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Articles for January 2009
London mounts comeback
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16 January 2009
A new review proposes to restore the UK’s competitive position
European Commission launches solvency analysis project
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16 January 2009
The European Commission is preparing to undertake an impact assessment of Solvency II implementing measures in 2009. In an open call for tender, the European Commission said it specifically wants the assessment to look at..
UK regulations lack competitive edge, report
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16 January 2009
The UK’s regulatory and taxation position should be subject to independent surveys each year and measured against other global financial centres, a new report, commissioned by the Mayor of London’s office, has recommended. In a..
IIB calls for compensation scheme cap
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16 January 2009
The Institute of Insurance Brokers (IIB) has called on the Financial Services Authority (FSA) to cap compensation payments for insurance mediation in order to keep the costs of the compensation scheme within the reach of..
US supervisors approve collateral proposal
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16 January 2009
European reinsurers have welcomed the decision by US insurance commissioners to approve a reform package aimed at reducing the collateral requirements on non-US reinsurers writing US risks. In the latest development in the long-running effort..
Australia introduces group supervision rules
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16 January 2009
The Australian insurance regulator has said it will rollout a new prudential supervision regime for general insurance groups from 31 March 2009, accelerating the pressure on Europe to approve advanced insurance group supervision rules under..
UK firms concerned over Solvency II MCR approach
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16 January 2009
UK insurers are concerned that the approach most recently tested by Ceiops to calculate the minimum capital requirements (MCR) under Solvency II is not sufficiently risk sensitive. The Financial Services Authority, which conducted the UK’s..
FSA’s Egg fine adds to PPI pot
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16 January 2009
The Financial Services Authority (FSA) has raised the total collected from payment protection insurance fines (PPI) to £12m in 2008 after collecting £721,000 from Egg Banking.
The regulator identified “serious failings” at Egg and said about..
MP report urges government to compensate Equitable Life policyholders
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16 January 2009
The UK government is under increasing pressure to act on the recommendations of the Parliamentary Ombudsman’s report into the near-failure of Equitable Life. Following the publication of Ann Abraham’s report in July 2008, the Public..
Lloyd’s plans Solvency II test for 2011
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16 January 2009
Lloyd’s has said it will conduct a Solvency II test for market participants ahead of the introduction of the new regime, currently pencilled in for October 2012. In its report for the next three years..
Regulator introduces new stress test rules
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16 January 2009
The Financial Services Authority (FSA) has announced a package of new measures to enhance its rules on stress and scenario testing at regulated firms that it hopes will reduce the risk of firms failing in..
Industry takes “final chance” to improve fee disclosure
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16 January 2009
Despite several threats to introduce new rules, the FSA has decided to hold fire until the industry rolls out new guidance to improve transparency in commission disclosures
European Commission accepts third country GAAPs
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16 January 2009
The European Commission has confirmed that it will accept national GAAP reports from companies in six non-EU companies after agreeing that the national GAAPs are equivalent to International Financial Reporting Standards (IFRS) used in Europe.
From..
Life insurers wait for MCEV guidance
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16 January 2009
The current dislocation in financial markets is threatening to disrupt the implementation of new financial reporting rules for life assurers. The European Insurance CFO Forum said it is working on developing guidance for firms applying..
Briefly noted
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16 January 2009
l Insurance regulators across Europe have achieved a significant level of harmonisation in their implementation of Insurance and Reinsurance Directives, said Ceiops (Committee of European Insurance and Occupational Pensions Supervisors) as part of its report..
Rethinking regulation: Europe gets tough
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16 January 2009
The financial crisis that dominated the later part of 2008 has given cause for the financial services industry, regulators and policymakers to rethink regulation. The extent of the crisis has weakened the industry’s bargaining position in fending off new legislation. In this extract, Charlie McCreevy, European Commissioner for Internal Market and Services, explains why the European Commission will not be silenced over its concerns about the financial services industry and why the industry can no longer expect to keep legislators at a distance.
Coming your way…
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16 January 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. Table 1 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. Table 2 lists developments elsewhere in the UK, Europe and Internationally.
Financial crisis undermines confidence in FSA
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16 January 2009
Regulated firms are less convinced of the FSA’s ability to maintain confidence in financial markets after a turbulent year for financial services and supervision
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