News, Events and Press Releases

22-09-2010 | BEE’s Regulatory and Industry Update - September 2010

The following are Legal Notices that have been issued recently in Malta and which may be pertinent to the financial services industry

  • Double Tax Treaty with Serbia
  • Double Tax Treaty with Jersey

News from the EU Commission

  • 11.09.2010 Winding-up proceedings — Decision to open winding-up proceedings (Voluntary winding-up following a decision of the extraordinary general meeting of the mutual enterprise Towarzystwo Ubezpiecze? Wzajemnych Bezpieczny DOM concerning the winding-up of the insurance undertaking) - OJ C245 of 11/9/2010
  • 04.09.2010 Decision to reduce the period of validity of the insurance contracts in respect of International Insurance Corporation (IIC) NV - OJ C 239 of 4/9/2010
  • 23.08.2010 Commission urges insurance companies to participate in the Solvency II Quantitative Impact Study (QIS5) (IP/10/1064)
  • 12.07.2010 Consultation on the White Paper on Insurance Guarantee Schemes
  • 06.07.2010 Fifth Quantitative Impact Study: Call for Advice and Technical Specifications

Attached please find an agenda with forthcoming (DG Internal Market & Services) Consultations and Conferences planned for the last quarter of 2010.

News from CEIOPS (Committee of European Insurance and Occupational Pensions Supervisors):-

  • 31.08.2010. CEIOPS publishes its Final Advice to the European Commission - Equivalence assessments to be undertaken in relation to Articles 172, 227 and 260 of the Solvency II Directive. The Advice was produced in response to the European Commission Call for Advice (June 2010) asking CEIOPS to identify and prioritize the third countries where an equivalence assessment would be desirable before the implementation of Solvency II.
  • 23.08.2010. CEIOPS publishes the main spreadsheet to be used by solo undertakings and groups to complete their QIS5 submission due for end-October 2010 (solo) and mid-November 2010 (groups).
  • 02.08.2010. CEIOPS welcomes the European Commission Green Paper on pensions as an important event for European pensions, and fully shares the objectives of the paper of providing greater security, efficiency and adequacy in retirement provision.

 

News from CEA (Comité Européen des Assurances/European insurance and reinsurance federation):-

  • 10.09.2010. CEA warns of compliance challenges of EU’s Iran sanctions. The CEA has written to the European Commission’s High Representative for Foreign Affairs and Security Policy, Baroness Ashton, to express its concern with some of the compliance challenges created by the new EU sanctions regime against Iran. While supporting the objective of the sanctions, the CEA points out that, without adequate clarifications in a number of areas, insurers could inadvertently violate the sanctions despite their best efforts to comply with them. The CEA also proposed solutions that would facilitate compliance with the sanctions.
  • 09.09.2010. Trade federations call for greater recognition of covered bonds. In a joint letter to the Chairman of the Basel Committee on Banking Supervision, the CEA, together with five other trade federations, calls for covered bonds to be given greater recognition in the Committee’s proposed capital and liquidity regimes to avoid a negative impact on the European economy compared to other major economic zones.
  • 08/09/2010. CEA welcomes EU finance ministers’ approval of new European supervisory authorities. The CEA, the European insurance and reinsurance federation, supports appropriate improvements to the regulation and supervision of supervisors. From the beginning, it has supported the proposals to strengthen the existing committees of EU supervisors by transforming them into supervisory authorities. It therefore welcomes the approval given to the creation of the new European supervisory authorities yesterday by EU finance ministers. The proposed reforms still need to be approved by the European Parliament before formal adoption in Council. The CEA supports the creation of three separate supervisory bodies for insurance, banking and securities. It believes that the separate European Insurance and Occupational Pensions Authority (EIOPA) will help to ensure that insurers’ distinct business model is recognised and understood.
  • 01.09.2010. CEA responds to EC Green Paper on corporate governance and remuneration. The CEA, on behalf of insurers both as corporations and as institutional investors, has responded to the European Commission’s proposals for improving corporate governance. In its response, the CEA stresses that Solvency II, the new regulatory regime for EU insurers, will reform governance requirements when it comes into force in 2012 and argues that any potential new requirements resulting from the Green Paper should not duplicate or contradict the Solvency II requirements. Where the Green Paper proposals go beyond Solvency II, the CEA argues for a flexible regulatory approach based on “comply or explain” principles.
  • 23.08.2010. CEA urges insurance industry to participate in QIS 5. The CEA calls on all European insurers to take part in the European Commission’s fifth quantitative impact study (QIS 5). Broad participation will ensure that a clear picture is reached of the appropriateness and feasibility of the tentative solutions and options identified by the Commission and will thus pave the way for the finalisation of Solvency II, the EU’s new regulatory regime.
  • 26.07.2010. CEA voices concerns over US affiliated reinsurance tax proposals. The CEA has today written to the US House of Representatives to express its concerns over proposals to change the US tax treatment of reinsurance between affiliated entities.