The recent crisis in financial markets provides a real-life stress-test scenario for insurers preparing for new Solvency II rules, said AM Best in a new report on Europe’s proposals for a risk-based solvency regime. The..
Aviva has continued with plans to replace current financial reporting principles with a new market consistent version despite concerns that the current volatility in financial markets will undermine the value and solvency of life insurers...
Regulated firms will face higher fees as the Financial Services Authority (FSA) intensifies its oversight of large financial firms in the next 12 months. On reporting its business plan for 2009/10, the FSA said it..
The recent financial crisis has undermined trust in Europe’s supervisory framework and threatens further development in cooperation between Europe’s supervisors, said the Association of British Insurers (ABI) in a new report on the future of..
Ann Abraham, the Parliamentary Ombudsman responsible for investigating complaints about government departments, has said the government’s partial acceptance of her 10 findings of maladministration into Equitable Life is “disappointing”. In evidence to the Public Administration..
Ceiops and the Committee of European Banking Supervisors (CEBS) have agreed a set of 10 principles for colleges of supervisors, which are formed of the various authorities responsible for the supervision of different units within..
Supervisory committees established to regulate the cross-border operations of insurance groups in Europe have improved their cooperation over the past two years, but could be doing more to improve their oversight of groups, said the..
The International Underwriting Association (IUA), which represents company market insurers and reinsurers, has formed a new committee to defend the industry against a regulatory backlash from the global financial crisis. Nick Lowe, the IUA’s director..
The current regulatory framework for financial services in Europe is “flawed” and in need of repair, the European Financial Services Round Table (EFR) has told a new panel set up by the European Commission to..
Sir James Crosby, the deputy chairman of the Financial Services Authority (FSA), has stepped down from the post after allegations about his conduct while chief executive of HBOS between 2001 and 2006. In his resignation..
The Financial Services Authority (FSA) has issued assurances that its review of financial regulation will not mean wholesale change in the supervision of insurance firms. This year’s Financial Risk Outlook (FRO) report is dominated by..
The Committee of European Insurance and Occupational Pensions Supervisors (Ceiops) has developed a new methodology for Europe’s supervisors to assess whether regulators outside the EU operate with equivalent confidentiality safeguards when disclosing information about the..
A group of European insurers has said hasty regulatory reactions to the financial crisis would adversely affect insurers caught up in the current financial crisis. In a paper outlining an insurance view of the financial..
Delays in approving the text of the framework directive for Solvency II at EU level should not deter insurers from developing their own Solvency II preparations, EMB has warned. Speaking at a briefing hosted by..
Beazley Group has joined a growing list of London market insurers to turn its back on the UK and redomicile to a more favourable regulatory and tax environment. On unveiling its 2008 results, Beazley said..
Recent events have only served to sharpen the regulator’s focus on how financial firms treat their customers. In this extract from FSA director Sarah Wilson’s speech to the ABI’s seminar for non-executive directors of insurance companies, she explains why Boards should take TCF as seriously as risk and capital management
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.
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