Solvency II regulations

Draft regulations for Solvency II, an EU-wide directive on capital requirements, were welcomed by accountancy firms and insurance groups. But there were warnings that the rules could lead to sharp premium increases for high-risk policyholders.

First published on 11 July

FSA appoints Taylor

The FSA appointed Max Taylor as a non-executive director of the Financial Services Compensation Scheme effective from 1 September 2007. Taylor is deputy chairman of Aon UK and current chairman of Biba.

First published on 12 July

QBE buys Swiss insurers

QBE increased its European market share with the acquisition of two Swiss motor insurers. It has purchased HP Jenni & Partner and Anex Jenni & Partner, which will now be merged to form QBE Switzerland. It is expected to start underwriting on January 1 2008.

First published on 12 July

Electronic move by Lloyd’s

Lloyd’s is providing all underwriters and brokers with the option of electronic access to vetted model wordings when creating and reviewing slips. It has adopted the wordings repository managed by the Lloyd’s Market Association to make it available to all businesses in a bid to enhance “clarity and efficiency throughout the market.”

First published on 12 July

Online change for PPI

Major finance firms agreed to change the way they sell payment protection insurance (PPI) over the internet, following action by the FSA. Firms will change their sales processes so customer must actively choose to buy PPI cover.

First published on 13 July