With the news that the Solvency II deadline may be moved back to 2014, many within the insurance industry will have breathed a small sigh of relief that they may have more time to accommodate the new regime. However, as our timeline shows, there is still much to keep them busy.
A
lready, this year has proved to be a busy one for both insurers and reinsurers, as the ramifi cations of the intense cat activity in the fi rst two quarters has now turned into a deluge of claims from
around the world.
Coupled with this extra work are swathes of regulatory activities that will affect the way in which insurers and reinsurers conduct their business. Along with these changes are the usual deadlines, which irrespective of the heavy workloads being experienced, must be completed on time.
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.
Lloyd’s: Managing agents to NAIC: To tie to the risk-focused
surveillance process, where risks are evaluated by the regulator in detail,
NAIC is planning to adopt an ORSA tool to require the company to do a similar stand-alone analysis. (US)
NOVEMBER
EIOPA Occupational Pensions Stakeholder Group meeting (EU)
DECEMBER NAIC: Study of holding
company fi nancial reporting requirements, as part of a project on group supervision, expected to be completed (US)
NAIC group-wide capital assessment to be incorporated in the ORSA tool, as part of a project on group supervision (US)
JANUARY FEBRUARY The Federal Insurance Offi ce to
report to Congress by February 2012 on how insurance regulation could be improved and modernise (US)
confi rm any processed premiums or paid claims relating to overseas business returns for 2012 and any business not processed through Xchanging (UK)
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iStockphoto.com/Deejpilot/Veni/ fstockfoto/mrod
September 2011 | INTELLIGENT INSURER | 9
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