Department of Enterprise, Trade and Employment. Results of the Consultation Process on the Draft Terms of Reference for the Insurance Study

Size: px
Start display at page:

Download "Department of Enterprise, Trade and Employment. Results of the Consultation Process on the Draft Terms of Reference for the Insurance Study"

Transcription

1 STUDY OF INSURANCE COMPETITION AUTHORITY AND DEPARTMENT OF ENTERPRISE, TRADE AND EMPLOYMENT RESULTS OF THE CONSULTATION PROCESS ON THE DRAFT TERMS OF REFERENCE 1 INTRODUCTION November On 8 October 2002, the Competition Authority and Department of Enterprise, Trade and Employment launched a consultation process on the draft terms of reference in relation to the proposed study on insurance. These were: To identify anti-competitive practices or other constraints on competition in the non-life insurance market in Ireland, with particular reference to motor insurance, employers liability and public liability insurance; To highlight any anti-competitive practices or other constraints that are particular to the Irish market; To make recommendations for legislative and other changes to ensure that competition works well for consumers in the Irish market; To make, in the case of any problems identified at EU level, recommendations for change at that level. 1

2 1.2 The consultation paper sought views of interested parties in order to help the Authority and Department finalise the terms of reference for the study. The aim of the study is to: Advise the Government concerning the implications for competition of the existing legal and regulatory framework and, where appropriate, to identify and make recommendations for change where restrictions on competition are found to be disproportionate; Make recommendations for change to any enactment or administrative/industry practice that is limiting competition in the State to the detriment of consumers; Identify the practices that have the effect of preventing entry and permitting anti-competitive behaviour, and make recommendations for enhancing market openness; and Identify issues relating to consumer inertia, information problems etc. and make recommendations to ensure that consumers can exercise their full rights so as to best advantage themselves using the competitive process submissions were received. Relevant points from those submissions are included in the appendix to this paper. 1.4 One submission asked for specification of the legal basis of the study. The legal basis is Section 30 of the Competition Act 2002, which provides, inter alia, for the Authority carrying out a study relating to competition. There is no prohibition on the Authority carrying out such a study in conjunction with the or, indeed, other bodies as appropriate. 2 RESPONSES REGARDING SCOPE OF STUDY 2.1 The question asked in relation to the scope of the study was as follows: Do you think that limiting the study to motor, employer s liability and public liability insurance is appropriate (bearing in mind that specific complaints or questions in respect of other insurance markets can still be raised with the Authority or Department as appropriate, outside the scope of this study)? If 2

3 you believe that there would be particular synergies arising from the inclusion of other non-life insurance, e.g., home, commercial property, professional indemnity, personal accident and travel, in this study, please identify the nature of those synergies. 2.2 This question related to whether it would be appropriate to limit the study to motor, employer s liability (EL) and public liability insurance (PL), or whether there would be particular synergies arising from the inclusion of other non-life insurance. 2.3 No submission suggested that the scope should be any narrower than the proposed combination of Motor, EL and PL. 2.4 Seven submissions recommended that the scope of the study be broadened to some extent. In one case, the recommendation was that the study should cover the entire non-life sector including home, commercial property, professional indemnity, personal accident and travel. Another submission recommended studying all business insurance, including insurance for property, goods in transit, money and terrorism risks. 2.5 One submission said that the biggest increases in premiums from 2001 to 2002 have been in the areas of consequential loss, fire and theft, and engineering insurance. 2.6 Two submissions suggested adding professional indemnity insurance (PII) to the study. PII provides insurance cover for professional people and specialists who provide expert advice and service to their customers. It is designed to cover payments to clients in respect of errors or omissions. PII premiums have increased considerably in recent years. However, the same is also true of other types of non-life insurance. While reference was made in submissions to difficulties being experienced by companies in relation to increases in the cost of PII premiums, no specific synergies were identified for the inclusion of PII in addition to Motor, EL and PL insurance. A separate submission pointed out that PII could be considered a sub-class of public liability, but that the specialisation of PII suppliers, and the variety of considerations that arise for each profession underwritten, would make it inappropriate to attempt to cover PII along with general liability insurance. 3

4 2.7 One submission warned against limiting the scope of the study to Motor, EL and PL because such a limitation could make insurance companies that may be considering entry to the Irish market even more cautious about those types of insurance. 2.8 The suggestions to extend the terms of reference to include all non-life insurance, or, alternatively, all business insurance, would have the merit of comprehensiveness. However, such a broad approach would run the risk of taking a long time to complete and would lead to a delay in reaching findings and conclusions. The same risk would apply in the case of the suggestions to add specific insurance areas such as consequential loss, fire and theft, engineering insurance and professional indemnity insurance. The warning that limiting the scope of the study to Motor, EL and PL could make insurance companies even more cautions about those types of insurance is countered by any potential clarification of issues arising from this study. 2.9 Overall, there has been a lot of support for a narrow focus, restricted to Motor, EL and PL. There have been no suggestions to eliminate any of those three areas from the study. Suggestions for broadening the study, either to include the whole non-life sector, or all business insurance, or, alternatively, to add specific areas to the proposed scope of the study, did not specify sufficient synergies to justify extending the scope at this stage. However, findings and recommendations in relation to Motor, EL and PL may well have significance for other types of non-life insurance and will be open to interpretation in that light. 3 RESPONSES REGARDING THE APPROACH TO BE TAKEN 3.1 The questions asked in relation to the approach to be taken was as follows: Do you think that analysing the state of competition in a market from the perspective of barriers to entry and the degree of rivalry is the appropriate approach? If not, which alternative approach would you suggest? 3.2 One submission recommended that there should be a broad approach, incorporating an examination of issues such as the lack of predictability of 4

