Regulation
FCA selects Premium Credit as instalments payments provider
Premium Credit has been awarded a three-year contract to provide the official solution for Financial Conduct Authority authorised firms to spread the costs of their regulatory fees across monthly instalments.
Lack of confidence in financial institutions noted by EU watchdogs in joint report
The Joint Committee of the European Supervisory Authorities today published its first report on Risks and Vulnerabilities in the European Union’s Financial System.
Insurance industry advised to act now or be left behind amid PI change
A personal injury law firm has challenged the insurance industry players to act swiftly in response to changes in PI law while the market is still sorting itself out, or risk losing ground to their competitors.
Post magazine – 11 April 2013
The latest edition of Post magazine is now available to subscribers as a digital and interactive e-book.
Legal reforms: Damage to the system
While the Jackson reforms may reduce the cost of civil litigation, they could have unintended consequences for the insurance industry.
Insurers miss opportunity to voice opinions on EU consultation on PPOs
The UK’s general insurance sector has failed to engage with a consultation on setting Solvency II liability rules, despite a European Union recommendation that 20% of the sector should contribute for the study to be credible.
ABI: FCA must develop ‘clear success measures’ and deliver value for money
The Association of British Insurers has called the Financial Conduct Authority to develop “clearer success measures” to ensure the new regulator delivers value for money.
FCA and PRA require 15% extra funding for 2013/14
The Financial Conduct Authority and the Prudential Regulation Authority have requested a 15% increase in their annual funding requirement for 2013/14.
Quindell completes Accident Advice Helpline acquisition
Quindell Portfolio has acquired no win, no fee legal specialist Accident Advice Helpline.
Personal injury firm stops accepting referrals
Personal injury law firm Antony Hodari is cutting ties with claims intermediaries in a move to become “self-sufficient” in generating its caseload.
Broker complaint handling under spotlight
The European Insurance and Occupational Pensions Authority has today launched a public consultation on guidelines regarding complaints-handling by insurance intermediaries.
Eiopa unveils complaints handling guidelines for brokers
The European Insurance and Occupational Pensions Authority today launched a public consultation on guidelines regarding complaints-handling by insurance intermediaries.
New Act to bring 'peace of mind' for consumers
The Consumer Insurance Act will give “added peace of mind” to customers who will “not be declined if they unknowingly fail to disclose information to their insurer” when buying insurance products, according to the Association of British Insurers.
Insurance Insight Q+A: Frederik Wulff
As the head of Markel-owned Anglo Underwriting, Frederik Wulff is well placed to comment on liability trends. He tells Francesca Nyman about the pitfalls of medical malpractice business, the changing regulatory environment, and new opportunities in…
‘Worrying trend’ for over-regulation making UK market less competitive
Rising regulatory costs are becoming a financial burden the UK’s insurance market can ill afford in the face of international competition, Lloyd’s finance director Luke Savage has warned.
Leader: Beyond a joke
“It is understood European decision makers are poised to broaden the scope of the Gender Directive – which has also impacted the setting of premiums in the life and annuities markets – to cover cats and dogs.”
View from the Top: Crucial differences
Technology firms that fail to grasp the differences between PI and E&O insurance put themselves at risk, says David Legassick.
Tevez trial prompts MIB outcry on uninsured drivers
Carlos Tevez' trial for driving while disqualified and without insurance has prompted the Motor Insurers' Bureau chief executive to call on footballers to set a better example to young drivers.
Post magazine – 4 April 2013
The latest edition of Post magazine is now available to subscribers as a digital and interactive e-book.
Top 5 European news stories
The top 5 stories from www.insuranceinsight.com over the past seven days.
EU-US dialogue project agrees five-year plan
The Steering Committee of the EU-U.S. Insurance Dialogue Project has agreed on a high level work plan from 2013 to 2017.
New regulator reveals 12-strong board
The 12 new members of the Financial Conduct Authority board have been named ahead of the new twin-peak regulatory system taking over from the Financial Services Authority on 1 April.
FCA business model met with trepidation in insurance industry
Fears have been voiced by the insurance industry that the new regulators will intrude too much into the commercial sphere and that having two bodies will cause inefficiency.
Leader: Once, twice, third time’s a charm?
The idea of regulation is not new for the insurance industry. In November 1998, a government statement concluded that statutory regulation was not suitable for the general insurance market.