Regulated firms and individuals can no longer protect themselves from regulatory fines by buying insurance cover.
No regulation cover
Regulated firms and individuals can no longer protect themselves from regulatory fines by buying insurance cover.
The FSA closed the loophole, which it said undermined the impact of fines as an incentive to do the right thing.
The new rule came into effect on 1 January 2004.
Groupama actuary
Groupama Insurances has appointed Steven Blake as its chief actuary, with responsibility for overseeing Groupama's team of actuaries and business
analysts.
Subsidence claims
Zurich Municipal said subsidence claims more than doubled in the autumn of 2003, compared with the same period in 2002.
It said tree roots were responsible for two thirds of all cases and it urged all local authorities to check trees on public property.
Run-off services
The Association of Insur-ance and Reinsurance Service Providers (ASP) has launched Run-Off Solutions Ltd. This will be owned and run by ASP members, said the organisation.
It will be available to tender for run-off business from January 2004.
Altradus created
Credit insurance and management company Gerling NCM has been renamed Atradus and has adopted a new logo and corporate identity.
Atradus said it would also undergo internal restructuring during 2004 to create a single European insurance carrier based in The Netherlands.
Benfield buys ISB
Reinsurance intermediary Benfield Group said its wholly owned US subsidiary Crawley Warren had acquired an additional 43% of the share capital of International Space Brokers (ISB).
ISB, a dedicated space insurance broker, was formed by New York broker Frank Crystal & Co and has net assets of $1.5m.
