HM Treasury
Changes to Solvency II rules to free up 'meaningful amounts of capital', says Glen
The UK’s rewriting of Solvency II rules will result in the release of “meaningful amounts of capital for productive investment,” John Glen MP, the Economic Secretary to the Treasury, has said.
Hunt begins for next FCA chair
HM Treasury has appointed Richard Lloyd as interim chair of the Financial Conduct Authority, with effect from 1 June 2022, as the search for Charles Randell’s successor begins.
Biba takes aim at weight of regulation and broker FSCS costs
The British Insurance Brokers’ Association has put regulatory and Financial Services Compensation Scheme reform in the crosshairs as it called for a cut in insurance premium tax in its manifesto.
Insurers ask loss adjusters for furlough deduction data as potential litigation looms
Loss adjusters have been asked by insurers to quantify furlough payment-related savings on Covid-19 business interruption claims.
FCA launches consultation on improving AR regime
The Financial Conduct Authority has launched a consultation on improving the appointed representatives regime and tackling harm from this model.
Hannah Gurga to succeed Huw Evans at ABI
Hannah Gurga will become the next director general of the Association of British Insurers taking up the post in early 2022, the trade body has confirmed.
ABI expresses disappointment over government regulatory framework consultation
The government’s second consultation on regulatory framework reform has received a mixed response from trade bodies.
IPT untouched in Autumn Budget
Insurance premium tax went unmentioned in the Autumn Budget announcement.
Industry bodies make case for greater government funding for insurance innovation
Six insurance industry trade associations have written to the Treasury to support an application, submitted by Innovate UK, to channel greater funding into the services sector.
Rishi Sunak backs AR reform review in wake of Greensill
Chancellor of the Exchequer Rishi Sunak has backed a review of reforms to the appointed representatives regime in his response to a committee of MPs looking at Greensill Capital’s collapse.
Government to shoulder cost of live events Covid cancellations with £750m insurance scheme
The UK government has struck a deal with Lloyd’s insurers to ensure live events will be able to purchase cover for cancellation due to government Covid restrictions from next month.
Marsh’s Edel Ryan on whether a government backed scheme will be the X Factor for live events
With normality beginning to make a return and the government having rolled out ‘Freedom Day’ on 19 July Edel Ryan, head of strategic business development, UK and Ireland for sport, entertainment and media industry at Marsh, asks if we can expect the come…
Treasury confirms 'strong case' for Solvency II reforms to free up resource and allow UK insurers more flexibility
The government is planning to bring forward reforms to free up resource on insurers’ balance sheets and allow insurers more flexibility around investments as it rewrites the UK’s Solvency II regime.
Treasury Select Committee calls for fraudulent ads to be tackled in Online Safety Bill
The Treasury Select Committee has criticised the government for a “missed opportunity” to tackle fraudulent online adverts and prevent customers being scammed by fake financial products.
Intelligence: What will the reviews of Solvency II mean for the UK and beyond?
When the Solvency II regulation was conceived in 2001, the term Brexit didn’t even exist. Fast forward 20 years and as well as the UK’s exit from the European Union the general insurance market is facing a pandemic no one foresaw and persistently low…
Government-backed trade credit reinsurance scheme to end on 30 June
The UK trade credit reinsurance scheme will close on 30 June, the government and the Association of British Insurers have announced.
Broker and insurer FSCS levies still up despite forecasts being slashed
The Financial Services Compensation Scheme has issued final levies for 2021/22 of £73.8m for brokers and £189.8m for insurers, down significantly on initial estimates but still up on this year’s bills.
Biba 2021: Key takeaways from John Glen's appearance
John Glen MP, Economic Secretary to the Treasury, tackled insurance premium tax, broker Financial Services Compensation Scheme levies, cladding, Brexit and more in his keynote address to the British Insurance Brokers’ Association’s 2021 conference…
Chubb and Marsh unveil Covid-19 vaccination solution; insurtech investment hits quarterly high; motor/home premiums fall; and Aviva offers cover to new customers affected by cladding crisis
Post wraps up the major insurance deals, launches, investments and strategic moves of the week not covered elsewhere on www.postonline.co.uk
Interview: Keith Richards, CII - Looking back, dialling forward
Chartered Insurance Institute chief membership officer Keith Richards, one of only four people to have led the Personal Finance Society, will be leaving this June after being in charge of the PFS for half of its 16-year existence.
Risks taken on by government 'must be in the public interest': HMT's Miriam Sachak
Against a backdrop of calls for the government to underwrite more pandemic-related risks, HM Treasury head of domestic and retail insurance policy Miriam Sachak has said risks taken on by the government "must be in the public interest" and complement…
Braun, Fisher and Woolard among sector leaders named on government socio-economic taskforce
Yvonne Braun, Sian Fisher, Tracy Garrad, Georgina Philippou and Chris Woolard have been appointed to a government taskforce designed to boost socio-economic diversity at senior levels across the UK.
Government's understanding of how BI claims are calculated contains 'fundamental flaw'
The government’s understanding of insurance contracts is fundamentally flawed and endangers the chances of its expectations with respect to Covid-related business interruption claims being met, claims dispute expert Roger Flaxman has said.
Amanda Blanc named Women in Finance Champion
Aviva CEO Amanda Blanc has succeeded Dame Jayne Anne-Gadhia as HM Treasury’s Women in Finance Champion.