Regulation
Google to face ‘formal charges’ for breaking EU law
European Commissioner Joaquin Almunia has warned Google that it is likely to face formal charges for violating European competition law, the New York Times reported.
MAS opens office in Beijing
The Monetary Authority of Singapore has opened a representative office in Beijing.
View from the Top: Mark Hodges Group, Towergate Insurance
Biba 2013 leaves brokers feeling positive
North of the Border: Take care to avoid costly mistakes
When it comes to pursuing different claims arising from the same negligent act, a claimant’s failure to recognise the distinction between Scottish and English law could be costly.
Market Moves: Ageas plans stronger over-50s push; Biba welcomes new compliance officer
Insurers and brokers took pride of place in the recruitment space this week, with Ageas among the firms making waves, hiring a new marketing boss to head up its over-50s brands. Headlining broker recruitment news is the imminent move from Marsh to the…
Loss adjusters excluded from latest IMD2 draft
The direct regulation of loss adjusters and claims management firms has been dropped from the second draft of the Insurance Mediation Directive by the European Commission, Post has learnt.
Eiopa seeks enhanced powers over large cross-border insurers
The European Insurance and Occupational Pensions Authority has outlined its desire for enhanced supervisory powers over insurance activities in European Union member states.
Private Indian insurers can operate overseas
The Insurance Regulatory Development Authority in India is opening up the door from Indian insurers to have overseas operations.
Airlines to face claims after fire causes delays at Heathrow
Airlines operating out of Heathrow could face substantial claims if current delays affect tomorrow’s flights.
Irwin Mitchell to pick up PI books from struggling law firms
Irwin Mitchell is preparing to acquire the personal injury books of law firms exiting the market as a result of the recent legal reforms, Post’s sister publication Legal Week reported.
Indian regulator signs global information exchange agreement
The International Association of Insurance Supervisors has added India to a regulatory information exchanging agreement which now spans 37 countries and 54% of premium volume.
Solvency II deal is "on the table" says MEP
The European Union is close to reaching a consensus on the oft delayed Solvency II regulations, according to a member of the European Parliament.
China outlines risk based regime
The China Insurance Regulatory Commission has provided an overall framework for China Risk-Oriented Solvency System bringing the market towards international standards.
India to change broking placement regulations
New proposals from the Insurance Regulatory and Development Authority wants to place greater caps on where brokers place their business with insurers.
Solvency II could increase cost of capital for insurers says Moody’s
The increased volatility of Solvency ratios under the new Solvency II guidelines may reduce investor appetite and increase the cost of capital for insurers, according to Moody’s
Post magazine – 23 May 2013
The latest issue of Post magazine is now available to subscribers as a digital and interactive e-book.
Biba conference 2013: News round-up
This year’s British Insurance Brokers’ Association conference attracted more than 4750 brokers and 168 exhibitors to the Excel Centre in London’s Docklands.
Brokers selling add-ons contacted by FCA as regulator begins crackdown
Signs the Financial Conduct Authority’s scrutiny of insurance add-ons is underway have been witnessed by brokers that have already been contacted by the regulator.
Brokers told to improve record-keeping to reduce professional indemnity claims
Brokers have been urged to improve the way they document advice to clients in light of increasing numbers of professional indemnity claims against them.
Editor's comment: Time for a new strategy
Last week some new battle lines were drawn, while others pulled back their troops, took stock of the situation and dug new trenches.
Scots disproportionately affected by new flood plan
The Scottish Parliament has been challenged to secure a greater voice in the UK flood debate following concerns the Association of British Insurers' Flood Re model represents a raw deal for residents north of the border.
Solvency II still needed says S&P
The proposed Solvency II regulatory framework is still needed, despite the frustration caused by delays in implementation, according to Standard and Poor’s.
View from the Top: Complying with the spirit of the law
It is up to insurers to support government efforts to ensure personal injury claims are handled correctly, says John O'Roarke.
Mass calls on legal industry to fight legal changes
The Motor Accident Solicitors Society has called on solicitors to keep fighting further change and report any problems in the new legal system.