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On March 9, 2009, the International Association of Insurance Supervisors (“IAIS”) released an Issues Paper on Group-Wide Solvency Assessment and Supervision (the “Issues Paper”).  The purpose of the Issues Paper is to serve as a framework for the development of future papers providing guidance on group-wide solvency assessment and supervision on a global scale. 

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Read More IAIS Releases Issues Paper on Group-Wide Solvency Assessment and Supervision

We reported last week on the publication of the de Larosière Report on financial supervision in the EU (you can see that post by clicking here). The European Commission has now published its own proposals for radical reform of the regulatory and supervisory regime in Europe. 

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Read More European Commission Responds to de Larosière Report

The high-level group on financial supervision in the EU, chaired by Jacques de Larosière, published an initial report recommending ‘repair’ of the oversight of financial services across Europe. In addition to de Larosière, the group is composed of seven senior European figures from the financial services industry and its regulators, including Leszek Balcerowicz, former president of the National Bank of Poland, and Callum McCarthy, former chairman of the UK’s Financial Services Authority. …
Read More De Larosière Report on Financial Supervision in the EU

The Pan European Insurance Forum (PEIF) issued a paper on 12 February 2009 giving its regulatory recommendations for the insurance industry in the wake of the economic downturn. The PEIF is a group of CEOs of major European insurance companies such as Aegon, Allianz, Aviva, AXA, Generali, ING, Mapfre, Munich Re, RSA, Swiss Re, Uniqa and Zurich Financial Services. In this paper, the PEIF considers the impact on the European insurance industry and makes policy recommendations to combat the crisis. 

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Read More Europe: PEIF Issues Paper on Regulatory Consequences of the Economic Crisis

The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) recently published a report on the results of its survey on the practical supervisory co-operation by Coordination Committees under the Solvency I framework. The survey was sent to the ‘lead’ supervisors of all 110 cross-border insurance groups. …
Read More CEIOPS Highlights Improved Performance of Authorities in the Supervision of Cross-Border Insurance Groups

In September 2008 we reported on the advisory opinion of the Advocate General of the European Court of Justice (ECJ) in Allianz SpA v West Tankers regarding the English courts’ ability to issue anti-suit injunctions in support of arbitration agreements. The Advocate General stated that it was incompatible with EC regulation 44/2001 (Regulation) for a court of a Member State to injunct a person from commencing or continuing proceedings in another Member State on the ground that it would be contrary to an arbitration agreement. 

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Read More EU: ECJ Blow to Arbitration

In May 2008, CEIOPS issued a questionnaire to member states on the treatment of third country reinsurers and equivalence measures. CEIOPS’ report on the findings to this questionnaire has recently been published. The questionnaire dealt with three elements of the relationship between Member States of the EEA and third countries – the treatment of reinsurance undertakings, equivalence provisions and co-operation agreements. 

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Read More EU: CEIOPS Releases Report of Third Country Reinsurance Equivalence Survey

The European Captive Insurance and Reinsurance Owners’ Association (ECIROA) has recently published its comments on CEIOPS’ Issues Paper on Implementing Measures on System of Governance. …
Read More EU: European Captive Insurance and Reinsurance Owners’ Association Comments on System of Governance Issues Paper