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Looking forward


REGULATION TIMELINE


US: Selection process for the position of US


Federal Insurance Director ongoing. The director is expected to be appointed in December. The director will lead the Federal Insurance Offi ce, created as part of the Dodd-Frank Wall Street Reform Act. Key aspects of the role will be to identify gaps in insurance regulation, provide advice to the Treasury Secretary and negotiate on behalf of the US in international insurance agreements. Selection will continue for several weeks and the appointment of a director is expected in December.


US: NAIC working on accreditation Part B Guidelines for group supervision, regarding review and documentation of the holding company.


US: New York Insurance Exchange, working groups commissioned by the NY Superintendent of Insurance attempt to frame their proposals in a draft structure.


NOVEMBER EU: Solvency II QIS5 ends for


groups (October 31 for individual companies). The EC issued a Solvency II Call for Advice,


requesting that CEIOPS runs a fi fth Quantitative Impact Study (QIS5) between August and mid-


November 2010, and publishes the results in April 2011.


EU: EU Commission publishes L3 guidance in November on how to do Solvency II equivalence assessments for non-EU jurisdictions.


EU: EU Commission to publish list of fi rst wave of non- EU jurisdictions to be assessed for Solvency II equivalence (potentially, Switzerland, Bermuda and others). CEIOPS will then deliver fi nal advice on individual assessments of countries that were selected for the fi rst wave at the end of July 2011.


GLOBAL: International Accounting Standards Board closes the comment period on its IFRS 4 Insurance Contracts Exposure draft (November 30), after which the board will begin its deliberations in the run-up to the publication of a fi nal Insurance Contracts standard in June 2011.


UK: Lloyd’s electronic endorsements pilot review of the business testing pilot (mid- December). Pilot ends on December 31.


Christina Urias, Arizona Insurance Commissioner and Solvency Modernization Initiative leader


US: NAIC Solvency Modernization Initiative continues with development of a plan for the modifi cation to the formulas to implement missing risk charges and make other signifi cant improvements.


US: NAIC’s Solvency Modernization Initiative continues with identifi cation of calibration and correlation policy for Risk-Based Capital requirements (RBC). On group supervision, Holding Company Best Practices will be decided.


DECEMBER


Every passing year heralds a new landscape for international insurance, but the changes in 2011 might come as something of a shock, at least on the regulatory side. In a regular feature, we highlight the key dates for regulatory developments in the major insurance markets.


10 | INTELLIGENT INSURER | November 2010


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