HM Treasury
Industry bosses unite to warn government against further IPT hike
The industry is rallying against a further potential increase in insurance premium tax ahead of the 16 March Budget.
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.
Biba Manifesto 2016: Biba spotlights regulatory cost as members face new hike in fees
The cost of regulation continues to feature prominently in the British Insurance Brokers’ Association’s manifesto for 2016, alongside emerging areas such as a European referendum, the implications of the Vnuk tractor case and Flood Re exclusions.
Government challenged to instigate fraud taskforce recommendations
The insurance industry has praised the final report of the Insurance Fraud Taskforce with the mantle now passed to government to work on implementing the suggested reforms.
Government pledges £50m fund to flood victims
Chancellor of the Exchequer George Osborne has announced a £50m fund for families and businesses affected by floods in Cumbria and Lancashire in today's (9 December) Prime Minister's Questions session.
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…
FCA ‘would consider' insurance issues in financial advice consultation
The Financial Conduct Authority has told Post that it would consider expanding a consultation on improving financial advice for consumers to include insurance issues if they are brought up during discussions.
News Editor's Comment: Out of the loop
Most business-minded people like to think of themselves as being ‘in the loop’ when it comes to decisions directly impacting their commercial affairs, which is why the recent disconnect between insurance firms and government is likely to feel like…
Blog: GI hopes high on FCA successor as Wheatley is shredded
The soon to be deposed Financial Conduct Authority CEO Martin ‘shoot first ask questions later' Wheatley this week admitted he is "disappointed to be moving on with a sense of unfinished business".
ILS taskforce meets government for the first time
The industry task force established to work with government to investigate ways in which more Insurance Linked Security business could be attracted to London met with representatives from HM Treasury for the first time on Friday (5 June).
Working group touted to tackle Gibraltar VAT loophole frustration
Insurer frustration around the differing VAT rates incurred by UK and Gibraltar-based firms has led to calls for an industry working party to lobby government to level the playing field.
Flood Re chair Hoban to take home £150k in first year
Flood Re chairman Mark Hoban is to receive a salary of £150,000 for his first year of work for an expected commitment of approximately seven hours per week.
Treasury insurance boss slams industry for lack of self-promotion
HM Treasury’s head of insurance and savings has hit out at the failure of the insurance sector to attract young workers, calling for more self-promotion from the industry.
Biba outlines spending priorities ahead of Autumn Statement
The British Insurance Brokers' Association has set out its spending priorities for the forthcoming Autumn Statement highlighting apprenticeships, flood defence spending and Insurance Premium Tax relief on telematics products for young drivers as its…
ABI lukewarm on £470m flood defence plans
The Association of British Insurers has provided a measured response to Treasury plans to spend £470m on flood defences as part of a previously announced commitment of more than £2.3bn of public spending.
Pool Re members vote in favour of Treasury retrocession changes
Pool Re members have voted unanimously in favour of approving the demands made by HM Treasury for changes to its retrocession agreement.
Mactavish calls for contract legislation to clarify broker role
Insurance contracts legislation should include guidance on the role of brokers in overcoming contracting issues between insurers and their customers, insurance governance firm Mactavish has said.
Disputed commercial claims taking 35 months to settle
Disputed commercial claims are taking almost three years to settle on average, according to a study by insurance governance specialists Mactavish, with roughly half of claims being contended by insurers.
Post Blog: What would George Foreman do?
Would you endorse me? Just put your name next to mine. Would you say that you approve of me, and that I’m the type of chap you feel comfortable recommending to the whole wide world?
Cross-border mergers authorised between UK and Gibraltar insurers
The Gibraltar government today confirmed that it had received written confirmation from the UK Treasury, for Part VII transfers to go ahead.
Treasury unveils final Insurance Bill
HM Treasury has today introduced the long-awaited Insurance Bill to reform commercial contracts, and better equip UK firms to compete against their international peers.
Treasury opens Contracts Bill acceleration debate
The Treasury has launched a new consultation on the Insurance Contracts Bill to decide if it has sufficient support for accelerated passage into law.
Airmic 2014: Petition Osborne on contracts bill says Law Commissioner
Law Commissioner David Hertzell has called on backers of the Insurance Contracts Bill to write letters to both Chancellor George Osborne and the Treasury demanding it moves forward before the election.
Editor's comment: A tough act to follow
As clichés about getting on in the world go, ‘it’s not what you know, it’s who you know’ is about as well-worn as it gets.