Legislation
Flood Re one step closer with regulations signed
Flood coverage for high risk properties is one step closer today (11 November) with regulations for Flood Re coming into force.
Household premium falls continue but tax rise could see reversal
Home insurance premiums are continuing to fall with the average price dropping 5.8% to £114 in the year to September, according to research from Consumer Intelligence, but a reversal could be on the cards.
LMG welcomes start of ILS legislative process
The government has tabled an amendment to the Bank of England and Financial Services Bill seeking power for the Treasury to make regulations facilitating and regulating insurance linked securities (ILS) business, a move welcomed by the London Market…
Pressure building as Solvency II enactment enters final countdown
As the Solvency II countdown enters its final stages industry observers are warning some insurers will struggle to be ready by the 1 January start date and that there could be more pain on the horizon.
Legal Update: Shaking up cost control
Few would argue that post-claim legal costs management grabs the headlines in the same way as other areas of general insurance claims work. Perhaps one explanation for this is the 2013 reforms, vaunted as the ‘silver bullet' for managing legal costs in…
Excluded properties remain contentious as Lords debate Flood Re regulations
Concerns around timing and excluded properties were raised by members of the House of Lords in debating the regulations to govern Flood Re yesterday (27 October).
FRC paper published on improving board succession
The Financial Reporting Council today (27 October) published a discussion paper on succession planning for UK boards in a bid to improve the process.
Legal Update: Time is money
Under the new Enterprise Bill, insurers could be hit hard if they don’t pay claims in time
Blog: Insurers and the late payment of claims provisions of the Enterprise Bill
The Enterprise Bill 2015 provisions on late payment of claims have caused some disquiet within the insurance industry, although they should merely reinforce good practice.
Editor's Comment: Never say never again
This week, the Economic Minister to the Treasury Harriet Baldwin reportedly accused claims management companies of having gotten “completely out of control”, as the government called for evidence to make good on its summer budget promise of looking into…
Ferma 2015: Insurance Act guide published for Ferma members
The Federation of European Risk Management Associations has today (6 October) published a guide for its members on the implications of the Insurance Act 2015.
Insurance Act: Let's pretend
Mock trial puts the Insurance Act to the test.
In Series: Liability and Collaboration: No more Mr Nice Guy
After years of running battles, the focus on fraud prevention has moved to the employer’s liability sector, with the industry keener than ever to show it is not a soft touch.
Insurers wary of increased costs following Enterprise Bill proposal
Question marks have been raised over a proposed measure in the Enterprise Bill that could see insurers pay general damages to policyholders that have suffered additional loss because of an unreasonable delay in payment.
Government to tackle late claim payments in Enterprise Bill
The government is clamping down on late payment of insurance claims with its proposed Enterprise Bill by introducing a contractual requirement on insurers to pay claims to businesses within a reasonable time.
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.
C-Suite - Broker: The scourge of predatory pricing
The industry needs to ditch the tactic of winning new business with the hook of low price.
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.
Blog: Ready for the Insurance Act? Get the checklist
With less than 12 months to go, insurers, insureds and brokers are already taking steps to implement the Insurance Act 2015. Are you ready? If not, we set out some practical tips for you to consider.
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?
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.
Insurance Act: The Insurance Act timebomb
The clock’s ticking, and now is the time for the market to get ready for the changes ahead.
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.