HM Treasury
Pool Re to adopt more flexible treaty model in 2025
Pool Re members and the Treasury have backed proposals for the government-backed terrorism reinsurer to adopt a treaty model from next spring.
Why the ABI is getting Snippy on insurance premium tax
Trade Voice: Chris Blackwood, head of communications at the Association of British Insurers, explains the trade body’s efforts to ‘unmask’ insurance premium tax.
Labour promises to rip up red tape for insurers
Tulip Siddiq, shadow economic secretary to HM Treasury, has promised if the Labour party gets into power she will make sure regulation encourages growth and competitiveness in the insurance industry.
Treasury tells insurers to take advantage of Brexit bonfire
Insurers must make the most of the Conservative government ripping up the Solvency II rules and replacing it with Solvency UK requirements, according to Bim Afolami, economic secretary to HM Treasury.
MP highlights loophole in Leasehold Reform Bill
Matt Brewis, head of insurance for the Financial Conduct Authority, has appeared before a parliamentary committee to discuss the Leasehold and Freehold Reform Bill and been challenged by MPs over whether the current crop of rules ensure insurance costs…
Biba demands more detail from government around regulatory scrutiny
The British Insurance Brokers’ Association has asked for more information about how HM Treasury and parliament will keep tabs on whether the industry’s regulators are doing a good job.
Ombudsman expects complaints about hollowed out insurance
The Financial Ombudsman Service is bracing for more complaints next year from consumers who didn’t realise cheaper insurance premiums often result in reduced cover.
Big Interview: Insurtech UK CEO Melissa Collett
Melissa Collett, CEO of Insurtech UK, wants to encourage more Lemonades and is going to engage with the government and regulators on what it will take to ensure insurtechs thrive.
Lloyd’s captive pipeline ‘strong’ as government explores separate regulatory regime
Lloyd’s has signalled that the launch of the market’s first captive syndicates in decades could be close at hand.
Treasury's IPT receipts surpass £7bn
The Treasury collected a record £7.34bn in insurance premium tax receipts during the 2022/23 financial year, analysis by actuarial consultancy OAC has revealed.
Admiral welcomes slimming down of insurer reporting rules
The Prudential Regulatory Authority’s latest review of the regulatory reporting it requires from UK insurers has been welcomed by Admiral.
Big Interview: Biba’s Graeme Trudgill
Graeme Trudgill, CEO of the British Insurance Brokers’ Association, sprints across the Square Mile to share his plans on what more the body can do for members.
Bank to gain power to intercede as insurers collapse
The UK government has announced plans to establish a dedicated regime to deal with the failure of insurance companies.
Has Solvency UK done enough to win your vote?
Editor's View: Emma Ann Hughes asks if the Prudential Regulation Authority’s Solvency UK plans are basically Prime Minister Rishi Sunak’s bid to garner favour with the insurance industry ahead of a general election.
Biba insists regulators cannot mark their own homework
The British Insurance Brokers’ Association has called for greater external scrutiny of the cost benefit analyses produced by regulators when they introduce new rules for the sector.
Government grills FCA on broker commission
Sheldon Mills, executive director for consumers and competition at the Financial Conduct Authority, conceded the regulator needs to “be tougher on brokers” after Dame Angela Eagle slammed them for “ripping off leaseholders”.
Brokers vote for regulatory stability as top desire
A period of stability with no regulatory or legislative changes topped the wish list among attendees polled at the British Insurance Brokers’ Association conference in Manchester yesterday.
Sam Woods, Prudential Regulation Authority
Sam Woods, chief executive of the Prudential Regulation Authority, is shaping the industry’s capital requirements and is willing to clash heads with the government if he doesn’t agree with their desire to rip up the European Union’s rulebook.
Breakdown insurers sceptical over £200m investment to fix potholes
Chancellor Jeremy Hunt pledged a further £200m to help tackle the pothole problem in Wednesday's budget, but breakdown insurers are sceptical over its effectiveness.