Regulation
Budget 2016: Corporate tax changes aimed at banks could impact insurers offsetting losses
Insurers hit by rises in claims as a result of the recent floods and increases in insurance premium taxes will also now face corporate tax changes that will affect them offsetting losses.
Budget 2016: Safe Harbour lanes mooted as UK shifts gears on autonomous vehicle investment
A £15m ‘connected corridor' from London to Dover, driverless car and truck platooning trials were all outlined as part of the 2016 Budget in a move to retain the UK's position in the market.
Blog: Bring on the Enterprise Bill
The Enterprise Bill should mean quicker payments for SMEs - and for insurers, a chance to stand up and be counted.
Europe - Vnuk: EU ruling is a black cloud over motorsport
The Vnuk ruling - making third-party insurance compulsory - could make motorsport participation too expensive and supporters are calling for an exemption to be made.
Editor's comment: The bad apple?
Regulation is a good thing … except where it is bad thing.
Brain Training: 10 things you need to know about ... workplace monitoring
1. Insurance firms are increasingly well informed about the risks and obligations entailed in handling client data, but often less so about personal data relating to their own employees.
Concern expressed as 'rigorous' SIMR adds pressure on senior roles
Insurers have welcomed the launch of the Senior Insurance Managers Regime, however, there remains uncertainty as to what extent top ranking employees will be impacted.
Concerns raised on effectiveness of FCA’s general insurance scorecards
Issues with the Financial Conduct Authority’s pilot of general insurance scorecards have been highlighted by industry players who remain unconvinced a focus on claims data and a ‘one size fits all’ approach is what is required.
Europe: Telematics and the gender directive
The Gender Directive put a brake on insurers' underwriting purely on the basis of gender. So has it encouraged the development of telematics which helps them price in way that does not differentiate rates between males and females?
FCA to pilot general insurance scorecards
The regulator has announced plans to pilot general insurance ‘scorecards’ on a select number of products.
Claims Club: Industry should be prepared for online court to become a reality in the near future
Insurers and their lawyers have been warned to take the prospect of an online court seriously and advised that the pace of change is likely to take many by surprise.
Claims Club: Late payment legislation to add ‘new pressure’ to difficult fraud cases
Insurers have been urged to prepare a late payment strategy now, after an insurance barrister warned the late payment clause, due to be introduced with the Enterprise Bill, will add additional pressures in suspected fraud cases.
Editor's comment: Be prepared
With the very definition of insurance being something that provides protection against a possible eventuality, I like to imagine that all insurers must have been scouts.
Patrick Snowball: bankers and regulators are ruining the GI market
Many of the UK’s major general insurance companies are suffering because their boards have turned the businesses into pseudo-banks, and manage them accordingly to pacify the authorities.
Fraud Focus: Joining up the dots …
Financial services sectors must work together to fight against fraud despite facing their own problems
The Post Power List 2016 is revealed
Post is delighted to reveal its 2016 Power List, a carefully (wine) crafted list of movers and shakers both within and without the insurance industry who we at Post Towers – with our experience, knowledge and independent view – believe will either have…
UK authorities right to flag Solvency II concerns prior to 2018 review
Wide-ranging criticism of the nascent Solvency II regime by the UK has received initial support, despite the fact that the regulatory system is little over a month old.
Bailey challenged to prove his independence in FCA role
Incoming Financial Conduct Authority CEO Andrew Bailey has been challenged by an MP to prove his independence from the government after accusations he was "hand-picked" by Chancellor of the Exchequer George Osborne to take on the role.
Hefty FCA fines highlight importance of delegated authority chain controls
The £15.5m of fines handed to individuals and firms involved in the collapse of several unrated insurers operating in the solicitors' professional indemnity market have highlighted the need for all parties involved in the delegated authority chain to…
Greater exposure for insurers following 'sexting' case
A legal expert has warned that the threshold for a successful civil ‘sexting’ claim appears extremely low, following a recent High Court case, and that insurers will be impacted.
Bailey planning more moderate FCA approach
Incoming Financial Conduct Authority CEO Andrew Bailey will not take the "shoot first ask questions later" approach of his predecessor Martin Wheatley when he joins the regulator in July.
Fraud Focus: Looking to the future
Insurance Fraud Taskforce recommendations will ensure government stays focused on fighting fraud.
Trade Voice: Fair’s fair
The call to action for #FairnessForAll is not an unattainable ideal.
Risk Management: What next for risk?
There remains regulatory pressure on insurers despite Solvency II models gaining approval.