Lovells

Both within and outside the EU the move is towards increased harmonisation of national insurance regulatory regimes.  In particular, there is a move on an international scale towards the eventual harmonisation of solvency rules for insurers.  In the EU the European Commission is working on its Solvency II project.  In addition voluntary organisations such as the National Association of Insurance Commissioners and the International Association of Insurance Supervisors are working on similar projects all with a view to reaching a global consensus on the calculation of an insurer's solvency.

Adverse market conditions has meant that life insurers are having to manage their capital more efficiently than ever before and are turning to embedded value and other financings in consequence.  As a result the last few years have seen the rapid development of insurance finance and alternative risk transfer techniques.  Our practices in the UK and the US are at the forefront in the design and implementation of specialised financial structures for example, in the design of new standby instruments and security arrangements. We place great importance on maintaining good relations with the regulatory bodies relevant to the insurance industry both in the UK and in overseas jurisdictions.  This assists us in making effective representations on our client's behalf when dealing with a regulator be it in relation to compliance and audit, registration and disciplinary proceedings or investigations and disputes.We have dedicated teams in our offices throughout Europe, Asia and North America providing the resources and the depth of experience and breadth of expertise to act on domestic and cross border transactions of all sizes.