The Competition Commission unveiled measures to stamp out mis-selling of extended warranties on domestic appliances. Under the new rules retailers will need to give consumers information on the price and duration of warranties, as well as about the insurance provider. But the Consumers' Association hit out at the plans, which it said were watered down.
MPs: probe TAG
Two MPs are calling for an independent inquiry into the collapse of claims firm The Accident Group (TAG), after a report found it had traded insolvently for two years prior to its collapse.
FSA fine rules
The FSA has declared that regulated firms will not be able to pay its fines through the use of insurance policies. The rules proposed by the FSA would apply from 1 January 2004.
S&P rates Willis
Standard & Poor's has affirmed its 'BB+' counterparty credit ratings on Willis Group, following the broker's second-quarter results announcement. The outlook has been revised to positive from stable.
AXA risk services
AXA and National Britannia Group have teamed up to offer customers risk management services.
The offering will be made available through the newly-formed alliance, AXA H&S Solutions, with the aim of addressing the employers' liability (EL) crisis. Policyholders will receive a free health and safety audit, help with risk assessment and 24-hour access to National Britannia's advice line.
AIG rates soar 40%
AIG powered ahead in the second quarter, boosted by a 40% surge in premium rates. Announcing its second quarter results, AIG said premium rates were up in the general insurance business by 30%-40%.
Montpelier Re has announced its second quarter results, which revealed a surge in income to $112.5m (£69m). Montpelier recorded a loss ratio of 17.3% for the quarter and 21.7% for the six months to 30 June. The company also released $14.3m (£8.8m) of accident reserves, which reduced the loss ratio by 8% in the quarter.
BDML motor deal
Intermediary BDML Connect has teamed up with shopworkers' union USDAW to provide motor insurance to its members.
Business groups claimed victory yesterday after Derek Higgs' proposed boardroom reforms were watered down.
The Financial Reporting Council (FRC) released an updated Combined
Code of Corporate Governance in the wake of Higgs' review into the role of non-executive directors.