Proposed reforms to solicitors’ PII “inadequate”
by Gill Montia
Story link: Proposed reforms to solicitors’ PII “inadequate”
The Association of British Insurers (ABI) has described proposals from the Solicitors Regulation Authority (SRA) regarding solicitors’ professional indemnity insurance (PII) as “inadequate” and likely to worsen fears for the future of the market. According to the ABI, the SRA has failed to understand that the Assigned Risks Pool, which is used by solicitors unable [...]
Insurers cautious on RTA personal injury claim reforms
by Gill Montia
Story link: Insurers cautious on RTA personal injury claim reforms
Research regarding a new process introduced by the Ministry of Justice (MoJ) for personal injury road traffic accident claims has produced some significant results. According to Berrymans Lace Mawer LLP (BLM), a survey of insurance industry representatives found only 53% in favour of the reform, which comes into force tomorrow (30th April) for claims of [...]
FSA consults again on PPI reforms
by Gill Montia
Story link: FSA consults again on PPI reforms
The Financial Services Authority (FSA) has published feedback on its plans to reform the Payment Protection Insurance (PPI) market and at the same time announced a further consultation on a revised package of measures aimed at ensure customers are treated consistently and fairly, either when buying new PPI policies or making a complaint about an [...]
ABI warns against “one size fits all” regulation
by Gill Montia
Story link: ABI warns against “one size fits all” regulation
The Association of British Insurers (ABI) is calling on the Government to ensure that regulatory changes aimed at preventing a future crisis in the banking sector do not harm the insurance industry. In a new report entitled “Restoring Market Confidence” the ABI cautions against a “one size fits all” set of remedies that could inhibit [...]
DAS launches online claims tracking service
by Gill Montia
Story link: DAS launches online claims tracking service
Legal expenses firm, DAS, has launched an online claims tracking service. Using eClaims, brokers can now view claims online, keeping track of the process. The system is being rolled out in stages and secure logins will eventually be extended to all claimants, although initially only new claimants will be able to use the service. In [...]
Hostile reception for PI compensation reforms
by Gill Montia
Story link: Hostile reception for PI compensation reforms
The Government’s proposed reforms on personal injury compensation have disappointed insurers. The new measurers are aimed at speeding up and simplifying the claims process but have been criticised for not being sufficiently radical. The director general of the Association of British Insurers (ABI), Stephen Haddrill, points out that the goal of reform must be a [...]
Parliament considers Lloyd’s governance reforms
by Gill Montia
Story link: Parliament considers Lloyd’s governance reforms
Draft legislation to reform the governance of Lloyd’s of London was yesterday introduced to Parliament by Kitty Ussher MP, the Economic Secretary to the Treasury. In addressing the House, Ms Ussher said that the Government is committed to maintaining the City’s competitiveness, and that the Legislative Reform Order (LRO) will help Lloyd’s maintain and enhance [...]
Lloyd’s members uphold Treasury reforms
by Gill Montia
Story link: Lloyd’s members uphold Treasury reforms
Members of Lloyd’s of London have voted in favour of Treasury amendments to the Lloyd’s Act 1982 via a Legislative Reform Order. Yesterday’s extraordinary general meeting was attended by 51.77% of Lloyd’s members, 99.14% of whom voted in favour of the proposals, which are aimed at reforming governance and improving access to the global market. [...]
