Regulation
Rates drop as motor insurers anticipate legal reform windfall
Average car insurance premiums have plunged in the second quarter of 2013, following the implementation of key parts of the Legal Aid, Sentencing and Punishment of Offenders Act.
RAC Foundation calls for overhaul of licencing system
The RAC Foundation has called the government to consider placing conditions on young drivers’ licences as a way of reducing fatal accidents among this age group by more than a half.
European insurers look to invest in illiquid asset classes
European insurers are increasingly looking to invest in more illiquid asset classes, including private loans, as low rates and new regulations bite, Moody's said today.
Your Say: A step closer to international clarity
After a journey that started in 2001 and led to the stopgap International Financial Reporting Standards 4 in 2005, the end of the search for an international accounting standard may be drawing near.
Insurers look to diversify by entering private loans market
Low rates and new regulations are driving European insurers to diversify their asset allocation by investing in more illiquid asset classes, notably private loans, Moody's said in report published today.
Failed Lemma could cost UK compensation scheme £25m
The UK's Financial Services Compensation Scheme is expecting to pay-out around £25m in claims related to failed Gibraltar-based insurer Lemma.
Former Hill director Quinn receives three-year ban
Former director of Hill Insurance Company, Elisabeth Quinn, has been banned from holding executive director positions with any firm licensed by Gibraltar’s Financial Services Commission for three years.
Hill director receives three-year ban
Former director of Hill Insurance Company, Elisabeth Quinn, has been banned from holding executive director positions with any firm licensed by Gibraltar’s Financial Services Commission for three years.
Lemma claims could cost FSCS £25m
The UK Financial Services Compensation Scheme expects to pay-out around £25m in claims related to failed Gibraltar-based insurer Lemma.
PPI CMCs come under scrutiny
The Ministry of Justice is holding a summit today to discuss the “predatory” conduct of claims management companies offering payment protection insurance claims management.
DAC Beachcroft recruits former Swiss Re counsel
Law firm DAC Beachcroft has appointed prudential regulation specialist Adrian Williams as a partner in its corporate insurance team.
UK insurers criticised for “squandering” big data opportunity
Concerns over regulatory requirements and data security are preventing insurers from using technology to improve customer relationships and grow their businesses, an IBM survey found.
FSA bosses Sants and Turner paid £0.5m for gardening leave
The Financial Services Authority paid its former chief executive Hector Sants and chairman Adair Turner a total of £552 178 in compensation for being unable to take on another financial services role.
Post magazine – 11 July 2013
The latest issue of Post magazine is now available to subscribers as a digital and interactive e-book.
Regulator FCA faces call for "pay to play" to be investigated
Regulator faces calls for ‘pay to play’ to be investigated.
Editor's comment: The spectre of Spitzer returns
In 2004, the US insurance broking industry came under attack as then New York Attorney General Eliot Spitzer declared war — with allegations of kickbacks, rigged bids for insurance contracts and opaque practices, including contingent commissions.
Loss adjusting Regulation: If it ain't broke
Loss adjusters claim they are already monitored closely but should they face formal regulation like the rest of the insurance industry?
View from the Top: Regulators need our help
By working together we can sort out insurers’ tarnished image and cut the bureaucracy, says Robert Hiscox, honorary president, Hiscox
Affinity news: Axa director warns against using ‘herd mentality’ to avoid FCA action
Goss points at PPI scandal as example of mass impropriety.
Competition Commission finds evidence of over-costing in the motor insurance market
The Competition Commission has found evidence that the separation of cost liability and cost control in the provision of post-accident services to non-fault motor claimants is pushing repair costs up.
Automatic policy renewals come under FCA scrutiny
Increased premiums on automatic policy renewals are to come under the spotlight, the Financial Conduct Authority has said in a letter to lawmakers.
Industry alerted to upcoming changes to claims portal
The Ministry of Justice's claims portal may need to be replaced by another system depending on how further legislative changes around small claims play out.
Solvency II interim rules could worsen market fragmentation
Despite Eiopa’s proposed guidelines for interim measures, surveyed Member States are showing a strong preference for a second quick fix directive, postponing the full implementation of Solvency II towards as late as 2017.
FCA focused on insurance sector with phone fine, says lawyer
The fine handed out by The Financial Conduct Authority to Policy Administration Services, illustrates the regulator’s interest in the insurance industry, a legal specialist has said.