Regulation
More SII delays "regrettable" but necessary
The European insurance and reinsurance federation, Insurance Europe, has welcomed a decision to finalise the impact assessment on measures to deal with long-term guarantee issues in Solvency II before finalising the Omnibus II text.
EU may delay Solvency II
Michel Barnier, the European Union commissioner in charge of regulation, has attributed a potential delay to Solvency II to wrangling between member states over the shape of the regulation.
Biba boss calls for FCA to target non-GI intermediaries
The British Insurance Brokers' Association has called for the incoming Financial Conduct Authority to target non-insurance intermediaries, not the industry's brokers, in order stamp out mis-selling scandals and protect customers.
Wheatley approach a "gross distortion of process"
Law firm CMS Cameron McKenna has claimed that the approach by Martin Wheatley, incoming boss of the Financial Conduct Authority, to "shoot first and ask questions later" represents a "gross distortion of due process".
ABI throws weight behind industry partnership with the FCA
The Association of British Insurers renewed its support today for the insurance industry working in partnership with the incoming Financial Conduct Authority to ensure that regulation delivers for consumers.
Myanmar to open insurance market to foreign investors
Myanmar will allow foreign investors into its insurance sector by 2015 once local private insurers have had time to establish themselves, according to a senior government official.
DLG confirms intention to float
Direct Line Group has issued a statement confirming its intention to proceed with an initial public offering.
FSA approval time hits record high
The Financial Services Authority's deeper scrutiny of new business plans means that start-ups face record waiting times for regulatory approval, according to City law firm Reynolds Porter Chamberlain.
Labuan cracks down on unqualified brokers
Only certified professionals will be allowed to operate as brokers in Labuan by the end of 2013 under regulations designed by the Labuan Financial Services Authority to boost the territory’s international reputation.
Monte Carlo preview: The calm after the storm
With 2011 rocked by political uprisings and catastrophes, delegates at the Monte Carlo Rendez-vous had much to discuss. However, a year later, with the market beginning to settle, what will be on the agenda?
Communities Minister replaces Hoban as Treasury Secretary
Greg Clark, pictured, former Minister of State at the Department for Communities and Local Government, has replaced Mark Hoban as Financial Secretary to the Treasury.
Solvency II timetable 'extremely tight' for insurers
Complete and accurate data is at the heart of the challenge to ensure that insurers are treated fairly under Solvency II, according to Allianz's Peter Keller.
FSA to investigate Lloyds Bank over PPI mis-selling
The Financial Services Authority has launched an investigation into the Lloyds Banking Group over payment protection mis-selling.
R&Q reports 56% rise in profit
Randall & Quilter has reported a 56% increase in profit before tax to £4.6m in the first half of 2012 compared with the same period last year(H1 2011: £3.0m).
All change for insurance industry with Cabinet reshuffle
Jonathan Djanogly lost his position as justice minister in yesterday's reshuffle.
KPMG demands clarity on Solvency II start date
KPMG's insurance director has called for a definitive statement on the Solvency II implementation date following the European Parliament's decision to defer the vote on the proposed Omnibus II amendments.
PICC could delay Shanghai listing
People's Insurance Company (Group) of China may seek as much as $3bn in an initial public offering in Hong Kong in October or November while postponing a Shanghai listing, Bloomberg news has reported.
MAS says reforms could mean capital hike for insurers
The Monetary Authority of Singapore has admitted that some insurers may need to hold more capital under the risk-based capital system currently being devised.
Italy misses opportunity to open PI market with compulsory legislation delay
Italy has postponed the introduction of compulsory professional indemnity for professional bodies just days before implementation was due.
Legal Ombudsman to handle CMC complaints
Complaints concerning rogue claims management companies will be dealt with by the Legal Ombudsman, the Ministry of Justice has confirmed.
Labour ministers slam Solvency II anti-competitiveness
The Labour Party has criticised the Solvency II directive for potentially damaging competition in the UK insurance market.
Asia View from the Top: Risk and opportunity abound
The economy of Asia has been rapidly growing. It now accounts for one-third of world gross domestic product and is likely to exceed 50% by 2050.
European View From The Top: Growth opportunities
Among all the doom and gloom you might think the chances of growth in the near term are slight, if not negligible.
China to expand investment options for insurers
The China Insurance Regulatory Commission is expected to announce policies to improve the competitiveness of insurers through an expansion of their permitted scope of investment.