5 awards for personal injury, the length of the claims process and the requirements for solvency. 3.3 Four submissions made specific reference to the role of brokers or insurance intermediaries. 3.4 At least seven submissions made reference to the apparent lack of attractiveness of the Irish market within the European Economic Area. 3.5 One submission, while agreeing with the proposed approach, recommended that the study also include the manner in which the insurance industry operates in the crash repair market. Another submission recommended investigating the system of approval of repair work. 3.6 The importance of the international context, including the European Economic Area and other countries, was stressed in many of the submissions received. In one case, information was provided on aspects of the Canadian system. Information on other countries insurance systems will be taken into account in the course of this study with particular reference to the implications for rivalry and barriers to entry. 3.7 One submission, while agreeing with the proposed approach, recommended an additional term of reference, namely, to consider whether alternative marketbased models for the provision of insurance have the potential to deliver more cost-effective insurance cover in the Irish market. However, the consideration of hypothetical alternative models would raise not only competition issues in respect of each possible model but also other matters such as feasibility and costs and benefits. Accordingly, it will not be added to the scope of this particular study. 3.8 In general, there was a lot of support for a consideration of rivalry and barriers to entry. This will allow some of the specific points made in submissions to be taken into account. For example, the role of brokers and insurance intermediaries will be taken into account in the context of rivalry in the insurance industry. The lack predictability of awards for personal injury, and the length of the claims process, are noted as characteristics of the system and, to the extent that these impact negatively on potential entrants, may be 5

6 regarded as barriers to entry. The requirements for solvency will also be considered in the context of the analysis of barriers to entry. Information on other countries systems will be used will be used as appropriate within the framework of the study. 4 CONCLUSION 4.1 This document takes account of submissions made in response to the draft terms of reference and, where relevant, attempts to clarify some misunderstandings. Most submissions support the draft terms of reference, the focus on Motor, EL and PL, and the approach based on rivalry and barriers to entry. 4.2 The terms of reference of the study will therefore be as follows: To identify anti-competitive practices or other constraints on competition in the non-life insurance market in Ireland, with particular reference to motor insurance, employer s liability and public liability insurance; To highlight any anti-competitive practices or other constraints that are particular to the Irish market; To make recommendations for legislative and other changes to ensure that competition works well for consumers in the Irish market; To make, in the case of any problems identified at EU level, recommendations for change at that level. 6

CONSULTATION PAPER ON THE COLLATION AND PUBLICATION OF INSURANCE LIABILITY CLAIMS DATA

CONSULTATION PAPER ON THE COLLATION AND PUBLICATION OF INSURANCE LIABILITY CLAIMS DATA M CONSULTATION PAPER ON THE COLLATION AND PUBLICATION OF INSURANCE LIABILITY CLAIMS DATA March 2006 1 CONSULTATION PAPER 17 Table of Contents 1 Making your submission 3 2 Introduction 4 3 Background 6

More information

Competition Issues in the Non-Life Insurance Market

Competition Issues in the Non-Life Insurance Market Competition Issues in the Non-Life Insurance Market Final Report and Recommendations Volume I March 2005 Competition Issues in the Non-Life Insurance Market Volume I CONTENTS Volume I EXECUTIVE SUMMARY

More information

Joint Committee on Enterprise & Small Business 31 May 2006 Statement by Patrick Neary, Chief Executive

Joint Committee on Enterprise & Small Business 31 May 2006 Statement by Patrick Neary, Chief Executive Joint Committee on Enterprise & Small Business 31 May 2006 Statement by Patrick Neary, Chief Executive Introduction Thank you for the opportunity to address you this morning about your ongoing work, focusing

More information

Competition Issues in the Non-Life Insurance Market

Competition Issues in the Non-Life Insurance Market Competition Issues in the Non-Life Insurance Market Final Report & Recommendations (March 2005) EXECUTIVE SUMMARY Introduction This Study presents the Competition Authority s analysis of competition in

More information

Policy Statement: Licensing Policy in respect of those activities that require a permit under the Insurance Business (Jersey) Law 1996

Policy Statement: Licensing Policy in respect of those activities that require a permit under the Insurance Business (Jersey) Law 1996 Policy Statement: Licensing Policy in respect of those activities that require a permit under the Insurance Business (Jersey) Law 1996 Issued: 11 February 2011 Glossary of terms: The following table provides

More information

Chapter 4: Comparison with other arrangements

Chapter 4: Comparison with other arrangements Chapter 4: Comparison with other arrangements This chapter outlines the compensation arrangements for consumers in some other countries in relation to their dealings with financial intermediaries. It also

More information

Terms of Business. Murray & Spelman Ltd. Name: T/A Murray # Spelman Insurance & Finance. Name & Contact Details:

Terms of Business. Murray & Spelman Ltd. Name: T/A Murray # Spelman Insurance & Finance. Name & Contact Details: Terms of Business Murray & Spelman Ltd T/A Murray # Spelman Insurance & Finance Name & Contact Details: Name: Mr. Michael Culhane (Managing Director) Telephone Number: 091759500 Company Murray & Spelman

More information

Bodily Injury Thematic Review

Bodily Injury Thematic Review 2015 Bodily Injury Thematic Review ii Central Bank of Ireland Insurance Directorate 2015 BODILY INJURY THEMATIC REVIEW 1 Introduction 1.1 Overview and Context 4 1.2 Summary of Findings 5 1.3 Observations

More information

THE EUROPEAN CONSUMER PERSPECTIVE - MAJOR TRENDS

THE EUROPEAN CONSUMER PERSPECTIVE - MAJOR TRENDS THE EUROPEAN CONSUMER PERSPECTIVE - MAJOR TRENDS Malgorzata WIECKO-TULOWIECKA Andreea COSMA Alexandru CIUNCAN June 24, 2014 AGENDA I. INTRODUCTION MAIN CONSUMER CHALLENGES II. MOTOR CLAIMS PRACTICES IN

More information

Submission to Standing Committee of Officials Of Consumer Affairs (SCOCA) on draft Australian Consumer Law Regulations

