Regulation
FUEDI and CILA to demand IMD II clarity from Europe
The Chartered Institute of Loss Adjusters is becoming increasingly frustrated at being left in the dark as to how the "light touch" Insurance Mediation Directive will affect its members.
Insurers likely to back scrapping of motor insurance certificates
The insurance industry is likely to respond positively to the Department for Transport's proposal to eliminate motor insurance certificates.
Insurance Europe president calls for vital Solvency II solutions
The European insurance industry supports the goals of the forthcoming Solvency II regulatory regime but vital issues still need to be resolved, Insurance Europe’s president, Sergio Balbinot, told the Eiopa conference in Frankfurt today.
Axa confirms Taiwan exit
Axa is withdrawing from Taiwan after failing to gain a licence from the country's regulator.
Solvency II uncertainty challenging EU credibility, says Bernardino
Gabriel Bernardino today called on EU politicians to give a "strong commitment" towards the implementation of Solvency II, in order to prompt a clear and credible timetable for delivering the regime.
Top five European stories
The top five European stories from www.insuranceinsight.com over the past seven days.
MoJ proposes fixed recoverable costs for portal claims
Road traffic accident claims worth up to £10 000 will qualify for fixed recoverable costs of £500 under Ministry of Justice proposals for cutting legal costs for claims that fall within its RTA portal.
Metal theft is 'biggest problem' for property owners
The damage caused by thieves trying to steal metal is proving to be the biggest problem for property owners, according to Zurich.
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.