The main provisions of the Insurance Act 2015 come into force today. With the consumer insurance reforms that came into force in 2013, this represents the biggest shake up of insurance law in over 100 years. The majority of the changes introduced by the Act apply to insurance contracts entered into on or after 12 […]

The Insurance Act 2015: practical changes for insurers to consider. The 2015 Insurance Act (2015 Act) applies to all commercial contracts of insurance, and variations to existing contracts of insurance, from 12 August 2016 and introduces what the UK government has described as “the biggest reform to insurance contract law in more than a century”. […]

The Guernsey Financial Services Commission (GFSC) licensed 45 new international insurers during the first six months of this year. This comprised six limited companies, two Protected Cell Companies (PCCs), 30 PCC cells, one Incorporated Cell Company (ICC), two ICC cells and four life policy cells. The figures mean that there were a total of 816 […]

2014 was certainly a bumper year for the FCA in terms of the level of enforcement fines it imposed. A total of over £1.4 billion was levied in fines by the FCA in 2014, dwarfing the total figure of just under £500 million in 2013. It was also a year of firsts, with the first […]

The International Association of Insurance Supervisors (IAIS) has published an issues paper on combating bribery and corruption. The aim of the paper is to consider the risks that bribery and corruption pose to the insurance sector in particular to insurers and insurance intermediaries. The paper also considers various methods by which insurance supervisors can manage […]

The FCA has fined Stonebridge International Insurance Limited (Stonebridge) £8,373,600 (including a 30 per cent discount) for failing to have appropriate systems and controls over its sales and cancellation processes and failing to take reasonable steps to ensure that its customers were treated fairly. Stonebridge, a general insurance firm, breached Principles 3 and 6 of […]

Stonebridge International Insurance has been slapped with a £8.4m fine by the Financial Conduct Authority after issues were uncovered with the broker’s sales of accident insurance products. The FCA found that between April 2011 and December 2012, Stonebridge targeted low and middle income customers without college degrees or professional qualifications, with its personal accident, accidental […]

The latest edition of Ombudsman News focuses on disputes involving health and medical insurance, payment protection insurance and credit files and credit reference agencies. (Source: Ombudsman News Issue 117) http://bit.ly/1mWXozd