Submission to Standing Committee of Officials Of Consumer Affairs (SCOCA) on draft Australian Consumer Law Regulations Submission to Standing Committee of Officials Of Consumer Affairs (SCOCA) on draft Australian Consumer Law Regulations October 2010 1 1. About the Australian Direct Marketing Association ADMA is the peak

More information

GUIDANCE NOTE 1.1.1 Building Control (Amendment) Regulations 2014 Procurement Implications for Contracting Authorities

GUIDANCE NOTE 1.1.1 Building Control (Amendment) Regulations 2014 Procurement Implications for Contracting Authorities GUIDANCE NOTE 1.1.1 Building Control (Amendment) Regulations 2014 Procurement Implications for Contracting Authorities Office of Government Procurement Building Control (Amendment) Regulations 2014 Procurement

More information

Guidance Note for the Completion of Non-Life Insurance Quarterly Returns on the On-Line Reporting System

Guidance Note for the Completion of Non-Life Insurance Quarterly Returns on the On-Line Reporting System Guidance Note for the Completion of Non-Life Insurance Quarterly Returns on the On-Line Reporting System Insurance Supervision Department January 2010 Contents Introduction... 2 Filing Dates and Required

More information

Introduction to Insurance. Foundations of General Insurance. Regulation and Compliance. Personal Lines. Commercial Lines. Specialisms.

Introduction to Insurance. Foundations of General Insurance. Regulation and Compliance. Personal Lines. Commercial Lines. Specialisms. Guide to Content I F R P C S W Introduction to Insurance Foundations of General Insurance Regulation and Compliance Personal Lines Commercial Lines Specialisms The Workplace Assess is a web based system,

More information

Public Response to CP37 Limited Consultation on Minimum Competency Requirements for Private Medical Insurance

Public Response to CP37 Limited Consultation on Minimum Competency Requirements for Private Medical Insurance Public Response to CP37 Limited Consultation on Minimum Competency Requirements for Private Medical Insurance December 2009 Public Response to CP37 Limited Consultation on Minimum Competency Requirements

More information

Joint submission by: Irish Brokers Association (IBA) and. Professional Insurance Brokers Association (PIBA) On the

Joint submission by: Irish Brokers Association (IBA) and. Professional Insurance Brokers Association (PIBA) On the Joint submission by: Irish Brokers Association (IBA) and Professional Insurance Brokers Association (PIBA) On the Consultation on the Review of the Handbook of Prudential Requirements for Authorised Advisors

More information

Application of Insurer Authorisation in Hong Kong

Application of Insurer Authorisation in Hong Kong www.pwchk.com Application of Insurer Authorisation in Hong Kong Highlights of the Regulatory Requirements Updated as of January 2012 1. Introduction Under the Hong Kong regulatory regime, institutions

More information

PDI-01 THE NATURE OF INSURANCE

PDI-01 THE NATURE OF INSURANCE PDI-01 THE NATURE OF INSURANCE KEY POINTS 2016 CHAPTER ONE: THE IRISH INSURANCE MARKET WHERE YOU WORK A The Irish insurance market The insurance market involves four main groups: Insurance buyers those

More information

P.M Brennan L.A.C Ltd T/A Irish Health Insurance is regulated by the Central Bank of Ireland.

P.M Brennan L.A.C Ltd T/A Irish Health Insurance is regulated by the Central Bank of Ireland. Date Subject: Terms of Business & Client Acknowledgement Letter Dear Client, P.M Brennan Life Assurance Consultant Ltd T/A Irish Health Insurance (hereafter referred to by the trading name Irish Health

More information

S.I. No.74 of 2007 REGULATIONS. entitled NON-LIFE INSURANCE (PROVISION OF INFORMATION)(RENEWAL OF POLICY OF INSURANCE) REGULATIONS 2007

S.I. No.74 of 2007 REGULATIONS. entitled NON-LIFE INSURANCE (PROVISION OF INFORMATION)(RENEWAL OF POLICY OF INSURANCE) REGULATIONS 2007 S.I. No.74 of 2007 REGULATIONS entitled NON-LIFE INSURANCE (PROVISION OF INFORMATION)(RENEWAL OF POLICY OF INSURANCE) REGULATIONS 2007 PUBLISHED BY THE STATIONERY OFFICE DUBLIN To be purchased directly

More information

Response to Department of Justice and Equality consultation on Legislation on Periodic Payment Orders

Response to Department of Justice and Equality consultation on Legislation on Periodic Payment Orders Response to Department of Justice and Equality consultation on Legislation on Periodic Payment Orders September 2014 A. Introduction A1 A2 A3 The Society of Actuaries in Ireland ( Society ) is the professional

More information

/ Insurance. Regional Highlights * Bosnia and Herzegovina. karanovic/nikolic. /March 2015/

/ Insurance. Regional Highlights * Bosnia and Herzegovina. karanovic/nikolic. /March 2015/ / Insurance Regional Highlights * /March 2015/ The insurance sector in South Eastern Europe has undergone considerable change in recent years, marked by Croatia s accession to the EU, amendments to legislation

More information

LIABILITY INSURANCE. Mandatory by Law or Market Law? AZERBAIJAN INTERNATIONAL INSURANCE FORUM Baku, 7-87. 8 of July 2011.

