Five secrets of a PI insurance broker. Two professional indemnity (PI) insurance brokers lift the lid on what makes insurers twitch, why adviser excesses are so high and the next big claims danger...
Duncan Philpott and Paul Afteni at global insurance broker Willis have been dealing in professional indemnity cover for financial advisers for about 25 years. Their insights may never grace the well thumbed pages of a Jilly Cooper novel, but these five frank disclosures will beat any kiss-and-tell story for advisers keen to keep in business... 1. Defined benefit and deniability Insurers tend to only focus on one area at a time. We've been acting for advisers since the '90s. In 1994, prior to the pension review, advisers were considered the lowest risk. That was a fundamental change to PI.
Insurers want to control the claim. Combined View. Solvency II for Dummies! The Solvency II directive will affect corporates’ ability to fund and mitigate financial risk negatively.
One example reported by the EuroTreasurer of the Financial Gates GmbH, in issue 03, 23 February 2012: Asset-backed Securities (ABS) will have to be backed up by more equity, affecting for instance the automotive industry hard since they rely heavily on ABS funding. EuroTreasurer also states: “…the European Private Equity and Venture Capital Association (EVCA) is afraid of considerable shifts in asset allocation [by Solvency II]: While volatile asset classes could lose their attractiveness, fixed-income assets could become much more attractive.” Are those effects anything we should aspire? These consequences are added on top of the negative effects for corporates from other regulation. We have asked Fredrik Torkildsen, a senior financial expert and management consultant, to explain Solvency II to us, in this, the first (?)
Background. BaFin - Circulars - Circular 10/2014 (VA) - Cooperation with Insurance Intermediaries, Risk Management in Distribution. Solvency-II.pdf. Healthcare Cash Plans from Health Shield Friendly Society Ltd. Solvency 2 will soon be upon us.
It will come into effect from January 1, 2016 and has serious implications for product providers and financial advisers. The EU has been considering this new piece of financial regulation since the turn of the millennium. There was some initial uncertainty as to how it would apply in the health cash plan market. However, Health Shield, working with its actuarial advisers, realised very early on that there would be significant change that affects both providers and advisers.
Below is a summary of the key points. Solvency 2 is an EU Directive that is designed to harmonise EU insurance regulation across member states, in particular the amount of capital that EU insurance companies must hold to reduce their risk of insolvency. Pillar 1 consists of the quantitative requirements (such as the amount of capital an insurer should hold).
Pillar 3 focuses on the requirements for disclosure and transparency. E-commerce: solvency ii to make brokers more accountable for data Insurance Age. Understanding an Insurance Brokers Duty of Care: White and Williams LLP. Professional Liability Alert | January 10, 2012 By: Christopher P.
Leise Insurance law is a wide ranging field which arises predominantly, but not exclusively, from the law of contract. Statutory and regulatory provisions, for example, can establish legislatively mandated obligations and duties of care. Although insurance “bad faith” might appear to be a tort driven cause of action, the New Jersey Supreme Court, in the context of bad faith failure to settle, observed that the cause of action “sounds in both tort and contract.” Insurance intermediaries are often referred to as “insurance brokers” or “insurance agents.”
The case law discussed below has defined and refined the unexpectedly complex issue of a broker’s common law duty, the circumstances under which the duty can be expanded, as well as the defenses to a claim that a duty has been breached. The seminal case establishing an insurance producer’s common law duty is Rider v.
Wp213_en.pdf. Employee Error Causes Data Breach at Insurance Broker. Willis North America recently began notifying an undisclosed number of employees that their personal information may have been exposed when a health plan administrator mistakenly attached a spreadsheet containing sensitive data to an e-mail sent on March 19, 2014 to company employees who were enrolled in the Willis North America Medical Expense Benefit Plan's Healthy Rewards Program, to remind them of an upcoming deadline to earn wellness credits (h/t PHIprivacy.net).
The spreadsheet contained the affected employees' names, company e-mail addresses, birthdates, Social Security numbers, employee ID numbers, office locations, and internal administrative coding information. "The error was recognized within minutes, and the plan took immediate and extensive remedial action to try to avoid any misuse of information," Willis chief risk and compliance officer Ian Ullman wrote in a letter [PDF] to the New Hampshire Attorney General's Office. L'Argus de l'Assurance - Agents généraux : la concentration des réseaux se poursuit en 2014 - Secteur.
Découvrez les chiffres exclusifs sur l'évolution des réseaux d'agents généraux d'assurance.
L'intégralité des résultats de l'Observatoire de l'Argus de l'assurance est à retrouver dans notre hebdomadaire du 24 avril 2015. L’Observatoire des agents généraux 2015 met en exergue les mutations à l’œuvre au sein de la profession, qui découlent notamment des nouvelles réglementations (ANI, loi «Hamon»), mais également de la digitalisation de l’assurance. Dans son dossier «Agents généraux», l’Argus du 24 avril reprend les principaux enseignements de l’observatoire et présente les chiffres clés 2014 de la profession. Découvrez en avant-première les tableaux des effectifs et des chiffres d’affaires des principaux réseaux d’agents.
La plupart des réseaux voient leur effectif diminuer en un an. Swiss Life et MMA dans une moindre mesure s’avèrent les deux réseaux les plus diversifiés en termes de produits. Courts demanding rise in brokers' duty of care European Risk Insurance Management News Commercial Risk Europe. Thursday, 16 January 2014 By Stuart CollinsEmail Author Mounting legal precedents are adding to brokers' duty of care responsibilities to both clients and insurers, law firms stressed to Commercial Risk Europe this week.
The UK's High Court Several UK court cases over the last few years have gone against brokers. The most recent saw a judgement late last year by the country's Commercial Court in the case of Equitas v Walsham Brothers & Co Ltd. It was the latest to highlight the scope of brokers' responsibilities to both clients and insurers. The judgement, which found that reinsurance broker Walsham was obliged to promptly remit premiums to insurers or risk paying interest, could lead to a spate of further actions against brokers over the remittance of funds, predicts law firm Rosling King.
The interim decision of the Commercial Court is important, according to a note from another law firm, Clyde & Co. Insurance-market-conditions-and-trends-2014-15-interactive.pdf.