Regulation
Passporting ‘unlikely’ under terms of Brexit deal
Insurers are calling for greater clarity over a Brexit deal on financial services that could see a loss of passporting.
Blog: And the next CEO is…?
There continues to be change at the top of the UK's insurer board rooms. But instead of relying on the tried and tested recruitment strategies of the past, Consumer Intelligence's Ian Hughes suggests a more meaningful strategy to get the most out of your…
Wider sector may face similar scrutiny to 'too big to fail' insurers
In 2020 the International Association of Insurance Supervisors hopes to make key changes to how systemic risk in the insurance sector is measured and dealt with, in a move that could see more insurers face similar scrutiny to 'too big to fail' insurers…
IASB votes to push back IFRS 17 roll out
A consultation on pushing back IFRS 17 is expected, after the International Accounting Standards Board voted to postpone the implementation of the global accounting standards to 2022.
Review into CBL expected to ‘identify lessons’ for both the firm and the regulatory regime
The Reserve Bank of New Zealand has welcomed the liquidation of CBL Insurance and will be publishing a review into it next year.
Legal consultation launched into driverless cars
A wide-ranging consultation has been launched into the legal reforms surrounding driverless cars.
Debenhams urged to review links with Arron Banks' Eldon
Exclusive: Debenhams should review its relationship with Arron Banks-owned Eldon Insurance, following fines over alleged data misuse by the company, campaigners say.
The ABI's James Dalton on the FCA market study into pricing practices
The Citizens' Advice super complaint has highlighted that insurers needs to do more to serve existing customers, but James Dalton, director of general insurance policy at the Association of British Insurers believes its important to stress that the…
BBC pulls the plug on Arron Banks Question Time appearance
Eldon Insurance owner Arron Banks had been expected to appear on Question Time next week, but will no longer be a guest on the show amid a National Crime Agency investigation and fines by the Information Commissioner’s Office.
Eldon could face ‘significantly higher’ fines as ICO launches audit
Eldon Insurance could be faced with fines that are “significantly higher” than the combined £135,000 it and Leave.EU have been ordered to pay if the Information Commissioner’s Office finds evidence of misdeeds in an audit of the broker.
Eldon and Leave.EU fined a combined £135,000 by ICO for ‘serious breaches’
Eldon Insurance and Leave.EU are both being fined £60,000 for alleged “serious breaches” of marketing regulations, while Leave.EU faces an additional £15,000 fine.
WTW's Nicolas Aubert on being bold to thrive in a global market
In a volatile geopolitical landscape, Nicolas Aubert, head of GB, Willis Towers Watson and current president of the Insurance Institute of London, urges the market to take the opportunity to rethink its position and think globally.
Competition watchdog urged to take further action on MFN clauses
Insurers, brokers and price comparison sites have welcomed a Competition and Markets Authority investigation into Compare the Market’s use of a controversial clause that prevents home insurers from offering cheaper prices elsewhere, but brokers argue…
This month: Cavities and complaints
As whiplash legislation speeds through parliament, claims management companies have increasingly been looking into other avenues to keep the coffers full and cavity wall insulation claims have spiked. CMCs may be the industry’s own bugbear, but this…
Medco starts consultation on whiplash portal
Medco has started consulting over the creation of a 'litigants in person' portal on the back of the government's whiplash Bill.
Pricing practice changes would put the onus on insurers to charge a 'fair price'
Large insurers with big books of home insurance business could lose out following pricing practices review, but profitability is unlikely to be "heavily dented", ratings agency says.
Government’s ban on combustible cladding insufficient, warn insurers
The government’s ban on combustible materials limited to high rise buildings over 18m is not sufficient and should be considered for a wider range of buildings, insurers have warned.
Insurers may be guilty of price discrimination, finds FCA
Insurers may not have sufficient oversight of pricing practices, which could mean some customers are paying significantly higher premiums than those who have similar risk profiles, according to an official review.
Slice cyber product shows ‘leverage’ gained through insurtech partnerships
The quick turnaround of Slice’s on-demand cyber insurance policy demonstrates the “leverage” partnerships with insurtechs can provide, according an Axa XL collaborator.
Editor's comment: Only yourselves to blame
Over the past two-and-a-half years, I have written in this column no less than three articles urging insurers to act on the problem of dual pricing.
Q&A: BLM's Matthew Harrington and Alistair Kinley
Against a backdrop of changing client demands, political uncertainty and new legislation, Jonathan Swift caught up with BLM senior partner Matthew Harrington and director of policy and government affairs Alistair Kinley to discuss how the law firm is…
Travel sickness CMC activity 'should be regulated by the FCA'
Claims management companies who deal with travel sickness should be included in upcoming Financial Conduct Authority regulation of the sector, warn experts.
Liberty Mutual slapped with £5.2m fine for claims and complaints handling failings
Liberty Mutual has been fined £5.2m over its botched handling of mobile phone insurance claims and complaints.
Industry welcomes IPT freeze in the Autumn Budget
The industry has welcomed a freeze on insurance premium tax in the Autumn Budget 2018