LIABILITY INSURANCE. Mandatory by Law or Market Law? AZERBAIJAN INTERNATIONAL INSURANCE FORUM Baku, 7-87. 8 of July 2011. AZERBAIJAN INTERNATIONAL INSURANCE FORUM Baku, 7-87 8 of July 2011 LIABILITY INSURANCE Mandatory by Law or Market Law? George Koutinas Insurance Expert www.koutinas.gr LIABILITY INSURANCE Main points of

More information

www.peterlole.co.uk Business Insurance with a personal touch

www.peterlole.co.uk Business Insurance with a personal touch www.peterlole.co.uk Business Insurance with a personal touch Every business is unique and so are the risks each company faces Our team use their in-depth knowledge to help businesses identify risks, ensuring

More information

Consumer Protection Code

Consumer Protection Code Consumer Protection Code Submission by the Society of Actuaries in Ireland May 2005 Introduction The Society of Actuaries in Ireland welcomes the opportunity to make this submission in relation to the

More information

How To Insure A Consultant For A Construction Project

How To Insure A Consultant For A Construction Project DEPARTMENT OF EDUCATION & SCIENCE Planning & Building Unit Technical Guidance Document TGD-013 Professional Indemnity Insurance for Consultants engaged on Education Sector Construction Projects Planning

More information

Domestic Actuarial Regime and Related Governance Requirements under Solvency II

Domestic Actuarial Regime and Related Governance Requirements under Solvency II Domestic Actuarial Regime and Related Governance Requirements under Solvency II Response to Central Bank of Ireland Consultation Paper (CP 92) May 2015 1 Section 1: Introduction 1.1 Towers Watson is a

More information

Accident Towing Regulation Draft Report

Accident Towing Regulation Draft Report Essential Services Commission Level 37 2 Lonsdale St Melbourne VIC 3000 Email: towtruckreview@esc.vic.gov.au 2 November 2015 Dear Sir/Madam Accident Towing Regulation Draft Report The Insurance Council

More information

submission of Information to the Central Bank Under Solvency II

submission of Information to the Central Bank Under Solvency II October 2015 Policy Notice October 2015 Discretions and Options on Submission of Information to the Central Bank under Solvency II 1 1.0 Background 1.1 This Notice specifies Central Bank of Ireland (hereafter

More information

Insurance Europe key messages on the European Commission's proposed General Data Protection Regulation

Insurance Europe key messages on the European Commission's proposed General Data Protection Regulation Position Paper Insurance Europe key messages on the European Commission's proposed General Data Protection Regulation Our reference: SMC-DAT-12-064 Date: 3 September 2012 Related documents: Proposal for

More information

Invitation of expressions of interest for the provision of insurance cover

Invitation of expressions of interest for the provision of insurance cover Invitation of expressions of interest for the provision of insurance cover 1. Context and Overview 1.1. The Authority The Irish Auditing and Accounting Supervisory Authority ( IAASA ) is the independent

More information

Apex Risk Advisors Limited trading as Apex Insurance Brokers 7 South Mall, Cork. Fax: 021 2399204 www.apexinsurance.ie

Apex Risk Advisors Limited trading as Apex Insurance Brokers 7 South Mall, Cork. Fax: 021 2399204 www.apexinsurance.ie Apex Risk Advisors Limited trading as Apex Insurance Brokers Tel: 021 2398864 7 South Mall, Cork. Fax: 021 2399204 www.apexinsurance.ie General Terms of Business These terms of business set out the basis

More information

PwC study: The impact of the revision of the Insurance Mediation Directive. Background note

PwC study: The impact of the revision of the Insurance Mediation Directive. Background note 1 PwC study: The impact of the revision of the Insurance Mediation Directive Background note I. Background In the context of the review of the Insurance Mediation Directive (IMD), the European Commission

More information

many activities to be undertaken that would not otherwise take place, and is an effective mechanism for pooling and transferring risk.

many activities to be undertaken that would not otherwise take place, and is an effective mechanism for pooling and transferring risk. 9 March 2015 Royal Commission into Institutional Responses to Child Sexual Abuse Submitted by email: redress@childabuseroyalcommission.gov.au Dear Sir/Madam CONSULTATION PAPER: REDRESS AND CIVIL LITIGATION

More information

National Debt Relief. Submission on the Authorisation Requirements and Standards for Debt Management Firms. 20 September 2013

National Debt Relief. Submission on the Authorisation Requirements and Standards for Debt Management Firms. 20 September 2013 National Debt Relief Submission on the Authorisation Requirements and Standards for Debt Management Firms 20 September 2013 After enquiring of the Central Bank the regulatory requirements for offering

More information

You are invited to provide feedback on this public consultation

You are invited to provide feedback on this public consultation Public consultation paper 19 May 2014 You are invited to provide feedback on this public consultation Review of registration standards: Professional indemnity insurance Continuing professional development

More information

Case No COMP/M.5031 - ACE / CICA. REGULATION (EC) No 139/2004 MERGER PROCEDURE. Article 6(1)(b) NON-OPPOSITION Date: 11/03/2008

Case No COMP/M.5031 - ACE / CICA. REGULATION (EC) No 139/2004 MERGER PROCEDURE. Article 6(1)(b) NON-OPPOSITION Date: 11/03/2008 EN Case No COMP/M.5031 - ACE / CICA Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Article 6(1)(b) NON-OPPOSITION Date: 11/03/2008 In electronic form on

More information

INSURANCE ACCOUNTING MIND THE UK GAAP

INSURANCE ACCOUNTING MIND THE UK GAAP INSURANCE ACCOUNTING MIND THE UK GAAP This is a paper prepared by the staff of the UK Accounting Standards Board in order to invite comments from constituents on the options for the future of insurance

More information

Consultation: Professional Indemnity Insurance Proportionate regulation: changes to minimum compulsory professional indemnity cover

Consultation: Professional Indemnity Insurance Proportionate regulation: changes to minimum compulsory professional indemnity cover Consultation: Professional Indemnity Insurance Proportionate regulation: changes to minimum compulsory professional indemnity cover May 2014 Summary of our proposals Reduce the level of mandatory PI cover

More information

VHI HEALTHCARE OBSERVATIONS ON REPORT BY HEALTH INSURANCE AUTHORITY ON COMPETITION IN THE IRISH PRIVATE HEALTH INSURANCE MARKET

VHI HEALTHCARE OBSERVATIONS ON REPORT BY HEALTH INSURANCE AUTHORITY ON COMPETITION IN THE IRISH PRIVATE HEALTH INSURANCE MARKET VHI HEALTHCARE OBSERVATIONS ON REPORT BY HEALTH INSURANCE AUTHORITY ON COMPETITION IN THE IRISH PRIVATE HEALTH INSURANCE MARKET This report covers much the same ground as the recent report by the Competition

