Aircraft, property, oil rig and ship insurer Lancashire Holdings (LSE: LRE), one of the largest insurers listed in London, has said it will return its tax base from Bermuda to the UK in anticipation of changes to corporation tax rules regarding controlled foreign companies. Lancashire qualifies for a three-year exemption from rules for taxes on [...]
Insurance broker Willis Limited, a unit of the Willis Group, has been fined £6.9 million by the Financial Services Authority (FSA) for violating the new Bribery Act. The FSA said that Willis broke the rule calling for the establishment in businesses of an in-house office to oversee payments that could be used for bribery after [...]
Insurers will contribute £8.7 million over three years to provide funding for a new police unit that will investigate the increasing incidence of insurance fraud in the UK. The funding, from members of the Association of British Insurers is meant to help replace budget cuts to the City of London Police. The new unit will [...]
Former justice secretary Jack Straw has joined the chorus of voices calling for a ban on UK insurers being paid to give details about clients to personal injury lawyers, with Mr. Straw calling the practice a “racket”. Mr. Straw claimed that insurers have told him that they sell the information about clients because if they [...]
The Financial Services Authority (FSA) warned price comparison websites that offer comparisons of insurance policies, such as Moneysupermarket, Comparethemarket, Confused and Gocompare that they might be giving advice to consumers that they are not qualified to give, or even allowed to give because of the regulated nature of the products they are comparing. The FSA [...]
