Regulation
German watchdog makes light of Solvency II delays
The postponement of Solvency II is not a major problem, according to Felix Hufeld, the head of German regulator BaFin’s Insurance Supervision Directorate.
Chinese insurers to implement new anti-money laundering rules
Insurers and banks in China have been given a December 2015 deadline by the People's Bank of China to implement new anti-money laundering rules.
Top five European news stories
The top five stories from www.insuranceinsight.com over the past seven days.
CIRC raises insurer share cap for domestic investors
The China Insurance Regulatory Commission has raised the limit for domestic investors in insurers to 51%.
Post magazine – 18 April 2013
The latest edition of Post magazine is now available to subscribers as a digital and interactive e-book.
Balva’s UK ban raises questions over SRA list of qualifying PI insurers
A move by the Latvian regulator to suspend the passporting rights of Riga-based insurer Balva has reignited broker concerns about the presence of unrated insurance companies operating in the UK market.
Regulation: A heavy crown
The downfall of the Financial Services Authority was met with resounding support. However, as its successors take over sceptics ask whether the twin peak model might create more discontent in the industry.
FCA warns of ‘clone’ insurance broker
The Financial Conduct Authority has issued a warning over an unauthorised firm trading under a similar name as the established and FCA-regulated insurance mortgages intermediary, KBP Insurance Service.
SRA reassures firms using Balva Insurance
The Solicitors Regulation Authority has reassured firms using Balva Insurance for its professional indemnity following a regulatory ban on the firm to underwrite policies in the UK.
Expertise must underpin legal process warns law firm
Deficient IT processes operated by “under-qualified fee-earners” are accountable for missing serious injuries in up to 10% of low-value personal injury cases, a law firm has suggested.
Balva banned from writing UK business
The Solicitors Regulation Authority is writing to legal firms holding professional indemnity policies with Latvian insurer Balva after it was barred from writing new business in the UK.
Balva banned from writing UK business
The Solicitors Regulation Authority is writing to legal firms holding professional indemnity policies with Latvian insurer Balva after it was barred from writing new business in the UK.
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.