The Financial Conduct Authority has written to Lloyd’s and London Market insurers instructing them to “behave ethically and responsibly in the way they treat their customers, their employees and their counterparties” during the pandemic.
“Ridiculous”, “harmful”, “anti-competitive”. These were the words used by Money Supermarket managing director of financial services Graham Donoghue to describe wide ‘most favoured nation’ clauses during a Competition Commission hearing back in 2013.
Insurers have urged the Ministry of Justice to release the rules for the whiplash portal as soon as possible, after delays earlier this year.
The Supreme Court judges overseeing the Financial Conduct Authority's business interruption test case have pledged to work quickly but there is no certainty on when policyholders and insurers will get a decision.
Hiscox had pandemic possibility 'well in mind' when it drafted BI policies, action group tells Supreme Court
The Hiscox Action Group has responded and opened its appeal as part of the Supreme Court hearing on the business interruption test case.
Compare the Market has been fined £17.9m for its use of most favoured nation clauses.
The Financial Conduct Authority’s counsel today likened the spread of coronavirus to the Great Storm of 1987, appearing in front of the Supreme Court for the third day of the business interruption test case appeal.
Insurer defendants and the Financial Conduct Authority set out their starkly differing views on the use of trends clauses on day two of the ongoing business interruption test case hearing at the Supreme Court.
Insurers face responding to the Covid-19 crisis in an informational black hole, operational risk experts at Oric told Post.
The Prudential Regulation Authority will “sharpen” its focus on financial lines insurers and those with a material exposure to man-made catastrophe risk, in addition to advising insurers to revisit how they approach contract uncertainty, the regulator…
Inspire Insurance Services has gone into liquidation after the Financial Conduct Authority ordered the Coventry-based broker to shut up shop last month.
As the search for lesser-spotted clarity continues, simple confirmation from the regulator on which business interruption wordings are being contested, and by who, is a welcome aid.
The Financial Conduct Authority has shut down Inspire Insurance Services and ordered the broker to ringfence relevant funds in a string of sweeping instructions.
A Financial Conduct Authority letter to claims management company CEOs could foreshadow hefty enforcement action, industry sources told Post.
The Financial Conduct Authority has cautioned brokers and managing general agents not to assume someone is “fit and proper” for roles under the Senior Managers & Certification Regime, with the expectation being that “some” staff will not meet standards.
The Supreme Court will start hearing the appeals of six insurers, the Hiscox Action Group and the Financial Conduct Authority in the ongoing Covid-19 business interruption test case on Monday 16 November, the FCA has confirmed.
With an April 2021 launch date still on the table for the small claims portal, the government has been urged to do it right rather than “rushing” it.
The Financial Conduct Authority’s Dear CEO letter at the start of September revisited its concerns about insurance intermediaries being at risk of financial failure during the Covid-19 crisis and the need to plan for orderly wind-downs.
Possible changes to the prudential regulations governing UK insurers could be limited by a desire not to stray too far from the EU’s Solvency II regime, a partner at Mazars has told Post.
The Financial Conduct Authority has publicly censured Aviva for a 2018 announcement that the regulator found “had the potential to mislead the market”.
The Department of Justice for Northern Ireland has decided against changing the country's personal injury discount rate until a revised legal framework is in place.
The world is devoting a lot of energy into finding a vaccine or ‘cure’ for Covid-19. We should know by now that false hope is not an antidote.
Local lockdowns raise new questions about business interruption claims, particularly for the sector most affected by the latest measures: the hospitality industry. Forum of Insurance Lawyers members Laura McMillan, insurance and risk partner at Brodies,…
The Covid-19 pandemic is dislocating economies around the world. It has also presented a unique test for property and casualty insurers: a surge of losses and a hit to assets, combined with a sudden shift to remote working, writes Clyde & Co partner…