CII Briefing: Insurance contract law reforms : »
In December 2011, the Law Commissions of England and Scotland
published the latest joint consultation paper on Insurance Contract
Law, this time proposing reforms on the law governing insurer
post-contract duties, namely:
Learning from history »
There have been many profound events over the last hundred
years. In 1912, the Titanic left Southampton for her one and only
voyage, Harriet Quimby became the first woman to fly across the
Channel, the Bolsheviks grew to prominence in Russia and the first
Balkan War began. Since then there have been two world wars,
revolutions in Russia and Eastern Europe, a cold war, the birth of
the European Union, the end of the British Empire, further
conflicts in the Balkans, an Asian financial crisis, the collapse
of the World Trade Centre and the 'Great Recession'...the list of
defining moments is truly endless.
The Journal Dec/Jan 2012 »
Full issue of the Journal Dec 2011/Jan 2012. Includes articles
on telematics, the Liverpool insurance institute, the possibility
of compulsory mediation, and broker consolidation; plus an
exclusive interview with Amanda Blanc.
The professional liability of insurance brokers »
This fact file provides an
outline of the professional liabilities of insurance brokers and
how such liabilities can arise at law;
how insurance brokers can incur such liabilities in their
how they can deal with the consequences.
Most professional liability claims on insurance brokers,
commonly called "errors and omissions" or E&O claims, arise out
of the failure of an insurance policy to provide the cover that the
insured thought it would. If insureds cannot get recompense from
the insurers who underwrote the policy, they will look to their
agents - their insurance brokers - who recommended and/or arranged
Financial Ombudsman Service publishes plan and budget for 2012/2013 and possible new approach to charging »
The Financial Ombudsman Service (FOS) has published its proposed
plans and budget for 2012/2013 which sets out how it intends to
manage and fund an expected record complaints workload next year.
The FOS said it expects to settle more disputes involving mis-sold
payment protection insurance (PPI) than ever before during
2012/2013 - a record 130,000 cases (half of its expected
Treasury Select Committee publishes findings of FCA inquiry »
The Treasury Select Committee has published a report from its
inquiry into the creation of the Financial Conduct Authority (FCA).
The report contains a number of recommendations for the
Government's consideration ahead of the drafting and
publication of the Financial Services Bill in early 2012. The
committee said it will return to the issues discussed in the report
in the light of the Government's revised proposals, which are
due to be published as the Financial Services Bill.
New chairman for Financial Services Compensation Scheme appointed »
Lawrence Churchill has been appointed as the new Chairman of the
Board of the Financial Services Compensation Scheme (FSCS) for
three years. He will take up his appointment on 1 April 2012,
succeeding David Hall.
FSA publishes regulatory guide on financial crime (PS11/15) »
The Financial Services Authority (FSA) has now published its new
regulatory guide which is entitled
Financial Crime - guide for firms. The Guide does not
introduce any new requirements for firms and its contents are not
binding, rather it consolidates existing FSA information on the
following financial crime risks: money laundering and terrorist
financing; fraud; data security; bribery and corruption; and
sanctions. The Guide will be reviewed on a continuous basis to
reflect findings of future thematic reviews, enforcement action and
emerging risks and concerns.
New chairman for Financial Ombudsman Service »
The Financial Services Authority (FSA) has appointed Sir
Nicholas Montagu KCB as the new chairman of the Financial Ombudsman
Service (FOS). Sir Nicholas is currently the chairman of the Aviva
UK Life With-Profits Committee, a director of the Pension
Corporation and is a former chairman of the Board of Inland
Government and regulator’s language is a challenge to sector »
The British Insurance Brokers' Association (BIBA) has warned
that the language used by the government and regulator about the
financial crisis remains a challenge for the insurance sector.
The Journal Oct/Nov 2011 »
Full issue of the Journal, October-November 2011. Includes
articles on attitudes to buying insurance, treating customers
fairly and the UK group risk market. Also includes an interview
with Boris Johnson and the CII's latest skills survey.
New Generation Insurance Broking Group »
Young insurance professionals from the CII's
Insurance Broking, Claims, Underwriting and London Market faculties
have been brought together to consider and develop new and
innovative ways to improve their sector. Each group comprises
between eight and ten talented insurance practitioners who have
been nominated by senior management for significant achievement
within their profession.
FSA publishes findings on transparency, disclosure and conflicts in the commercial insurance market »
The FSA's October 2011 edition of its newsletter designed
for smaller wholesale insurance intermediaries includes an item on
the findings of its research into whether commercial customers are
receiving sufficiently clear and comparable information about their
intermediaries' services, capacity and remuneration. The FSA
issued a reminder to firms about the importance of providing clear
and comparable information to commercial customers. It is not
planning to make any changes to the industry guidance.
Lord Turner looks to the future »
Lord Turner, Chairman of the FSA, said in his recent Mansion
House City Banquet speech that reform of the regulatory structure
in the UK would help ensure better results than in the past, but
also highlighted remaining uncertainties and issues which needed
detailed consideration by Parliament and by society at large before
legislation was passed into law.
Broker bodies call for reformed and simplified regulation for sector »
The British Insurance Brokers' Association (BIBA) and the
Institute of Insurance Brokers (IIB) have called for regulatory
barriers to be lowered and for the current inappropriate style and
intensity of regulation facing the sector to be reformed. The two
broker bodies were responding jointly to the Financial Services
Authority's (FSA) consultation paper entitled 'The
Financial Conduct Authority (FCA): Approach to Regulation'
which seeks to define the new regulator that will be put in place
by the end of 2012.