The introduction of Senior Insurance Managers Regime is set to transform organisational structures throughout the insurance sector. With less than six months to go until the legislation comes into force, much of the industry is simply not prepared and…
New rules designed to hold senior managers of insurance firms to account are due to come into force next year.
Confirmation this June that the Financial Conduct Authority will be increasing fees for insurers and brokers by 8.5% for 2015/2016 has inevitably raised many eyebrows. A particular bugbear is that UK regulatory costs are perceived to be much steeper than…
The Bank of England is following up on a 2012 cyber survey to check whether management teams at insurance companies have increased how often they discuss cyber security.
The application of the senior insurance managers' regime has been deemed open to interpretation by market commentators, amid predictions brokers could be subject to a similar, more informal, regime in the future.
Bank of England governor Mark Carney will this week unveil new measures to make insurance managers individually accountable for the failure of their firms, after consulting on proposals earlier this year.
New senior managers accountability regimes take effect soon, what will this mean for those at the top?
Hiscox is engaged in ongoing discussions with the Prudential Regulation Authority about concerns it has with its insurance stress test and is calling for a simulation of a large loss scenario to take place in the first half of 2016.
The Prudential Regulation Authority is to make final decisions about firms' internal Solvency II models in December, according to its insurance supervision executive director Sam Woods.
The International Underwriting Association has voiced its disappointment with the proposed increase in regulatory fees imposed on UK general insurers.
Smaller insurers will not be over-burdened with excessive regulation under the Prudential Regulation Authority's proposals for companies outside the scope of Solvency II, according to market observers.
In the last of Post’s political interviews in the countdown to the General Election, Cathy Jamieson, Labour Shadow Financial Secretary to the Treasury, lays out her party’s aims in government.
The Prudential Regulation Authority has released its consultation paper into the senior insurance managers regime for insurance companies outside the scope of Solvency II.
The Prudential Regulation Authority has published the scope of its senior managers regime for Solvency II insurers with guidelines on how the regime will apply to non-executive directors to be published later in the year.
The Prudential Regulation Authority has published its final rules for implementing the Solvency II directive alongside a consultation paper on the application process for the volatility adjustment.
The risk of a decreased talent pool has been highlighted by market players as a potential ramification of “onerous” regulation targeting non-executive directors at Solvency II insurance companies.
Changes to the banking industry's senior managers regime that affect non-executive directors are to be implemented for Solvency II insurers, the Financial Conduct Authority says.
The International Underwriting Association has called on UK insurance regulators to clearly state the prime authority of company boards over individual responsibilities for complying with industry rules.
The International Underwriting Association has revealed concerns over a lack of insurance experience at the Bank of England after Sam Woods was named executive director of insurance supervision.
The Prudential Regulatory Authority has named financial stability strategy and risk director Sam Woods as its new executive director of Insurance supervision, replacing Julian Adams.
The Prudential Regulatory Authority’s executive director of insurance has forecast that total capital held by insurers in the UK will likely drop under incoming Solvency II rules.
The Financial Conduct Authority is consulting on the Financial Services Compensation Scheme's proposed management levy for the next financial year which would see an overall 7.4% reduction in expenses.
Following a review the government has published a number of recommendations to ensure the way the financial regulators make enforcement decisions continues to be fair, transparent and efficient.
2014 is coming to a close and so much has happened but will insurers be sad to see it go? It was the year that started with Winter floods estimated to have generated a total bill of £500m and saw Labour Party Leader Ed Miliband demand insurers settle…