Regulation
Legal: Beware the Insurance Act Interregnum
Nick Young looks at what insurers can be doing to fill the ‘gap’ between governing legislations.
Trade Voice: Taking the first steps
Can the UK insurance sector learn anything from the Irish Consumer Protection Code 2012?
PRA publishes final rules for Solvency II implementation
The Prudential Regulation Authority has published its final rules for implementing the Solvency II directive alongside a consultation paper on the application process for the volatility adjustment.
Flood Re regulations laid before parliament
Flood Re's secondary legislation was yesterday (19 March) laid before parliament marking the completion of negotiations with government around the scheme.
SRA investigates two uninsured firms
Two uninsured law firms that should have closed at the end of 2014 are being investigated by the Solicitors Regulation Authority.
CMA remedies a ‘mixed bag' for Biba
The British Insurance Brokers' Association has welcomed the Competition and Markets Authority's move to extend the protected no claims bonus remedy deadline while deeming the recommendations in the regulator's private motor investigation final order a …
Ban on aggregator motor deals extended to smaller players
The Competition and Markets Authority has extended its upcoming ban on motor insurance aggregator deals to smaller aggregators.
FCA may be more open about interventions - report
The new head of supervision at the Financial Conduct Authority has hinted that the watchdog may provide more information about its interventions.
Demise of outbound call centres linked to customer attitudes, not cold-calling regulation
The days of insurers targeting policy sales via outbound call centres are “long gone”, according to industry insiders, who have cited evolving customer purchase methods for the demise of such call centres rather than incoming cold-calling regulation.
UK could be 'leader' in drone technology with right regulation says Lords committee
The UK could become a global leader in drone technology, but regulation is needed to ensure public concern about the safety of unmanned systems does not set the industry back.
A quarter of firms likely to miss Solvency II deadline
Most insurers expect to be ready for the reporting and disclosure requirements of Solvency II by the end of the year, however a significant minority will struggle to meet to deadline, a survey by financial adviser Grant Thornton has found.
Editor's comment: Golf anyone?
The image of an insurance non-executive director having an easy life where they just pop in and attend quarterly business meetings and spend the rest of their life on the golf course is long gone.
Solvency II NEDs told to ‘up their game' in face of increased regulation
The risk of a decreased talent pool has been highlighted by market players as a potential ramification of “onerous” regulation targeting non-executive directors at Solvency II insurance companies.
FCA whistleblowing proposals to cost large firms £280,000
A Financial Conduct Authority consultation that would require insurers to implement formal whistleblowing procedures has an indicative annual cost of £280,000 for large firms.
Blog: ERRA Update - Scotland poised to reverse the impact of s69?
The Enterprise and Regulatory Reform Act 2013 came into effect over a year ago. Brodies solicitor David Hennessy looks at the Act's impact and a bill proposed to reverse its effects
Political Interview: Matthew Hancock: A positive relationship
In the countdown to the general election, Post caught up with Matthew Hancock, Minister of State at the Department for Business, Innovation and Skills, to find out his views on the insurance industry
Brain Training ...handling client money
The top 10 things you should know about handling client money.
SII insurer NEDs to face same regulation as banks
Changes to the banking industry's senior managers regime that affect non-executive directors are to be implemented for Solvency II insurers, the Financial Conduct Authority says.
Company policies failing to protect vulnerable consumers finds FCA
The Financial Conduct Authority has challenged financial services firms to develop new approaches to support vulnerable consumers.
UK-based multinationals face VAT hike after HMRC decision
UK-based multinational insurers face a hike in their VAT bill from 1 January 2016 following a ruling by HM Revenue and Customs.
Political Interview: Steven Woolfe: Woolfe at the door
With the UK Independence Party preparing to swoop for an unprecedented number of seats on 7 May, the party’s spokesman for Financial Services and Immigration Steven Woolfe tells Post what his party would do in power
Brokers welcome changes to 100-year old legislation as Insurance Bill gains Royal Assent
The British Insurance Brokers’ Association has welcomed the Insurance Act, which has today received Royal Assent.
Interview: Brendan McCafferty: Closing the floodgates
With just months to go until Flood Re is expected to be operational, CEO Brendan McCafferty gives Post a run-down of what he and his team need to achieve
IUA calls for clarity on individual responsibilities
The International Underwriting Association has called on UK insurance regulators to clearly state the prime authority of company boards over individual responsibilities for complying with industry rules.