(18th) Preliminary reporting packs, including schedules F&P available to managing agents, at Lloyd’s (UK)
(27th) Managing agents to confi rm any processed premiums or paid claims relating to overseas business returns for 2012 and any business not processed through Xchanging, at Lloyd’s (UK)
JANUARY
Omnibus II due to be adopted and published (EU)
Level 2 delegated acts due to be adopted once Omnibus II is agreed and published, in regards to Solvency II (EU)
The Federal Insurance Offi ce to report to Congress by February 2012 on how insurance regulation could be improved and modernised (US)
FEBRUARY MARCH
(30th) Lloyd’s Internal Model applications to the FSA, in regards to Solvency II (UK)
(27th) Managing agents to submit amended electronic US situs packs to Market Reporting, at Lloyd’s (UK)
APRIL
The Federal Insurance Offi ce to report to Congress by February 2012 on how insurance regulation could be improved and modernised (US)
Modernisation Initiative (SMI). W
Winter and spring will prove to a busy time for insurers and reinsurers alike, with plenty of work to be done around the issue of solvency on both sides of the Atlantic.
The SMI is the pet project of the National Association of Insurance Commissioners (NAIC) and is an assessment of the adequacy of the US’s insurance regulatory framework.
Areas of investigation include insurance supervision and banking supervision, along with a look at how international accounting standards could be adopted for use in US regulation. Particular attention will also be paid to capital requirements, international accounting, insurance valuation, reinsurance and group regulatory issues.
The SMI, which began back in 2008, still has some way to go, but a lot has been achieved so far. The hard work is set to continue throughout this year and next, with NAIC aiming to have made all of its major policy decisions by the end of 2012.
©
iStockphoto.com/fazon1/Barcin/DHuss/richterfoto
hile much fuss has been made about the regulatory regime which is looming on the horizon over Europe, much work is also being done by our US colleagues towards the Solvency
November 2011 | INTELLIGENT INSURER | 9
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