HM Treasury
Has Solvency UK done enough to win your vote?
Editor's View: Emma Ann Hughes asks if the Prudential Regulation Authority’s Solvency UK plans are basically Prime Minister Rishi Sunak’s bid to garner favour with the insurance industry ahead of a general election.
Biba insists regulators cannot mark their own homework
The British Insurance Brokers’ Association has called for greater external scrutiny of the cost benefit analyses produced by regulators when they introduce new rules for the sector.
Government grills FCA on broker commission
Sheldon Mills, executive director for consumers and competition at the Financial Conduct Authority, conceded the regulator needs to “be tougher on brokers” after Dame Angela Eagle slammed them for “ripping off leaseholders”.
Brokers vote for regulatory stability as top desire
A period of stability with no regulatory or legislative changes topped the wish list among attendees polled at the British Insurance Brokers’ Association conference in Manchester yesterday.
Sam Woods, Prudential Regulation Authority
Sam Woods, chief executive of the Prudential Regulation Authority, is shaping the industry’s capital requirements and is willing to clash heads with the government if he doesn’t agree with their desire to rip up the European Union’s rulebook.
Breakdown insurers sceptical over £200m investment to fix potholes
Chancellor Jeremy Hunt pledged a further £200m to help tackle the pothole problem in Wednesday's budget, but breakdown insurers are sceptical over its effectiveness.
End of Energy Bill Relief Scheme could be ‘final nail in the coffin’ for SMEs
SMEs could face more hardship as the Energy Bill Relief Scheme comes to an end, after the cost of living and energy crises led to over half a million insolvencies in 2022.
Government sides with insurers over PRA
Chancellor Jeremy Hunt’s first Autumn Statement delivered the tax hikes and spending cuts that were widely expected as well as the Solvency II overhaul insurers had long hoped for.
Pool Re makes case for becoming treaty reinsurer
Pool Re’s proposed move to a treaty reinsurance model would be “the most fundamental reform” in the government-backed terrorism reinsurer’s history, CEO Tom Clementi claimed.
FCA and PRA to be given secondary growth and competitiveness objective under proposed legislation
The UK’s financial regulators will be given a secondary objective to foster growth and competitiveness under legislation tabled on Wednesday.
Aviva’s Amanda Blanc calls on the government and regulator to resolve the issues around Solvency II to help UK ‘level up’
Aviva’s CEO Amanda Blanc has flagged a “discrepancy between the regulator and the industry” in the overhaul of Solvency II regulations and urged the government to support UK insurers levelling up so they can help both the climate and the economy.
Inside Out: Is more regulation needed to stop insurers profiting from BI claims?
Post invites industry insiders affected by the key issues they believe insurance is getting ‘inside out’ to share their perspective and state their case for change. Here, a former business interruption insider argues that the government should follow the…
Rishi Sunak and John Glen meeting with insurers could be 'first stage' in implementing Solvency II changes
A meeting between insurers and Chancellor of the Exchequer Rishi Sunak and Economic Secretary to the Treasury John Glen could be the “fist stage” in attempt to work out an agreement for Solvency II changes following Brexit.
Insurers to pass on Pool Re price reductions to policyholders
Insurers have signalled that they will pass on reductions in the price of terrorism reinsurance to policyholders when Pool Re cuts its overall pricing in October.
Solvency II consultation moots 30% risk margin reduction for general insurers
The Treasury has launched a consultation on proposed changes to the UK’s Solvency II regime, which it says could “unlock tens of billions of pounds for long-term productive investments”.
Aviva's Amanda Blanc to co-chair Transition Plan Taskforce
Aviva CEO Amanda Blanc has been appointed as co-chair of the UK Transition Plan Taskforce, alongside the Economic Secretary to the Treasury John Glen MP.
UK regulators are not 'lumbering' and should not mirror Bermuda, says Glen
Calls from the London market to reform the UK regulatory regime to more closely resemble that of, for example, Bermuda should be resisted, the Economic Secretary to the Treasury John Glen has said.
Leaving IPT untouched in Spring Budget a 'missed opportunity' says Biba
The British Insurance Brokers' Association has warned leaving insurance premium tax at its current level will act as a disincentive to buy adequate insurance after the tax went unmentioned in the Spring Budget.
UK government confirms late March deadline for Russia insurance ban
UK insurers must cancel cover for Russian aviation and space companies from 28 March latest, the government has updated.
UK's insurance sanctions on Russian companies to apply to existing and new business
Sanctions announced last week to bar Russian aviation and space companies from accessing the UK insurance market will apply to both current and new business, according to the Bank of England’s director of risk operations and general insurance Anna…
UK to block Russian aviation and space businesses from accessing insurance
The UK government will introduce further sanctions in response to the Ukraine conflict, with legislation to bar Russian aviation and space companies from accessing insurance cover.
Blog: Is this the end of the paper-based insurance premium tax era?
With the UK tax landscape constantly shifting, the year ahead is likely to see further developments and changes in policy and regulation. Russell Brown, senior consulting manager at Sovos, considers what this could mean for insurance premium tax.