Regulation
Telematics Expo: ABI pre-empts telematics regulation with new guide
Trade bodies can play an important role in the development of the telematics industry, particularly in warding off the threat of regulation, according to Association of British Insurers policy adviser Ben Gaukrodger.
Top 5 European news stories
The top five stories from www.insuranceinsight.com over the past seven days.
Indonesian flood scheme fails
Insurance companies have been forced to drop a scheme for simplified premium rates for property protection against flooding following a complaint from the Business Competition Supervisory Commission.
Hong Kong gears up for Solvency II style regime
The Office of the Commissioner of Insurance in Hong Kong has hired KPMG to help produce a framework for a risk-based capital regime by the end of 2013.
Balva policyholders warned to seek alternative cover before renewals
JLT Specialty has warned law firms insured by Balva to take swift action or risk being left in the lurch at renewals.
Guernsey reaps rewards for SII non-equivalence
Guernsey’s decision not to be a part of EU’s Solvency II has strengthened the country’s captive insurance sector – making it the largest in Europe today, according to a report by Timetric.
Romania brings financial services under single regulator
Romania is to bring the supervision of insurance, pensions and the stock exchange under the remit of a new financial watchdog.
Quindell expands ranks with Crusader acquistion
Quindell Portfolio has acquired motor claims management specialist Crusader Assistance Group Holdings in a £9m deal, subject to regulatory approval.
Interview: Frank Pinder: leading the fraud fight
With US investigation specialist Global Options seeking to bring its zero-tolerance approach to insurance fraud across the pond, its president explains why regulation and professionalism are key to better detection
German watchdog makes light of Solvency II delays
The postponement of Solvency II is not a major problem, according to Felix Hufeld, the head of German regulator BaFin’s Insurance Supervision Directorate.
Chinese insurers to implement new anti-money laundering rules
Insurers and banks in China have been given a December 2015 deadline by the People's Bank of China to implement new anti-money laundering rules.
Top five European news stories
The top five stories from www.insuranceinsight.com over the past seven days.
CIRC raises insurer share cap for domestic investors
The China Insurance Regulatory Commission has raised the limit for domestic investors in insurers to 51%.
Post magazine – 18 April 2013
The latest edition of Post magazine is now available to subscribers as a digital and interactive e-book.
Balva’s UK ban raises questions over SRA list of qualifying PI insurers
A move by the Latvian regulator to suspend the passporting rights of Riga-based insurer Balva has reignited broker concerns about the presence of unrated insurance companies operating in the UK market.
Regulation: A heavy crown
The downfall of the Financial Services Authority was met with resounding support. However, as its successors take over sceptics ask whether the twin peak model might create more discontent in the industry.
FCA warns of ‘clone’ insurance broker
The Financial Conduct Authority has issued a warning over an unauthorised firm trading under a similar name as the established and FCA-regulated insurance mortgages intermediary, KBP Insurance Service.
SRA reassures firms using Balva Insurance
The Solicitors Regulation Authority has reassured firms using Balva Insurance for its professional indemnity following a regulatory ban on the firm to underwrite policies in the UK.
Expertise must underpin legal process warns law firm
Deficient IT processes operated by “under-qualified fee-earners” are accountable for missing serious injuries in up to 10% of low-value personal injury cases, a law firm has suggested.
Balva banned from writing UK business
The Solicitors Regulation Authority is writing to legal firms holding professional indemnity policies with Latvian insurer Balva after it was barred from writing new business in the UK.
Balva banned from writing UK business
The Solicitors Regulation Authority is writing to legal firms holding professional indemnity policies with Latvian insurer Balva after it was barred from writing new business in the UK.
FCA selects Premium Credit as instalments payments provider
Premium Credit has been awarded a three-year contract to provide the official solution for Financial Conduct Authority authorised firms to spread the costs of their regulatory fees across monthly instalments.
Lack of confidence in financial institutions noted by EU watchdogs in joint report
The Joint Committee of the European Supervisory Authorities today published its first report on Risks and Vulnerabilities in the European Union’s Financial System.
Insurance industry advised to act now or be left behind amid PI change
A personal injury law firm has challenged the insurance industry players to act swiftly in response to changes in PI law while the market is still sorting itself out, or risk losing ground to their competitors.