More information

CLAIMS GUIDELINES. To enable timely reporting and documentation of claims, insurers and brokers should

CLAIMS GUIDELINES. To enable timely reporting and documentation of claims, insurers and brokers should CLAIMS GUIDELINES 1.0 Customer Education To enable timely reporting and documentation of claims, insurers and brokers should Attach standard basic claims guidelines with the policy documents. The approved

More information

Provisional findings report

Provisional findings report PRIVATE MOTOR INSURANCE MARKET INVESTIGATION Provisional findings report Published: 17 December 2013 The Competition Commission has excluded from this published version of the provisional findings report

More information

Reserving Requirements for Non-Life Insurers and Non-Life and Life Reinsurers

Reserving Requirements for Non-Life Insurers and Non-Life and Life Reinsurers 2014 Reserving Requirements for Non-Life Insurers and Non-Life and Life Reinsurers 1 Reserving Requirements for Non-Life Insurers and Non-Life and Life Reinsurers Contents Introduction... 3 Definitions...

More information

2016 Star Ratings General Insurance Add-Ons Discussion paper

2016 Star Ratings General Insurance Add-Ons Discussion paper 2016 Star Ratings General Insurance Add-Ons Discussion paper Defaqto Limited 2015. All rights reserved. No parts of this publication may be reproduced in any form by any means, whether electronic, mechanical,

More information

Code of Practice on Data Protection for the Insurance Sector

Code of Practice on Data Protection for the Insurance Sector Code of Practice on Data Protection for the Insurance Sector (Approved by the Data Protection Commissioner under Section 13 (2) of the Data Protection Acts, 1988 and 2003) Forward I am very happy to be

More information

LINES SECTOR MARKET INSURANCE AND LONDON COMMERCIAL THE ABI WORKING FOR YOU. @BritishInsurers abi.org.uk Follow us on Twitter @BritishInsurers

LINES SECTOR MARKET INSURANCE AND LONDON COMMERCIAL THE ABI WORKING FOR YOU. @BritishInsurers abi.org.uk Follow us on Twitter @BritishInsurers ABI WORKING FOR YOU COMMERCIAL LINES AND LONDON MARKET INSURANCE SECTOR THE ABI WORKING FOR YOU 3 @BritishInsurers abi.org.uk Follow us on Twitter @BritishInsurers The ABI Working for you We know how important

More information

Incisive Business Guide to Business Insurance

Incisive Business Guide to Business Insurance Incisive Business Guide to Business Insurance Business Insurance Guide Summary This guide from Incisive Business outlines the features and benefits for your business from taking out business insurance.

More information

Consumer Protection in the Insurance Industry Hong Kong

Consumer Protection in the Insurance Industry Hong Kong Consumer Protection in the Insurance Industry Hong Kong Ms Annie Choi Commissioner of Insurance Hong Kong SAR Government 8 May 2012 Session Number: (TPS1) 1 Overview Hong Kong insurance landscape Consumer

More information

Terms of Business. Liam D. Ferguson, trading as Ferguson & Associates Version 1.12 Effective from January 2012 until further notice

Terms of Business. Liam D. Ferguson, trading as Ferguson & Associates Version 1.12 Effective from January 2012 until further notice Terms of Business Liam D. Ferguson, trading as Ferguson & Associates Version 1.12 Effective from January 2012 until further notice These Terms of Business set out the general terms under which our firm

More information

List of the general good provisions applicable to insurance and reinsurance intermediaries FEBRUARY 2011

List of the general good provisions applicable to insurance and reinsurance intermediaries FEBRUARY 2011 List of the general good provisions applicable to insurance and reinsurance intermediaries FEBRUARY 2011 The general good provisions have been listed in compliance with the conditions envisaged by the

More information

CONSULTATION PAPER CP 41 CORPORATE GOVERNANCE REQUIREMENTS FOR CREDIT INSTITUTIONS AND INSURANCE UNDERTAKINGS

CONSULTATION PAPER CP 41 CORPORATE GOVERNANCE REQUIREMENTS FOR CREDIT INSTITUTIONS AND INSURANCE UNDERTAKINGS CONSULTATION PAPER CP 41 CORPORATE GOVERNANCE REQUIREMENTS FOR CREDIT INSTITUTIONS AND INSURANCE UNDERTAKINGS 2 PROPOSAL 1.1 It is now widely recognised that one of the causes of the international financial

More information

MDI-05 LIABILITY INSURANCE. With reference to Irish law and practice

MDI-05 LIABILITY INSURANCE. With reference to Irish law and practice MDI-05 LIABILITY INSURANCE With reference to Irish law and practice SYLLABUS 2015 10 LIABILITY INSURANCE On completion of this MDI-05 module, students should be able to: Outline the nature of the civil

More information

1. Liverpool Law Society

1. Liverpool Law Society Response of Liverpool Law Society to the Competition and Markets Authority Private Motor Insurance Market Investigation Notice of Further Consultation on Remedy 1C 1. Liverpool Law Society Liverpool Law

More information

Secure liability solutions. Syndicate 2525 Bespoke liability insurance, for complex and high risk businesses EL PL. insurance

Secure liability solutions. Syndicate 2525 Bespoke liability insurance, for complex and high risk businesses EL PL. insurance Secure liability solutions Syndicate 2525 Bespoke liability insurance, for complex and high risk businesses & EL PL insurance What we cover 2525 Classes of Business Underwritten: Employer s Liability (including

More information

2011 Minimum Competency Code 2011

2011 Minimum Competency Code 2011 2011 Minimum Competency Code 2011 ii Table of Contents Introduction 2 Part 1: Fitness and Probity Standards (Minimum Competency) 6 Part 2: Minimum Competency Requirements on Regulated Firms 14 Part 3:

