Legislation
Legal Update: Consultations on small claims limit won't be plain sailing
The personal injury reforms announced in the Autumn Statement are to be welcomed. But is Chancellor George Osborne being too bold when he packages them as part of a wider plan to reduce car insurance premium?
Blog: What insurers need to know about Flood Re and the flood levy
Flood Re is the new UK reinsurance vehicle, established to provide a pooling facility to insurers for flood risks they feel unable to retain in their portfolios.
EU parties agree cybersecurity legislation
Negotiators of the European Parliament, Council and Commission have agreed on the first European Union-wide legislation on cybersecurity.
C-Suite - MGA: A quick start could be golden
Pre-quote pre-cover surveys could play a huge part in keeping the customer happy.
Reserving certainty a fillip for insurers in Enterprise Bill amendment
A proposed amendment to the Enterprise Bill under consideration by the House of Lords is being championed as giving insurers more certainty around reserving for damages relating to late claim payments.
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.
Blog: £700m earmarked for court efficiency reforms in the Spending Review
Chancellor George Osborne yesterday brought to an end speculation about whether funds for radical technology-driven reform to the court service would be made available.
C-Suite - Broker: Change looming
The Insurance Act will have a massive effect on the way clients, brokers and insurers interact
Legal update: Late revival but early introduction?
The market needs to consider the impact of late payment provisions now, says Nick Young
Flood Re one step closer with regulations signed
Flood coverage for high risk properties is one step closer today (11 November) with regulations for Flood Re coming into force.
Household premium falls continue but tax rise could see reversal
Home insurance premiums are continuing to fall with the average price dropping 5.8% to £114 in the year to September, according to research from Consumer Intelligence, but a reversal could be on the cards.
LMG welcomes start of ILS legislative process
The government has tabled an amendment to the Bank of England and Financial Services Bill seeking power for the Treasury to make regulations facilitating and regulating insurance linked securities (ILS) business, a move welcomed by the London Market…
Pressure building as Solvency II enactment enters final countdown
As the Solvency II countdown enters its final stages industry observers are warning some insurers will struggle to be ready by the 1 January start date and that there could be more pain on the horizon.
Legal Update: Shaking up cost control
Few would argue that post-claim legal costs management grabs the headlines in the same way as other areas of general insurance claims work. Perhaps one explanation for this is the 2013 reforms, vaunted as the ‘silver bullet' for managing legal costs in…
Excluded properties remain contentious as Lords debate Flood Re regulations
Concerns around timing and excluded properties were raised by members of the House of Lords in debating the regulations to govern Flood Re yesterday (27 October).
FRC paper published on improving board succession
The Financial Reporting Council today (27 October) published a discussion paper on succession planning for UK boards in a bid to improve the process.
Legal Update: Time is money
Under the new Enterprise Bill, insurers could be hit hard if they don’t pay claims in time
Blog: Insurers and the late payment of claims provisions of the Enterprise Bill
The Enterprise Bill 2015 provisions on late payment of claims have caused some disquiet within the insurance industry, although they should merely reinforce good practice.
Editor's Comment: Never say never again
This week, the Economic Minister to the Treasury Harriet Baldwin reportedly accused claims management companies of having gotten “completely out of control”, as the government called for evidence to make good on its summer budget promise of looking into…
Ferma 2015: Insurance Act guide published for Ferma members
The Federation of European Risk Management Associations has today (6 October) published a guide for its members on the implications of the Insurance Act 2015.
Insurance Act: Let's pretend
Mock trial puts the Insurance Act to the test.
In Series: Liability and Collaboration: No more Mr Nice Guy
After years of running battles, the focus on fraud prevention has moved to the employer’s liability sector, with the industry keener than ever to show it is not a soft touch.
Insurers wary of increased costs following Enterprise Bill proposal
Question marks have been raised over a proposed measure in the Enterprise Bill that could see insurers pay general damages to policyholders that have suffered additional loss because of an unreasonable delay in payment.
Government to tackle late claim payments in Enterprise Bill
The government is clamping down on late payment of insurance claims with its proposed Enterprise Bill by introducing a contractual requirement on insurers to pay claims to businesses within a reasonable time.