Insurance UK

  • April 24, 2017

    EU Insurance Regulator Tweaks Solvency II Reporting Rules

    Europe’s top insurance regulator on Friday set out a raft of changes to the way insurance companies must report and disclose information to supervisors under Solvency II, the European Union’s capital rulebook for insurers.

  • April 21, 2017

    FCA Probes 5 Aviation Insurance Brokers Over Info Sharing

    The Financial Conduct Authority is investigating Aon PLC, Marsh Ltd. and three other brokers for potentially sharing competitively sensitive information in the aviation insurance sector, the companies confirmed Friday, as the watchdog expands its use of its competition powers.

  • April 21, 2017

    PRA Announces Stress Test Scenario For Smaller Firms

    The U.K.’s Prudential Regulation Authority announced its latest stress test scenario for smaller banks, insurers and building societies on Friday as it seeks to engage senior managers and help them anticipate trouble.

  • April 20, 2017

    EU Sees Surge In Cyber Crime Insurance For Financial World

    An increasingly interconnected financial world and market makers' use of aging IT systems have left firms vulnerable to cyberattacks, which will drive a surge in demand for cyber coverage, according to a report released Thursday by three of Europe’s top financial regulators.

  • April 18, 2017

    FCA Sets Out Wider, Tougher Enforcement Plan Through 2018

    The U.K.'s Financial Conduct Authority said Tuesday it will prioritize supporting the British government's Brexit process as it maps out wider and tougher enforcement through 2018 under chief executive Andrew Bailey.

  • April 10, 2017

    Pols Still Wary Of US-EU Insurance Accord

    A bilateral deal placing insurance providers in the U.S. and European Union on equal footing continued to draw criticism on Friday from numerous members of the U.S. Congress and the National Governors Association, both of which pressed the Trump administration for details about the deal’s functionality.

  • April 10, 2017

    Insurance Lobby Demands Clarity On EU Fund Rules

    A major insurance lobby urged the European Union on Monday to explain how its new disclosure rules for investment products will affect indemnities, saying big legal questions remain over how the regime will work.

  • April 7, 2017

    EXCLUSIVE: Fund Rules Saga Ends As Lawmakers OK Reform

    A long-running saga over European Union disclosure regulations for investment products has cleared its final hurdle, after a plan was quietly approved by the legislators holding up the reforms, a European Commission spokesperson revealed exclusively to Law360 Friday.

  • April 5, 2017

    Lloyd's Of London Looks Beyond EU With New Branch In India

    Lloyd’s of London, the world’s biggest specialty insurance market, announced Wednesday that it has launched operations in India as Britain pushes into financial markets beyond the European Union.

  • April 4, 2017

    Swiss Re Says GE Owes It $80M In Taxes From 2006 Deal

    Swiss Reinsurance Co. Ltd. says it's out more than $80 million in tax liabilities that General Electric Co. was obligated to cover from the 2006 sale of GE's reinsurance business but has yet to reimburse, according to a lawsuit filed Monday in New York state court.

  • April 3, 2017

    EU Adopts Beefed-Up Asset Managers Transparency Rules

    Asset management companies will have to be more transparent about how they deal with shareholders in the companies in which they invest under laws adopted by the European Union on Monday.

  • March 31, 2017

    AIG Sues Bank Leumi Over Unpaid Tax Dodge Reinsurance

    U.S. insurance giant AIG's European unit has filed a claim in London’s High Court seeking almost $600,000 from Bank Leumi allegedly owed in the aftermath of the bank’s tax evasion scheme scandal under a reinsurance agreement between the two firms.

  • March 30, 2017

    Lloyd's Of London Beats Brexit With New EU Base In Brussels

    Lloyd’s of London will establish a new subsidiary in Brussels by 2019 to secure post-Brexit access to the European Union's single market, the world’s biggest speciality insurance market said Thursday.

  • March 29, 2017

    Capita Unit Loses £2.4M Indemnity Fight In UK Supreme Court

    Business outsourcing giant Capita PLC's insurance arm on Wednesday lost its U.K. Supreme Court bid to recoup £2.4 million ($3 million) the unit was forced to pay out after a specialist brokerage firm it bought was found to have missold car insurance products.

  • March 22, 2017

    UK Supreme Court Hands AIG Partial Win In Aggregation Fight

    U.S. insurance giant AIG's European unit was left only partially victorious Wednesday in its long-running suit to aggregate 214 indemnity claims arising from failed property investments, after the U.K. Supreme Court ruled that the claims must be split into two groups.

  • March 22, 2017

    Big Data Won't Make Insurance Unaffordable, Lobby Claims

    A major insurance lobby downplayed fears on Wednesday that the rise of big data will massively bump up costs for some policyholders by allowing their individual risks to be pinpointed with greater precision.

  • March 21, 2017

    EU Commission Mulls Revamp Of Financial Supervisors

    The European Commission announced Tuesday it is taking stock of the effectiveness of the European Supervisory Authorities as it launched a consultation into whether changes to their current mandate and operations are needed.

  • March 20, 2017

    Insurance Neglected In Capital Markets Union, Lobby Warns

    The European Commission is slashing capital buffers for just 2 percent of insurers' asset portfolios and neglecting the overwhelming majority as the commission plans for the flagship Capital Markets Union, a major lobby group said Monday. 

  • March 20, 2017

    PRA May Ease Burden On Insurers As It Rethinks Supervision

    The U.K.’s Prudential Regulation Authority signaled a sweeping rethink of insurance supervision on Monday and suggested it could further strip back firms’ unpopular reporting requirements.

  • March 17, 2017

    UK Faces Insurance Fire Sale To Meet EU Rules, KPMG Says

    More insurance firms will be put up for sale in the U.K. this year than in any other country as companies struggle to remain viable under the European Union’s tough new capital rulebook, KPMG International predicted on Friday.