Regulation
Indian watchdog hits SKS with Rs50 lakh fine
Shares in Indian finance firm SKS Microfinance fell 2.39% after it was fined Rs50 lakh by the Insurance Regulatory and Development Authority.
KPMG criticises ‘disappointing’ lack of SII timetable
KPMG has branded the lack of a timetable for the implementation of Solvency II as ‘disappointing’, as the European Parliament vote to delay the vote of Omnibus II to 22 October 2013.
Solvency II compliance could move to 2016 following latest delay
The European Parliament plenary meeting to consider, and possibly approve, the Omnibus 2 amendments to the Solvency II directive has been moved back from 10 June to 22 October 2013.
Efra chair McIntosh moves to calm fears over raising IPT to cover flood risks
Industry players have been reassured that a proposal to use a proportion of insurance premium tax to resolve a flood debate impasse relating to contingent liability will not result in a rise in IPT.
Motor Claims 2013: Canada PI fee cap could be emulated
Canada may hold the key to regulatory reform of personal injury motor claims, according to Enterprise liability claims and risk manager Nigel Goodall.
China allows insurers to sell mutual funds
Chinese insurers will be allowed to sell mutual funds to the public as regulators look to increase the role of institutional investors in its capital markets.
Top five European news stories
The top five European news stories from www.insuranceinsight.com over the past seven days.
Bailey named Prudential Regulation Authority CEO
Andrew Bailey has been named deputy governor for the Bank of England, which will also make him chief executive of the Prudential Regulation Authority.
Towers Watson adds to M&A team in Singapore
Professional services firm Towers Watson has appointed Alan Merten (pictured) as director, risk consulting & software, and a member of its Asia Pacific leadership team.
RTA Portal's protocols, forms and rules to be decided in March
The Ministry of Justice has confirmed the meeting to decide on the final form of the protocols, forms and rules will take place on 8 March 2013.
Bahrain woos international players with new takaful model
Bahrain’s insurance regulator hopes new regulations will make Bahrain the jurisdiction of choice for takaful and retakaful globally.
New CPR will benefit insurers
The Civil Procedures Rules update announced by the Ministry of Justice will provide “massive savings” for insurers, according to the Motor Accident Solicitors Society.
Mass: 'Aviva has identified the problem but not the solution'
Access to independent legal advice is likely to lower the number of fraudulent and whiplash claims, according to the Motor Accident Solicitors Society.
UK court confirms 9/11 was double reinsurance event
The Commercial Court's move to uphold an earlier legal decision that the 9/11 World Trade Center attacks arose out of two events rather than one is "of considerable interest to the insurance and reinsurance market", according to law firm Herbert Smith…
Kennedys calls for claimants to reveal their damages investments
Insurance law firm Kennedys is calling for claimants to reveal how they invest their damages in a bid to encourage debate around the second discount rate consultation.
Insurance Europe publishes Solvency II helper tab
Insurance Europe has published a helper tab to assist insurance companies that are taking part in the technical assessment currently being run by the European Insurance and Occupational Pensions Authority.
MoJ consults on discount rate's legal framework
The Ministry of Justice has published the second part of the review on the discount rate consultation, which will focus on the legal parameters governing the way the rate is prescribed and will explore the use of periodical payment orders.
Solvency II is biggest challenge for captives says AM Best
European captives have weathered the global economic downturn well, but the implementation of Solvency II remains among the biggest challenges for the sector, according to a report from AM Best.
Pothole claims double in January
The number of insurance claims for pothole-related damage to cars more than doubled in January to 1000, compared with the same month last year, according to estimations by AA Insurance.
Apil and Mass’ RTA judicial review ‘rolled up’ for hearing
The Association of Personal Injury Lawyers and the Motor Accident Solicitors Society legal challenge in relation to recoverable fixed fees in the RTA portal is to be listed for a 'rolled up' hearing as soon as possible.
Rehab code use in PI claims continues to rise
The Rehabilitation code is now “a fully established part of the claims process”, according to a report by the International Underwriting Association and the Association of British Insurers.
Hong Kong Federation of Insurers warns of over-regulation
A senior member of the HKFI wants important changes made to the proposed remit of the new Hong Kong independent regulator, as the industry moves away from self-regulation.
"On request" system better for GI says Bernardino
A shift towards mandatory commission disclosure for Europe’s general insurance intermediaries is unnecessary, according to the head of the European Insurance and Occupational Pensions Authority.
Efra chair pushes alternative flood-risk proposal as SoP pressure mounts
The possibility of using a proportion of insurance premium tax to subsidise a pool of last resort for flood-prone homeowners has been championed by the chair of the Environment, Food and Rural Affairs Committee.