Regulation & Compliance
Probe of RSA Irish Accounting Raises Doubt About CEO’s Controls at Insurer
In September, RSA Insurance Group Plc Chief Executive Officer Simon Lee expanded the role of his top Irish lieutenant, Philip Smith, and praised his "outstanding record." Two months later, he ...
Judge Rakoff Hits Failure of U.S. to Prosecute Wall Street Executives for Fraud
The federal judge who oversaw the recent civil fraud trial against Bank of America Corp. criticized the U.S. Department of Justice on Tuesday for failing to prosecute high-level executives over the ...
After 13 Years, Europe Appears Ready to Adopt Solvency II Insurance Regulations
Europe may be nearing an agreement on rules that aim to make insurance companies safer after 13 years of wrangling between politicians, companies and regulators. Insurers and European Union officials ...
No Major Ratings Impact from Typhoon: A.M. Best
A.M. Best expects Super Typhoon Haiyan to be an earnings event for reinsurers, but gross losses are not expected to exhaust reinsurance capacity, the rating agency said on Tuesday. While Haiyan was ...
Multinational Ratings Agency to Launch as Alternative to Big Three
Credit ratings organizations from five countries are launching a new global agency, touting it as an alternative to the Big Three agencies, which they say no longer meet the needs of the new ...
New UK Financial Regulators Face Surge in Staff Turnover: Reuters Analysis
Staff have been quitting Britain's financial watchdogs at nearly twice the rate since they were split into two bodies this year, data seen by Reuters shows, at a time when experts warn of a ...
U.S. Authorities Probing NY SEC Staff Investments
Federal prosecutors and the office of the inspector general of the U.S. Securities and Exchange Commission have contacted some employees in the SEC's New York office in a probe of possibly improper ...
Moody’s, S&P and Fitch Sued Over Failed Bear Stearns Funds
The liquidators of two Bear Stearns hedge funds filed a lawsuit on Monday against the three major U.S. rating agencies, accusing them of fraudulently assigning inflated ratings to securities in the ...