Compliance
Solvency II compliance challenges remain
European insurers have identified reliance on third parties for data, sophisticated risk modelling requirements and obtaining sufficiently detailed fund data among the challenges to be overcome in order for them to achieve Solvency II compliance.
Broker networks: New kid on the block
As Brokerdrive arrives on the scene, the debate over the merits of the traditional network model is revisited.
Eiopa says insurers failed stress test
The European Insurance and Occupational Pensions Authority has warned that its low yield stress test showed that the insurance industry would be hurt if yields remain low for a prolonged period of time.
Solvency II will drive UK M&A, Fitch predicts
Fitch Ratings expects Solvency II and low valuations to result in further merger and acquisition activity in the UK non-life insurance sector in 2012.
Credit hirers worry OFT review is unfair
The Credit Hire Organisation said it feared the OFT’s review of credit hire costs might not reach a full and fair set of valid conclusions.
Ajag wanted OFT to go further
Compensation claimants’ body the Access to Justice Action Group has said the OFT review into the cost of car insurance does not go far enough.
LMA welcomes OFT claims cost review
The London Market Association has welcomed the Office of Fair Trading’s decision to examine personal motor claims costs.
ABI says OFT could cut claims costs
The Association of British Insurers claims the Office of Fair Trading investigation into motor claims is an opportunity to improve the personal injury compensation system.
OFT to review car repairs and credit hire
The Office of Fair Trading has launched an investigation into the provision of third party vehicle repairs and credit hire replacement vehicles to private motor insurance claimants.
Airmic to have global compliance database ready by September 2013
Airmic is to create a final version of its industry-backed global compliance database by September 2013.
FSA slams RBSI for ‘unfair’ pet terms
The Financial Services Authority has told RBSI to cease using a term in its Direct Line pet insurance that it suggests may be unfair and has reported the insurer to the Office of Fair Trading.
Global compliance database gets go ahead
London market movers have put aside concerns over competitive advantages to build a jointly owned compliance database for global insurance programmes, providing details of regulations on a territory-by-territory basis.
FSCS funding review ro recommence as brokers push for separation
Brokers could secure separation from insurers and bankers as early as April 2013, with the British Insurance Brokers’ Association focusing its efforts on the reopened Financial Services Compensation Scheme funding review.
News analysis: Insurers urged to negotiate with FSA as Solvency II confusion continues
The FSA has announced a delay to Solvency II but getting clarity remains a priority for government and insurers.
Editor's comment: Overcoming the barriers
If there’s one thing we can say for sure this week, it’s that the latest round in the subrogation set-to over disputed motor repair bills will not be the last.
View from the top: An endangered species?
UK-domiciled Lloyd’s brokers are under significant pressure. It’s always been a tough market, but the increased use of broker requests for proposals and unsolved inefficiencies are squeezing the London community further.
Antares appoints new compliance chief
Lloyd’s insurance firm Antares has named Lucy Peake as its new compliance manager.
Risk update - Asbestos: Kept safe from harm
With the European Commission ordering the UK to amend legislation to ensure maintenance and repair workers are fully protected from asbestos, John Toms investigates the implications for the insurance industry.
Lloyd’s – China: Chasing the Chinese dream
As the world’s second largest economy, China is a tempting opportunity for insurers. Leigh Jackson reports on the key role being played by Lloyd’s, the difficulties in gaining traction and the reality checks on expectations.
ABI biennial conference: Insurers urged to find ways to interact with customers
Insurers must find ways of addressing their lack of direct contact with personal lines customers if they are to improve loyalty and service.
Ecclesiastical appoints director of group internal audit and compliance
Ecclesiastical has announced the appointment of John Schofield as its director of group internal audit and compliance.
View from the Top: No need for European consumer collective redress
The European Commission is continuing to push for a system of collective redress for consumers that would allow a type of class action litigation.
Airmic 2011: Best practice guide to global compliance
Insurance buyers can now benefit from best practice advice to prevent them falling foul of the "labyrinth" of global insurance compliance rules. The guide, published this week, sets out key questions with which to road-test insurance programmes and help…
Interview - Paul Taylor: Relishing challenges
With a career that has spanned the globe, new Airmic chair Paul Taylor wants to push risk management up the agenda. He talks to Lynn Rouse about his upcoming tenure.