Regulation
Mass chairman responds to Dispatches motor insurer claims
Motor Accident Solicitors Society chairman Craig Budsworth has suggested that the Competition Commission looks into whether insurers are authorising motor repairs to be done to unequal standards depending on whether they are at fault or not.
Interconnectivity of environmental and economic risks is major threat
Environmental and economic risks are on a collision course as cash strapped governments struggle to cope with the increasing economic burden from natural catastrophes, according to the World Economic Forum.
Insurance Europe welcomes dialogue between EU and US on regulation
Trade body Insurance Europe has praised the dialogue between EU and US policymakers on insurance regulatory issues.
IRDA relaxes residence requirements for micro-insurance buyers
India's Insurance Regulatory and Development Authority has relaxed a rule requiring micro-insurance applicants to provide a confirmation letter from their bank, describing it as a barrier to financial inclusion.
Co-operative Bank fined over PPI claims handling
The Financial Services Authority has fined The Co-Operative Bank £113 300 for failing to handle payment protection insurance claims fairly.
Filipino insurers struggling with regulation and solvency requirements
Thirty-two insurers and mutual benefit associations in the Philippines are under various stages of conservatorship, receivership or liquidation, according to the country's Insurance Commission.
IAIS finalises policy for 'too big to fail' insurers
The International Association of Insurance Supervisors is finalising policy proposals for the risk management of globally systemically important insurers, or G-SIIs, commonly referred to as ‘too big to fail’.
MEP says gender ruling "flies in face of common sense"
Marina Yannakoudakis, MEP for London and Conservative Women's Rights spokesman in the European Parliament, has criticised the EU’s gender-neutral pricing rules which took effect on 21 December 2012.
Allianz fined $12.4m by SEC for improper payments in Indonesia
The Securities and Exchange Commission has charged Allianz SE with violating the books and records and internal control provisions of the Foreign Corrupt Practices Act for improper payments to government officials in Indonesia during a seven-year period.
Norway's Gjensidige enhances risk management architecture
Norwegian insurance company Gjensidige has enhanced its risk management architecture to help comply with Solvency II.
Geneva Association ‘concerned’ over G-SIIs policy measures
Insurance think-tank Geneva Association has expressed concerns that the International Association of Insurance Supervisors’ proposed policies for Global Systemically Important Insurers do not match the needs of the insurance industry.
IUA prioritises regulation and London Market modernisation for 2013
The International Underwriting Association has pledged to develop a new strategy for modernising business processes in the London Market in 2013.
SRA publishes list of European qualifying insurers
The Solicitors Regulation Authority has released information about insurers based in Europe and elsewhere that have signed up to the SRA's Qualifying Insurers Agreement.
Think tank suggests early intervention for systemically risky insurers
Insurers deemed to pose systemic risk should face three steps as part of an escalating "ladder of intervention", according to the Geneva Association.
BWise expands reach with Bangkok office
Governance, risk management and compliance software firm BWise has opened a regional office in Bangkok, Thailand.
Regulation and 2012 insured losses to shape insurance market in 2013
Partners at PwC predict that the Prudential Regulation Authority and the Financial Conduct Authority will be the "tip of the iceberg" for regulation next year.
Regulatory overhaul threatens Malaysia insurers' margins
Regulatory changes and on-going capital market volatility could challenge the earnings stability of Malaysia's insurance and takaful sector, according to Fitch.
Insurers anticipate 2016 Solvency II deadline
Insurers are reducing their Solvency II implementation programmes as they now expect the directive to come into force in 2016.
EIOPA declares insurance sector outlook 'significantly' negative
The financial stability of the European economy remains fragile, despite coordinated political efforts and actions taken by the European Central Bank.
Moody's launches Solvency II compliance tool
Risk measurement and management firm Moody's Analytics has added a Solvency II compliance tool to its enterprise risk solutions suite.
South Korean regulator voices concerns over local insurer solvency
The South Korean regulator has advised local insurers to increase their capital base.
Corporation tax could hit 20%: PWC
UK Chancellor George Osborne could shave corporation tax further next year following his announcement that it would fall to 21% by April 2014.
Barclays appoints former FSA boss Sants as compliance head
Former Financial Services Authority chief executive Hector Sants has been appointed head of compliance and regulatory relations at Barclays.
MGAs dubious on risk transfer consultation
Managing general agents suspect the FSA may have finalised new rules on risk transfer prior to closing its recent consultation.