policymakers against radical changes to the way insurers are regulated, although it would like to see greater levels of cooperation between regulators, locally and on an international..
Conservatives call for new-look regulator
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01 April 2009
The Financial Services Authority (FSA) has failed in its mandate to regulate individual firms and should be reorganized, or even replaced, according to a report commissioned by the UK’s main opposition political group, the Conservative..
Independent Ins directors pay up
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01 April 2009
The three former Independent Insurance directors convicted of fraud have been ordered to repay a total of over £3m to the company’s liquidators. At the request of the Serious Fraud Office, a confiscation order against..
Solvency II negotiations approach deadline
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01 April 2009
The pressure for political agreement on Solvency II is increasing as the timetable shortens. The framework directive remains in limbo as the March/April 2009 deadline for agreement approaches. The Association of British Insurers (ABI) said..
IIB criticises FSA fee hikes
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01 April 2009
The regulation of financial services firms should be more defined by sector, according to the Institute of Insurance Brokers (IIB), which criticized the Financial Services Authority (FSA) for its regulation of banks. Responding to the..
Brit leaves UK for the Netherlands
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01 April 2009
Insurers have called on the UK government to confirm its taxation policies after another UK insurer opted to redomicile its operations. The Association of British Insurers (ABI) warned that the government “cannot take for granted..
IAIS progresses group solvency regulation
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01 April 2009
In response to the ongoing financial crisis, the International Association of Insurance Supervisors (IAIS) has issued a paper on the solvency assessment and supervision of international insurance groups.
The IAIS, which represents insurance regulators and supervisors..
Resolution directors in FSA probe
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01 April 2009
The former directors of Resolution plc, sold to the owner of the Pearl group in December 2007, are being investigated by the Financial Services Authority (FSA). Clive Cowdery, the founder of Resolution and the man..
Managing tax liabilities as the recession bites
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01 April 2009
Uncertainty over the UK’s fiscal policy has been blamed for the exit of several Lloyd’s players recently but David Brinan of Axiom Consulting Limited says players should be aware of new opportunities to reduce tax bills, particularly in an economic downturn
Coming your way...
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01 April 2009
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. A second table lists developments elsewhere in the UK, Europe and internationally.
Insurers in limbo over EC competition rules
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01 April 2009
Linda O’Toole of Norton Rose says the EC is keeping insurers guessing over the future of the current exemption to certain competition regulations
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