Regulation – Page 117
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NewsPRA approves Direct Line Group’s Solvency II model
The PRA has approved Direct Line Group’s Solvency II partial internal model. It means the insurer will be able to use the model to calculate its capital requirements under Solvency II from 1 July this year. The company plans to publish more details about its Solvency ...
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Online onlyCustomers should push industry to reinvent itself – KPMG
Customers should be the “inspiration” for insurers to reinvent themselves, after KMPG research found insurers focus more on complying with new regulations instead. The report says insurers are failing to adapt to changing customer needs and technology, with 57% of executives admitting that efforts to transform ...
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NewsCopying Norway's EU model will exclude us from big decisions – ABI
The ABI has given its support to the prime minister’s campaign to remain in the EU. During an interview on BBC’s Andrew Marr show yesterday, David Cameron said that even if the UK replicated the Norway model of being outside the EU with access to the ...
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NewsSurvey: FCA's TCF agenda overloading brokers
The FCA’s drive for better behaviour in the insurance broking sector is overloading firms and customers with information, according to the first Insurance Times Broker Regulation Survey. According to RWA Business Consultancy founder and compliance expert Robin Wood this overload could hinder the FCA’s Treating Customers ...
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News
Pass notes – the FCA
How is the FCA addressing the issue of information disclosure? The FCA has consulted on the removal of some ineffective disclosure requirements to encourage greater transparency and communication to reduce the regulatory burden because they do not inform consumers about a product or service. What is the consultation proposed ...
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NewsEuropean regulator insurer stress test is ‘half cooked’ – Allianz
Allianz has criticised plans by the EU’s pensions and insurance regulator Eiopa for EU-wide stress tests, calling them “half cooked”. The insurer is also worried that the test results could be used by the European Systemic Risk Board, which looks for risks to the financial system ...
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NewsRevealed: What brokers really think about the FCA
The regulator is overloading brokers and customers in its drive to improve industry behaviour. The cost of regulation and amount of paperwork were among the top reasons for broker unhappiness in our exclusive survey
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NewsEx-Biba small broker chair: 'speak candidly about commissions'
Yutree Insurance managing director Kevin Hancock said it was time for brokers to speak candidly to customers about commissions they earned and what a client might get for the payments. He was responding to comments by ABI director of general insurance policy James Dalton calling for ...
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Online onlyABI warns on transparency of broker commissions
It is “only a matter of time” before regulators force greater transparency of broker commission, according to the ABI. Speaking at the Birmingham Insurance Institute on Wednesday, ABI director general insurance policy James Dalton questioned if it was fair that commercial customers had to ask brokers ...
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NewsAirmic 2016: Insurance Act will bring period of 'chaos and muddle'
The inception of the Insurance Act is going to be followed by a period of chaos and muddle in the insurance market, delegates at the Airmic leadership debate were told. BT Group insurance and risk financing director Tracey Skinner, who sat on the panel yesterday to ...
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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 ...
