View more on these topics

ABI says Law Commission reforms could be damaging

The Association of British Insurers has warned the Law Commission of the “dust storm of confusion” that could be caused by its review of insurance law.

Speaking at the ABI’s Better Regulation conference in London last week, director general Stephen Haddrill said it would be ironic and very damaging if just as the FSA was moving towards principle-based regulation, statute law was pushed in the opposite direction.

Haddrill said the Law Commission was entitled to initiate its own reviews and there could be a case for tidying up “ancient dusty statutes”.

But he said it should be obliged to demonstrate a case for any reforms before it puts together proposals.

He said any changes must demonstrate a commitment to better regulation, a comprehensive and rigorous cost- benefit analysis, a principle- based approach to consumer protection and freedom for innovation and competition.

Lifesearch warned recently that insurance premiums could rise by 40 per cent if the Law Commission’s proposal to introduce a non-contestability period on policies is introduced.

Haddrill said: “The Law Commission is entitled to initiate its own reviews but we could do without a dust storm of confusion being the primary result.”

ABI conference, p3

Recommended

MLC to merge sheltered growth fund with conservative portfolio

MLC is set to merge its £30m sheltered growth fund with the £242m MLCconservative portfolio after overwhelming support from shareholders.Shareholders voted with 99.03 per cent in favour of the merger in the electoral reform society-run ballot.The sheltered growth fund was the only MLC vehicle that was not part of itsmulti-manager portfolio of products and was […]

Basic injustices

Many women are finding they have paid unnecessary voluntary NI contributions

Maison d’être

As increasing numbers of people look to buy second homes abroad, many brokers believe that strategic partnerships with lenders will help them develop their business in this growing market, says Annie Shaw

New Star warns that Reit yields may be lower than expected

New Star is warning advisers and investors that yields on real estate investment trusts could be nowhere near as high as many are anticipating.Research by the fund manager found that estimated yield returns from listed property firms post-Reit conversion came in at between 2.6 and 3.5 per cent, with most towards the lower end of […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment