The Financial Services Authority (FSA) has published a consultation paper discussing revisions to the maximum limits of compensation payable by the Financial Services Compensation Scheme (FSCS). The FSCS covers deposits, life and general insurance, investment business, and home finance mediation.
Read More UK: FSA Publishes CP 08/15 Reviewing Financial Services Compensation Scheme Maximum Limits
Regulatory
Ratings Downgrades Can Result in Regulatory Non-Compliance in Many Countries
By Troutman Pepper Locke on
With stock market turbulence and industry consolidation in 2008 have come financial strength ratings downgrades for more than 100 insurers and reinsurers. While such downgrades can result in numerous consequences, one potentially unrecognized consequence is non-compliance with regulatory reporting guidelines in numerous jurisdictions in Latin America and other parts of the world. …
Read More Ratings Downgrades Can Result in Regulatory Non-Compliance in Many Countries
Companies Act 2006: Repeal of the Financial Assistance Prohibition from 1 October 2008
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
Further sections of the Companies Act 2006 came into force on 1 October 2008. One of the provisions implemented, by virtue of the Companies Act 2006 (Commencement No 5 Transitional Provisions and Savings) Order 2007, was the repeal of the restrictions on financial assistance by a private company or any of its private subsidiaries for the acquisition of the company’s shares (including, as a consequence, the statutory “whitewash” procedure). …
Read More Companies Act 2006: Repeal of the Financial Assistance Prohibition from 1 October 2008
New York State Insurance Department and Bermuda Monetary Authority Sign Cooperation Agreement
On September 29, 2008, New York State Insurance Superintendent Eric Dinallo and Chief Executive Officer Matthew Elderfield of the Bermuda Monetary Authority (“BMA”) signed a memorandum of understanding (the “MoU”). …
Read More New York State Insurance Department and Bermuda Monetary Authority Sign Cooperation Agreement
UK: FSA Update on Progress Toward December Deadline for Treating Customers Fairly
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The Director of the FSA’s Treating Customers Fairly initiative (TCF) has given a speech on firms’ progress toward meeting the December 2008 deadline for implementation, showing that while advances have been made, much work still needs to be done. …
Read More UK: FSA Update on Progress Toward December Deadline for Treating Customers Fairly
BREAKING NEWS: Senate Proposes Revised Bailout Bill, Will Vote Tonight
With the House of Representatives not set to meet again until Thursday, the Senate has stepped in with a revised version of the $700 billion bailout bill, which it hopes will garner greater support in the House of Representatives. Last Monday, the House of Representatives rejected the Emergency Economic Stabilization Act of 2008 (the “Act”) by a vote of 228-205.
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Read More BREAKING NEWS: Senate Proposes Revised Bailout Bill, Will Vote Tonight
FSA Client Assets Sourcebook: New Text
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
The FSA has concluded its consultation in respect of a review of the provisions of its Client Assets Sourcebook (CASS) and has published its feedback and made rules in Policy Statement 08/10 which can be found by clicking here.
UPDATE: Congress Passes NFIP Short-Term Extension
As we previously reported here, Rep. Barney Frank’s (D-MA) bill, H.R.6965, which would temporarily extend the NFIP for an additional seven months, was passed by the House of Representatives and the Senate. The National Flood Insurance Program (“NFIP”) was set to expire at the end of September.
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Read More UPDATE: Congress Passes NFIP Short-Term Extension
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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Read More UK/EU: FSA Issues Discussion Paper (DP) on Solvency II
UPDATE: House Fails to Pass Bailout Bill
As an update to our previous post, by a vote of 228-205 the House of Representatives rejected the $700 billion bailout bill, formally known as the Emergency Economic Stabilization Act of 2008, which was designed to aid the struggling U.S. economy.