Regulation
World Bank and Eiopa commit to developing insurance globally
The European Insurance and Occupational Pensions Authority has joined forces with the World Bank on an initiative to develop the insurance sector.
IFB and Acpo to share fraud intelligence
The Insurance Fraud Bureau and the Association of Chief Police Officers have signed an agreement to share intelligence on organised criminal gangs and combat insurance fraud.
Insurance Europe airs concerns over Solvency II interim proposals
Trade body Insurance Europe has written to the European Insurance and Occupational Pensions Authority opposing the introduction of compulsory quantities reporting amid fears they may cause “unnecessary costs.”
Post magazine – 14 March 2013
The latest edition of Post magazine is now available to subscribers as a digital and interactive e-book.
Industry expresses surprise as FSA probes use of private investigators
The Financial Services Authority has launched an investigation into insurance firms’ use of private investigators after becoming suspicious they are being deployed as a “tactical tool” to slash valid claims payments.
Your Say: Insurers can influence metal theft
While parliament is yet to agree the scope and specifics of the Scrap Metal Dealers Bill, what is certain is the scrap metal industry is facing tighter controls than ever before.
Your say: More metal theft debate is needed
I’m pleased to see MP Richard Ottaway’s private members bill, the Scrap Metal Dealers Act, receive Royal Assent. Its aim is to regulate the industry, crack down on cash payments and eliminate rogue traders.
Jobs at risk as KPMG feels bite of Solvency II delays
Up to 40 actuarial jobs are at risk at KPMG as the accountancy giant feels the pain of uncertainty around the timeline for Solvency II coming into force.
Apil: Insurers will ‘call the shots’ under whiplash proposals
Insurance companies are set to “do the best for themselves” by paying less than the fair level of personal injury compensation in the small claims court, according to the Association of Personal Injury Lawyers.
SII interim measures could bring costs without benefits, warns Insurance Europe
Insurance Europe has raised concerns about the impact of interim measures in the wake of Solvency II delays, in a letter to the head of the European Insurance and Occupational Pensions Authority.
Westinsure boss Erwin mulling over appeal on 20% tax ruling
Westinure is considering an appeal against a ruling upheld by the First-tier Tribunal stating that broker networks that provide better deals via larger insurers must charge members full UK VAT at 20%.
China cautious over financial super-regulator
Chinese officials have yet to decide whether to create a new regulator overseeing the insurance, banking and securities sectors.
FSA to ask for disclosure of claims data
The Financial Services Authority has published a discussion paper into transparency and effective disclosure as tools to improve accountability and build consumers’ trust.
FTT ruling triggers 20% tax implications for brokers
Networks that enable broker members to gain access to better terms with larger insurers must charge full UK VAT at 20%, the First-tier Tribunal ruled yesterday.
FSA to review insurers’ use of private investigators
The Financial Services Authority has confirmed it has started a review into the use of private investigators by insurance firms.
Law Society: insurers’ propaganda will deny access to justice
The Law Society has warned the government that its proposals to increase the small claims limit in personal injury cases will deny access to justice to thousands of genuine accident victims.
Mass warns of unintended consequences of MoJ whiplash proposals
The Motor Accident Solicitors Society has urged the Ministry of Justice to reconsider its proposals to raise the small claims limit and introduce “cumbersome” medical panels and reporting amid fears of unintended negative consequences.
APPG meeting postponed after Benyon cancels as speaker
The All-Party Parliamentary Group for Insurance and Financial Services' meeting scheduled for tomorrow (12 March) has been cancelled after environment undersecretary Richard Benyon withdrew as its speaker.
Indian refiners to halt Iranian oil imports
India’s oil refiners may cease crude imports from Iran next month as a result of their inability to access cover due to Western sanctions, the head of its largest refiner has said.
Guernsey regulator recruits Central Bank of Ireland risk boss
Guernsey’s financial services regulator has swooped for its new director general, recruiting the Central Bank of Ireland’s head of risk.
Insurers set to benefit from Scottish PI courts
The introduction of specialised personal injury courts in Scotland will benefit insurers, according to Bill Speirs from BTO solicitors.
Post magazine – 7 March 2013
In this week's Post, analysts have cast doubt on the Co-Operative Bank’s ability to offload its general insurance business. Sources have suggested any plans to sell its general insurance business could be challenging after a Financial Times report…
International: Are you protected?
A pan-European data protection regulation may enhance transparency and accountability, but could inadvertently hamper insurance activities, harming companies and policyholders.
Slovenian watchdog suspends voting rights in Zavarovalnica Triglav
Slovenia's Securities Market Agency yesterday suspended the voting rights of several state-owned shareholders in insurer Zavarovalnica Triglav, until they launch a takeover bid or divest their shares.