Regulation – Page 112
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AgendaBroker regulation fees rise – but it’s not all bad news
The regulatory bill for brokers is set to rise for 2016/17 – but it’s below the average for the past five years. The big worry is that FCA fees have become the largest part of the total fee package facing the hypothetical small broker
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NewsEx-AIG chief Hank Greenberg faces New York fraud trial
Former AIG chief executive Maurice ‘Hank’ Greenberg faces a civil fraud trial in New York relating to his tenure at the insurance group. The New York Court of Appeals ruled yesterday that Greenberg, currently chief executive of insurance group CV Starr, must stand trial over 11-year-old ...
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NewsConsolidation is key driver in appointed representative boom
The number of appointed representatives in the UK is growing; networks report record applications. Now the FCA has decided to look at the oversight of ARs by their directly regulated principals
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NewsInsurer 50: Regulatory oversight weighs heavily
Solvency II has finally come into force, but now insurers face Pillar III reporting challlenges, and some insurers feel current level of regulation is making it hard for UK-based insurers to compete
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NewsDalgarno to head Towergate’s new ‘legacy resolution’ unit
Towergate has appointed chief risk officer Sarah Dalgarno to head up a new unit that will tackle the broking group’s old liabilities. Dalgarno will continue to be involved in Towergate’s group risk function until a replacement chief risk officer appointed. The new division, called the Legacy ...
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NewsABI calls for compulsory cyber attack database
The ABI has called on the government to create a database where companies would be obliged to record details of cyber attacks. The database would help overcome the lack of hard data on cyber attacks that is making it hard for insurers to provide appropriate cover, ...
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NewsLloyd’s chairman slams Brexit backers’ ‘irresponsible’ claims
Politicians claiming that that the UK would be able to replicate the benefits of a single market outside the European Union if it leaves are “irresponsible”, according to Lloyd’s chairman John Nelson. Speaking today at the Lloyd’s annual general meeting (AGM), Nelson also accused those making ...
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NewsFCA fines and bans brokers over £150,253 client money blunder
The FCA has banned former insurance brokers Terence Joint and Vroni O’Brien for failings in relation to the handling and misuse of client money. Key points: Broker Joint Aviation directors fined £30,000 Joint Aviation owed £150,253 to insurers Broker transferred client money ...
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NewsExpert View: New EU data protection regulation set to expand the cyber insurance market
With companies facing increased obligations and high potential penalties, will they turn to cyber insurers for help? NIG director of underwriting and pricing Justin Clarke looks at the possible consequences for the insurance business
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NewsABI welcomes minister’s pledge to push ahead with claims reforms
The ABI has welcomed justice minister Lord Faulks’s pledge to push ahead with the government’s proposed whiplash reforms. But Faulks’s comments have sparked anger from claimant lawyer lobby group Access to Justice (A2J). At the Association of Personal Injury Lawyers (APIL) annual conference yesterday, Faulks said ...
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NewsEnterprise Bill gains Royal Assent
The Enterprise Bill has gained Royal Assent, and will pass into law in a year’s time. The Bill, now known as the Enterprise Act 2016, will have several implications for the insurance industry. One key change is that the Enterprise Act amends the Insurance Act 2015, ...
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NewsBroker fee for FSCS levy falls as insurers pay more
General insurance brokers will pay £8m for the Financial Services Compensation Scheme (FSCS) in the 2016/17 year – down £11m on the £19m that was forecasted in January. General insurers will pay £91m – a £3m reduction on the £94m that was expected. However, it is ...
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NewsPRA to sharpen focus on how insurers manage property and liability exposure
The Prudential Regulation Authority (PRA) is planning to increase its focus on how well insurers are managing and measuring their exposure to property or liability risks. The PRA said the move had been driven by the continued rate reductions and widening of terms and conditions in ...
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NewsFSCS announces £337m levy for 2016/17
The Financial Services Compensation Scheme (FSCS) has announced its levy for 2016/17 will be £337m - £26m less than forecasted in its plan and budget for 2016/17. The levy in 2015/16 totalled £319m. The calculation of the FSCS annual levy is made up of several different ...
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NewsFCA strikes off two brokers for not paying fees
The FCA has cancelled the permissions of two general insurance brokers because they failed to pay outstanding fees. As a result, neither are allowed to continuing operating as brokers. Lester Evans of Barnet owed the FCA £1,694.44 in periodic fees and levies, which had been due ...
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NewsBiba sets up new standards committee
Biba and the Insurance Brokers’ Standards Council have set up a new standards committee. Biba chief executive Steve White said the BIBA Insurance Brokers’ Standards Committee will be headed by Paul Anscombe (pictured), chief executive of Seventeen Group and chair of the Insurance Brokers’ Standards Council. ...
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NewsBeazley completes return of its head office to the UK
Beazley has completed the transfer of its head office to the UK from Ireland. The Lloyd’s insurer announced plans for the move in its 2015 results in February. A new UK-domiciled company, called New Beazley, is now the holding company for the group. The completion of ...
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NewsTracey McDermott to leave FCA in July
FCA acting chief executive Tracey McDermott is leaving the regulator on 1 July. The announcement today follows the appointment of Sam Woods as the new PRA boss. As a result Andrew Bailey will now leave his role as PRA head to join the FCA. Earlier this ...
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NewsPRA insurance head named regulator’s new chief executive
PRA executive director of insurance supervision Sam Woods will become the regulator’s new chief executive on 1 July. Woods will also become the Bank of England’s deputy governor for prudential regulation. He will replace current PRA chief executive Andrew Bailey, who is leaving to become chief ...
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NewsEx European regulator chief joins PwC's insurance advisory team
PwC said it has appointed former top European regulator Carlos Montalvo Rebuelta (pictured) to its global insurance regulatory practice. Based in Spain, Montalvo will support the corporate services group’s European and global clients in managing their regulatory challenges. Montalvo was previously executive director at the European ...
