Regulation
ING wins deadline reprieve for insurance divestments
Dutch Financial services group ING has won an extension to the period in which it must divest its insurance operation, after reaching an agreement with the European Commission and the Dutch state.
EC urged to limit bank bail-in mechanism
Insurance Europe has called on the European Commission to limit the potential use of the proposed 'bail-in' mechanism, under which authorities could write down the claims of unsecured creditors of a failing credit institution.
Bluefin adds five to broker network
Five new brokers have joined Bluefin’ broker network Broker Partnership Services.
Apil challenges MoJ portal plans
The Association of Personal Injury Lawyers has started a process that could lead to a judicial review into planned reforms of the Road Traffic Accident Portal.
MoJ: Discount rate review on track
The Ministry of Justice has confirmed the second part of the discount rate consultation is on schedule to be issued before the end of the year.
Solvency II can be good for captives, Aon says
The Solvency II regulatory framework presents challenges for parent organisations and their captives structures, but it can also bring benefits, according to Markus Mende, Aon Risk Consulting's group managing director.
Debate on FCA regulation of CMCs reaches parliament
The Association of British Insurers received government endorsement for its proposals that claims management companies should be regulated by the incoming Financial Conduct Authority after dismissing proposed Claims Management Regulator changes as …
Apil urged to 'put words into action' on whiplash fraud elimination plan
The Association of Personal Injury Lawyers' often frosty relationship with the insurance industry has shown signs of thawing after its proposal for eliminating fraudulent whiplash claims was met with tentative approval.
XL named as largest solicitors' PI provider
The Solicitors Regulation Authority has named XL as the largest player in the solicitors' professional indemnity insurance market.
Metal Theft Bill moves on to the House of Lords
After a lively debate in Parliament last week, the Scrap Metal Dealers Bill has passed its third reading and moved on to the House of Lords.
MPs call for Financial Conduct Authority to regulate CMCs
MPs spoke in favour of referring Claims Management Companies' conduct to the incoming Financial Conduct Authority during a debate at Westminster Hall.
Myanmar corruption could be obstacle for insurers
Corruption is one of the many stumbling blocks facing insurers entering Myanmar's fledgling insurance market, industry insiders have told Reuters.
CMCs face fee hike under MoJ proposals
The Ministry of Justice has suggested raising application fees for new claims management firms in the coming year from £950 to £1400.
Solvency II regulators must be more empathetic, KMPG says
Consultancy firm KPMG has outlined a series of measures that could be adopted to promote a more "robust" Solvency II framework and please regulators and businesss.
Top five European news stories
The top five news stories from www.insuranceinsight.com over the past seven days.
LMA seeks clarity over impact of sanctions on marine fuel oil
The Lloyd's Market Association has sought reassurances from the UK government after concerns that insurers could fall foul of EU sanctions by insuring vessels that have inadvertently taken on Iranian oil as fuel.
More pragmatic solution for Solvency II needed, says L&G chief
The head of UK insurer Legal & General has lambasted proposed Solvency II measures, saying they are unlikely to work in their current form and may need to be redrawn, Reuters reported.
Hiscox underwriters to differentiate between brick and stone buildings
Hiscox is updating its underwriting rules on buildings cover to reflect the difference in rebuilding cost between stone and brick properties.
Top five Asian news stories
The top five Asian news stories on www.insuranceinsight.com over the past seven days.
RTA Portal extension presents "minefield" of deadlines, says Garwyn
Garwyn's chief executive has said that the 20-page draft pre-action protocol for the RTA Portal extension to cover EL and PL claims is "in danger of becoming too complex to be workable".
IFED charges seven 'ghost brokers'
The Insurance Fraud Enforcement Department has charged seven people with conspiracy to defraud and other fraud related offences.
Biba devises alternative FSCS funding model
The British Insurance Brokers' Association has proposed an alternative structure for the Financial Services Compensation Scheme funding model.
ILGS ignores what claimants do with damages, says Kennedys
The current use of index-linked government stock ignores the reality of what claimants do with their damages, according to law firm Kennedys.
Cameron McKenna backs FSA Solvency II timetable change
City law firm Cameron McKenna has commended the Financial Services Authority for adapting its implementation timeline for Solvency II.