Anarchy in the Monarchy

Article Abstract:

The Labour government in the United Kingdom is overhauling financial services regulation. Regualtory reform has includes the government's abolition of the Insurance Brokers Registration Council , which oversaw general insurance sales, and its abolition of statutory regulation of insurance brokers. The Council has been replaced by a new regulator, the Financial Services Authority, which has been created by the Department of the Treasury's Financial Services division. The FSA has regulatory authority over the entire financial services industry, but not over non-life brokers, who are tasked with establishing a system of self-regulation. The government's move was opposed almost unanimously by brokers and insurers.

United Kingdom, Government regulation, Insurance Agencies and Brokerages, Insurance agents, brokers, & service, Insurance Agents & Brokers, Financial services industry, Financial services, Deregulation, United Kingdom. Treasury, Insurance brokers, United Kingdom. Financial Services Authority

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Fending off the feds

Article Abstract:

Insurance companies should develop effective monitoring and reporting systems and educate employees about the Federal Omnibus Crime Bill of 1994, which set strict guidelines for insurance embezzlement and fraud. The bill prohibits falsifying of financial documents, jeopardizing a company's solvency, and bribing insurance regulators. It also prohibits employing felons in the insurance industry. The law sets a 10-year limit for insurance fraud prosecutions.

Insurance fraud

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NAIC data collection puts insurers at risk

Article Abstract:

A proposal by the National Association of Insurance Commissioners (NAIC) would enable the organization to act as a statistical agent to collect data on insurance transactions. The proposal would duplicate efforts by private companies to collect statistical data and would increase the bureaucracy of the NAIC. Also, the proposal might not be able to ensure the privacy of insurance transactions and might lead to abuses of the data.

Planning, Column, National Association of Insurance Commissioners

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