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Articles for August 2009
Solvency II: The real work begins
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11 August 2009
If the process behind political approval for the Solvency II framework directive seemed difficult, things have just got a lot more technical
Life insurers stress test against 1980s slump
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11 August 2009
The Financial Services Authority (FSA) has clarified how stress tests have been used for life insurers since the economic and banking crisis. Since the beginning of this year, the FSA has asked life insurers to..
Coming your way...
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11 August 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 bargain for future
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11 August 2009
The industry’s proposals for government are mutually beneficial
IUA warns against over-regulation
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11 August 2009
The UK regulator should not be tempted to introduce additional regulations on insurers and reinsurers in the wake of the financial crisis, the International Underwriting Association (IUA) has said. In its response to the FSA’s..
Most UK insurers cost Solvency II at under £500,000
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11 August 2009
The cost to implement Solvency II for most insurers will be no more than £500,000 per insurer, according to business and financial advisers BDO Stoy Hayward LLP.
Some 61% of UK insurers surveyed by BDO..
FSA catches non-EU execs
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11 August 2009
Managers who influence UK firms from overseas must register
IASB consults on financial instruments
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11 August 2009
The International Accounting Standards Board (IASB) has published an exposure draft of its proposals to improve financial instrument accounting.
The proposals would change the way insurers and banks have to report the value of their..
Insurers pave way for greater government partnership
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11 August 2009
The insurance industry and the government have pledged to work together to raise the social aspects of insurance and at the same time ensure the UK remains a competitive marketplace for insurance. The Insurance Industry..
FSA sets new penalty framework
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11 August 2009
Companies that fail to meet regulatory standards could face larger fines in future. The Financial Services Authority (FSA) is proposing a new framework for calculating financial penalties which could result in some fines increasing by..
FSA softens approach to complaints data
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11 August 2009
The Financial Services Authority (FSA) has modified its proposals to name and shame financial services firms with the worst complaints records following concerns raised during the response period. Under new proposals, the regulator will require..
FSA restructures business units
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11 August 2009
The UK regulator has announced plans to reorganise its internal operating divisions, part of its wider reforms to strengthen its regulaåtory role since the banking crisis.
From October 2009:
Retail and wholesale firm supervision will..
Financial services need strong regulator
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11 August 2009
The Financial Services Practitioner Panel, using its statutory voice to represent the industry’s concerns to the Financial Services Authority, has often been critical of the regulator, and its concerns about the FSA’s emphasis on conduct of business at the expense of prudential issues were vindicated by recent events. In this extract from a speech by Nick Prettejohn, FSPP chairman, to the FSA’s annual public meeting recently, he says that the FSA must justify higher costs and improve “weak” cost benefit analysis if it is to win the approval of industry.
Europe’s regulatory reforms “hasty” and “opportunistic”
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11 August 2009
Europe’s new proposals to reform the structure of financial regulation have been criticized for undermining the power of London as Europe’s leading financial centre. In a stinging attack on the European Commission’s plans for reform,..
US insurers eye Solvency II impact
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11 August 2009
Many US insurers are wary of the potential impact from Europe’s new Solvency II rules, according to the results of a recent survey. The 18 member companies of the Group of North American Insurance Enterprises..
Conservative government would abolish FSA
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11 August 2009
The Financial Services Authority (FSA) would be dissolved under a Conservative government, the opposition party has revealed in a new white paper setting out its approach to financial regulation. The Conservatives said banks and insurers..
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