The Financial Conduct Authority has shut down Inspire Insurance Services and ordered the broker to ringfence relevant funds in a string of sweeping instructions.
A Financial Conduct Authority letter to claims management company CEOs could foreshadow hefty enforcement action, industry sources told Post.
The Financial Conduct Authority has cautioned brokers and managing general agents not to assume someone is “fit and proper” for roles under the Senior Managers & Certification Regime, with the expectation being that “some” staff will not meet standards.
The Supreme Court will start hearing the appeals of six insurers, the Hiscox Action Group and the Financial Conduct Authority in the ongoing Covid-19 business interruption test case on Monday 16 November, the FCA has confirmed.
With an April 2021 launch date still on the table for the small claims portal, the government has been urged to do it right rather than “rushing” it.
The Financial Conduct Authority’s Dear CEO letter at the start of September revisited its concerns about insurance intermediaries being at risk of financial failure during the Covid-19 crisis and the need to plan for orderly wind-downs.
Possible changes to the prudential regulations governing UK insurers could be limited by a desire not to stray too far from the EU’s Solvency II regime, a partner at Mazars has told Post.
The Financial Conduct Authority has publicly censured Aviva for a 2018 announcement that the regulator found “had the potential to mislead the market”.
The Department of Justice for Northern Ireland has decided against changing the country's personal injury discount rate until a revised legal framework is in place.
The world is devoting a lot of energy into finding a vaccine or ‘cure’ for Covid-19. We should know by now that false hope is not an antidote.
Local lockdowns raise new questions about business interruption claims, particularly for the sector most affected by the latest measures: the hospitality industry. Forum of Insurance Lawyers members Laura McMillan, insurance and risk partner at Brodies,…
The Covid-19 pandemic is dislocating economies around the world. It has also presented a unique test for property and casualty insurers: a surge of losses and a hit to assets, combined with a sudden shift to remote working, writes Clyde & Co partner…
The impact of Covid-19 on the cruise ship industry has been graphically displayed recently on social media with the first vessels being run up the beaches in Turkey in preparation for recycling. Ian Butterworth, Forum of Insurance Lawyers member and…
Brokers called for the government to introduce a zero-rate insurance premium tax for young driver telematics policies in oral evidence at the Transport Committee’s inquiry into road safety and young and novice drivers.
The business interruption test case is meant to be about co-operation to find clarity. Qatar Insurance Company’s attempt to intervene has rocked the boat.
The insurance industry is navigating a period of economic instability and is still unsure what long-term effects the pandemic will have on direct and indirect taxes. Despite this lack of current clarity, it is sensible to plan for all eventualities,…
Brightside’s Brendan McCafferty on why the insurance industry needs to get real on its social contract
The insurance industry needs to find the right answers quickly if it is going to rebuild its reputation with the public, particularly after the recent business interruption court case and dual pricing headlines, says Brightside CEO Brendan McCafferty.
Six insurers and the Financial Conduct Authority have been granted permission to fast-track an appeal of last month’s business interruption test case judgment to the Supreme Court.
During Friday’s business interruption hearing, the court rejected an eleventh hour application by insurer QIC Europe Limited to intervene in the Financial Conduct Authority's test case.
A ranking of the top 100 Prudential Regulation Authority-regulated UK insurance companies, with each business broken down by gross written premium, net written premium, underwriting result, retention ratio, solvency capital requirement and SCR Ratio.
I’m a firm believer that even when you are facing your darkest days things will be better on the other side and good things will always follow.
The 100 largest UK-regulated insurers reported a combined underwriting profit in 2019, albeit lower than in 2018. Bond yields fell in 2019, however, investment earnings benefited from the strong performance of equity markets. How will the impact of the…
It is the year 2030. Following the success of 2019’s Blueprint One and 2025’s Blueprint Two [which also co-opted in the IUA and broader stakeholder representation], Lloyd’s and the wider London market is now ready for the highly anticipated third…
Ardonagh has offered to sell motorcycle specialist Bennetts to address the concerns of the Competition and Markets Authority and avoid a “long, burdensome and expensive phase two enquiry”.