Moore Stephens Insurance Industry Group has conducted a survey of UK insurers and intermediaries and has reported, somewhat alarmingly, that 40% of insurers have not incorporated Treating Customers Fairly (TCF) into their business strategy and only 50% of respondents are “extremely confident” that they will meet the FSA’s December 2008 deadline for compliance.
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Regulatory
How Will The Credit Crisis Affect Latin American Insurance Markets?
By Troutman Pepper Locke on
As the current worldwide economic turmoil has taken its toll on insurance markets, a number of Latin American regulators and commentators have expressed the opinion that the peculiarities of the Latin American insurance markets may make them particularly resilient in the face of a potential global downturn. According to these sources, despite the current crisis, Latin American insurance markets remain stable and likely to continue to grow.
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Adopted Proposal Aims to Collect and Aggregate Insurance Company Market Conduct Information into a Centralized Database
By Troutman Pepper Locke on
Last month the National Association of Insurance Commissioners (“NAIC”) adopted a proposal to develop a uniform system for collecting the market conduct information of insurance companies. Market-conduct information includes, for example, how often a company cancels policies, delays claim payments or is in litigation.
Brazil: IRB Brasil Resseguros S.A. Granted Extension of Deadline to Conform to Resolution No. 168
By Troutman Pepper Locke on
Brazil’s Superintendencia de Seguros Privados (SUSEP) recently granted IRB Brasil Resseguros S.A. (IRB), the government-controlled entity that formerly held a reinsurance monopoly in Brazil, an extension of time through December 31, 2008 to conform to the new regulations that opened the Brazilian reinsurance market to local and foreign competition. …
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Costa Rica’s INS Prepares for Opening of Insurance Market
By Troutman Pepper Locke on
Posted in Latin American Developments, Regulatory
As it prepares to compete in the country’s newly de-monopolized insurance, Costa Rica’s state insurance giant, the Instituto Nacional de Seguros (INS), has recently announced the creation of four new insurance entities: INS Internacional, INS Servicios, INS Vida and INS Comercializadora. The move is part of an effort by INS to restructure, retain customers and grow its business in the face of new competition. …
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Government Officials Announce Three Measures Taken to Shore-Up the United States Financial Market
A joint statement was issued by United States Treasury Secretary Henry Paulson, Federal Reserve Chairman Benjamin Bernanke, and Federal Deposit Insurance Corporation (“FDIC”) Chairman Sheila Bair regarding the role each governing body will play in bolstering public confidence in the United States banking system and the restoration and stabilization of market liquidity needed to support economic growth.
UK: FSA fines Alliance & Leicester a Record £7 Million Over Failings in Sales of Payment Protection Insurance
By Troutman Pepper Locke on
The FSA has fined British bank Alliance & Leicester plc (A&L) a record £7 million over regulatory failings relating to telephone sales of payment protection insurance (PPI) to customers seeking personal loans.
EU: Solvency II – European Parliament Economic and Monetary Affairs Committee Votes on Solvency II
By Troutman Pepper Locke on
The Economic and Monetary Affairs Committee of the European Parliament recently approved changes to the text of the Solvency II Directive. The changes included amendments to the group supervision regime so as to ensure that local supervisors of subsidiaries in a group have a greater role in the overall supervision of that group. …
Read More EU: Solvency II – European Parliament Economic and Monetary Affairs Committee Votes on Solvency II
Announcement of Cover Florida Participating Health Insurance Companies Delayed
By Troutman Pepper Locke on
Last August, Florida Governor Charlie Crist announced that nine health insurers submitted insurance coverage plans to provide healthcare insurance under the Cover Florida plan. The names of participating insurers were to be announced in early October, but have now been delayed due to scheduling conflicts during negotiations. …
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UK: Financial Services Authority (FSA) Provides an Update on the Third Phase of its Thematic Review of the Sale of Payment Protection Insurance (PPI)
By Troutman Pepper Locke on
Since 2005, the FSA has been carrying out a thematic review of the sale of PPI, the principal aim of which is for firms to improve their sales standards. The third phase of the FSA’s thematic review on PPI involved a mystery shopping exercise in respect of face to face sales of PPI alongside unsecured personal loans.