Prudential requirements for insurers and intermediaries

UK government to increase whiplash injury tariff by 15%

Law360: The government said it will raise the fixed damages for 'whiplash' neck injuries suffered in motor accidents by 15% to account for inflation, but claimant groups say the planned increase does not go far enough.

IAIS publishes application paper on supervising diversity, equity and inclusion in insurance governance and risk management

The International Association of Insurance Supervisors (IAIS) has published its application paper on supervising diversity, equity and inclusion (DEI) in the insurance sector, focusing on governance, risk management and corporate culture. The paper was released after a public consultation period between March and June 2024. The IAIS' work on diversity, equity, and inclusion will be discussed at the IAIS Annual Conference 2024, scheduled for 5—6 December 2024 in Cape Town, South Africa.

FCA calls for faster bereavement claim processing by life insurers

The Financial Conduct Authority (FCA) has conducted a multi-firm review of life insurers' handling of bereavement claims and the review revealed evidence of good practices, such as firms providing additional support for claimants during their difficult time. However, the FCA also acknowledged that firms can face challenges in obtaining the necessary evidence to assess a claim and has called for firms to improve their handling times for bereavement claims for delivery of positive customer outcomes, in line with the Consumer Duty introduced in July 2023.

FCA weighing wider impact of motor finance ruling

Law360, London: The Financial Conduct Authority (FCA) said it is considering issuing guidance amid growing legal uncertainty over commission arrangements following a bombshell court ruling on motor finance.