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ABI prepares for Conservative government
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..
Online Published Date:
02 November 2009
Appeared in issue:
78 - 01 November 2009
Firms called to account for executive appointments
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..
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02 November 2009
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78 - 01 November 2009
CFO Forum wades into liquidity premium row
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..
Online Published Date:
02 November 2009
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78 - 01 November 2009
Insurance buyers add to Solvency II concerns
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..
Online Published Date:
02 November 2009
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78 - 01 November 2009
MPPI firms agree to refund premium increases
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..
Online Published Date:
02 November 2009
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78 - 01 November 2009
More or less Europe?
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
Online Published Date:
02 November 2009
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78 - 01 November 2009
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 the rest of the year. A second table lists developments elsewhere in the UK, Europe and internationally.
Online Published Date:
02 November 2009
Appeared in issue:
78 - 01 November 2009
Briefly noted
• 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..
Online Published Date:
02 November 2009
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78 - 01 November 2009
MPs probe Europe’s plans for financial regulatory reform
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..
Online Published Date:
02 November 2009
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78 - 01 November 2009
Supervisory colleges win global support
Solvency II started the ball rolling but colleges are expanding
Online Published Date:
02 November 2009
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78 - 01 November 2009
Captive conundrum
Jonathan Teacher of Norton Rose asks, will Solvency II force captives to leave Europe?
Online Published Date:
02 November 2009
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78 - 01 November 2009
Block exemption undergoes makeover
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..
Online Published Date:
02 November 2009
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78 - 01 November 2009
100 UK insurers prepare for internal models
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..
Online Published Date:
02 November 2009
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78 - 01 November 2009
FSA gets tough on key roles
The regulator wants more involvement in the selection of candidates
Online Published Date:
02 November 2009
Appeared in issue:
78 - 01 November 2009
Aviva creates new Solvency II structure for EU business
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..
Online Published Date:
02 November 2009
Appeared in issue:
78 - 01 November 2009