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Articles for October 2009
US reinsurance reforms progress to Congress
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13 October 2009
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..
Aon bribery fine sparked internal reviews, FSA
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13 October 2009
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..
Ceiops faces Solvency II backlash
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13 October 2009
Insurers fear that the financial crisis is to blame for Ceiops’ change of direction in drafting implementing measures
Levene and regulator clash over City
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13 October 2009
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..
Brokers on defence against threat of new rules
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13 October 2009
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..
Ceiops “undermining” principles of Solvency II
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13 October 2009
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..
Conservatives would phase-in FSA reform
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13 October 2009
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...
High expectations for G20
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13 October 2009
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,..
Legislation proposed to replace Ceiops
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13 October 2009
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..
EC enters Ceiops debate
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13 October 2009
McCreevy will review Solvency II proposals with member states
UK supports industry over Solvency II concerns
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13 October 2009
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..
Turner bites back
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13 October 2009
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”
Coming your way...
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13 October 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.
Regulators push forward transparency plans
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13 October 2009
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
FSA warns of Solvency II “timebomb”
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13 October 2009
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..
ABI lobbies for tax reform
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13 October 2009
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..
CEA urges IASB to align IAS 39 and IFRS Phase II
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13 October 2009
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)..
US insurers split over regulatory future
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13 October 2009
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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