Regulation
LEIG “concerned” at MOJ paper response time
The Legal Expenses Insurance Group has said that it is “concerned” that the recent Ministry of Justice defamation consultation paper only gave four weeks for responses.
Rims “dismayed” at contingent commissions decision
The Risk and Management Society has expressed its dismay at the New York Insurance Department and Attorney General’s decision to allow brokers Aon, Willis and Marsh to accept contingent commissions.
AIG to keep up to $500m of derivatives on balance sheet
AIG is to keep $500m of derivatives from its defunct AIG Financial Products unit, Reuters has reported.
Chartered Broker Status: Raising the bar
Now entering its third year, Leigh Jackson assesses take-up and any tangible benefits of the CII's corporate chartered status for brokers.
Motor Claims 2010: Ombudsman calls for credit hire clarity
The Financial Ombudsman Service's lead insurance specialist has called for clarity on behalf of consumers around the use of credit hire operators in the insurance industry.
Motor Claims 2010: ABI calls for MoJ reforms co-operation
The Association of British Insurers has called on its members and the legal profession to work together to ensure the Ministry of Justice's new motor claims handling process is a success.
Motor Claims 2010: Insurers must plan for PPO increase
The insurance industry has been urged to put plans in place to manage an increase in injured claimants requesting periodical payment orders.
Motor Claims 2010: Time issues worry Zurich boss
Ministry of Justice personal injury reforms will place greater time constraints on insurers than claimant lawyers, according to Tony Emms, motor claims director at Zurich.
Motor Claims 2010: All change for motor
The UK motor claims sector is going through a period of rapid change, with the impending introduction of the Ministry of Justice reforms very high on the industry's agenda.
In series: Solvency II - Making it work
Andrew Power urges insurers to focus on the opportunities Solvency II creates, rather than getting bogged down in the mechanics of implementation.
In Series: Solvency II - Getting the message through
Insurer thinking has evolved over the issue of Solvency II and Sam Barrett explains how they are being won round to seeing the potential benefits of implementation.
Publicity order for Act
Any organisation guilty of an offence under the Corporate Manslaughter Act is potentially liable to a publicity order, requiring it to publicise details of its conviction and sentence from this week.
Short-sighted insurers are blasted after ELIB greenlight
The Trades Union Congress has backed proposals to establish an Employers' Liability Insurance Bureau, claiming it will stop companies "weaselling" out of employee responsibility.
Industry united in FSA fee opposition
The insurance industry has voiced its concern over the Financial Services Authority's "value for money" after the regulator announced increases to regulatory fees for the next 12 months.
Jacobs exits ABI for new role at FSA
Justin Jacobs is leaving the Association of British Insurers to work in a newly created role at the Financial Services Authority.
MoJ draft rules agreed
The Ministry of Justice road traffic accident personal injury draft rules have been agreed and signed off by the rules committee.
Credit hire bodies in talks to create single industry voice
The Accident Management Association and National Association of Credit Hire Operators are poised to merge, Post has learnt.
Pick of the week
Post reporter Leigh Jackson outlines some of the major stories from this week's issue of Post Magazine.
Willis, Aon and Marsh reach agreement with NY insurance superintendent
The new agreement specifically recognizes that brokers met its obligations under the 2005 AOD over the last half decade, and ends many of the requirements imposed by the agreement.
Biba: FSCS PPI levy “galling” for brokers
The British Insurance Brokers’ Association has claimed that the Financial Services Compensation Scheme an interim levy of £20m to fund failures involving the sale of payment protection insurance is “galling” for insurance brokers.
Provident rating improves to positive
Standard and Poor's has revised its rating of Provident Insurance based on its proposed sale by GMAC.
FSCS predicts increase in PPI compensation claims
The Financial Services Compensation Scheme has forecasted an increase in payment protection insurance compensation claims for the rest of the financial year and into 2010/11 - which could increase the levies on insurance firms.
FSA proposes 10% increase in regulatory fees for 2010/11
The Financial Services Authority has announced its proposed annual funding requirement for 2010/11, with increases of 10% in regulatory fees cited as necessary to provide more “intensive” and “intrusive” supervision.