W
hile 2011 is panning out to be a demanding year for many in the reinsurance industry following several severe catastrophes, it also faces a heavy workload in preparing for new regulation
in a number of regions.
With less than two years until Solvency II comes into force, many companies will be working fl at out to make the institutional changes required of them to comply with the new regime. Whilst the results of
QIS5 were mostly welcomed, there have been warnings from a number of quarters that the seemingly benign outcome of the study hides more trouble to come. As always, the devil is in the detail.
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.
Independent Commission on
Banking to make recommendations to promote stability and competition in banking (UK)
AUGUST
NAIC: The association’s Summer 2011 National Meeting to be held in Philadelphia (US)
Resolution 35.615 comes into force in Argentina, meaning that authorised foreign reinsurers will be required, with some exceptions, to establish a branch in the country to enable them to continue issuing reinsurance contracts from their own jurisdiction. This has to done by September 1 (Latin America)
SEPTEMBER
NAIC: The phase two principle-based reserving impact study report (or fi nal report) should be released in either September or October. (US)
The Workplace Retirement Income Commission will report its fi ndings in relation to workplace savings (UK)
The Legal Services Act is being altered to allow
alternative business structures to be created (UK)
OCTOBER NAIC: The reinsurance task
force recommendations is due for accreditation (US)
Summer 2011 | INTELLIGENT INSURER | 11
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