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AAIS unveils new forms, rules filings for UAS coverage American Association of Insurance Services (AAIS) has announced new filings of Unmanned Aircraft Liability Coverage forms and rules in its Agricultural General Liability Program (AgGL) in response to consumer demand for unmanned aircraft systems (UAS) coverage.
Regulatory & Risk > News
UK FCA fines Towergate £2.6m for failing to protect client and insurer money By IBR Staff Writer
The UK’s Financial Conduct Authority (FCA) has imposed a £2.6m fine against Towergate Underwriting Group for failing to protect client and insurer money.
Regulatory & Risk > News Ironshore and Patria Re secure Lloyd’s approval to set up special purpose syndicate Ironshore's Pembroke Managing Agency Limited (Pembroke) and Mexico reinsurance company, Patria Re, have received Lloyd’s approval to establish a Special Purpose Syndicate (SPS).
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GEICO agrees to settle deceptive automobile insurance rate quote charges
By IBR Staff Writer
GEICO, a subsidiary of Berkshire Hathaway, has agreed to pay $6m to settle the Consumer Federation of California (CFC) complaint related to the violation of civil rights and insurance law.
Regulatory & Risk > News
FCA launches probe into Quindell’s alleged accounting irregularities
The UK Financial Conduct Authority (FCA) has launched an investigation into the insurance technology and claims management group, Quindell, over alleged accounting irregularities.
Regulatory & Risk > News
UK FCA fines Clydesdale Bank £20.7m for PPI failings
By IBR Staff Writer
UK’s Financial Conduct Authority (FCA) has imposed a £20.7m fine on Scotland’s Clydesdale Bank for serious failings in its Payment Protection Insurance (PPI) complaint handling processes between May 2011 and July 2013.
Regulatory & Risk > News
UK FCA fines Swinton’s former executives over mis-selling add-on insurance policies
By IBR Staff Writer
The UK’s Financial Conduct Authority (FCA) has imposed a £928,000 fine on three former senior executives of Swinton Group for mis-selling add-on insurance policies.
Regulatory & Risk > News
New York's insurance regulator begins investigation on indexed universal life products
By IBR Staff Writer
The insurance regulator of New York has reportedly commenced investigation on the sales of indexed universal life insurance products in the US.
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Philippines central bank permits banks to sell life insurance
By IBR Staff Writer
The Bangko Sentral ng Pilipinas, the central bank of Philippines, has granted permission to lenders to sell life insurance policies as part of their day-to-day transactions.
Regulatory & Risk > News
Hong Kong's insurance authority prohibits indemnity commissions
By IBR Staff Writer
The Office of the Commissioner of Insurance, Hong Kong's insurance authority, has reportedly imposed a ban on charging upfront commission payments on long-term policies, as part of its strategy to control fraudulent sales practices.
Regulatory & Risk > News
Markel applies for Dubai insurance licence
By IBR Staff Writer
Markel International, the specialist insurer, has applied to the Dubai Financial Services Authority (DFSA) to establish a company to operate within the Dubai International Financial Centre (DIFC).
Regulatory & Risk > News
India's Cabinet approves 49% FDI in insurance
By IBR Staff Writer
The Indian Cabinet has approved increasing the foreign direct investment (FDI) in the insurance sector to 49% from the current level of 26%, meeting long pending demand of the industry to open up the sector to spur growth.
Regulatory & Risk > News
IRDA may permit five-year policies to simplify motor insurance renewals
By IBR Staff Writer
The Insurance Regulatory and Development Authority (IRDA) is reportedly considering to grant permissions for a five-year insurance cover to simplify renewal process for commercial vehicles.
Regulatory & Risk > News
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