Legislation
Biba welcomes FCA’s decision on Consumer Duty timescale
The British Insurance Brokers’ Association has welcomed the decision to give firms a 12-month window to implement the requirements for the new Consumer Duty.
Chancellor hails planned repeal of EU financial laws
The current Chancellor of the Exchequer, Nadim Zahawi, has pledged that laws will be changed under the newly-published Financial Services and Markets Bill.
Flood Re posts 18% policy growth
Flood Re has reported covering 256,634 policies in the year ended 31 March 2022, up 17.7% on the previous 12 months.
Marsh McLennan to exit Russia
Businesses to be transferred to local management who will operate independently.
Insurance sector welcomes changes to Online Safety Bill
The Department for Culture, Media & Sport announced yesterday that the Bill has been adapted to include paid-for scam adverts on platforms like Facebook, Twitter and Instagram.
Government sets 28 March deadline for Russian aviation insurance ban
The UK government revealed the insurance sanctions on 3 March in response to the invasion of Ukraine by Russia.
UK brings in sanctions blocking Russian access to aviation insurance
AM Best put ratings of suite of Russian insurers and reinsurers on negative watch at the start of the month.
Covid-19: Six month MOT exemption announced
The AA said it had raised MOT concerns with transport ministers last week.
The Blog Spot: Breaking barriers to insurance
As Biba focuses on improving access to insurance in its manifesto, commissioning editor Laurence Eastham considers where changes will occur in 2020.
Arc Legal extends landlord legal defence cover
Provider said the Homes (Fitness for Human Habitation) Act means landlords now require cover for civil or criminal prosecution.
Blog: Is insurance picking up the bill for outdated building regulations?
Alison Whittington, head of housing at Zurich, discusses the hazards of modern properties and how insurers are getting involved.
Nearly half of brokers unaware of SMCR, research finds
Senior Management and Certification Regime (SMCR) will apply to insurance intermediaries from 9 December 2019.
FCA updates no deal Brexit guidance
EEA firms passporting into the UK must apply to the temporary permissions regime by 30 October.
ABI revises criminal convictions guide
The guide has been updated in line with regulation and market practice.
MOJ defends discount rate decision
The government hits back at criticism from the ABI pointing out a rate of between 0-1% was never guaranteed.
Documents reveal government actuary recommended a 0.25% discount rate
The Lord Chancellor and Justice Secretary, David Gauke, eventually settled on a minus 0.25% Ogden rate.
Government reveals recalculated Ogden rate
The increase is not as generous as many had expected.
The Blog Spot: First impressions
Commissioning editor Laurence Eastham reflects on his first month in the insurance industry.
Claimant lawyers hit out at government’s discount rate reform
Lawyers say the legislation will “severely impact the seriously injured” after Civil Liability Bill is introduced in the House of Lords.
Insurance industry welcomes Ogden rate reform
Industry players expect new Civil Liability Bill to lead to a positive discount rate with some predicting a rate of between 0-1%.
Discount rate reform unveiled by the government
Justice Secretary David Gauke to introduce the Civil Liability Bill, which includes changes to how the Ogden rate is set.
Opinion: David Sparkes on why delaying the Insurance Distribution Directive is a good thing
Delays are not often welcome, but in the case of implementing the Insurance Distribution Directive it’s the best possible outcome, explains David Sparkes
GDPR a real concern for brokers
Brokers urged to implement change now or risk heavy fines.
Insurers could be hit with £100m GDPR bill
Brokers urged to seek consent from customers and a put plan in place.