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On 13 May 2008 the European Commission and the United States issued a joint statement through the Transatlantic Economic Council (TEC), committing themselves to reaching the shared objective of economic integration. This followed a TEC forum on insurance issues such as US reinsurance collateral requirements, the EU’s Solvency II directive and the US Treasury Department’s recent recommendation of an optional federal charter system for the insurance industry. 

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Read More EU and US Officials Pledge Level Insurance Playing-Field

The FSA has published a consultation paper to seek views on proposals to modify the scope of the FSCS as it applies to business written through EEA branches of UK insurers. Click here to read the consultation paper. …
Read More UK: Regulatory: EEA Branches of UK Insurers are Consulted on the Financial Services Authority’s (FSA) Proposal to Amend the Financial Services Compensation Scheme (FSCS)

Competition issues within the business insurance sector have been much discussed recently. The European Commission published its final report on its inquiry into the business insurance sector on 25 September 2007. The report highlighted some questions regarding premium alignment between lead insurers and followers in the co-insurance market. …
Read More UK: Lloyd’s Reminds the Subscription Market of Their Obligation to Comply with Competition Law

A discussion paper on the UK’s proposals to reduce the administrative burden on insurance groups operating in the EU was launched on the 22 April 2008 by the Treasury and the FSA. (See: Discussion Paper) As has previously been discussed in a recent blog, the FSA has recognised the need for further development of the existing arrangements for regulatory cooperation and endorses the idea of cooperation among regulators and the creation of supervisor colleges. 

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Read More UK: Regulatory: Treasury and Financial Services Authority (FSA) Launch Consultation on EU Insurance Sector

The Commission has begun a public consultation to investigate the functioning of the Insurance Block Exemption Regulation (BER) and the impact on the various insurance markets in the European Union (EU). …
Read More EU: European Commission (the Commission) to examine the use of insurance block exemption regulation

The FSA has restated the UKs support for the creation of a single market in financial services in Europe, and has called for further development of the existing arrangements for regulatory cooperation among national regulators. The recommendation was contained in the latest edition of what the FSA described as its ‘new look’ International Regulatory Outlook (IRO). 

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Read More UK: Regulatory: The Financial Service Authority (FSA) Calls for Increased Co-Operation in Europe