More information

A Report to the Minister for Health and Children. Competition in the Irish Private Health Insurance Market Executive Summary

A Report to the Minister for Health and Children. Competition in the Irish Private Health Insurance Market Executive Summary A Report to the Competition in the Irish Private Health Insurance Market Executive Summary January 2007 EXECUTIVE SUMMARY AND RECOMMENDATIONS E 1. E 2. The Irish private health insurance market is community

More information

BUSINESS LIABILITY INSURANCE MADE SIMPLE

BUSINESS LIABILITY INSURANCE MADE SIMPLE BUSINESS LIABILITY INSURANCE MADE SIMPLE Working with the profession to simplify the language of insurance DON T LET YOUR BUSINESS BECOME A LIABILITY If your business is responsible for injuring someone,

More information

Submission on the Consumer Law Reform Bill

Submission on the Consumer Law Reform Bill Vector Limited 101 Carlton Gore Road PO Box 99882, Newmarket Auckland 1149, New Zealand www.vector.co.nz Corporate Telephone +64-9-978 7788 Corporate Facsimile +64-9-978 7799 Todd McClay MP Chairperson

More information

Policy Paper. Risk Equalisation in the Private Health Insurance Market in Ireland. September 2002. RE00012ls

Policy Paper. Risk Equalisation in the Private Health Insurance Market in Ireland. September 2002. RE00012ls Policy Paper Risk Equalisation in the Private Health Insurance Market in Ireland September 2002 RE00012ls 1 INTRODUCTION AND PURPOSE 1 2 CONSULTATION PROCESS 2 3 PRELIMINARY VIEWS OF THE HEALTH INSURANCE

More information

Guide to buying professional indemnity insurance

Guide to buying professional indemnity insurance Guide to buying professional indemnity insurance The Law Society has collaborated with the British Insurance Brokers Association and Association of British Insurers to provide you with this Guide to Buying

More information

DISCUSSION PAPER: GREY AREAS - AGE BARRIERS TO WORK IN COMMONWEALTH LAWS

DISCUSSION PAPER: GREY AREAS - AGE BARRIERS TO WORK IN COMMONWEALTH LAWS Professor Rosalind Croucher President Australian Law Reform Commission GPO Box 3708 SYDNEY NSW 2000 30 November 2012 Via email: age_barriers_to_work@alrc.gov.au Dear Professor Croucher DISCUSSION PAPER:

More information

Data Protection and Fraud Prevention Under The New UK Insurance Regulations

Data Protection and Fraud Prevention Under The New UK Insurance Regulations DRAFT DATA PROTECTION REGULATION BRIEFING BY RSA INSURANCE GROUP (RSA) 17 July 2012 Introduction This paper outlines the views of RSA Insurance Group on the draft Regulation on the protection of individuals

More information

Consultation: Auditing and ethical standards

Consultation: Auditing and ethical standards Consultation Financial Reporting Council December 2014 Consultation: Auditing and ethical standards Implementation of the EU Audit Directive and Audit Regulation The FRC is responsible for promoting high

More information

2015 Star Ratings. Car Insurance. Discussion paper

2015 Star Ratings. Car Insurance. Discussion paper 2015 Star Ratings Car Insurance Discussion paper Defaqto Limited 2014. All rights reserved. No parts of this publication may be reproduced in any form by any means, whether electronic, mechanical, optical

More information

Avant welcomes the opportunity to provide input into the Productivity Commission s draft report on Access to Justice Arrangements.

Avant welcomes the opportunity to provide input into the Productivity Commission s draft report on Access to Justice Arrangements. 21 May 2014 Access to Justice Productivity Commission GPO Box 1428 Canberra City ACT 2601 Access to Justice Arrangements Draft Report Avant welcomes the opportunity to provide input into the Productivity

More information

property owners Property insurance and rental protection

property owners Property insurance and rental protection property owners Property insurance and rental protection 1 Between 1990 and 2006 Ireland s property sector grew faster than that of any other developed economy. A period of intense growth in the Irish

More information

Effective from 1 January 2009. Code of Ethics for insolvency practitioners.

Effective from 1 January 2009. Code of Ethics for insolvency practitioners. INSOLVENCY PRACTITIONERS (PART D) Effective from 1 January 2009. Code of Ethics for insolvency practitioners. On 1 January 2014 a minor change was made to paragraph 400.3 of the code. The change clarifies

More information

MDI-05 LIABILITY INSURANCE. With reference to Irish law and practice

MDI-05 LIABILITY INSURANCE. With reference to Irish law and practice MDI-05 LIABILITY INSURANCE With reference to Irish law and practice SYLLABUS 2015 LIABILITY INSURANCE On completion of this MDI-05 module, students should be able to: Outline the nature of the civil procedure

More information

IBC Conferences. Public Liability Insurance Summit. Sydney, 13-14 June 2002. Recent ACCC Involvement in Public Liability Insurance Issues

IBC Conferences. Public Liability Insurance Summit. Sydney, 13-14 June 2002. Recent ACCC Involvement in Public Liability Insurance Issues IBC Conferences Public Liability Insurance Summit Sydney, 13-14 June 2002 Recent ACCC Involvement in Public Liability Insurance Issues Dr David Cousins Commissioner, Australian Competition and Consumer

More information

Explanatory Paper TPB(EP) 03/2010

Explanatory Paper TPB(EP) 03/2010 Explanatory Paper TPB(EP) 03/2010 Professional Indemnity Insurance This TPB explanatory paper (TPB(EP)) is intended as information only. It provides a detailed explanation of the Board s professional indemnity

More information

Car Insurance. Summary of Cover

Car Insurance. Summary of Cover Car Insurance Summary of Cover Summary of cover Important you should read this This leaflet provides a summary of the key features, benefits and limitations of the cover provided by the Zurich Insurance

More information

CLRG Consultation on Limited Liability Partnerships. Representation 02/2009

CLRG Consultation on Limited Liability Partnerships. Representation 02/2009 CLRG Consultation on Limited Liability Partnerships Representation 02/2009 February 2009 Burlington House, Burlington Road, Dublin 4. Mr John P Kelly Secretary, Company Law Review Group Department of Enterprise,

More information

NST.06 - Non-life Insurance Claims Information - Detailed split by Distribution Channel and Claims Type.

