Insurance Law360 UK provides breaking news and analysis on the insurance industry. Coverage includes U.K. and European Union regulation, legislation, enforcement, and litigation involving insurance companies, underwriters, reinsurers, and brokers.
The Prudential Regulation Authority’s refusal to soften some of the most controversial capital buffers under Europe’s Solvency II regime means British life insurers will keep ditching longer-term risks and snubbing opportunities to take on pension liabilities, lawyers say.
A director of a travel agency has been handed an eight-month prison sentence after making false travel insurance claims worth £16,000 ($21,000) and stealing £53,000 from his customers, the City of London Police said on Monday.
Independent committees overseeing workplace pensions may soon have to report their policies on climate change, the U.K.'s Financial Conduct Authority said on Monday, amid growing calls for corporate action against environmental threats.
Banking and insurance group Virgin Money Holdings PLC said Monday it has accepted a £1.7 billion ($2.25 billion) takeover offer by rival banking group CYBG PLC, despite ongoing scrutiny from the Financial Conduct Authority over a sharp spike in its share price ahead of the announcement of its bid.
The U.K. government on Monday set forth proposals to give Britain’s pension scheme members new powers to demand their savings pots are used to tackle environmental issues like climate change rather than seeking the best financial return.