Regulation
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.
Consumer Focus: 2016: The year of the ‘switcher’?
The insurance industry saw huge changes in 2015, with changes in regulation and government tax rises. The effect on consumers will be seen over the next year – and they may not be happy
Crawford still waiting on findings of bribery investigation
Loss adjusting giant Crawford & Company is still waiting to hear if it will face any regulatory action over a potential breach of the US Foreign Corrupt Practices Act.
Clinton criticises Bermuda "reinsurance loophole"
Democratic presidential hopeful Hillary Clinton has criticised tax law loopholes which allow wealth managers to set-up reinsurance companies in Bermuda to reduce tax bills.
Hong Kong's incoming regulator appoints chairman
The Hong Kong government has appointed Dr Moses Cheng Mo-chi as the first chairman of the Independent Insurance Authority.
EY predicts busy 2016 for insurers with SII implementation
Professional services firm EY has warned insurers and regulators to prepare for a busy 2016 as companies start to embed the Solvency II Directive.
Contracting out of the Insurance Act 2015
The Law Commission has consulted with the insurance market over eight years prior to the Consumer Insurance (Disclosures and Representations) Act 2012 and the Insurance Act 2015. Both Acts were based on the market's view of best practice.
ABI reassures policyholders they will not be affected by SII
UK insurers are well-prepared for the implementation of Solvency II capital rules on 1 January 2016, according to the Association of British Insurers, which has assured policyholders they will not notice any changes under the new scheme.
Review of the Year: Legal
For insurance lawyers, 2015 has been marked by the Medco portal going live in a sustained effort to reform whiplash claims. But the year has also seen major rulings regarding aggregation, costs and rates, all expected to have wide-ranging implications.
FCA urges further improvements on mobile phone insurance
The Financial Conduct Authority’s follow-up review into mobile phone insurance found while some firms have improved, there were still many who were not providing fair outcomes for customers.
PRA approves 19 SII internal models
The Prudential Regulation Authority has approved the use of a full or partial internal model under the Solvency II Directive for 19 insurers for use from 1 January 2016.
ABI criticises FCA's late decision on complaints rules timeframes
The Association of British Insurers is disappointed the Financial Conduct Authority's amendment to the implementation date for changes to complaints handling and reporting processes, announced today (4 December), has come too late to avoid insurers…