Regulation
Post magazine - 25 July 2013
In this week's Post, the Financial Stability Board's listing of global systemically important insurers has raised concerns over a "lack of clarity" on why implicated firms are on the list and the costs that will be generated by an enhanced supervisory…
Insurers left perplexed by FSB’s ‘global systematically important’ tag
Report highlights potential ratings impact for implicated insurers.
More brokers face fines over add-ons after Swinton pays £7.4m penalty
Analyst blames drop in Esure’s profit expectations on bundled add-ons.
S&P: G-SII label will have mixed long-term impact on ratings
A report by Standard & Poor’s says the designation for global systemically important insurers has both positive and negative implications for insurer’s ratings in the long term.
The Great Debate: Your views on industry topics
This week Post asked: The AA says uninsured driver fines will fail - what should be introduced instead?
Redomiciling: Insurer’s paradise?
With continued uncertainty over Solvency II, could more firms be tempted to follow the lead of Randall & Quilter and split their tax and regulatory domiciles?
FCA bans and fines broker £140 000
The Financial Conduct Authority has imposed a £140 000 fine on Paul Cable, of Bromley, Kent, and banned the broker from working in the financial services industry in the future.
Treatment of G-SIIs must reflect differences between banking and insurance
The up-coming regulation around global systemically important insurers must reflect the fundamental differences between banking and insurance, Deloitte has said.
G-SII determination to impact credit rates
Insurers included on the Financial Stability Board's list of global systemically important insurers could see a modest improvement in their credit profiles due to the higher risk and capital management standards imposed on them, Fitch Ratings said.
Allianz denies it represents a systemic risk
Allianz has accepted the Financial Stability Board’s decision to name it as a global systemically important insurer but has denied it poses a systemic risk.
Aviva, Allianz and Axa named as global systemically important insurers
The Financial Stability Board has published the list of global systemically important insurers with views to developing a policy framework to address the risks these firms they are thought to present.
Lloyd’s renews deal with FCA to avoid regulatory duplication
Lloyd’s of London has renewed an agreement originally signed with the Financial Services Authority in a bid to avoid duplicating regulation.
View from the Top: 2013's regulatory outlook
KPMG's Martin Noble looks at how 2013 regulatory predictions shaping up for Asia-Pacific, and whether we could soon see the emergence of a global insurance capital standard.
Post magazine - 18 July 2013
In this week’s Post, brokers have raised concerns over the effectiveness of Aviva underwriters and its ability to maintain service levels following the insurer’s decision to move more underwriters into broker offices and abandon almost half its regional…
Rates drop as motor insurers anticipate legal reform windfall
Average car insurance premiums have plunged in the second quarter of 2013, following the implementation of key parts of the Legal Aid, Sentencing and Punishment of Offenders Act.
RAC Foundation calls for overhaul of licencing system
The RAC Foundation has called the government to consider placing conditions on young drivers’ licences as a way of reducing fatal accidents among this age group by more than a half.
European insurers look to invest in illiquid asset classes
European insurers are increasingly looking to invest in more illiquid asset classes, including private loans, as low rates and new regulations bite, Moody's said today.
Your Say: A step closer to international clarity
After a journey that started in 2001 and led to the stopgap International Financial Reporting Standards 4 in 2005, the end of the search for an international accounting standard may be drawing near.
Insurers look to diversify by entering private loans market
Low rates and new regulations are driving European insurers to diversify their asset allocation by investing in more illiquid asset classes, notably private loans, Moody's said in report published today.
Failed Lemma could cost UK compensation scheme £25m
The UK's Financial Services Compensation Scheme is expecting to pay-out around £25m in claims related to failed Gibraltar-based insurer Lemma.
Former Hill director Quinn receives three-year ban
Former director of Hill Insurance Company, Elisabeth Quinn, has been banned from holding executive director positions with any firm licensed by Gibraltar’s Financial Services Commission for three years.
Hill director receives three-year ban
Former director of Hill Insurance Company, Elisabeth Quinn, has been banned from holding executive director positions with any firm licensed by Gibraltar’s Financial Services Commission for three years.
Lemma claims could cost FSCS £25m
The UK Financial Services Compensation Scheme expects to pay-out around £25m in claims related to failed Gibraltar-based insurer Lemma.
PPI CMCs come under scrutiny
The Ministry of Justice is holding a summit today to discuss the “predatory” conduct of claims management companies offering payment protection insurance claims management.