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HMRC draws on Kvaerner for IPT ruling
A recent legal case involving a subsidiary of DSG International plc has shown that HM Revenue and Customs is beginning to pursue payment of insurance premiums tax by calling on the precedent of the Kvaerner
case. Greg Sinfield, partner at law firm Lovells, says that the DSG
case has potential implications for many international insurers and their customers
Online Published Date:
01 February 2008
Appeared in issue:
57 - 01 February 2008
At the crossroads: insurance accounting
Analysts face an assortment of accounting standards when looking at insurers’ financial reports, making them best placed to compare the worth of the different approaches. In this article Ian Dilks and Francesco Nagari of PricewaterhouseCoopers discuss how existing standards fall below expectations and the opportunity presented by IFRS Phase II for a new start
Online Published Date:
01 February 2008
Appeared in issue:
57 - 01 February 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 incorporates the FSA’s agenda for consultations, discussion documents, thematic work or events of interest to insurers for the year ahead and beyond. A second table lists developments elsewhere in the UK, Europe and internationally.
Online Published Date:
01 February 2008
Appeared in issue:
57 - 01 February 2008
Regulatory net catches travel agents
Bobby Deegan of Watertrace Consulting finds the hidden benefits of regulation for travel firms assessing their options ahead of 2009
Online Published Date:
01 February 2008
Appeared in issue:
57 - 01 February 2008
Briefly noted
▪ Two in five UK life insurers are not actively engaged
in the Solvency II project, according to research from Watson Wyatt. Firms said they were “waiting for requirements to take better shape” before making substantial..
Online Published Date:
01 February 2008
Appeared in issue:
57 - 01 February 2008
Study fuels decision over insurance safety net schemes in EU
The absence of regulation for each member state to operate a guarantee scheme for insurance has not sat comfortably with Europe’s legislators. The European Parliament in particular has drawn attention to the closely associated consumer..
Online Published Date:
01 February 2008
Appeared in issue:
57 - 01 February 2008
NEWICOB takes effect
New Insurance Conduct of Business Rules came into effect on 6 January 2008 and firms now have six months – until 5 July 2008 – to comply with the new regime. Changes are mainly restricted to intermediaries of protection products..
Online Published Date:
01 February 2008
Appeared in issue:
57 - 01 February 2008
FOS increases case fees
The Financial Ombudsman Services (FOS) said it will move slowly towards collecting a larger proportion of fees to fund the FOS’s work through cases brought against firms, starting from the 2008/9 financial year. A major review of the way the..
Online Published Date:
01 February 2008
Appeared in issue:
57 - 01 February 2008
IFRS “equivalence mechanism” proposals adopted
The European Commission is working on proposals that will define which third country GAAPs should be accepted in the European Union as equivalent to IFRS following the adoption of a regulation establishing an “equivalence mechanism” at..
Online Published Date:
01 February 2008
Appeared in issue:
57 - 01 February 2008
FSA consults on travel agent supervision
The FSA has said that it intends to apply a “light” regulatory regime for travel agents when it assumes responsibility for authorisation and supervision of firms from January 2009, particularly given that travel agents are not required..
Online Published Date:
01 February 2008
Appeared in issue:
57 - 01 February 2008
Contract certainty project closes
The London market has made enough progress in its efforts to improve contract certainty for the Financial Services Authority to drop its data collection requirement from January 2008. Following its recent meeting with the FSA, the Contract Certainty..
Online Published Date:
01 February 2008
Appeared in issue:
57 - 01 February 2008
EC to decide on insurance guarantee schemes
Completion of a study into the patchwork of safety net schemes across Europe puts the ball back in the EC’s court
Online Published Date:
01 February 2008
Appeared in issue:
57 - 01 February 2008
Sun sets on travel agents
FSA predicts low numbers of regulated holiday firms selling insurance
Online Published Date:
01 February 2008
Appeared in issue:
57 - 01 February 2008