Regulation
Quindell boss outlines FTSE ambitions
Quindell chief executive and chairman Rob Terry has outlined his strategy to lead the business he founded nine years ago into into a FTSE-100 company through acquisitions and organic growth.
Biba "disappointed" with IMD revisions
The British Insurance Broker’s Association said it was “very disappointed” by the five year timetable set for mandatory commission disclosure in the draft version of the Insurance Mediation Directive II.
Biba slams European timetable for commission disclosure
The British Insurance Brokers’ Association has accused the European Commission of ignoring the views of major financial and insurance bodies in its decision to impose a timetable to mandate disclosure of insurance commissions.
Solvency II implementation date confirmed
The 1 January 2014 implementation date for Solvency II was confirmed by the European Parliament today.
IMD draft confirms mandatory disclosure for GI brokers by 2017
A draft of the revised Insurance Mediation Directive released by the European Commission has confirmed broker’s fears regarding commission disclosure.
Guernsey issues 63 insurance licenses in 2012
Guernsey issued 63 new licenses to international insurance entities in the first five months of this year.
Liberty Mutual joint venture to start writing Indian business
Liberty Mutual Insurance joint venture, Liberty Videocon General Insurance Company Ltd, has been granted regulatory approval to begin operating in India.
PE interest to shake up motor insurance market
Growing interest in motor insurance from private equity firms is likely to increase dynamism in the sector, according to Ernst & Young.
Indonesia appoints head of new financial watchdog
Indonesia's parliament has chosen Muliaman Hadad, a deputy governor at the country's central bank, as chairman of a new financial services authority.
CIRC guidelines aim to entice private investment in insurance
China's insurance regulator has unveiled guidelines designed to encourage private investment in the state-owned, asset-dominated insurance industry, the China Daily reported.
Top five European news stories
The top five European stories from www.insuranceinsight.com over the past seven days.
Barnier assures brokers IMD regulation will be 'proportionate'
European Commissioner Michel Barnier has said the revision of the Insurance Mediation Directive is "an important step in restoring consumer confidence in the financial sector".
Indian regulator launches consumer education website
The Indian Insurance Regulatory and Development Authority has launched a new website to help educate consumers about insurance matters.
MAS to consult on risk-based capital framework in Singapore
The Monetary Authority of Singapore has released a consultation paper on the review of the risk-based capital framework for insurance business.
China to allow insurers to manage offshore yuan funds
China has agreed to allow insurers to manager offshore yuan funds, along with fund houses and brokerages, Shanghai Securities News reported.
MGAs need to focus on EL and PL changes, BLM urges
Managing general agents have been urged to consider the implications of changes in costs regimes and processes for handling employers' liability and public liability claims, due to be implemented in 2013.
Scrap metal bill to get second reading in House of Commons
A Private Member's Bill that would give local councils and the police greater powers to suspend and revoke the licences of dodgy scrap metal dealers is to undergo a second reading in the House of Commons next month.
CII awards industry veterans for commitment to insurance
The Chartered Insurance Institute has honoured Dr Peter Williams and Graham Doswell with the President's Award for dedication, commitment and professionalism.
Mutual insurer Standard Club exposes Russian weapons consignment
The Standard Club has helped to uncover a ship reportedly carrying refurbished attack helicopters from Russia to Syria.
EU insurers to bounce back from possible Greek euro exit
The European insurance sector should be able to absorb shocks arising from a hypothetical Greek exit from the euro, provided the exit was orderly.
FSA kept budget spending down, annual report reveals
The Financial Services Authority deliberately underspent on its annual budget as it was “very conscious of the need to control costs, particularly given the difficult environment that firms are operating in”.
European insurers remain well capitalised, says Eiopa
The majority of European insurers are well capitalised in terms of current Solvency regulations, although Solvency capital ratios are starting to decrease slightly, according to the European Insurance and Occupational Pensions Authority.
Top five Asian news stories
The top five Asian stories from www.insuranceinsight.com over the past seven days.
Oil markets blasé as sanctions force Iran's Asian buyers to cease imports
Iran's Asian oil buyers look set to halt imports when EU sanctions come in on 1 July, with potential repercussions for the global oil market.