Regulation
Insurers lock horns with FCA in BI test case defences
Brokers brought into fray as providers file a variety of defences including proximate cause and the ‘Sweden defence’ in the landmark case to determine the validity of BI claims arising from the coronavirus pandemic.
Hiscox Action Group attempts to join FCA BI test case
Group u-turns on desire to be part of FCA case as Hiscox continues to assess its separate arbitration claims.
Ex RSA Ireland CFO O'Connor fined €70,000 and banned for 8 years
Action follows the provider's failure to maintain sufficient technical reserves between February 2010 and September 2013.
Covid-19: PRA warns of potential "significant impact" on insurers from BI dispute
But the regulator also describes the sector as resilient and robust in a letter to general insurance CEOs.
Insurers and FCA butt heads on pandemic spread analysis in BI case
Insurers’ counsel have decried the Financial Conduct Authority’s intention to use the “controversial” Cambridge analysis of Covid-19 spread in its business interruption test case, as representatives warned another trial might be needed to iron out…
BI Test Case: Hiscox argues business hardship likely even without lockdown
Hiscox aims to compare Covid-19 economic hit to Sweden and ‘draconian’ UK in Financial Conduct Authority BI test case.
FCA warns of Financial Services Register clone
The watchdog says it is working on getting the fake site taken down.
FCA expands number of wordings under scope of BI test case
The regulator's updated preliminary list shows that the scope of the legal proceedings has been extended to cover a total of 91 policy types.
FCA zones in on broker resilience amid Covid-19 outbreak
Watchdog surveys 13,000 firms as it seeks to understand the effect Covid-19 is having on the finances of regulated firms and guide its supervisory actions.
Blog: Customer vulnerability and coronavirus
Insurance Cares: The present pandemic has underlined the importance of a robust vulnerability strategy. RWA's Kirk Ford outlines how insurance brokers might prepare for an increase in incidences of vulnerability - or an exacerbation of existing cases.
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A curated virtual event features top speakers, live webinars and a chance to network with state-of-the-art match-making technology.
Brokers welcome momentum for FCA BI test case
Pressure groups take different paths over whether to suspend their own legal proceedings while regulator's case goes forward as it is revealed three broker wordings from Pound Gates, Marsh and Gallagher will be assessed.
News analysis: Brokers hit back after Mactavish stokes remuneration debate
Commission and transparency row rears its head just as brokers feel the pinch amid market hardening
FCA names 16 insurers affected by BI legal test case
The watchdog expects the test case, to determine the validity of business interruption coronavirus claims, to be heard in the second half of July.
Blog: What is the client view of broker commission?
IdRisk's Stephen Mooney responds to Mactavish's report on broker remuneration.
Suspected ‘ghost broker’ under arrest
Police arrested a man yesterday (27 May) for selling fraudulent car cover and offering it to NHS workers at a discount.
Scam FCA email targets brokers
Compliance organisation RWA warned clients of a compliance survey email claiming to be from the regulator.
Insurance Covidcast episode 17: As coronavirus hits has Brexit planning fallen by the wayside?
Our expert panel warns that brokers with EU trade who haven't acted already may have left it too late.
Biba brands Mactavish claims "opportunistic" and "wholeheartedly disputes" them
Trade body says brokers are acting in their customers' best interests and are following FCA rules on remuneration.
Brokers under fresh attack due to “huge conflict of interest” over commission
Report claims brokers receive up to 80% of their remuneration from insurers with Mactavish saying more businesses are “questioning the role their brokers play" as coronavirus crisis "brutally exposes" problems in the market.
FSCS broker fees £5m lower than predicted
The levy will be £18m falling from the indicated £23m, however, it is still more than the £12m collected last year.
Brokers warned to keep eye on Brexit as transition looms
There is no provision for equivalence in the IDD and this means brokers with EU clients need to set up EU entities to trade in the bloc.
Covid-19: FCA seeks broker feedback ahead of BI court action
Regulator issues call for more information as it puts together its High Court test case with the aim to resolve uncertainty for businesses making claims.
Covid-19: FCA confirms measures to help financially strained insurance customers
Move requires firms to consider payment deferrals, premium reductions and waiving cancellation fees.