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Solvency II controversy risks delay
Solvency II proposals have been watered-down after member states failed to agree on measures for a group support regime that some EU countries felt handed too much control to other regulators and did not offer sufficient reassurances about the..
Online Published Date:
05 December 2008
Appeared in issue:
67 - 01 December 2008
Panel chair steps down
The FSA blocked lobby plans for consumer panel
Online Published Date:
05 December 2008
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67 - 01 December 2008
Solvency group rules axed
A new version of the text omits EC’s group support proposals
Online Published Date:
05 December 2008
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67 - 01 December 2008
Cost of FSA travel agent rules will fall to brokers
The number of travel firms that have applied for authorization to sell insurance under the Financial Services Authority (FSA) is far fewer than expected, raising concerns that the cost of introducing the new regime will fall to other insurance..
Online Published Date:
05 December 2008
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67 - 01 December 2008
Government forms industry working group
A new insurance panel group has been set up in a government-insurance industry alliance to identify long term priorities for the sector. The group has already held its inaugural meeting and it is due to meet regularly to consider challenges and..
Online Published Date:
05 December 2008
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67 - 01 December 2008
Ceiops publishes QIS 4 report
Putting aside the political problems with Solvency II, the technical work on the project is continuing. Ceiops recently published the full report on QIS 4, all 400 pages in fact.
For the first time in the series of impact studies on Solvency II,..
Online Published Date:
05 December 2008
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67 - 01 December 2008
Insurance brokers banned for client money failings
Two directors of an insurance broker have fallen foul of the Financial Services Authority’s client money rules and have been banned from conducting regulated functions for three years.
The regulator said Roger Muse and his son Daniel Muse of..
Online Published Date:
05 December 2008
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67 - 01 December 2008
FSA execs face Treasury Committee
The head of the Financial Services Authority (FSA) is to appear before the Treasury Select Committee as part of its evidence session on the work of the regulator. Lord Turner, the new chairman of the FSA, and Hector Sants, chief executive, will be..
Online Published Date:
05 December 2008
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67 - 01 December 2008
PPI competition review limits sales
The Competition Commission’s review of payment protection insurance (PPI) has concluded with the controversial proposal to ban the sale of single-premium PPI policies, which it argues prevent customers from switching providers and make it..
Online Published Date:
05 December 2008
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67 - 01 December 2008
FSA tells insurance comparison websites to address concerns
The Financial Services Authority (FSA) has warned that some insurance comparison websites need to make further improvements to avoid regulatory action. In an update of a review of insurance comparison websites, the FSA said many websites have made..
Online Published Date:
05 December 2008
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67 - 01 December 2008
FSA bans authorised broker
Two UK insurance brokers have been banned from trading after the Financial Services Authority found that they knowingly breached market rules. Stephen Fryett, a director of CIC Greece and also involved with CIC Costa Rica - neither of which were..
Online Published Date:
05 December 2008
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67 - 01 December 2008
What will your business look like in 2012?
The Financial Services Authority’s September 2008 discussion paper provides a call to action for insurance companies, one that should be heeded, says Jim Bichard, a partner at PricewaterhouseCoopers
Online Published Date:
05 December 2008
Appeared in issue:
67 - 01 December 2008
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 is dedicated to the FSA’s agenda for consultations, discussion documents, thematic work or events of interest to insurers for rest of the year and into 2009. A second table lists developments elsewhere in the UK, Europe and internationally.
Online Published Date:
05 December 2008
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67 - 01 December 2008
2008: a watershed year for insurance regulation?
To say that 2008 was an eventful year in financial services regulation would be an understatement. IR&A looks back at the events that hit the headlines and what this will mean for the future of insurance regulation
Online Published Date:
05 December 2008
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67 - 01 December 2008
Lloyd’s modernisation reforms enter force
Insurance brokers will no longer have to seek Lloyd’s Broker status in order to place business in the Lloyd’s market under a package of legal reforms that update existing governance provisions dating back to the 1982 Lloyd’s Act...
Online Published Date:
05 December 2008
Appeared in issue:
67 - 01 December 2008