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James Wrynn, New York Superintendent of Insurance


US: A three-month implementation plan outlining the draft structure of the New York Insurance Exchange


concludes. It is conducted by working parties appointed by the New York Superintendent of Insurance.


US: A three-month implementation plan outlining the draft structure of the New York Insurance Exchange begins. It is conducted by working parties appointed by the New York Superintendent of Insurance.


JANUARY FEBRUARY


EU: The EIOPC (the European Insurance Occupational Pensions Committees) will hold formal discussions on the Level 2 advice and Level 3 guidelines on Solvency II, and present an offi cial opinion. Following the publishing of the offi cial opinion in May, the Council and European Parliament will begin discussions, which will continue for the next four months. By the end of October, the EU Commission is planning to adopt the Level 2 Implementing Measures. (January to May)


UK: Lloyd’s electronic endorsements pilot review results announced.


MARCH


Lloyd’s electronic endorsements pilot, fi rst of three tranches of endorsements goes live in certain business lines, potentially treaty reinsurance, professional indemnity and US property.


EU: The Commission will present a proposal for implementing measures (scheduled for ‘late spring 2011’).


The whole system (including Binding Technical Standards) will be in force from December 31, 2012. The EU Commission insists the Solvency II timetable will be kept, despite grave doubts about the preparedness of the most vulnerable parts of the European insurance market.


APRIL


welcomed but some of it is bitterly opposed. Also, a more slow-burning kind of regulatory change is fi nally coming


T


to fruition in the US and Europe, incorporating such things as solvency requirements, state supervision and the removal of trade barriers.


The continuing organic change of regulation has therefore been accelerated and nuanced by the backlash from fi nancial regulatory paranoia. Governments have also eyed the cross-insurance and reinsurance as a target for taxation.


wo years on from the fi nancial crisis, insurers have been caught up in the whirlwind of fi nancial services regulation, which after much discussion is now being brought to reality. Much of it is


In addition to those three factors, the other great instigator of regulatory


change is ambition—ambition to create new markets and methods, such as the New York Insurance Exchange and the electronic transaction processing.


One thing is for sure, all these elements of insurance regulatory change will be seen in abundance in 2011.


The dates and events listed here are the key items that every senior insurance executive needs to know to keep their company informed of the challenges and opportunities ahead.


We have done our best to ensure that all the major market-moving


regulatory changes are listed here. If there is an item you would like us to track on this timeline or follow in our articles, please contact us.


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November 2010 | INTELLIGENT INSURER | 11


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