Regulation
Whiplash small claims track extension under threat
The conclusion of a Transport Select Committee inquiry into the cost of motor insurance has sparked “disappointment” among insurance industry bosses after MPs refused to support Ministry of Justice plans to place whiplash claims on the small claims track.
Supply chain: A closer look
Insurers must understand the microeconomics of supply chains to thrive during the downturn.
Interview: Biba's Steve White: Bold beginnings
From ‘shouting’ at the regulator to outlining a new segmentation strategy, new Biba chief executive Steve White has already ruffled more than a few feathers in his first 100 days in the hot seat. He tells Post he’s started as he means to go on...
PPI complaints falling but Ombudsman warns against complacency
The number of complaints being lodged over the mis-selling of payment protection insurance may have peaked, the Financial Ombudsman Service said this week.
Quinn liquidators look to sue PWC for 'negligent accounting'
Quinn Insurance liquidators are suing PWC Ireland for €1bn (£863m), having accused the professional services firm of negligent accounting.
Ping An gains license to begin futures trading
Ping An Insurance Company of China has become the first insurance company on the Chinese mainland to trade stock index futures.
FCA will act on 'competition mandate' Wheatley warns
The Financial Conduct Authority’s plan to drive effective competition in all financial services markets is the biggest break with the old regime, chief executive Martin Wheatley said today.
FCA puts competition at the heart of new regime
Ensuring that there is effective competition in financial services markets is the most significant change to the Financial Conduct Authority’s new regulatory regime, chief executive Martin Wheatley said today.
Solvency II voted biggest regulatory challenge by EMEA insurers
Over 90% of insurers in Europe, the Middle East and Asia view Solvency II as the biggest regulatory challenge facing their organisation, according to a study by the Economist Intelligence Unit.
Solvency II is "biggest challenge" for 90% of EMEA insurers
Solvency II tops the list of the biggest regulatory challenge for insurers in Europe, the Middle East and Asia, according to a study by the Economist Intelligence Unit.
Post magazine - 25 July 2013
In this week's Post, the Financial Stability Board's listing of global systemically important insurers has raised concerns over a "lack of clarity" on why implicated firms are on the list and the costs that will be generated by an enhanced supervisory…
Insurers left perplexed by FSB’s ‘global systematically important’ tag
Report highlights potential ratings impact for implicated insurers.
More brokers face fines over add-ons after Swinton pays £7.4m penalty
Analyst blames drop in Esure’s profit expectations on bundled add-ons.
S&P: G-SII label will have mixed long-term impact on ratings
A report by Standard & Poor’s says the designation for global systemically important insurers has both positive and negative implications for insurer’s ratings in the long term.
The Great Debate: Your views on industry topics
This week Post asked: The AA says uninsured driver fines will fail - what should be introduced instead?
Redomiciling: Insurer’s paradise?
With continued uncertainty over Solvency II, could more firms be tempted to follow the lead of Randall & Quilter and split their tax and regulatory domiciles?
FCA bans and fines broker £140 000
The Financial Conduct Authority has imposed a £140 000 fine on Paul Cable, of Bromley, Kent, and banned the broker from working in the financial services industry in the future.
Treatment of G-SIIs must reflect differences between banking and insurance
The up-coming regulation around global systemically important insurers must reflect the fundamental differences between banking and insurance, Deloitte has said.
G-SII determination to impact credit rates
Insurers included on the Financial Stability Board's list of global systemically important insurers could see a modest improvement in their credit profiles due to the higher risk and capital management standards imposed on them, Fitch Ratings said.
Allianz denies it represents a systemic risk
Allianz has accepted the Financial Stability Board’s decision to name it as a global systemically important insurer but has denied it poses a systemic risk.
Aviva, Allianz and Axa named as global systemically important insurers
The Financial Stability Board has published the list of global systemically important insurers with views to developing a policy framework to address the risks these firms they are thought to present.
Lloyd’s renews deal with FCA to avoid regulatory duplication
Lloyd’s of London has renewed an agreement originally signed with the Financial Services Authority in a bid to avoid duplicating regulation.
View from the Top: 2013's regulatory outlook
KPMG's Martin Noble looks at how 2013 regulatory predictions shaping up for Asia-Pacific, and whether we could soon see the emergence of a global insurance capital standard.
Post magazine - 18 July 2013
In this week’s Post, brokers have raised concerns over the effectiveness of Aviva underwriters and its ability to maintain service levels following the insurer’s decision to move more underwriters into broker offices and abandon almost half its regional…