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Articles for March 2009
Regulation risks make way for financial crisis concerns
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17 March 2009
A poll finds that over-regulation remains on insurers’ radar based on fears that regulatory pressure will follow banking sector reforms
Solvency II will test insurers 2008 results, AM Best
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17 March 2009
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 leads transition to MCEV
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17 March 2009
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...
FSA raises fees and intensifies oversight
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17 March 2009
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..
ABI moves to restore trust in financial services regulation
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17 March 2009
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..
Government watchdog challenges Equitable Life response
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17 March 2009
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..
EU insurance and banking committees agree college principles
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17 March 2009
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..
Co-Cos need further improvement, Ceiops
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17 March 2009
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..
IUA forms new regulatory committee
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17 March 2009
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..
EFR proposes EU regulatory reform
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17 March 2009
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..
Insurers measure up for Solvency II transition
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17 March 2009
Europe’s largest insurance groups are on track for the introduction of Solvency II, according to a new survey by the CRO Forum, with 61% of firms estimating that it will take between one to two..
FSA in eye of storm over HBOS
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17 March 2009
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..
Insurance not on FSA radar for reform
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17 March 2009
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..
Ceiops includes confidentiality safeguards in equivalence assessments
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17 March 2009
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..
EU insurers make stand against financial crisis rules
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17 March 2009
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..
Solvency II work must be ready for 2010, EMB
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17 March 2009
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 joins UK exodus
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17 March 2009
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..
From the top down: Creating a TCF culture
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17 March 2009
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
Coming your way...
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17 March 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.
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