Regulation
Insurers failed to raise issues with government's restriction triggers, says FCA
If insurers disagreed with the government’s conclusions following a meeting with the industry that they would pay out based on March advice then they should have spoken out sooner and given politicians an earlier ‘opportunity’ to enforce mandatory bans,…
Brokers not responsible for BI test case insurance policies under contract law, argues FCA
The business interruption test case policies under scrutiny in the Financial Conduct Authority’s test case are presented ‘in the manner which most benefits insurers’ and therefore brokers should not take the blame for any contractual breaches, the…
Action groups hit out at “absurd” insurer defences in FCA BI case
Insurers have been accused of filibustering in relation to business interruption as firms suffer “devastating losses” following coronavirus lockdown.
Biba says members are taking action to tackle dual pricing
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.
From a public health crisis to a public relations crisis – Where does the BI buck stop?
Broker Extra 2020: The UK insurance sector is mired in a public relations disaster after its wide-scale rejection of many business interruption claims connected to the Covid-19 pandemic. An expert panel discussed whether reputations can be restored and…
FCA: A roadmap for brokers through Covid-19
The regulator exclusively spoke to Insurance Age for the Broker Extra event.
CMA launches investigation into Ardonagh's Bennetts deal
The government body is seeking comments on the deal in order to decide whether it "may be expected to result in a substantial lessening of competition" in the market.
Gefion enters liquidation after it loses insurance license
The troubled Danish provider says it is "disappointed" after Danish regulator refuses three-month extension to its recovery period forcing it into run-off.
Insurance Covid-Cast: What next for Managing General Agents?
In the 30th episode of Post and Insurance Age’s video series we gathered together an expert panel to discuss what the future holds for managing general agents.
Insurers accused of ‘dragging feet’ as extra FCA BI September trial dates mooted
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.
FCA BI test case ‘clear and present danger’ to brokers
Experts warn that brokers could find themselves under fire as insurers lean in intermediaries in defences.
Action Groups get go-ahead to intervene in FCA BI test case
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 bites back as RSA alleges it is on the hook for wording in FCA BI 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.
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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