Regulation
Editor's comment: Bowing out from Brussels
Complaining about the influence of the European Union on British affairs is almost as much a talking point as the weather in the UK, but insurers have fair grounds. Since Solvency II was first proposed, many in the UK insurance industry believe the…
Smaller brokers have nothing to fear from Financial Conduct Authority
An ageing workforce rather than more stringent regulation is likely to drive consolidation of smaller brokers in the year ahead, according to market experts.
Insurers and lawyers lock horns over plans to cut recoverable claims costs
The Association of British Insurers has accused claimant lawyers of attempting to derail “crucial” reforms to the electronic personal injury claims portal by launching a judicial review.
UK regulator committed to risk-based regulation regardless of EU status
Plans to implement Solvency II will not be derailed by the Prime Minister’s pledge to hold a referendum on European Union membership if he is re-elected at the next general election.
Regulation: Staggering Along
The switch from the Financial Services Authority to the Prudential Regulation Authority and the Financial Conduct Authority could prove tricky — especially with Solvency II on the horizon.
Firm launches social media compliance tool for insurers
Many insurers are shying away from social media due to compliance fears, according to information capture and content management provider Integritie.
Risk costs could be cut by 50% in proposed EL/PL claims regime
Garwyn Group estimates that defendant’s risk costs could be reduced by half under the fixed costs scheme currently outlined.
HGV ‘crash for cash’ fraudster jailed
A gang member who deliberately caused a crash with a heavy goods vehicle to make a fraudulent insurance claim has been jailed for a year.
Impact study likely to cause further SII delay
The implementation of Solvency II faces further delay due to the launch a long-term guarantees assessment impact study by the European Insurance and Occupational Pensions Authority, KPMG has warned.
Trade body welcomes Eiopa revisit of long-term guarantees
The European Insurance and Occupational Pensions Authority has launched a technical assessment to find the most appropriate treatment of long-term guarantees under the forthcoming Solvency II regulations.
P&C insurers better placed than life firms to weather economic storm
Property and casualty insurers are better positioned to withstand a slow growth environment compared to life insurers, which will be more impacted by the weak global economy given they are mainly "discretionary" purchases and the low interest rates,…
Sony fined £250,000 for Playstation data breach
The UK Information Commissioner’s Office yesterday confirmed that it has fined Sony £250,000 for a ‘serious breach’ of the Data Protection Act.
Europe’s hidden gems
Insurers branching out in Asia and other far reaches seem to be grabbing the headlines of late but as Francesca Nyman explains, there are still plenty of opportunities for insurers closer to home.
SRA embraces referral fees ban for PI cases
The Solicitors Regulation Authority board will amend the Solicitors Code of Conduction to incorporate the ban on referral fees in personal injury cases.
Eiopa moves to calm German concerns over Solvency II
The European Insurance and Occupational Pensions Authority will look into the treatment of long-term guarantees in a study starting next week.
Two new non-executive directors join FSCS board
The Financial Services Authority has appointed two new non-executive directors to the board of the Financial Services Compensation Scheme.
Eiopa to review long-term guarantees proposals
The European Insurance and Occupational Pensions Authority will look into the treatment of long-term guarantees in a study starting next week.
Claims Portal progress awaits MoJ verdict
Claims Portal Limited said that it is reliant on draft protocols, forms and rules as it prepares the software for the Ministry of Justice's 1 April deadline for the planned extension to the Claims Portal.
Top five Asian news stories
The top five Asian stories from www.insuranceinsight.com over the past seven days.
Renewable energies present opportunities worldwide
UK insurers risk missing out on the big economic opportunities of renewable energy, according to Steve Kingshott, RSA's global director of construction, engineering and renewable energy.
Lords vote down 'sunset clause' for Scrap Metal Dealers Bill
The House of Lords has rejected an amendment to the Scrap Metal Dealers Bill which stipulated that the legislation would expire five years after it came into force.
FSA confirms PPI deadline talks
The Financial Services Authority has confirmed that it is in talks with the British Bankers' Association about a possible time limit for payment protection insurance complaints.
European Parliament clamps down on rating agencies
Rating agencies' shareholdings in rated firms are to be capped to reduce conflict of interest under new rules approved by the European Parliament.
European Parliament clamps down on rating agencies
Rating agencies are to have their shareholdings in rated firms capped to reduce conflict of interest under new rules approved by the European Parliament.