Compliance

Insurers expect further Solvency II delays

More than three quarters of insurance companies believe that the Solvency II implementation date will be delayed beyond 1 January 2014, according to research conducted by actuary Barnett Waddingham.

Transforming the future of insurance

Insurers responded well to the economic crisis by turning their focus to core underwriting, but as pressure continues to mount Jean Lassignardie asks how insurers will differentiate themselves in the future and whether policy administration could help.

RIMS welcomes broker transparency win

US insurance buyers group the Risk and Insurance Management Society has welcomed a court of appeal ruling confirming brokers must declare their earnings from insurers.

Homeserve appoints group COO

Homeserve has promoted its group chief financial officer, Martin Bennett, to the new position of group chief operating officer.

Solvency II compliance challenges remain

European insurers have identified reliance on third parties for data, sophisticated risk modelling requirements and obtaining sufficiently detailed fund data among the challenges to be overcome in order for them to achieve Solvency II compliance.

Eiopa says insurers failed stress test

The European Insurance and Occupational Pensions Authority has warned that its low yield stress test showed that the insurance industry would be hurt if yields remain low for a prolonged period of time.

Ajag wanted OFT to go further

Compensation claimants’ body the Access to Justice Action Group has said the OFT review into the cost of car insurance does not go far enough.

ABI says OFT could cut claims costs

The Association of British Insurers claims the Office of Fair Trading investigation into motor claims is an opportunity to improve the personal injury compensation system.

OFT to review car repairs and credit hire

The Office of Fair Trading has launched an investigation into the provision of third party vehicle repairs and credit hire replacement vehicles to private motor insurance claimants.

FSA slams RBSI for ‘unfair’ pet terms

The Financial Services Authority has told RBSI to cease using a term in its Direct Line pet insurance that it suggests may be unfair and has reported the insurer to the Office of Fair Trading.

Global compliance database gets go ahead

London market movers have put aside concerns over competitive advantages to build a jointly owned compliance database for global insurance programmes, providing details of regulations on a territory-by-territory basis.

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