Regulation
Would a state-owned motor insurer help ongoing policyholder woes?
Content Director’s View: With the political parties preparing for the next general election, Jonathan Swift mulls whether Labour Shadow Transport Secretary Louise Haigh’s promise to go on the offensive over the costs of motoring might have unintended…
Biba launches FVA framework after FCA scrutiny
The British Insurance Brokers’ Association has launched a new framework to help members better articulate fair value.
Podcast: What’s going on with pet insurance?
The Financial Conduct Authority is going to come knocking on pet insurer’s doors in the next 12 months, Catherine Carey, head of consumer strategy at Consumer Intelligence, has warned.
FCA CEO responds to Financial Services and Markets Act requirements
Nikhil Rathi, CEO of the Financial Conduct Authority, has outlined five ingredients he feels are essential to support international competitiveness and growth over the medium to long term.
‘Thousands’ of UK businesses yet to claim Covid BI compensation
UK law firm Stewarts has launched an online claims service to help the “thousands” of businesses heavily affected by Covid-19 that are yet to recover payment from their insurers.
Essential policy providers accused of price walking practices
Regulatory experts have urged insurers to check whether their pushing of “essential” home and motor policies isn’t replicating the price walking sales practices that have been banned by the Financial Conduct Authority.
PRA plans to supervise insurance branches post-Brexit
The Prudential Regulation Authority has set out how it will assess and supervise insurers based overseas with branches operating in the UK.
FCA rules out banning broker commission
The Financial Conduct Authority has ruled out banning broker commission, despite being concerned by “high” 62% charges for arranging cladding insurance.
Regulator monitoring motor insurance premiums
The Financial Conduct Authority is “monitoring” motor insurance prices amid skyrocketing premiums.
PRA to undertake general insurance stress test in 2025
In a statement released today, the Prudential Regulation Authority has revealed its intention to run a “dynamic general insurance stress test” some time in 2025.
Will MoJ plans for medical reports fix the claims portal?
Tom Luckham unpicks the Ministry of Justice’s proposals to change medical reporting requirements for road traffic accidents and examines the impact it could have on motor insurance claims.
FCA to hit brokers with fresh leasehold insurance reforms from 2024
The Financial Conduct Authority has issued a wave of reforms around leasehold buildings insurance, coming into force in the new year.
Lloyd’s captive pipeline ‘strong’ as government explores separate regulatory regime
Lloyd’s has signalled that the launch of the market’s first captive syndicates in decades could be close at hand.
Fair settlements should be ‘simply expected’ following FCA warning shot
Following a call to insurers from the Financial Conduct Authority to ensure fair value, industry commentators have said that fair value is “simply expected”.
FCA issues deadline for insurer action over Gap products
The Financial Conduct Authority has written to insurers warning that more action is required in order to guarantee good customer outcomes.
PRA won’t tell insurers how to spend £100bn Brexit dividend
Prudential Regulation Authority CEO Sam Woods has said it will be for the government, not regulators, to ensure insurers invest the dividends of forthcoming reforms in the UK.
FCA set to squeeze the insurance industry to ‘prove worth’
The Financial Conduct Authority is set to squeeze the insurance industry over the next 18 months, to prove to the next government it is a watchdog worth keeping.
Three-year time limit for new vehicle MOTs set to stay
The result of the Department for Transport’s consultation on the mandatory time limit for MOTs is likely to result in the rules remaining unchanged, Insurance Post can exclusively reveal.
Direct Line to refund £30m to overcharged home and motor customers
Direct Line has agreed to a past business review after the FCA found it had breached dual pricing rules, having charged some customers at renewal more than if they were a new customer.
Insurers should stop boasting about paying 99% of claims
Insurers need to stop advertising themselves as being a panacea and be honest with customers if the industry is to be trusted, according to James Daley, managing director of Fairer Finance.
How insurers are tentatively embracing AI
Analysis: Frances Stebbing explores how insurers are using generative AI, while recognising the risks and preparing for the incoming regulation for this type of technology.
Admiral welcomes slimming down of insurer reporting rules
The Prudential Regulatory Authority’s latest review of the regulatory reporting it requires from UK insurers has been welcomed by Admiral.
Financial Services and Markets Act: A victory against the regulator?
The Financial Services and Markets Bill was given Royal Assent on 29 June 2023, but is it a victory for the insurance industry – or a missed opportunity?
Diary of an Insurance PR: FWD Consulting's Elliot Lane
Motivational speaking to teenagers, preparing the industry for the cultural change required by the Consumer Duty, plus cricket chatter makes for an action-packed working week for Elliot Lane, joint managing director of FWD Consulting.