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Coming your way
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 incorporates the FSA’s agenda for consultations, discussion documents, thematic work or events of interest to insurers for the remainder of 2005 and into 2006. On the next page we list the events, papers and developments on the horizon from other bodies in the UK, Europe and internationally.
Online Published Date:
01 December 2005
Appeared in issue:
31 - 01 December 2005
EEV: A new insurance accounting framework
European insurers have recently begun adopting the European Embedded Value Principles for supplementary financial reporting. In this article, Kamran Foroughi and James Creedon, consultants with the Tillinghast business of Towers Perrin, discuss key business implications, and give an update on the progress of implementation across the industry.
Online Published Date:
01 December 2005
Appeared in issue:
31 - 01 December 2005
NAIC revisits collateral debate
US regulators are still showing interest in reviewing its collateral rules for non-authorised, and in particular European, reinsurers but when will the interest turn to action? IR&A
looks at the recent developments and finds that while the EU expects its position to strengthen with the adoption of the Reinsurance Directive, the US is not so sure.
Online Published Date:
01 December 2005
Appeared in issue:
31 - 01 December 2005
Asset management trade body opposes IASB/FASB direction
Asset management trade body, the Investment Management Association (IMA), has opposed a key tentative agreement between international and US standard setters in their discussions on developing a common financial reporting framework. In a letter to..
Online Published Date:
01 December 2005
Appeared in issue:
31 - 01 December 2005
EC adopts fair value option of IAS 39
The European Commission has adopted the amended version of the fair value option within IAS 39, one year on since it excluded the option from its adoption of the financial reporting standard from its approval of International Financial Reporting..
Online Published Date:
01 December 2005
Appeared in issue:
31 - 01 December 2005
EP “worries” over Solvency II
The European Parliament said it is concerned about the development of Solvency II legislation. Pervenche Berès, chairwomen of the Economic and Monetary Affairs Committee at the European Parliament, told a conference organised by CEIOPS that..
Online Published Date:
01 December 2005
Appeared in issue:
31 - 01 December 2005
EPFSF hosts EU/US dialogue development forum
The European Parliamentary Financial Services Forum (EPFSF) hosted views from the EU and US recently to discuss developments in financial market regulation. The EU/US dialogue has come a long way, but now needs to move towards greater coordination..
Online Published Date:
01 December 2005
Appeared in issue:
31 - 01 December 2005
Australian industry bodies call for tighter regulation of foreign insurers
Australia’s key insurance trade bodies are calling for the national government to make good on promises to tighten oversight of foreign insurers, according to a report in the Sydney Morning Herald
. The report cites the concerns of Alan Mason,..
Online Published Date:
01 December 2005
Appeared in issue:
31 - 01 December 2005
FSA finds handful of illegal insurance brokers
The Financial Services Authority’s (FSA) investigation into illegal insurance brokers found two primary intermediaries and 14 secondary intermediaries “wilfully” selling insurance without authorisation.The regulator visited 1,700..
Online Published Date:
01 December 2005
Appeared in issue:
31 - 01 December 2005
Tax differences will stay, McCreevy promises
Charlie McCreevy, commissioner for internal market at the EC, has said taxation is one area that he is not interested in harmonising. In a speech given at a KPMG tax conference recently, Mr McCreevy said tax competition between member states is..
Online Published Date:
01 December 2005
Appeared in issue:
31 - 01 December 2005
Europe restricts London market insurers, RPC
Anti-competitive practices in other EU member states are affecting the London market’s access to insurance business on the Continent, claims market lawyer Andrew Hobson, a partner at Reynolds Porter Chamberlain (RPC). Commenting on the..
Online Published Date:
01 December 2005
Appeared in issue:
31 - 01 December 2005
Briefly noted
▪ Insurance and other sectors of the financial services
industry paid over £8bn in corporate taxes during the 2003-4 tax year, according to the latest figures from HM Revenue & Customs, making it the largest single contributor to..
Online Published Date:
01 December 2005
Appeared in issue:
31 - 01 December 2005
FSA fleshes out detail of general insurance reviews
Detail of the review of the new general insurance and mortgage regimes has been revealed following the initial announcements. The Financial Services Authority (FSA) said the reviews would be split into stages and begin with consumer research on..
Online Published Date:
01 December 2005
Appeared in issue:
31 - 01 December 2005
Operational risk and reinsurance prove sticking points in new ICAS regime
Insurance companies have been under-estimating the amount of capital they need to hold since the introduction of Individual Capital Adequacy Standards (ICAS) at the end of last year, according to a review by the Financial Services Authority (FSA)...
Online Published Date:
01 December 2005
Appeared in issue:
31 - 01 December 2005
Commission evaluates “flaws” of FSAP
The extent of reform undertaken by the Financial Services Action Plan (FSAP) meant that the five-year programme was not without faults, concludes the first of a two-part review by the European Commission to evaluate the success of the FSAP.
The..
Online Published Date:
01 December 2005
Appeared in issue:
31 - 01 December 2005
CFOs add EEV guidance
The new embedded value standards are tweaked six months into adoption
Online Published Date:
01 December 2005
Appeared in issue:
31 - 01 December 2005
Reinsurance rules challenge UK
The regulator has been thrown into making some difficult decisions
Online Published Date:
01 December 2005
Appeared in issue:
31 - 01 December 2005