July 2010

Talk Around the Bazaar

In the U.K. there has been the first of many impact-making decisions with the announcement that the Financial Services Authority (FSA) will cease to exist in its current form. Quite a few other European Union countries will be jealous of the independence the Bank of England will get in sorting out regulation in its own country. For more, see http://www.broking.co.uk/insurance-age/news/1686280/chancellor-confirms-fsa-cease-exist-current-form

Also in the U.K. taxes, including VAT and Insurance Premium Tax go up as TMF outlines at http://www.tmf-vat.com/tmf-in-the-media/uk-vat-increases-25-to-20.html

Hungary is doing it differently and altering the tax regime in an attempt to contain the budget deficit. Reuters covers this at http://www.reuters.com/article/idUSTRE6571UY20100608

How many of us know what National Debt really is? If you look at the U.S.A. www.usdebtclock.org all that happens is that you get dizzy

After a bumper year with profits in the £ billions, it is not surprising that Lloyd’s is attracting even more investors. The latest big name to move into the market is Chubb. Read what they say at http://www.chubb.com/corporate/chubb11928.html Allied World has made it there, too as you can see at http://www.insurancejournal.com/news/international/2010/06/10/110602.htm

Lloyd’s has also presented an opportunity for all of our readers to compete a bit of extra cash. Look at http://www.isn-inc.com/news/news.aspx?nid=2188&cid=4 and start your studies. We will willingly proof read your research papers

The UAE is to prepare for new laws on pensions and social security. There is more at the website of the Prime Minister http://www.uaepm.ae/en/media/news/articles/news505.html

Coincidentally, Egypt has passed a new pensions and social insurance law. The Daily News Egypt has a report at http://www.thedailynewsegypt.com/index.php?option=com_content&view=article&id=119902&catid=1&Itemid=183

New legislation in Gibraltar will end distinctions between onshore and offshore captives. Business Insurance describes this at http://www.businessinsurance.com/apps/pbcs.dll/article?AID=/20100617/NEWS/100619921

In the U.S. the arrival of a new Federal Insurance Office in the Treasury Department moves a step closer with both the Senate and the House of Representatives agreeing on wording of a Bill to be voted on imminently. Will the reforms envisaged by the provisions of this agreement go far enough to satisfy Risk Managers? Make your mind up by reading http://www.businessinsurance.com/apps/pbcs.dll/article?AID=/20100625/NEWS/100629937

The conference and seminar season is around the corner. The U.K. has several excellent training programmes which are just as good for foreign professionals as “locals” for example Insurance Market Conferences (IMC) http://www.imc-seminars.com/  and Searchlight Solutions (http://www.searchlightsolutions.co.uk/)