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As the general insurance comparison website industry has expanded in recent years, the FSA has carried out a fresh review into general insurance comparison websites (the review). This fresh review comes in light of a study, commissioned by the British Insurance Brokers’ Association (BIBA), which showed potential for serious consumer detriment across insurance comparison websites. 

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Read More UK: Regulatory: The Financial Services Authority (FSA) Calls for Fairness in Insurance Comparison Websites

The Government of Bermuda has reinforced its commitment to ensuring that Bermuda has a strong, robust and effective regime for the combating of money laundering and terrorist financing by issuing, for consultation and comment, draft legislation and other related documents relating to Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF). 

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Read More Bermuda Issues Draft Legislation Relating to Anti-Money Laundering and Counter Terrorism Financing

The FSA has published a consultation paper to seek views on proposals to modify the scope of the FSCS as it applies to business written through EEA branches of UK insurers. Click here to read the consultation paper. …
Read More UK: Regulatory: EEA Branches of UK Insurers are Consulted on the Financial Services Authority’s (FSA) Proposal to Amend the Financial Services Compensation Scheme (FSCS)

The Louisiana Senate has recently voted to extend the Insure Louisiana Incentive Program (the “Program”).  We previously reported about the program here and here.  Under the Program, Louisiana earmarked $100 million in grants ranging from $2 to $10 million for qualified property and casualty insurance companies entering the Louisiana market.  The goal of the Program is to increase the private market capacity by 15%. 

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Read More Louisiana Looks To Extend Incentive Program

The legislation listed below is under consideration for inclusion on a future Assembly Insurance Committee agenda. In order to gather input on these bills, all interested parties are invited to offer comments in support or opposition to the bills listed below. Suggestions for proposed language changes are also welcome at this time. 

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Read More Requests for Comments on Proposed Legislation from New York State Assembly Committee on Insurance

The Financial Services Authority (“FSA”) published an interim report in respect of the Retail Distribution Review (“RDR”) discussion paper it published in 2007. The RDR forms one component of the FSA’s retail strategy, which also includes the “Treating Customers Fairly” and “Financial Capability” initiatives. …
Read More UK: FSA Publishes Interim Report on Retail Distribution Review 2007

The FSA’s financial crime and intelligence sector has carried out a review of data security systems and controls in place in 39 UK companies operating across all of the different financial services sectors. The review found that many firms still under estimate the risk of data loss and fraud to their business and their customers. …
Read More UK: The Financial Services Authority (FSA) has Identified Weaknesses in the Attitude of Firms to Data Security and Threatens Sanctions

The Institute of Insurance Brokers (IIB) has responded to the Financial Services Authority’s (FSA) discussion paper on Transparency Disclosure and Conflicts of interest in the UK Commercial Insurance Market with major concerns (click here to view the IIB press release). 

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Read More FSA: IIB Sees Demise of Small Brokers if Commission Disclosure Becomes Mandatory