Bank of England (BoE)
Carney to unveil new rules for insurance managers this week
Bank of England governor Mark Carney will this week unveil new measures to make insurance managers individually accountable for the failure of their firms, after consulting on proposals earlier this year.
PRA names Woods as insurance supervision lead
The Prudential Regulatory Authority has named financial stability strategy and risk director Sam Woods as its new executive director of Insurance supervision, replacing Julian Adams.
PRA recruits Prudential's chief actuary for board slot
The Prudential Regulatory Authority has appointed an outgoing Prudential executive director to serve as an independent member of its board from May next year.
ABI warns BoE capital raising will drive up insurance costs
The Association of British Insurers has criticised the Bank of England over its plans to raise capital levels in financial institutions saying it will drive up the cost of insurance.
Bank of England insurance director Adams heads to Pru
The Bank of England’s executive director of insurance supervision has been recruited by Prudential, where he will serve as group regulatory director.
PRA won't seek to prevent orderly insurer failure
Insurers should be allowed to fail, as long as their exit is orderly, the Prudential Regulation Authority has stated.
PRA releases supervisory statements aimed at insurers
The Prudential Regulation Authority today issued two supervisory statements aimed at insurers as the Bank of England continues its focus on activity in the industry.
BoE’s Carney fires insurance execs accountability warning
Bank of England governor Mark Carney has warned that the watchdog is building rules to hold insurance executives to account in the case of failures.
Editor's Comment: Scrutinisers under the spotlight
Insurers have long been used to proving their worth and providing their stakeholders with a healthy return on investment, but this week this particular spotlight turned on their regulators.
Prettejohn linked with Lloyds Bank non-exec seat
Nick Prettejohn is to be named a non-executive at Lloyds Banking Group according to a report from the Financial Times.
Penny Black's Insurance Week - 20 March 2014
Penny doesn’t appreciate being told where to devour a lunch of cucumber finger sandwiches, so it’s just as well she doesn’t work at the Bank of England.
Tucker to leave BoE to study in the US
Bank of England’s deputy governor Paul Tucker is to leave his job ahead of his contracted term to spend “a period of time in academia” in the United States.
Solvency II “ground to a halt” by national interest PRA boss says
Disagreement over the final Solvency II rules at a national level has seen negotiations “ground to a halt” according to Prudential Regulatory Authority boss Andrew Bailey.
Insurers miss opportunity to voice opinions on EU consultation on PPOs
The UK’s general insurance sector has failed to engage with a consultation on setting Solvency II liability rules, despite a European Union recommendation that 20% of the sector should contribute for the study to be credible.
FCA business model met with trepidation in insurance industry
Fears have been voiced by the insurance industry that the new regulators will intrude too much into the commercial sphere and that having two bodies will cause inefficiency.
Analysts cast doubt on Co-op’s ability to sell off general insurance business
The Co-operative Bank may struggle to offload its general insurance business as part of a bid to make up a capital shortfall that is expected to result from a market-wide investigation of banks by the Financial Services Authority.
Bailey named Prudential Regulation Authority CEO
Andrew Bailey has been named deputy governor for the Bank of England, which will also make him chief executive of the Prudential Regulation Authority.
Aon revisits bonus payout decision
Insurance broker Aon is considering backtracking on an offer to delay payment of employee bonuses until the start of the new tax year, according to reports.
Aon defers bonuses to benefit from lower tax
Aon has offered staff the option to benefit from lower income tax by delaying bonus payments until after April.
PRA aims for "judgement-based" approach
Two documents outlining the Prudential Regulation Authority's approach to supervision when it is established in April 2013 have been presented today to stakeholders.
Rating agencies: The rating game
Nations and businesses alike are growing critical of rating agencies, so is a downgrade as damaging as it used to be?
North of the Border: An interest-ing judicial decision
The savers among us have grumbled for some time as the Bank of England rate stagnates at 0.5%, but a recent decision in Scotland could benefit insurers that have grappled with excessive interest on damages for years.
News analysis: An Olympian effort to prevent an impact on the business
If the trains and tubes are overcrowded and the roads gridlocked, will London’s brokers and insurers cope during the Olympics?