Chubb pet insurers commanded to repay $4.7mn for overcharging
Two Chubb subsidiaries are in the doghouse with Washington state’s insurance department, which has ordered them to repay $4.7mn to policyholders.
BIBA urges UK government to lower cost of broking regulation
At the launch of its 2020 Manifesto, the British Insurance Brokers’ Association (BIBA) called on UK government ministers to make good on their promise of “sensible and proportionate” regulation, after its research revealed the country’s brokers face some of the highest direct costs out of 23 worldwide jurisdictions surveyed.
Failed CBL liquidators seek $60mn clawback from Irish subsidiary
The liquidators of failed New Zealand insurer CBL Corporation are seeking to recover Eur53.7mn ($59.6mn) from the company’s Irish subsidiary as shareholder legal action intensifies following the firm’s collapse in 2018.
FCA warns insurance market in 'Dear CEO' letter on culture in wake of misconduct reports
The Financial Conduct Authority (FCA) has warned insurance managers they may fail to pass the Senior Managers and Certification Regime (SM&CR) if they do not address non-financial misconduct and culture failings.
Liquidation of Florida insurer Windhaven takes effect
Windhaven Insurance, a major cedant of Greenlight Re until last year, has officially moved into liquidation after it was determined that attempts to rehabilitate the Florida private passenger insurer would be useless.
Guy Carp resolves dispute with Lockton Re defectors
Guy Carpenter and three executives that left the reinsurance broker last year to join Lockton Re have reached a settlement in the litigation over the defections.