Regulation
MGAA launch: Changing perceptions
Delayed since 2010, the Managing General Agents Association launched this month, with a brief to ensure the insurance industry and regulators understand exactly what role MGAs perform.
News review 14 - 20 September 2011
A review of news stories which broke between 14 and 20 September 2011.
Post Magazine - 22 September 2011
The latest issue of Post magazine is now available to subscribers as a digital and interactive e-book.
RSA to head to High Court – Insurance News Now
Post reporter Callum Brodie outlines this week's major general insurance stories including RSA’s plans to head to the High Court in a bid to defend its policy of using a wholly-owned subsidiary for motor repairs, which has been found to add as much as 25…
European Commission to propose additional contract law in October
European Justice Commissioner Viviane Reding is today meeting with leaders of European insurance companies to discuss European contract law in the insurance sector.
European Commission to propose additional contract law in October
European Justice Commissioner Viviane Reding is today meeting with leaders of European insurance companies to discuss European contract law in the insurance sector.
FSA takes too long over permissions, RPC lawyers warn
The length of time it takes the FSA to grant financial services firms permission to expand their businesses has increased by 10% in the last year, says City law firm Reynolds Porter Chamberlain.
Geneva Association appoints actuarial science specialist
Global insurance think tank, The Geneva Association, has appointed Illinois state university Professor, Krzysztof Ostaszewski, as the research director of its life and pensions programme.
Greek government issues second IPT penalty amnesty
The Greek parliament has passed a law that includes a further amnesty provision on penalties for insurance premium tax.
AM Best receives European credit approval
AM Best Europe has received formal notice of registration as an approved European credit rating agency under the Credit Rating Regulatory Regime of the European Union.
MoJ to split referral ban enforcement role between industry regulators
The Ministry of Justice has confirmed the government’s proposed ban on referral fees is likely not to be centrally administered, but instead enforced by a collection of disparate regulatory authorities.
Editor's comment: The devil is in the detail
Just when consensus was building across the insurance industry that banning referral fees alone will not cure the UK civil litigation system of all its perceived ills, reduce car insurance premiums, or single-handedly wipe out personal injury claims…
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Post Magazine - 15 September 2011
The latest issue of Post magazine is now available to subscribers as a digital and interactive e-book.
Tiger Risks becomes first US broker since 2003 to open in London
Tiger Risk Partners has announced the opening of a UK subsidiary headquartered in London.
MoJ to split referral ban enforcement role - Insurance News Now
Post senior reporter Amy Ellis outlines this week's major general insurance stories including confirmation from the Ministry of Justice that the government’s proposed ban on referral fees is unlikely to be centrally administered, and instead enforced by…
Industry bodies express concerns over new regulator plan
Insurance and broker associations have welcomed the Government’s proposed regulatory reforms in their consultation responses. However, they have also expressed concern its plans could be too “ambitious”, which may potentially cause delays.
Exposure to sovereign debt could led to more downgrades
A worsening of the economic or investment landscape could result in an increase in negative outlooks or downgrades for insurers and reinsurers operating in Europe a report has found.
European insurers facing increasingly stricter regulatory frameworks
Regulatory, accounting and rating agency changes are occurring rapidly globally, albeit at a different pace by region.
APIL demand widespread coroner service reforms
The Association of Personal Injury Lawyers has described the draft charter designed to improve the coroner service as “no replacement” for the planned full-scale reforms which were dropped by the coalition government.
Pro Legal warns MoJ over “dangerous” referral fee decision
London-based law firm Pro Legal has hit out at the Ministry of Justice over its “dangerous” decision to ban referral fees claiming that the move would hurt consumers.
Parabis slams MoJ over referral fees
Parabis has criticised the Ministry of Justice’s decision to ban referral fees.
MMA appoints Solvency II chief
MMA Insurance has appointed Anthony Collins as head of actuarial focusing on the firm's preparations for Solvency II.
Axa urges MoJ to cut legal costs
Insurer Axa has welcomed the Ministry of Justice’s ban on referral fees but has urged the government to tackle lawyers fixed fees.