Regulation
Three things you need to know about the PRA’s Solvency plans
Analysis: Emma Ann Hughes unpicks the devilish details in the Prudential Regulation Authority's 182-pages of proposals to throw the European Union's capital requirements for general insurers on the Brexit bonfire.
Insurers must right their wrongs for vulnerable customers, says FCA
Home and motor insurers need to put the “wrongs right” and “improve their treatment” of vulnerable customers as the cost-of-living squeeze continues.
It’s insurtech Jim, but not as we know it - Lemonade’s PRA authorisation shows intent
Content director's view: Jonathan Swift looks at Lemonade's landmark PRA authorisation and two second claim record and contemplates whether the once start-ups trek to the mainstream is entering the final frontier.
Chancellor to sign EU financial services co-operation agreement
Jeremy Hunt, Chancellor of the Exchequer, will sign an agreement on financial services co-operation with Mairead McGuinness, European commissioner for financial stability, financial services and the capital markets union.
Joined-up data is key to Consumer Duty compliance
Risto Rossar, founder of insurtech Insly, says insurers that still rely on Excel, Word, and a mishmash of management systems will fail to comply with the FCA's Consumer Duty.
Urgent steps insurers must take to comply with the FCA’s Consumer Duty
With only a month to go until the Financial Conduct Authority's Consumer Duty comes into force, Laura Miller explores what steps can be taken to make sure insurers comply with the rules.
More FCA action against AR brokers is nigh
Sue Mallender, senior consultant of regulatory consultancy Sicsic Advisory, has warned the regulator is likely to place restrictions on more appointed representative general insurance broking businesses in the months to come.
Davies to face no regulatory action over cyber attack
The Financial Conduct Authority and Information Commissioner’s Office won’t be taking action against Davies Group following last summer’s cyber attack.
Bank of England to test mini-Budget-type stress on insurers
The Bank of England has launched its first “system-wide exploratory scenario” to throw light on the behaviours of insurers, banks and investment funds in stressed financial market conditions.
Ifed reports surge in opportunistic fraud
The City of London Police’s Insurance Fraud Enforcement Department has reported a growing number of people making fraudulent insurance claims as a result of cost-of-living pressures.
EU moves forward with AI regulation
The use of artificial intelligence in the EU will now be regulated by the AI Act to ensure that AI developed and used in Europe complies with EU rights.
FCA restricts activity of four insurance broking firms
The Financial Conduct Authority placed restrictions on four insurance brokers it fears are failing to ensure their appointed representatives comply with the regulator’s rules.
Motor accident solicitors back calls for compulsory e-bikes and e-scooters insurance
The chair of the Motor Accident Solicitors Society has backed calls from politicians for compulsory insurance to be considered as a requirement for e-bikes and e-scooters.
Cancer charity slams travel insurers over ‘unfair’ pricing
A Hampshire-based cancer charity has secured more than 133,000 signatures calling for more affordable travel insurance and has taken the battle to the Association of British Insurers and Financial Conduct Authority.
View from the top: Why the Consumer Duty will strengthen third-party partnerships
Sharna Thomson, head of customer claims at Zurich UK, considers how the FCA's Consumer Duty requires insurers and brokers to make sure their third-party partners adhere to the new rules too.
Trade Voice: CII’s Connell on avoiding unconscious bias as the industry adopts AI
Dr Matthew Connell, director of policy and public affairs at the Chartered Insurance Institute outlines ways the industry can ensure AI is being used fairly, avoiding unconscious bias as we approach the implementation of Consumer Duty.
Scor leaves NZIA and commits to Norwegian gas and oil exploration
Reinsurer Scor has become the latest founding member to leave the Net-Zero Insurance Alliance, CEO Thierry Leger announced at the company’s annual general meeting.
Q&A: Melissa Collett, CII
In her final days at the Chartered Insurance Institute, Melissa Collett, professional standards director, reflects on the challenges facing the 126-year-old organisation and shares her hopes for the future.ding and membership body.
Swiss Re joins Net-Zero Insurance Alliance exodus
Swiss Re has joined Zurich, Hannover Re and Munich Re in turning its back on the Net-Zero Insurance Alliance.
How insurers can crackdown on sexual harassment
Hannah Mahon, partner at Eversheds Sutherland, reveals how small changes to employment tribunal claims forms could help insurers measure the impact of steps to crack down on sexual harassment.
Brokers vote for regulatory stability as top desire
A period of stability with no regulatory or legislative changes topped the wish list among attendees polled at the British Insurance Brokers’ Association conference in Manchester yesterday.
View from the top: Why getting personal is key to Consumer Duty compliance
Michelle Bree, chief operating officer at Gallagher, says the Consumer Duty presents a unique opportunity for the industry to get closer to customers and build trust.
FCA flags concerns about 'tick-box' approach to fair value
Insurance firms are applying a ‘tick-box’ approach to fair value assessments, according to the Financial Conduct Authority’s director of general insurance Matt Brewis.
FCA urged to tackle unacceptable regulatory burden on brokers
The Financial Conduct Authority has been urged to address the “unacceptably high” regulatory burden faced by insurance brokers.