UK: IIB THREATENS GISC WITH LEGAL ACTION
Article Abstract:
The newly formed voluntary insurance regulator, the General Insurance Standards Council (GISC), faces the threat of legal action from the UK Institute of Insurance Brokers (IIB). The IIB is unhappy that the GISC will become the only voluntary regulatory organisation for general insurance, with the IIB keen to take on a regulatory status also. The IIB claims a number of proposed GISC rules do not offer adequate consumer protection and said it would pursue a legal course of action if the UK Office of Fair Trading grants the GISC application to become the sole general insurance regulator.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2000
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UK: GISC NEAR TO BECOMING SOLE INSURANCE REGULATOR
Article Abstract:
The Office of Fair Trading has dismissed a request by the Institute of Insurance Brokers (IIB) to investigate the General Insurance Standards Council (GISC) on grounds of competition, bringing the GISC a step closer to becoming the sole regulator for the general insurance industry. However, the IIB have an appeal pending against GISC's rules and intend to take the matter to the competition tribunal, according to Andrew Paddick, IIB director general.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2001
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UK: INSTITUTE OF INSURANCE BROKERS CHALLENGES GISC
Article Abstract:
Controversy has followed the decision by the Office of Fair Trading to grant the status of the only regulator of health and general insurance in the UK to the General Insurance Standards Council (GISC). The Institute of Insurance Brokers is setting up a legal action fund in anticipation of overturning the decision. By approving the GISC's rule book the government have effectively given the GISC regulatory powers.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2001
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