Most of the insurers named in the Marsh bid-rigging allegations have reached settlement terms with New York attorney general Eliot Spitzer. The insurers hoped that by paying restitution and promising to eliminate any tainted practices question marks over their reputations will subside. One insurer, however, has bucked the trend and says it will fight the bid-rigging allegations in court after settlement talks collapsed. IR&A
looks at Liberty Mutual’s case, as the first of its kind against the regulator who has promised to “clean up the insurance industry”.
▪ GoshawK Insurance Holdings has missed a self-
imposed deadline of 19 May to file preliminary results for 2005 after missing the 120-day regulatory deadline at the beginning of May. Trading in GoshawK’s shares was suspended..
Europe’s insurers are more prepared for Solvency II than first thought according to the results of a new survey by Accenture. Half of Europe’s insurers have begun a formal programme to address the European Commission’s..
The inquiry into the regulation of Equitable Life, currently under way in the European Parliament, heard strong allegations about the UK’s implementation of EU insurance directives recently. Michael Josephs of the Investors’ Association said he..
Proposed changes to the way firms pay for the Financial Ombudsman Service (FOS) in the UK are likely to create both “winners and losers”, according to a new paper by the Financial Services Authority (FSA)..
Insurance broker Besso has been fined £20,000 for failing to seek approval from the Financial Services Authority (FSA) for a senior manager who had a string of convictions for fraud. The FSA said that the..
Two of the UK’s most powerful regulators are to publish a new action plan to consolidate their relationship in supervising financial services. The Financial Services Authority (FSA) and the Office of Fair Trading (OFT) said..
The government must do more to address the disproportionate costs of regulation shouldered by small insurance brokers, according to the British Insurance Brokers’ Association (BIBA). Eric Galbraith, chief executive of BIBA, said regulation should not..
In the latest move to simplify its regulatory regime for financial services firms, the Financial Services Authority (FSA) said it will remove the requirement on firms to notify the regulator of the responsibilities of Approved..
The UK insurance industry has presented its arguments for change to the current VAT system in Europe at a conference in Brussels to discuss modernisation of the regime. The European Commission has announced its intention..