i-law.com - Newsletter (Insurance Regulation & Accounting)

: ABI prepares for Conservative government; Online Published Date : 02 November 2009 | Appeared in issue: 78 - 01 November 2009; The head of the Association of British Insurers (ABI) has all but waved goodbye to the Financial Services Authority. In a speech to the market recently, director general of the ABI Stephen Haddrill said with the Conservatives favourite to win the..

: Firms called to account for executive appointments; Online Published Date : 02 November 2009 | Appeared in issue: 78 - 01 November 2009; The regulator is calling on financial services firms to be “more robust” in the appointment of key executives and staff. In a letter to the chief executives of 5,000 regulated firms, the Financial Services Authority said that it has..

: CFO Forum wades into liquidity premium row; Online Published Date : 02 November 2009 | Appeared in issue: 78 - 01 November 2009; The European Insurance CFO Forum has made several changes to its Market Consistent Embedded Value (MCEV) Principles in line with its views on Solvency II. In particular, the new MCEV reflects the inclusion of a liquidity premium, which has been..

: Insurance buyers add to Solvency II concerns; Online Published Date : 02 November 2009 | Appeared in issue: 78 - 01 November 2009; Risk managers gathered for the annual conference held by FERMA to air their concerns about the potential impact of Solvency II on the commercial insurance market. The association said it is “very concerned” about the shift in opinion..

: MPPI firms agree to refund premium increases; Online Published Date : 02 November 2009 | Appeared in issue: 78 - 01 November 2009; Insurers have agreed to refund policyholders of mortgage payment protection insurance (MPPI) £60m in a deal brokered by the Financial Services Authority in response to concerns about premium hikes in 2009. Earlier this year, the FSA chairman..

: More or less Europe?; Online Published Date : 02 November 2009 | Appeared in issue: 78 - 01 November 2009; Europe’s system for regulating its financial services was called to account during the financial crisis. In this extract from a recent speech, Lord Turner, chief executive of the FSA, argues that proposals for a new system may be a compromise, but one that could work without either setting back developments in creating a single market or removing the national sovereignty of local supervisors

: Coming your way...; Online Published Date : 02 November 2009 | Appeared in issue: 78 - 01 November 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.

: Briefly noted; Online Published Date : 02 November 2009 | Appeared in issue: 78 - 01 November 2009; • The European Parliament has called on the European Commission to take action on the commitments given at the G20 Summit. The Parliament, on adopting a resolution on the Pittsburgh meeting, said that Europe needs a stronger supervisory..

: MPs probe Europe’s plans for financial regulatory reform; Online Published Date : 02 November 2009 | Appeared in issue: 78 - 01 November 2009; A House of Commons committee has launched an “urgent” inquiry into the European Commission’s proposals to reform the architecture of supervision at European level, which could be given final approval before the end of the year. The..

: Supervisory colleges win global support; Online Published Date : 02 November 2009 | Appeared in issue: 78 - 01 November 2009; Solvency II started the ball rolling but colleges are expanding

: Captive conundrum; Online Published Date : 02 November 2009 | Appeared in issue: 78 - 01 November 2009; Jonathan Teacher of Norton Rose asks, will Solvency II force captives to leave Europe?

: Block exemption undergoes makeover; Online Published Date : 02 November 2009 | Appeared in issue: 78 - 01 November 2009; The European Commission has confirmed that it intends to limit the scope of the existing block exemption that has protected insurers from breaching certain European competition rules in the course of their business for seven years. In a new..

: 100 UK insurers prepare for internal models; Online Published Date : 02 November 2009 | Appeared in issue: 78 - 01 November 2009; Almost 100 UK insurers are planning to use their own internal model to calculate capital requirements under the Solvency II directive. The Financial Services Authority wrote to 460 insurers to assess how many intended to use internal models, rather..

: FSA gets tough on key roles; Online Published Date : 02 November 2009 | Appeared in issue: 78 - 01 November 2009; The regulator wants more involvement in the selection of candidates

: Aviva creates new Solvency II structure for EU business; Online Published Date : 02 November 2009 | Appeared in issue: 78 - 01 November 2009; The UK’s largest insurance company Aviva is to establish a single holding company for its European businesses, excluding the UK, in Ireland. In line with widely-held expectations that the forthcoming Solvency II regime could prompt some..