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.
Momentum to use RWA for compliance
Momentum, a newly appointed representative network for broker start-ups, has partnered with RWA Compliance Services to ensure regulatory compliance.
Takaful growth attracts domestic and multinational providers
Takaful insurance across the Middle East and South East Asia has seen rapid growth over the past five years. Francesca Nyman reports on what the future looks like for this sector.
Webinar: Closing the loop on records management and data security risk
In this video, Incisive Media’s group editorial services director David Worsfold chairs a lively discussion on records management and data security risk, including the challenges of managing records during the 2012 Olympic Games.
Zurich backs Airmic’s compliance database
Zurich has applauded Airmic's and FERMA's plans to develop a database of international insurance requirements
Homeserve appoints group COO
Homeserve has promoted its group chief financial officer, Martin Bennett, to the new position of group chief operating officer.
Jubilee says regulators thwart better PPI
Jubilee says insurers are being put off creating payment protection insurance products because of uncertainty following reviews by regulators.
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.
Broker networks: New kid on the block
As Brokerdrive arrives on the scene, the debate over the merits of the traditional network model is revisited.
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.
Solvency II will drive UK M&A, Fitch predicts
Fitch Ratings expects Solvency II and low valuations to result in further merger and acquisition activity in the UK non-life insurance sector in 2012.
Credit hirers worry OFT review is unfair
The Credit Hire Organisation said it feared the OFT’s review of credit hire costs might not reach a full and fair set of valid conclusions.
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.
LMA welcomes OFT claims cost review
The London Market Association has welcomed the Office of Fair Trading’s decision to examine personal motor claims costs.
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.
Airmic to have global compliance database ready by September 2013
Airmic is to create a final version of its industry-backed global compliance database by September 2013.
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.
FSCS funding review ro recommence as brokers push for separation
Brokers could secure separation from insurers and bankers as early as April 2013, with the British Insurance Brokers’ Association focusing its efforts on the reopened Financial Services Compensation Scheme funding review.
News analysis: Insurers urged to negotiate with FSA as Solvency II confusion continues
The FSA has announced a delay to Solvency II but getting clarity remains a priority for government and insurers.
Editor's comment: Overcoming the barriers
If there’s one thing we can say for sure this week, it’s that the latest round in the subrogation set-to over disputed motor repair bills will not be the last.