On 19 April 2012, Julian Adams, Director of Insurance Supervision in the Prudential Business Unit of the Financial Services Authority (FSA), gave a speech at the City & Financial Conference entitled “The new approach to insurance regulation and the implementation of Solvency II”.
Solvency II
EU: Proposed Solvency II Rules will Severely Hamper Investment into Europe’s Securitisation Sector, According to Survey
By Troutman Pepper Locke on
A survey conducted by the Association for Financial Markets in Europe (AFME), and published on 11 April 2012, suggests that the proposed Solvency II rules will dramatically reduce the willingness of insurers to invest in securitisation assets. AFME suggests that this in turn will have a negative impact on economic recovery. …
AN INVITATION – Lunch & Learn Seminar – Solvency II – Capital Requirements, Groups and Third Country Equivalence
By Troutman Pepper Locke on
Posted in Solvency II, United States
This presentation will be of interest to anyone working in, or advising, an international insurance or reinsurance group. It will also be of interest to reinsurers based outside the European Union with reinsureds based inside the Union. …
EU: Solvency II Faces Possible Further Delay
By Troutman Pepper Locke on
Posted in European Union, Solvency II
On 12 January 2012, a vote by the Economic and Monetary Affairs Committee of the European Parliament on the Omnibus II Directive was delayed until 21 March 2012. When adopted, Omnibus II will make significant changes to the Solvency II Directive. The vote had previously been rescheduled from 20 December 2011 to 24 January 2012. …
UK: Insurers Given Chance to Early Adopt Solvency II
By Troutman Pepper Locke on
Posted in Solvency II, United Kingdom
On 8 December 2011, Julian Adams, Director of Insurance at the Financial Services Authority (FSA), explained in a speech to the Association of British Insurers how UK (re)insurance companies may be permitted to start their Solvency II implementation as initially scheduled on 1 January 2013 rather than on the delayed implementation date of 1 January 2014. …
National Association of Insurance Commissioners States That the United States Will Gain Solvency II Equivalence
By Troutman Pepper Locke on
In a statement last week, Therese Vaughn, Chief Executive Officer of the National Association of Insurance Commissioners (the NAIC”), stated that the state-based regulatory system in the United States should be deemed equivalent to the Europe Union’s Solvency II regulatory process. According to Vaughn, while the United States will not have a single set of rules like the European Union, the state-based works and has been tested by the recent financial crisis. …
UK: EIOPA Submits Solvency II Equivalency Assessments on Bermuda, Japan and Switzerland
By Troutman Pepper Locke on
On 26 October 2011, the European Insurance and Occupational Pensions Authority (EIOPA) submitted its final advice to the European Commisson (EC) on its assessment of the Solvency II equivalence of the supervisory systems of Bermuda, Japan and Switzerland. …
Solvency II: Deadline For Submission Of Draft Validation Reports To Lloyd’s
By Troutman Pepper Locke on
Posted in Solvency II, United Kingdom
Lloyd’s managing agents have until 26 August 2011 to submit a draft Validation Report to Lloyd’s. …
UK: Solvency II Delay Likely
By Troutman Pepper Locke on
Posted in Solvency II, United Kingdom
On 27 July 2011, the Economic and Monetary Affairs Committee of the European Parliament (the Committee) proposed in a draft report on Omnibus II (click here for a copy) that the Solvency II regime be introduced through a process of “phasing-in”, with (re)insurance undertakings not being required to comply in full until 1 January 2014. …
UK: Solvency II Consultation – European Commission Publishes Summary of Responses
By Troutman Pepper Locke on
Posted in Solvency II, United Kingdom
On 5 May 2011, the European Commission published a summary of responses to its consultation on the level 2 implementing measures for the Solvency II directive (please click here for a link to the summary). …