NST.06 - Non-life Insurance Claims Information - Detailed split by Distribution Channel and Claims Type. NST.06 - Non-life Insurance Claims Information - Detailed split by Distribution Channel and Claims Type. The first column of the next table identifies the items to be reported by identifying the columns

More information

CCBE POSITION ON THE PROPOSED ELECTRONIC IDENTITY AND

CCBE POSITION ON THE PROPOSED ELECTRONIC IDENTITY AND CCBE POSITION ON THE PROPOSED ELECTRONIC IDENTITY AND TRUST SERVICES REGULATION (COM(2012) 238/2) CCBE Position on the proposed electronic identity and trust services regulation (COM(2012) 238/2) The Council

More information

1. Introduction. 1 http://www.centralbank.ie/regulation/poldocs/consultationpapers/documents/cp75/consultation%20paper%20cp75%20final.

1. Introduction. 1 http://www.centralbank.ie/regulation/poldocs/consultationpapers/documents/cp75/consultation%20paper%20cp75%20final. National Consumer Agency submission to the Central Bank of Ireland s consultation paper: Additional Consumer Protection Requirements for Debt Management Firms 1. Introduction 1.1. The National Consumer

More information

April 1 SASRIA SOC LIMITED. NMI Claims Procedure Manual. The document is aimed at assisting NMI and Brokers in managing Sasria claims

April 1 SASRIA SOC LIMITED. NMI Claims Procedure Manual. The document is aimed at assisting NMI and Brokers in managing Sasria claims SASRIA SOC LIMITED April 1 2013 The document is aimed at assisting NMI and Brokers in managing Sasria claims NMI Claims Procedure Manual CONTENTS 1. General 2. Serial Limited perils 3. Documentation 3.1.

More information

The Department of Health, Social Services and Public Safety Bodies who must comply with Northern Ireland Public Procurement Policy are listed below:

The Department of Health, Social Services and Public Safety Bodies who must comply with Northern Ireland Public Procurement Policy are listed below: PROCUREMENT GUIDANCE NOTE 03/12 LIABILITY AND INSURANCE IN GOVERNMENT CONTRACTS BASED ON CENTRAL PROCUREMENT DIRECTORATE (CPD) PROCUREMENT GUIDANCE NOTE 03/12 WITH HEALTH ESTATES INVESTMENT GROUP (HEIG)

More information

Solvency II Technical Provisions valuation as at 31st december 2010. submission template instructions

Solvency II Technical Provisions valuation as at 31st december 2010. submission template instructions Solvency II Technical Provisions valuation as at 31st december 2010 submission template instructions Introduction As set out in the Guidance Notes for the 2011 Dry Run Review Process, calculation of Technical

More information

Please contact Richard Scott or Anthony Purves

Please contact Richard Scott or Anthony Purves Citynet is a leading Lloyd s wholesale Insurance Broker and is totally independent with excellent relationships in the Lloyd s and London Market. We are regulated by the FCA and operate from our offices

More information

NOTES on Funding Your Claim

NOTES on Funding Your Claim NOTES on Funding Your Claim Funding is important because with some forms of funding you might be required to pay costs (either to us or to the defendant). As such, we set out the options. For the reasons

More information

Guidelines on the Reinsurance Cover of Primary Insurers & the Security of their Reinsurers

Guidelines on the Reinsurance Cover of Primary Insurers & the Security of their Reinsurers 2012 Guidelines on the Reinsurance Cover of Primary Insurers & the Security of their Reinsurers 2 Contents Guidelines on the Reinsurance Cover of Primary Insurers and the Security of their Reinsurers...

More information

Capital Requirements for Variable Annuities - Discussion Paper. August 2009. Insurance Supervision Department

Capital Requirements for Variable Annuities - Discussion Paper. August 2009. Insurance Supervision Department Capital Requirements for Variable Annuities - Discussion Paper August 2009 Insurance Supervision Department Contents Introduction... 2 Suggested Methodology... 3 Basic Principle... 3 Basic Guarantee Liabilities...

More information

A L L B R I G H T B I S H O P R O W L E Y L I M I T E D T E R M S OF B U S I N E S S

A L L B R I G H T B I S H O P R O W L E Y L I M I T E D T E R M S OF B U S I N E S S GENERAL POINTS A L L B R I G H T B I S H O P R O W L E Y L I M I T E D T E R M S OF B U S I N E S S 1. Allbright Bishop Rowley Limited (or ABR) is a General insurance broker based at 2-3 The Courtyard,

More information

REGISTERING A CAPTIVE INSURANCE COMPANY IN BRITISH COLUMBIA. The purpose of this bulletin is to provide captive insurance applicants with:

REGISTERING A CAPTIVE INSURANCE COMPANY IN BRITISH COLUMBIA. The purpose of this bulletin is to provide captive insurance applicants with: INFORMATION BULLETIN BULLETIN NUMBER: TITLE: LEGISLATION: INS-06-002 REGISTERING A CAPTIVE INSURANCE COMPANY IN BRITISH COLUMBIA INSURANCE (CAPTIVE COMPANY) ACT, INSURANCE (CAPTIVE COMPANY) ACT REGULATION,

More information

TERMS OF BUSINESS. Registered as an Insurance Intermediary under the European Communities (Insurance Mediation) Regulations, 2005 (as amended).

