InSure: developments affecting the insurance industry — December 2012

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This month’s round-up of developments affecting the insurance industry sees the publication of consumer guides in relation to flooding and resulting compensation claims; the UK government announcing its Autumn Statement 2012; an ASA Adjudication relating to PPI texts originating in India; and the publication of the Equality Act 2010 (Amendment) Regulations 2012.

The Financial Services Compensation Scheme (FSCS) has published the November 2012 edition of its Outlook newsletter (the half year review). Of particular note, is the update on the rise in compensation costs which could affect the insurance intermediation sector. FSCS said in its August issue of Outlook, that because of this it expected to raise additional levies in the investment intermediation and insurance intermediation sectors. It has now said that it may have to increase a supplementary levy on general insurers for the same reason.

FCSC is facing deficits of just under £15m on general insurance provision, approximately £21m on general insurance intermediation and more than £25m on investment intermediation…

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