Prudential Regulation Authority (PRA)
The Post Power List 2016 is revealed
Post is delighted to reveal its 2016 Power List, a carefully (wine) crafted list of movers and shakers both within and without the insurance industry who we at Post Towers – with our experience, knowledge and independent view – believe will either have…
UK authorities right to flag Solvency II concerns prior to 2018 review
Wide-ranging criticism of the nascent Solvency II regime by the UK has received initial support, despite the fact that the regulatory system is little over a month old.
Bailey challenged to prove his independence in FCA role
Incoming Financial Conduct Authority CEO Andrew Bailey has been challenged by an MP to prove his independence from the government after accusations he was "hand-picked" by Chancellor of the Exchequer George Osborne to take on the role.
Milburn CEO McIntosh banned by PRA after failed PI insurer fined £2.86m
The Prudential Regulation Authority has today imposed a £25,173 fine on Colin McIntosh, CEO of Millburn Insurance and has banned him from holding any controlled functions at any PRA-authorised firm.
Director of Content’s Comment: The right man for the FCA job?
The news that then Financial Conduct Authority CEO Martin Wheatley was not to have his contract renewed by Chancellor of the Exchequer George Osborne was followed by plenty of column inches predicting who his successor would be and what it would mean for…
'Big player' Bailey backed by industry as FCA CEO
The appointment of the Prudential Regulation Authority’s highly regarded CEO Andrew Bailey to the top job at the Financial Conduct Authority has been welcomed by industry leaders who have praised Bailey’s clout and “deep regulatory experience”.
Risk Management: What next for risk?
There remains regulatory pressure on insurers despite Solvency II models gaining approval.
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.
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.
Specialist church insurer sold to Inter Hannover
Inter Hannover will buy Congretional and General Insurance, subject to regulatory approval.
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.
Flood Re secures £1.29bn towards reinsurance target
Munich Re and Swiss Re are the leading reinsurers that have so far contributed to the £1.29bn yearly cover for the Flood Re scheme.
State of the Insurer Nation Blog: Working in unison to combat insurance risks
Government and insurers need to cooperate against cyber crime as they already do against traditional risks.
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).
State of the Insurer Nation Blog: The impact of regulation on insurers and policyholders
Strong regulation of the insurance sector is a necessity that safeguards customer interests, but this needs to be balanced with protecting the commercial viability of 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…
Climate Wise CEOs call for more action to slow climate change
The leaders of 15 Climate Wise members have written to the governor of the Bank of England Mark Carney and the Prudential Regulation Authority for more collective action to reduce the risk of climate change impacting society and, ultimately, the…
Blog: Less than six months to the SIMR - How to prepare
The introduction of Senior Insurance Managers Regime is set to transform organisational structures throughout the insurance sector. With less than six months to go until the legislation comes into force, much of the industry is simply not prepared and…
Blog: The accountability clock is ticking
New rules designed to hold senior managers of insurance firms to account are due to come into force next year.
Europe: The impossible comparison of UK regulatory costs with the rest of the EU
Confirmation this June that the Financial Conduct Authority will be increasing fees for insurers and brokers by 8.5% for 2015/2016 has inevitably raised many eyebrows. A particular bugbear is that UK regulatory costs are perceived to be much steeper than…
Insurers set for Bank of England cyber security follow-up survey
The Bank of England is following up on a 2012 cyber survey to check whether management teams at insurance companies have increased how often they discuss cyber security.
Senior insurance managers' regime rules open to interpretation
The application of the senior insurance managers' regime has been deemed open to interpretation by market commentators, amid predictions brokers could be subject to a similar, more informal, regime in the future.
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.
C-Suite - Broker: Individuals under scrutiny
New senior managers accountability regimes take effect soon, what will this mean for those at the top?