Following a meeting of the Council of the European Union on 17 November 2010, plans to reform the VAT exemption for insurance and the wider financial services industry are set to continue, with Member States agreeing to find a resolution to the current problems.
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Regulatory
EU: Consultation on the Review of the Insurance Mediation Directive
By Troutman Pepper Locke on
Posted in European Union, Regulatory
On 26 November 2010, the European Commission opened a consultation period on the review of the Insurance Mediation Directive (IMD) in order to allow stakeholders to provide comments and opinion on the current IMD provisions and the possible policy changes that could be made in the future. The European Commission invites stakeholders to answer the questions put forward in the consultation document, which are aimed at receiving insight on the current provisions and possible policy changes. …
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UK: FSA Statement Regarding Payment Protection Insurance (PPI)
By Troutman Pepper Locke on
The Financial Services Authority (the FSA) has recently issued a statement on the status and implications of the open letter it sent to the insurance industry in August 2010 setting out common point of sale failings for PPI sales. …
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EU: Consultation on Solvency II Level 2 Implementing Measures Launched
By Troutman Pepper Locke on
The European Commission (Commission) launched a consultation on 24 November 2010 to obtain input on the impacts, costs and benefits to support the policy decision making-process for the Solvency II level 2 implementing measures (the Consultation). Views on the impact of policy decisions on pricing, design and availability of insurance products are also being sought. …
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Complimentary Webinar entitled Suspicious Activity Reports: How and When to Write Them
Edwards Angell Palmer & Dodge is holding a Complimentary Webinar entitled Suspicious Activity Reports: How and When to Write Them, on December 16, 2012 from noon to 1:00 PM EST. …
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International Association of Insurance Supervisors issues paper on the role of participants in MicroInsurance
By Troutman Pepper Locke on
The International Association of Insurance Supervisors (IAIS) has produced a joint issues paper with the MicroInsurance Network regarding the role of mutuals, cooperatives and community-based organisations (MCCOs) in insurance markets. …
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EU: Advice on the revision of the Insurance Mediation Directive
By Troutman Pepper Locke on
Posted in European Union, Regulatory
The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) submitted its advice to the European Commission on the revision of the Insurance Mediation Directive (2002/92/EC) (IMD), on 11 November 2010. …
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Ambac and IRS Come to Temporary Terms Regarding Dispute Over $700 Million in Tax Refunds
As previously discussed here, Ambac Financial Group Inc. has filed for bankruptcy for Chapter 11 bankruptcy relief with United States Bankruptcy Court for the Southern District of New York. …
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SEC Issues First Progress Report on Convergence of Global Accounting Standards
By Troutman Pepper Locke on
Posted in Federal Legislative Developments, Regulatory
Earlier this year, the leadership at the United States Securities and Exchange Commission (the “SEC”) directed its staff at the Office of the Chief Accountant to develop a Work Plan to consider the convergence of the U.S. Generally Accepted Accounting Standards (“GAAP”) and the International Financial Reporting Standards (“IFRS”). …
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California Insurance Commissioner Sues to Uphold Moratorium on Investment in Iran
By Troutman Pepper Locke on
Posted in Regulatory
The California Insurance Commissioner Steve Poizner has filed a lawsuit challenging the determination made by the California Office of Administrative Law (“OAL”) that the Commissioner’s attempt to place a moratorium on new investment in companies doing business in Iran by insurers licensed in California is an overreach of the Commissioner’s powers. …
Read More California Insurance Commissioner Sues to Uphold Moratorium on Investment in Iran