New legislation in the US promising to reduce collateral requirements for foreign reinsurers accepting risks in the country has been put before Congress. The Reinsurance Regulatory Modernization Act has been developed by the National Association..
Commercial insurance brokers have been warned that the regulator has identified several areas of concern and weaknesses in anti-bribery and corruption measures. The Financial Services Authority (FSA) launched a review of brokers’ systems and controls..
Lloyd’s chairman Lord Levene has warned the UK government and regulator that they risk undermining the UK financial services competitiveness by focusing too heavily on the problems caused by banks. In response to growing rhetoric..
Insurance broker bodies have told the government that the current compensation system for policyholders of defunct financial services firms is out of step with other schemes in Europe and puts UK brokers at a competitive..
UK and European insurers have penned strongly-worded objections to Ceiops over its apparent change in direction at a crucial stage of the Solvency II project. Insurers, responding to the second round of consultation papers on..
The Conservative Party has assured the City that its pre-election plan to dissolve the Financial Services Authority (FSA) would be phased-in over several months – possibly years – to avoid unnecessary disruption for regulated firms...
The legislation for a new European supervisory architecture coincided with the Group of 20 meeting in Pittsburgh. The European Commission said it hoped that Europe’s plans would inspire greater international cooperation.
At the two-day meeting,..
New legislation to authorise three European bodies with more power over the supervision of insurers, banks and investment firms has been adopted by the European Commission. Announced as part of a package of reforms in..
The UK government has said it recognises insurers’ concerns over recent developments in Solvency II rules and has pledged to work with Europe to ensure that the industry is not damaged by the measures. Speaking..
Adair Turner, chairman of the Financial Services Authority, caused controversy when he questioned the social usefulness of some financial services and suggested that the City should be cut down to size. In this extract, Lord Turner answers his critics, arguing that it is not his role to be the industry’s “cheerleader”
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.
The industry may not like it, but regulators are set on releasing more information about firms to improve standards and increase transparency. Between the FSA and the Ombudsman, the current focus is on complaints recorded against firms but the FSA is holding on to further proposals for future
The Financial Services Authority (FSA) has told the UK insurance industry that it is working to overturn Ceiops’ Solvency II proposals for pensions that would effectively remove the liquidity premium in the capital provision for..
UK insurers are calling on the government to reform both corporate and personal taxes in a bid to retain and attract insurance business, capital and key senior executives. A survey conducted by the Association of..
Insurers have voiced their concerns that the International Accounting Standards Board’s (IASB) proposals to reform IAS 39 on financial instruments do not properly reflect the business models of insurance. The Comité Européen des Assurances (CEA)..
Insurance executives are divided over the future of regulation for the sector in the future. According to the results of a survey conducted by KPMG at its annual insurance industry conference, 28% of insurance professionals..
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