Firms lag on internal model validation

UK firms must ensure its independence, says Troika


FSA launches standard formula data collection

Includes ICAS and SCR comparison


"Importance of long-term guarantees underestimated in Solvency II"

Olav Jones, deputy director of Insurance Europe, says the deadlock in the Omnibus II trialogue talks over long-term guaranteed products has caused "disappointment all round"-- and the importance of these measures was underestimated in the directive in the first place.. Lorna Davies reports


Matching adjustment proposals are "unnecessarily restrictive"

They should reflect the nature of the insurance business better, says Towers Watson


FSA extends IMAP timetable by over a year

Cut-off date for model applications now mid-2013


FSA launches another data collection exercise

ICAS and SCR calculations will be compared; new stress test planned


Central Bank of Ireland devises ORSA reporting tool

Ireland's financial supervisor has announced plans for a framework for an ORSA reporting tool for smaller firms to make the process more efficient. It says it's not adding to Eiopa's guidance on the subject -- but some will see the tool as exactly that. Lorna Davies reports


LMA reviews business interruption after 2011 cats

Draws up questionnaire for prospective insureds


UK Treasury says some insurance failures could impact economy

But agrees with IAIS that traditional insurance isn't a systemic risk


Poland and Canada join IAIS memorandum

As well as the Isle of Man and Luxembourg