A report from the trade body shows brokers are engaging with its Guiding Principles and Action Points to address dual pricing practices in the home and motor insurance sectors.
News Analysis: Covid-19 and BI wordings row likely to see a flight to quality, specialist providers while vanilla offerings set to struggle.
The regulator exclusively spoke to Insurance Age for the Broker Extra event.
As RSA changed its mind on part of its argument that drew criticism from Marsh, the Financial Conduct Authority said insurers were failing to take account of “the true nature of the insurance provided” in its business interruption test case, according to…
The eight insurers involved in the case are still on the hunt for their own expert evidence as a second trial in September is looking increasingly likely.
Experts warn that brokers could find themselves under fire as insurers lean in intermediaries in defences.
Groups formed against Hiscox and QBE will “closely liaise” with the FCA but are not permitted to increase the scope of the test case.
Marsh has disputed RSA allegations its clients should be liable for brokered policy contract issues in the Financial Conduct Authority’s business interruption test case, as brokers were dragged into the ongoing proceedings.
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.
Group u-turns on desire to be part of FCA case as Hiscox continues to assess its separate arbitration claims.
Nikhil Rathi joins from the London Stock Exchange and will be paid £455,000 a year.
But the regulator also describes the sector as resilient and robust in a letter to general insurance CEOs.
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…
Hiscox aims to compare Covid-19 economic hit to Sweden and ‘draconian’ UK in Financial Conduct Authority BI test case.
The British Dental Association has written to the Financial Conduct Authority to highlight “questionable” wordings not included in the coronavirus BI test case.
The watchdog says it is working on getting the fake site taken down.
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.
The regulator's particulars of claim for the test case stated that the defendants’ reasons for wordings are not relevant or admissible.
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.
The legal firm is pursuing a £52m claim against Hiscox and planning its own test cases and representing dentists in dispute with QBE.
The regulator expects all insurers and brokers to have taken necessary action by 3 December this year.
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.
Commission and transparency row rears its head just as brokers feel the pinch amid market hardening
Seventeen wordings will be assessed as part of the test and the FCA list shows 34 Hiscox policies affected so far, as regulator says list is a "representative sample" which is "not comprehensive".