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.
Small claims limit for PI likely to rise above £5 000 says Grayling
Justice Secretary Chris Grayling has confirmed the small claims limit for personal injury claims is likely to be increased from the current £1 000 to £5 000.
FSP to consult on voluntary standards
The Financial Skills Partnership will consult the financial services industry on a range of voluntary standards as part of its Leadership 21st Century initiative.
CMCs process £89m of the £136m FSCS paid in PPI claims
The Financial Services Compensation Scheme has paid out almost £136m in miss-sold pay protection insurance claims since 2008, with over £89m going through claim management companies.
Action Claims unveils new brand
Action Claims is rebranding as Action 365 as of today in a move that it hopes will reflect the portfolio of products and services it provides to its broker and insurer clients.
Williams: Judicial review to benefit claimant solicitors by £622m a year
David Williams, underwriting director of AXA commercial lines and personal intermediary, has claimed the judicial review launched by the Association of Personal Injury Lawyers and the Motor Accident Solicitors Society will benefit claimant lawyers by…
Legal reform will spark M&A for brokers, law firms and CMCs
Imminent changes to the legal landscape will lead to an increase in mergers and acquisitions among brokers, law firms and claim management companies, according to Deloitte.
PM: Dangerous driving sentences could be increased
Prime Minister David Cameron has suggested the government will explore increasing the maximum sentence for dangerous driving.
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.