Regulation
'Ruthless' Bradford ghost broker jailed for First Central scam
A Bradford ghost broker who defrauded both First Central and his clients has been jailed for selling invalid car insurance policies to motorists across the city.
UK among most SII ready but Pillar 3 presents 'major challenge'
Nearly 80% of European insurers expect to meet Solvency II requirements before January 2016 with Dutch, UK and Nordic firms outstripping their French, German, Greek and Eastern European counterparts in terms of readiness.
Firms deny dodging referral fee ban as select committee prepares ABS report
MP concerned insurers are using alternative business structures to circumvent ban.
Editor's Comment: FCA finds itself in the crosshairs
It hasn’t taken long for the hunter to become the hunted and, with insurers smelling blood, the Financial Conduct Authority finds itself in the awkward position of being forced to account for its own actions.
ICA asks Australian financial inquiry to focus on regulation
The Insurance Council of Australia has asked Australia's Financial System Inquiry to focus on more efficient industry regulation, less restrictive prudential requirements and tax reform.
Industry questions FCA’s decision to probe commercial claims handling
Regulator reveals more thematic reviews to be undertaken in 2014/2015
Medical Devices: Ripple Effect
The shockwaves of the Poly Implant Prosthèse breast implants scandal are continuing to affect insurers and the regulation of medical devices
FCA to investigate commercial claims among string of new reviews
The Financial Conduct Authority is to look into the commercial claims market in one of a string of thematic reviews for the general insurance sector announced in its annual business plan today.
EISL director fined by FCA for fraudulent NCD forms
EISL director Philip Eley has been fined £7200 by the Financial Conduct Authority and banned from working in his approved capacity by the regulator.
Singapore consults on risk-based capital
The Monetary Authority of Singapore has launched a second consultation on a risk-based capital regime.
Brokers risking regulatory fines due to ‘misunderstanding’ of Bribery Act
Compliance experts issue warning following penalties for Besso, JLT and Aon.
Regulators urged to provide value for 24% increase in costs
Commentators suggest FCA should move outside capital.
Editor's Comment: Scrutinisers under the spotlight
Insurers have long been used to proving their worth and providing their stakeholders with a healthy return on investment, but this week this particular spotlight turned on their regulators.
Remote Piloted Aircraft: Game of Drones
With remote piloted aircraft systems – or drones – increasingly used commercially, what are the insurance risks involved?
Regulators must prove value for money as costs hit £664m
The twin peaks regulatory system will need to demonstrate it is providing value for money after a National Audit Office report highlighted escalating running costs and concerns over staff capacity.
External forces driving risk management transparency says Guy Carp
Transparency on risk management targets and practices is improving according to reinsurance broker Guy Carpenter, with regulatory and market forces said to continue the trend.
Besso fine is 'stark reminder' of costs of non-compliance
The fine incurred today by Besso should serve as a cautionary tale for other brokers according to Anton Luck, partner at accountancy firm Moore Stephens
Besso fined £315 000 by FCA
Broker Besso has been fined £315 000 by the Financial Conduct Authority for failing to take reasonable care to maintain controls against the risks of bribery and corruption.
Eric-insured flood victim denied payout
A Wiltshire flood victim has been denied an insurance payout because the policy was underwritten by unlicensed Icelandic insurer European Risk Insurance Company.
IRM criticises government's 'fingers crossed' approach to risk management
The recent flooding episode has highlighted shortcomings in the government’s approach to risk events according to chairman of the Institute of Risk Management, Richard Anderson.
Premium rise likely if add-ons changes implemented
The Financial Conduct Authority’s proposed changes to the way general insurance add-ons are sold could spell the end of competitive introductory premiums, accountancy firm Moore Stephens says.
Add-ons remedies to help level playing field for brokers, Biba says
The British Insurance Brokers’ Association has called the Financial Conduct Authority’s suggested remedies to its market investigation into add-ons a sensible first step.
Managing General Agents: Tightening up
Most sectors of the insurance industry audibly groan when presented with the possibility of increased regulation – so why are managing general agents welcoming the prospect?
Draft Solvency II Acts dilute aims of legislators warns Balbinot
The details of the Solvency II regime must be drafted correctly to ensure the legislation does not have negative consequences for insurers and their customers, Sergio Balbinot has warned.