Regulation
Kennedys warns government over Medco ‘gaming’
The Medco portal system of commissioning medical reports needs to be transparent and uncomplicated, and eliminate any incentives that encourage those acting for claimants to ‘game’ the process, international law firm Kennedys has told the government.
ABI urges MOJ to regulate MROs in Medco review
The Association of British Insurers is calling for the regulation of medical reporting agencies in its submission to the Ministry of Justice review of the operation of Medco.
Insurers remain at odds with Apil over whiplash figures despite talk of collaboration
Insurers have welcomed calls by the president of the Association of Personal Injury Lawyers for greater collaboration, but have roundly rejected his argument that whiplash claims are on a downward trajectory.
Claims Club: FCA considering 'best practice' plea from insurers on SME cases
A senior regulator has conceded that in order for the Financial Conduct Authority to differentiate itself from its predecessor it might need to listen to insurance companies' pleas to issue ‘best advice’ on dealing with SME claims.
Claims Club: Insurers must act to help shape the future of CMC regulation
Insurers have been given a “three to four month” window to shape the future of claims management company regulation, Claims Club members have been told.
Claims Club: Government missed trick in not mandating on salvage says Thatcham
The government’s recent decision to not mandate a compulsory code for salvage has been labelled a “missed opportunity” by one of those involved in the discussions.
Europe: The impossible comparison of UK regulatory costs with the rest of the EU
Confirmation this June that the Financial Conduct Authority will be increasing fees for insurers and brokers by 8.5% for 2015/2016 has inevitably raised many eyebrows. A particular bugbear is that UK regulatory costs are perceived to be much steeper than…
How insurers can get ready for the Fourth Anti-Money Laundering Directive
The Fourth Anti-Money Laundering Directive applies to a range of businesses, including insurers. After its formal adoption in June, European Union member states now have two years to implement the new rules into national law.
Editor's Comment: Time to shine
In a year’s time the Insurance Act 2015 will come into force and the UK insurance market, or at least practices within it, are set to look very different.
Senior insurance managers' regime rules open to interpretation
The application of the senior insurance managers' regime has been deemed open to interpretation by market commentators, amid predictions brokers could be subject to a similar, more informal, regime in the future.
Delegated Authorities: From me to you
A recent FCA report poured scorn on the industry over its handling of delegated authority. The regulator’s expectations require change from both brokers and insurers, but how is it going to work?
Actions against company directors surged by a third in Asia last year
There were 82 regulatory and criminal actions against company directors in Asia last year according to data from AIG.
Insurance Act: Litigation: Ready for court
With the Insurance Act 2015 set to be introduced in August 2016, insurers must review internal systems in preparation for the inevitable litigation that will occur.
Carney to unveil new rules for insurance managers this week
Bank of England governor Mark Carney will this week unveil new measures to make insurance managers individually accountable for the failure of their firms, after consulting on proposals earlier this year.
China regulator to introduce insurer service rating system
The China Insurance Regulatory Commission is planning to rate general and life insurers based on procedures from sales to claims.
Roundtable: Reputation: Time to start building bridges
The insurance industry’s reputation is at a low, with recent reports highlighting a lack of consumer trust. How can insurers work towards improving the public’s perception of them?
North of the Border: A new prescription for old problems?
The recent Supreme Court decision in David T Morrison v ICL Plastics turned the Scottish legal profession’s understanding of the law of prescription on its head.
Trade Voice: Anyone for a game of pinball?
Going to work in an insurance brokerage can sometimes feel like a trip to the amusement arcades.
FCA boss Wheatley 'disappointed' to be stepping down
Outgoing Financial Conduct Authority CEO Martin Wheatley has said that he is "disappointed" to be departing the top job at the regulator.
Editor's comment: Swinging from high to low
Last Wednesday was a day of extreme highs and lows for the insurance industry. The sector celebrated successes of the past year with the Oscars of the industry, the British Insurance Awards, with over 2000 insurance professionals letting their hair down…
PRA sets December deadline for final decision on SII models
The Prudential Regulation Authority is to make final decisions about firms' internal Solvency II models in December, according to its insurance supervision executive director Sam Woods.
FCA hires insurance leader as supervision director
The Financial Conduct Authority has appointed JLT strategic advisory group member Jonathan Davidson as its retail and authorisations supervision director.
Roundtable: Big Data: What can big data do for the insurance industry?
With big data playing a bigger role across all industries, the big question is what it can do for the insurance sector?
Post reveals consumer champions as Trust Insurance Taskforce
As part of its campaign to improve trust in the insurance industry Post has announced a taskforce of consumer champions, who will challenge insurers thoughts, beliefs and processes, and provide much need feedback and a realistic view of what customers…