Regulation
Post magazine – 21 March 2013
The latest edition of Post magazine is now available to subscribers as a digital and interactive e-book.
Is Biba’s new chief executive the White man for the job?
Improving the broking sector’s public profile, representing smaller firms and standing up to the incoming financial regulator are among the early challenges facing incoming British Insurance Brokers’ Association chief executive Steve White.
Insurance sector responds to Budget
Members of the insurance industry have responded to today's Budget.
Budget offers tax relief to SMEs as growth forecast halved
The Chancellor has announced that employers will have the first £2000 cut from their national insurance bill.
Indonesia "most exciting market" in South East Asia
Indonesia is the most exciting growth market for insurance in South East Asia, although Vietnam also has significant potential, market insiders said today.
Trio handed panel roles to provide challenge to FCA policy
Three new chairmen have been appointed to the independent panels representing regulated firms which lead the process for constructive challenge of the Financial Conduct Authority’s policies and practices.
Ferma urges Europe to provide legal basis for commission disclosure for all in IMD2
The Federation of European Risk Management Associations is calling on the European Parliament to ensure that all insurance buyers are entitled to a minimum European standard of disclosure in the revised Insurance Mediation Directive II
Government slashes flood-defence funding further
The government has cut the budget for maintaining flood defences and clearing rivers from £68m to £39m, flooding Minister Richard Benyon revealed in a parliamentary written answer.
FCA unveils three chairmen for practitioner panels
The Financial Conduct Authority has appointed three chairmen to lead the independent panels which will dictate the new regulator’s policies and practice from the point of view of regulated firms.
Middle East enters 'new order' after Arab Spring
Political risk across 13 countries has eased in the post-Arab Spring world according to Aon’s annual political risk map.
Lawyers question post-Jackson litigation potential
Lawyers have questioned whether the introduction of costs budgets for claims disputes in court might lead to further litigation in cases where insureds feel their claims history has been affected.
World Bank and Eiopa commit to developing insurance globally
The European Insurance and Occupational Pensions Authority has joined forces with the World Bank on an initiative to develop the insurance sector.
IFB and Acpo to share fraud intelligence
The Insurance Fraud Bureau and the Association of Chief Police Officers have signed an agreement to share intelligence on organised criminal gangs and combat insurance fraud.
Insurance Europe airs concerns over Solvency II interim proposals
Trade body Insurance Europe has written to the European Insurance and Occupational Pensions Authority opposing the introduction of compulsory quantities reporting amid fears they may cause “unnecessary costs.”
Post magazine – 14 March 2013
The latest edition of Post magazine is now available to subscribers as a digital and interactive e-book.
Industry expresses surprise as FSA probes use of private investigators
The Financial Services Authority has launched an investigation into insurance firms’ use of private investigators after becoming suspicious they are being deployed as a “tactical tool” to slash valid claims payments.
Your Say: Insurers can influence metal theft
While parliament is yet to agree the scope and specifics of the Scrap Metal Dealers Bill, what is certain is the scrap metal industry is facing tighter controls than ever before.
Your say: More metal theft debate is needed
I’m pleased to see MP Richard Ottaway’s private members bill, the Scrap Metal Dealers Act, receive Royal Assent. Its aim is to regulate the industry, crack down on cash payments and eliminate rogue traders.
Jobs at risk as KPMG feels bite of Solvency II delays
Up to 40 actuarial jobs are at risk at KPMG as the accountancy giant feels the pain of uncertainty around the timeline for Solvency II coming into force.
Apil: Insurers will ‘call the shots’ under whiplash proposals
Insurance companies are set to “do the best for themselves” by paying less than the fair level of personal injury compensation in the small claims court, according to the Association of Personal Injury Lawyers.
SII interim measures could bring costs without benefits, warns Insurance Europe
Insurance Europe has raised concerns about the impact of interim measures in the wake of Solvency II delays, in a letter to the head of the European Insurance and Occupational Pensions Authority.
Westinsure boss Erwin mulling over appeal on 20% tax ruling
Westinure is considering an appeal against a ruling upheld by the First-tier Tribunal stating that broker networks that provide better deals via larger insurers must charge members full UK VAT at 20%.
China cautious over financial super-regulator
Chinese officials have yet to decide whether to create a new regulator overseeing the insurance, banking and securities sectors.
FSA to ask for disclosure of claims data
The Financial Services Authority has published a discussion paper into transparency and effective disclosure as tools to improve accountability and build consumers’ trust.