TERMS OF BUSINESS. Registered as an Insurance Intermediary under the European Communities (Insurance Mediation) Regulations, 2005 (as amended). TERMS OF BUSINESS INTRODUCTION The purpose of this document is to set out the basis on which Campion Insurances Limited trading as Campion Insurance, Bestquote.ie and ISME Insurance Services will provide

More information

ESB Input to consultation by the Northern Ireland Authority for Utility Regulation (NIAUR) on the NI Energy Efficiency Levy

ESB Input to consultation by the Northern Ireland Authority for Utility Regulation (NIAUR) on the NI Energy Efficiency Levy Alison Farr Social and Environmental Branch Utility Regulator Queens House Queen Street Belfast BT1 6ER 24 November 2008 ESB Input to consultation by the Northern Ireland Authority for Utility Regulation

More information

Supervisory Practice in Insurance Market Republic of Srpska

Supervisory Practice in Insurance Market Republic of Srpska Challenges and Practice in Supervision of Insurance Companies in Southeast Europe Supervisory Practice in Insurance Market Republic of Srpska Insurance Agency of Republic of Srpska Božana Šljivar, Director

More information

Are there General Good provisions in your country that fall into the categories below? (Yes / No / Leave blank) NORWAY

Are there General Good provisions in your country that fall into the categories below? (Yes / No / Leave blank) NORWAY Are there General Good provisions in your country that fall into the categories below? (Yes / No / Leave blank) General good provisions by categories NORWAY For undertakings For intermediaries Special

More information

SUBMISSION ON MORTGAGE CREDIT REGULATION IN THE EUROPEAN UNION TO THE DEPARTMENT OF FINANCE. Free Legal Advice Centres, August 2006

SUBMISSION ON MORTGAGE CREDIT REGULATION IN THE EUROPEAN UNION TO THE DEPARTMENT OF FINANCE. Free Legal Advice Centres, August 2006 SUBMISSION ON MORTGAGE CREDIT REGULATION IN THE EUROPEAN UNION TO THE DEPARTMENT OF FINANCE Free Legal Advice Centres, August 2006 1. CONSUMER PROTECTION 1.1 Information Our simple view would be that a

More information

Submission to the Financial Regulator on Minimum Competency Requirements in the Private Medical Insurance Market

Submission to the Financial Regulator on Minimum Competency Requirements in the Private Medical Insurance Market One Park Place, Hatch Street, Dublin 2. Telephone: +35318988100 Fax: +353 1 898 5908 Web: www.hibernianaviva.ie/health to the Financial Regulator on Minimum Competency Requirements in the Private Medical

More information

Resource 2.7 Introduction to Insurance Cover for Business What insurance is compulsory for businesses? Employers' liability insurance

Resource 2.7 Introduction to Insurance Cover for Business What insurance is compulsory for businesses? Employers' liability insurance Page 1 of 5 Introduction to Insurance Cover for Business All businesses need to be insured against risks, such as the theft of equipment or workrelated injury to staff. If you run a small business you

More information

An introduction to insurance cover for businesses

An introduction to insurance cover for businesses An introduction to insurance cover for businesses All businesses need to be insured against potential risks such as contractual disputes, accidental damage, fire, flood or theft and claims for negligence.

More information

Ireland's Competition Authority - The Success and Road Ahead

Ireland's Competition Authority - The Success and Road Ahead Submission to The Business Regulation Forum Reducing the burden of regulation on business Submission S/06/004 June 2006 CONTENTS Introduction... 1 Banking... 2 Transfer of Mortgage Rights... 2 Price Regulation

More information

Your car insurance policy Features and benefits

Your car insurance policy Features and benefits Your car insurance policy Features and benefits FBD Insurance plc, trading as Clan Insurance, is regulated by the Central Bank of Ireland PMV Clan FAB 2015 02 V1.0 Welcome to Clan Insurance. Our car insurance

More information

This amount shall be net of any recoverable from reinsurance contract/spv and Finite Re related to this business. C0020 to C0390/R0010 (A1 to AL1)

This amount shall be net of any recoverable from reinsurance contract/spv and Finite Re related to this business. C0020 to C0390/R0010 (A1 to AL1) NST.03 - Non-life Technical Provisions - Detailed Split by LOB and Distribution Channel General comments: Line of Business for non-life obligations: The lines of, referred to in article 80 of the Directive

More information

Independent consumer guide to motor insurance

Independent consumer guide to motor insurance Independent consumer guide to motor insurance Who we are and what we do We regulate financial services firms in Ireland including banks, building societies, insurance companies, brokers, moneylenders,

More information

Service Producer Price Index for Non-Life Insurance

Service Producer Price Index for Non-Life Insurance 2011 meeting of Voorburg Group Mini-Presentation Service Producer Price Index for Non-Life Insurance September 19 th 23 rd 2011 Newport, South Wales Definition of the sector Insurance industry specific

More information

Dóchas NGO Risk & Insurance Check List

Dóchas NGO Risk & Insurance Check List Dóchas NGO Risk & Insurance Check List January 2007 NB: This list is meant to be indicative, and does not claim to be exhaustive. Dóchas accepts no liability in relation to the use or interpretation of

More information

SHORT TERM THEATRE INSURANCE PROPOSAL

SHORT TERM THEATRE INSURANCE PROPOSAL *A FULL POLICY WORDING IS AVAILABLE ON REQUEST* Please complete in full selecting the covers you require or have been quoted. Name of Proposer in full: SHORT TERM THEATRE INSURANCE PROPOSAL. Limited Company

More information

Terms of Business - Effective from January 2015

Terms of Business - Effective from January 2015 Terms of Business - Effective from January 2015 Gowran Insurance Consultants Ltd t/a McGowan Insurances These Terms of Business set out the general terms under which our firm will provide business services

More information

FREEDOM OF INFORMATION REQUEST

FREEDOM OF INFORMATION REQUEST FREEDOM OF INFORMATION REQUEST Request Number: F-2008-05026 Keyword: Road Policing Subject: ROAD TRAFFIC ACCIDENTS INVOLVING PSNI VEHICLES Request: Question 1 - The number of road traffic accidents involving

More information