InSure — April 2014: regulatory developments
PRA publishes supervisory statements for insurers
The PRA has published several supervisory statements concerning insurers, namely:
- (SS3/14) on its approach to schemes of arrangement proposed by insurers under Part 26 of the Companies Act 2006
- (SS4/14) providing additional clarification of its expectations of general insurers in relation to prudential provisions within the PRA handbook
- (SS5/14) on the calculation of technical provisions and the use of internal models for general insurers under the Solvency II Directive (2009/138/EC)
- (SS2/14) on the recognition of deferred tax under the Solvency II Directive regime
PRA, April 2014
FCA thematic review on household and travel insurance claims handling
The Financial Conduct Authority (FCA) has published the initial findings of its thematic review on household and travel insurance claims handling. The thematic review was designed to assess the extent to which insurers put consumer claims at the heart of their businesses. Martin Wheatley, the chief executive of the FCA, launched the review in a speech to the British Insurance Brokers’ Association conference in May last year…
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Zero-hours contracts: new consultation on tackling avoidance of forthcoming ban on exclusivity clauses
The government has published a new consultation seeking views on avoidance of the forthcoming ban on exclusivity clauses in zero-hours contracts.
From 5 April 2015, eligible employees will have the right to opt into a new system of shared parental leave.
Analysis from The Lawyer
Could Slater & Gordon achieve its stated aim of becoming a top consumer brand by acquiring Pannone?
The past five years have not been easy for Addleshaw Goddard. The firm’s revenue fell 7 per cent from £173.1m to £161.9m between 2008/09 and 2010/11 and despite finances looking up in 2011/12, when Addleshaws reported a 30 per cent increase in net profit, it has shown no notable compound growth in turnover since 2007/08.