From the 1 April 2017 the FCA rules about Renewals are changing. Here’s what you need to know. The new rules apply to: Renewal invitations sent by brokers from that date onwards (not for risks renewable on that date). All… Read More ›
Regulation
Our response to Ogden
As I’m sure you’re aware, the Government recently announced that the Ogden discount rate will reduce from 2.5% to minus 0.75%, from 20 Mar 2017. Unfortunately, the scale of the reduction is greater than expected and this means there’ll be… Read More ›
Insurance Premium Tax has increased
From 1 October 2016 the standard rate IPT increased by 0.5%, from 9.5% to 10%. LV= will follow the Special Accounting Measures which provide a transitional period as outlined below. The good news is w – our systems, software houses… Read More ›
The Insurance Act…2 months in
The 12 August 2016 was a momentous day for our industry with the introduction of the Insurance Act 2015. The Act is the most significant change to commercial insurance law since the Marine Insurance Act of 1906. The Act brings… Read More ›
Insurance Act – not long now
With the Insurance Act Reform 2015 only a few months away, it’s good to see many of our brokers getting to grips with the changes – ready for the August 2016 deadline. The Act is to bring commercial insurance law… Read More ›
Outsourcing in the GI Market – what could it mean for you?
Following a thematic review of GI delegated authority arrangements, the FCA identified that in order to ensure fair customer outcomes, some firms needed to improve due diligence and the way they manage their outsourced arrangements. They noted that some organisations… Read More ›
IPT on the rise again
Insurance Premium Tax is on the rise again. In the Chancellors recent Budget, it was confirmed that IPT will increase by 0.5%, rising to 10% from 1 October 2016. LV= will be follow the Special Accounting Measures from the 1… Read More ›
Is the Insurance Act really that onerous?
The Insurance Act Reform 2015 comes into force in August 2016, giving insurers and brokers 18 months to prepare for the changes. However, we’re pleased to say that we are already compliant with the reform and so you and your customers… Read More ›
