Regulation
Mass: 'Aviva has identified the problem but not the solution'
Access to independent legal advice is likely to lower the number of fraudulent and whiplash claims, according to the Motor Accident Solicitors Society.
UK court confirms 9/11 was double reinsurance event
The Commercial Court's move to uphold an earlier legal decision that the 9/11 World Trade Center attacks arose out of two events rather than one is "of considerable interest to the insurance and reinsurance market", according to law firm Herbert Smith…
Kennedys calls for claimants to reveal their damages investments
Insurance law firm Kennedys is calling for claimants to reveal how they invest their damages in a bid to encourage debate around the second discount rate consultation.
Insurance Europe publishes Solvency II helper tab
Insurance Europe has published a helper tab to assist insurance companies that are taking part in the technical assessment currently being run by the European Insurance and Occupational Pensions Authority.
MoJ consults on discount rate's legal framework
The Ministry of Justice has published the second part of the review on the discount rate consultation, which will focus on the legal parameters governing the way the rate is prescribed and will explore the use of periodical payment orders.
Solvency II is biggest challenge for captives says AM Best
European captives have weathered the global economic downturn well, but the implementation of Solvency II remains among the biggest challenges for the sector, according to a report from AM Best.
Pothole claims double in January
The number of insurance claims for pothole-related damage to cars more than doubled in January to 1000, compared with the same month last year, according to estimations by AA Insurance.
Apil and Mass’ RTA judicial review ‘rolled up’ for hearing
The Association of Personal Injury Lawyers and the Motor Accident Solicitors Society legal challenge in relation to recoverable fixed fees in the RTA portal is to be listed for a 'rolled up' hearing as soon as possible.
Rehab code use in PI claims continues to rise
The Rehabilitation code is now “a fully established part of the claims process”, according to a report by the International Underwriting Association and the Association of British Insurers.
Hong Kong Federation of Insurers warns of over-regulation
A senior member of the HKFI wants important changes made to the proposed remit of the new Hong Kong independent regulator, as the industry moves away from self-regulation.
"On request" system better for GI says Bernardino
A shift towards mandatory commission disclosure for Europe’s general insurance intermediaries is unnecessary, according to the head of the European Insurance and Occupational Pensions Authority.
Efra chair pushes alternative flood-risk proposal as SoP pressure mounts
The possibility of using a proportion of insurance premium tax to subsidise a pool of last resort for flood-prone homeowners has been championed by the chair of the Environment, Food and Rural Affairs Committee.
Small claims limit for PI likely to rise above £5 000 says Grayling
Justice Secretary Chris Grayling has confirmed the small claims limit for personal injury claims is likely to be increased from the current £1 000 to £5 000.
FSP to consult on voluntary standards
The Financial Skills Partnership will consult the financial services industry on a range of voluntary standards as part of its Leadership 21st Century initiative.
CMCs process £89m of the £136m FSCS paid in PPI claims
The Financial Services Compensation Scheme has paid out almost £136m in miss-sold pay protection insurance claims since 2008, with over £89m going through claim management companies.
Action Claims unveils new brand
Action Claims is rebranding as Action 365 as of today in a move that it hopes will reflect the portfolio of products and services it provides to its broker and insurer clients.
Williams: Judicial review to benefit claimant solicitors by £622m a year
David Williams, underwriting director of AXA commercial lines and personal intermediary, has claimed the judicial review launched by the Association of Personal Injury Lawyers and the Motor Accident Solicitors Society will benefit claimant lawyers by…
Legal reform will spark M&A for brokers, law firms and CMCs
Imminent changes to the legal landscape will lead to an increase in mergers and acquisitions among brokers, law firms and claim management companies, according to Deloitte.
PM: Dangerous driving sentences could be increased
Prime Minister David Cameron has suggested the government will explore increasing the maximum sentence for dangerous driving.
Editor's comment: Bowing out from Brussels
Complaining about the influence of the European Union on British affairs is almost as much a talking point as the weather in the UK, but insurers have fair grounds. Since Solvency II was first proposed, many in the UK insurance industry believe the…
Smaller brokers have nothing to fear from Financial Conduct Authority
An ageing workforce rather than more stringent regulation is likely to drive consolidation of smaller brokers in the year ahead, according to market experts.
Insurers and lawyers lock horns over plans to cut recoverable claims costs
The Association of British Insurers has accused claimant lawyers of attempting to derail “crucial” reforms to the electronic personal injury claims portal by launching a judicial review.
UK regulator committed to risk-based regulation regardless of EU status
Plans to implement Solvency II will not be derailed by the Prime Minister’s pledge to hold a referendum on European Union membership if he is re-elected at the next general election.
Regulation: Staggering Along
The switch from the Financial Services Authority to the Prudential Regulation Authority and the Financial Conduct Authority could prove tricky — especially with Solvency II on the horizon.