The Economic and Monetary Affairs Committee of the European Parliament recently approved changes to the text of the Solvency II Directive. The changes included amendments to the group supervision regime so as to ensure that local supervisors of subsidiaries in a group have a greater role in the overall supervision of that group.
Read More EU: Solvency II – European Parliament Economic and Monetary Affairs Committee Votes on Solvency II
European Union
UK/EU: FSA Issues Discussion Paper (DP) on Solvency II
By Troutman Pepper Locke on
The FSA has recently issued a DP in preparation for Solvency II. Entitled “Insurance risk management: The path to Solvency II”, the DP explains key elements of the Solvency II regime and identifies areas that UK insurers should be considering over the next 18 months to prepare for implementation in 2012.
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EU: Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) Presents Preliminary Findings from QIS4
By Troutman Pepper Locke on
CEIOPS has presented its preliminary findings from QIS4 to the European Parliament’s Economic and Monetary Affairs Committee. CEIOPS confirmed that the target participation rates in QIS4 had been exceeded, with 34% of individual EEA insurers and 65% of cross-border groups taking part in the study. …
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EU/UK: Commissioner for Internal Markets, Charlie McCreevy, Updates the Market on Solvency II
By Troutman Pepper Locke on
Mr McCreevy noted in a recent speech to the EUROFI Conference in Nice, that discussions on the proposed Solvency II Framework Directive have been progressing at an impressive rate in both the European Council and Parliament.
UK: Publication of the second edition of the FSA’s International Regulatory Outlook (IRO)
By Troutman Pepper Locke on
The FSA has published the second edition of its IRO. (See: International Regulatory Outlook).
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EU: Following US Turmoil, CEA Issues Statement on European Insurers
By Troutman Pepper Locke on
Following the turbulent events on Wall Street in recent days, the Comité Européen des Assurances (CEA) has issued a statement proclaiming the relative health of the European insurance industry.
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AIG Issues Statement to Address Policyholder Concerns
Earlier today, AIG issued this press release in response to policyholder concerns about the company.
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Insurers Cannot Assume They Are Safe From FCPA
By Troutman Pepper Locke on
Corruption of public officials has not been viewed as a significant problem for the insurance industry. That may change. Fighting corruption is high on the international agenda.
Edwards Angell Palmer & Dodge Webinar: ‘Mortgage-Backed and Auction-Rate Securities: Structure, Litigation and Insurance Issues’
Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department will host a webinar on the above topic on Monday, September 29, 2008 at 12:00 PM EDT / 5:00 PM BST. …
Read More Edwards Angell Palmer & Dodge Webinar: ‘Mortgage-Backed and Auction-Rate Securities: Structure, Litigation and Insurance Issues’
UK: The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) Publishes an Issues Paper on the Supervisory Review Process and Undertakings’ Reporting Requirements Under Solvency II
By Troutman Pepper Locke on
CEIOPS has published an issues paper on the supervisory review process and undertakings’ reporting requirements under Solvency II. (See: Issues Paper) The issues paper covers some of the main components of Pillar II (concerning the way supervisors conduct their reviews) and Pillar III (supervisory reporting and public disclosure) elements of the Solvency II regime.