Regulation
PRA aims for "judgement-based" approach
Two documents outlining the Prudential Regulation Authority's approach to supervision when it is established in April 2013 have been presented today to stakeholders.
Chartered broker websites 'overlook the basics', report finds
Brokers are downplaying their chartered status on company websites, according to research commissioned by Axa Commercial Lines and Personal Intermediary.
Hong Kong insurers face stricter outsourcing rules
Hong Kong-based insurers will have to comply with new rules governing outsourcing from January 2013.
Post Blog: Innovate or withdraw
The FCA is likely to take a hard line on products that are not in the best interests of consumers, and insurers could be left with difficult decisions.
Nearly half of insurers won't be Solvency II ready by 2014
While 57% of insurers across Europe think they are on track to comply with Solvency II by January 2014, readiness varies significantly by country, according to Ernst & Young.
Solvency II unlikely to be implemented until 2016
Solvency II rules may not take effect until 2016, Gabriel Bernardino told The Wall Street Journal this week.
Top five Asian news stories
The top five Asian news stories from www.insuranceinsight.com over the past seven days.
FCA to "revolutionise" consumer behaviour
The financial services industry needs to "brace itself" for a major change in the approach to competition by the regulator.
CII welcomes FCA clamp down on 'poor' business behaviour
The Chartered Insurance Institute has said it looks forward to the Financial Conduct Authority "punishing poor and unethical behaviour" as the new body launched a consultation paper on how it will operate.
Allianz subordinated bond assigned A2 rating by Moody's
Moody's has assigned an A2(hyb) rating to the 30-year €1.5bn subordinated bond to be issued by Allianz SE.
Generali Deutschland implements automated ERM platform for compliance
Generali Deutschland is using an automated workflow enterprise risk management solution for reporting and compliance activities.
Wheatley unveils new regulation agenda
Martin Wheatley, incoming chief executive of the Financial Conduct Authority, aims to "reset" how the regulator works with financial firms and address "cross-industry issues" when it replaces the Financial Services Authority next year.
Third delay to Omnibus II vote
The European Parliament's vote on Omnibus II, Solvency II's enabling legislation, due to take place in November, has been pushed back to March 2013.
European insurers withdraw cover for Iranian oil storage
Two European insurers have withdrawn cover for tankers storing Iranian oil, according to documents seen by Reuters.
Lord Mayor of London welcomes Indian FDI decision for UK firms
Opening India's insurance sector will bring in more capital to the under-capitalised sector, according to the Lord Mayor of London.
HDI-Gerling takes 26% stake in Indian Magma ready for FDI increase
German insurance company HDI-Gerling has paid four times premium on Rs26 crore for its 26% stake in Indian firm Magma HDI General Insurance Co with a commitment of raising the holding to 49% when the government allows it.
IRDA issues new bancassurance guidelines
India's Insurance Regulatory and Development Authority published revised draft regulations on bancassurance tie-ups this week giving more flexibility to banks and insurers.
Damages uplift is ‘moot’ point for Direct Line Group IPO
Accountancy firm BDO has claimed the Direct Line Group floatation is unlikely to be affected by the Court of Appeal’s decision to stop personal injury claimants, who have entered a conditional fee arrangement before 1 April 2013, qualifying for a 10%…
Top five Asian news stories
The top five stories from www.insuranceinsight.com over the past ten days.
Top five European stories
The top five stories from www.insuranceinsight.com over the past seven days.
Claims 2012: ABI brands Riot Damages Act "inadequate"
Last year's riots in England demonstrated the need for radical reform of the Riot Damages Act, according to Aidan Kerr, head of property insurance at the Association of British Insurers.
Simple economic capital models could avert financial crisis
The insurance industry needs more dynamic economic capital models if it is to avoid suffering some of the problems exposed during the financial crisis four years ago.
ABI wins 10% damages uplift challenge
Claimants that have entered a conditional fee arrangement before 1 April 2013 will not qualify for the 10% uplift in damages after the Association of British Insurers won a challenge in the Simmons v Castle case.
Global insurance federation vows advocacy role
Thirty-one insurance associations representing 87% of the worldwide insurance business formally established the Global Federation of Insurance Associations today.