Regulation
EY predicts busy 2016 for insurers with SII implementation
Professional services firm EY has warned insurers and regulators to prepare for a busy 2016 as companies start to embed the Solvency II Directive.
Contracting out of the Insurance Act 2015
The Law Commission has consulted with the insurance market over eight years prior to the Consumer Insurance (Disclosures and Representations) Act 2012 and the Insurance Act 2015. Both Acts were based on the market's view of best practice.
ABI reassures policyholders they will not be affected by SII
UK insurers are well-prepared for the implementation of Solvency II capital rules on 1 January 2016, according to the Association of British Insurers, which has assured policyholders they will not notice any changes under the new scheme.
Review of the Year: Legal
For insurance lawyers, 2015 has been marked by the Medco portal going live in a sustained effort to reform whiplash claims. But the year has also seen major rulings regarding aggregation, costs and rates, all expected to have wide-ranging implications.
FCA urges further improvements on mobile phone insurance
The Financial Conduct Authority’s follow-up review into mobile phone insurance found while some firms have improved, there were still many who were not providing fair outcomes for customers.
PRA approves 19 SII internal models
The Prudential Regulation Authority has approved the use of a full or partial internal model under the Solvency II Directive for 19 insurers for use from 1 January 2016.
ABI criticises FCA's late decision on complaints rules timeframes
The Association of British Insurers is disappointed the Financial Conduct Authority's amendment to the implementation date for changes to complaints handling and reporting processes, announced today (4 December), has come too late to avoid insurers…
FCA transparency proposal deemed a 'partial solution'
Industry commentators have challenged the Financial Conduct Authority for putting forward a "partial solution" in its proposal that would require general insurers to publish the prior year's premium on renewal notices, announced today (3 December).
FCA posts alert about unauthorised insurer
The Financial Conduct Authority has issued a warning about an unauthorised insurance company, AJ Cox Insurance.
Fraud 2015: Collaboration is sharing knowledge not just data
There are too many databases and not enough pressure on the Claims and Underwriting Exchange to tackle fraud, Covéa Insurance’s head of financial crime told delegates at the Fraud Summit.
FCA launches big data investigation in GI sector
The Financial Conduct Authority has launched a "call for inputs" on the use of big data in the general insurance sector.
Allianz's internal SII model gets regulators' approval
Allianz Insurance, as part of the Allianz SE group, has gained regulatory approval to implement an internal model to calculate capital requirements under Solvency II.
Legal implications cited by insurers amid complex policy wording criticism
Insurers should be cautious about watering down legal policy wordings to make the documents easier to read, commentators have warned, despite new research showing one-third of policies are written for those with a university-equivalent reading level.
CMA private healthcare inquiry expected to rumble on despite positive findings
Health insurers are supporting the latest Competition and Markets Authority provisional findings released following an appeal of its final report into the private healthcare market, despite concerns the inquiry could rumble on for several more years.
The State of the Insurer Nation: Driving the industry forward
As the State of the Insurer Nation report comes to an end, what can the industry expect in the future and how can it move forward?
Companies warned to prepare for steeper fines and custodial sentences for H&S breaches
Companies and individuals convicted of health and safety offences will respectively face steeper fines and be subject to custodial sentences when new sentencing guidelines come into effect in February 2016, according to law firm Kennedys.
Industry united in call for FCA to be appointed CMC regulator
Insurers have rallied to support the Association of British Insurers' call for the Financial Conduct Authority to oversee the regulation of claims management companies.
Interview: Heather Wheeler: Picking up the baton
Heather Wheeler MP has taken over as chair of the All Party Parliamentary Group for Insurance and Financial Services. She talks to Post about her leadership style and what issues are on the agenda
Europe: Navigating the European maze
The European Union is in a state of flux, with a new parliament elected and an overhaul of the commission adding to an already complex institution. Where does this leave the insurance industry?
FCA proposes changes to improve communication
The Financial Conduct Authority has launched a consultation about how the financial services sector can improve communication with customers.
ABI defends position on diverted profits tax after Insurer Nation criticism
The Association of British insurers has defended its actions on diverted profits tax after coming in from criticism from insurers.
The State of the Insurer Nation: Week One: Regulation
In the first report of a five-part series covering Post’s latest State of the Nation survey, Mairi MacDonald reports on how regulation of the insurance industry is viewed by insurance CEOs and managing directors and how they think it could work better…
Editor's Comment: The Down Under conundrum
I’m all for encouraging the global imports and exports trade and, over the years, us Brits have adopted several Aussie traditions – such as throwing shrimps on the barbie, Kylie, Foster’s, Uggs, and, my favourite, Hugh Jackman.
Industry urges for home-grown FCA appointment
Industry commentators have been left perplexed by reports that Financial Conduct Authority head hunters have approached Australian regulator Greg Medcraft about the top job, and have urged the regulator to choose a CEO who will take the time to get to…