GISC gets Lloyd's chief's approval
GISC gets Lloyd's chief's approval
Director of Lloyd's regulatory division, David Gittings, this week lent support to industry regulator, the General Insurance Standards Council. Gittings said that by late summer the 300-year-old market will deal exclusively with GISC-registered brokers. He commented: "In due course Lloyd's will carry out its regulatory responsibilities through the GISC. "We believe that the steps the GISC has taken to tighten financial resource requirements are appropriate." Lloyd's deals with 150 brokers in the UK.
ROSPA backs advanced drivers
The Royal Society for the Prevention of Accidents (RoSPA) is urging insurers to back the Driving Standards Agency's new benchmark standards for advanced driving. "All insurance companies need to offer reduced premiums for advanced drivers," said chief driving examiner Bob Smalley. He added: "Employers should encourage company drivers to take the test, even offering them incentives to do so."
Lloyds TSB lose ad row
A complaint against Lloyds TSB Group for publishing a misleading headline in a direct mail shot has been upheld by the Advertising Standards Authority The headline read that "we promise you will pay less to protect your home or we will double the difference up to £100". Lloyds TSB claimed that the eligibility criteria for the claim was clearly stated in the mailing. But the ASA upheld the complaint because it felt that the headline implied that the advertiser's home insurance would always cost less.
More success for our website
Insurance Times' website audience has continued to grow throughout March 2000. Month-end figures show traffic was an impressive 33% up on the previous month. The number of users has also increased, with almost 15,000 sessions logged during the month. These latest figures mean that since the site launched in September 1999, Insurance Times Online has recorded almost 2.5 million hits and almost a quarter of a million page impressions.
Norman is now called MMA
Reading-based Norman insurance has changed its name to MMA Insurance. The insurer has decided to adopt the common group identity of its parent company MMA who is its sole shareholder. Norman feels the MMA name will give it more scope to create a stronger brand for its future success. A web site has been launched at www.mma-insurance.com to coincide with the name change, which will take place on April 27.
Euler branches out to Brazil
Credit Insurer Euler has opened a risk office in Brazil. Sao Paulo based credit analysts will provide the group with detailed information on factors which could affect trade in South America, such as buyer risks. All Euler companies has just been awarded AA+ ratings by by the rating agency Standard & Poor.
RMI has new quality standard
Bodyshop trade body Retail Motor Industry (RMI) has launched a new quality standard for the body repairer industry called QC Premier. The initiative will be based on its existing QC standard and will provide a detailed 'health check' on business processes and procedures and involve a comprehensive analysis of body shop activities.
New office for Travel & General
Travel & General Insurance Services, part of the Travel & General Group, has relocated to offices in the heart of the City in order to move closer to Lloyd's and many specialist underwriters. The new address is Renown House, 33/44 Bury Street, London.
Data protection campaign launch
The Data Protection Commissioner and the National Consumer Council has launched a joint initiative to improve public awareness of data protection issues relating to the collection and processing of individuals' personal data. A graphic signpost 'Information Padlock' will provide organisations with requested personal information.
New India gets a new home
India's largest general insurance company, The New India Assurance, is officially opening a new office in Ipswich at the end of the month. It will be staffed by ten underwriters, writing both household and commercial business.
Cila gets seat on the BDMA
The Chartered Institute of Loss Adjusters (CILA) has accepted a seat on the fledgling British Damage Management Association (BDMA). BDMA, launched last December, was formed by the leading practitioners in the field of damage management. The two associations aim to investigate the provision of an education module for loss adjusters to expand their awareness of developments in the damage management industry.
Sad loss as director dies
Anthony Pennington, the finance director of law firm Hill Taylor Dickinson, has died suddenly after a massive heart attack. Chairman Robert Wallis said he will be sadly missed by everyone at the firm where he worked since 1987. He leaves a wife Tara and two children Sally and Neil.
Generali gets new chief
Joe Ganley is appointed the new chief executive of the Ireland branch of Generali following the retirement of Harry Wrixon this month. Wrixon had held the post for ten years.