1-20 of 25 results for subject:Insurance
Librarians' tools
- Search time
- 0.283 seconds
- Solr query time
- 0.005 seconds
- Search query
- subject:Insurance
- We searched for
- subject_t:Insurance OR subject_ses:91687
Answering member
X
Lord Davies of Oldham
Type
House
Session
Year
Department
Member
Primary member
Answering member
More
Davies of Oldham, Lord (25)
Legislative stage
Legislation
Subject
More
Publisher
My Lords, this is a matter for the independent regulator—the Financial Services Authority—and the courts. The Financial Services Authority sets the rules covering the management of with-profits funds. It requires firms pursuing reattributions to appoint an independent policyholder advocate to represent policyholders in negotiations with the firm. On completion of the negotiations, the FSA will assess the fairness of the deal and make public its conclusion on what fair treatment would require for consumers. Policyholders have a right to vote on the proposal.
My Lords, this is a matter for the independent regulator—the Financial Services Authority—and the courts. The Financial Services Authority sets the rules covering the management of with-profits funds. It requires firms pursuing reattributions to appoint an independent policyholder advocate to represent policyholders in negotiations with the firm. On completion of the negotiations, the FSA will assess the fairness of the deal and make public its conclusion on what fair treatment would require for consumers. Policyholders have a right to vote on the proposal.
Answered by
Lord Davies of Oldham
(Labour)
Asked by
Lord Joffe
(Labour)
Type
Oral answers to questions
What steps they are taking to ensure a fair result for policyholders in the current negotiations over the reattribution of the inherited estates of with-profits funds.
Subjects
Consumers; Finance; Insurance companies; Insurance; Protection
Date
22 April 2008
Reference
700 c1382
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, I am grateful to my noble friend for his question. There is a distinction between the distribution of surplus funds, which has followed and does follow the broad principle of 90 per cent to policyholders and 10 per cent to shareholders, and the issue of reattribution which arises in the Norwich Union case. This is because reattribution involves the buyout of policyholders and raises the issue of the company’s necessary assets for the future as well as accumulated assets in the past; it raises different issues. That is why the FSA scrutinises these arrangements with great care, as I indicated in my Answer. Negotiations are still going on between Norwich Union and the policyholder advocate. We await the outcome of those negotiations.
My Lords, I am grateful to my noble friend for his question. There is a distinction between the distribution of surplus funds, which has followed and does follow the broad principle of 90 per cent to policyholders and 10 per cent to shareholders, and the issue of reattribution which arises in the Norwich Union case. This is because reattribution involves the buyout of policyholders and raises the issue of the company’s necessary assets for the future as well as accumulated assets in the past; it raises different issues. That is why the FSA scrutinises these arrangements with great care, as I indicated in my Answer. Negotiations are still going on between Norwich Union and the policyholder advocate. We await the outcome of those negotiations.
Answered by
Lord Davies of Oldham
(Labour)
Asked by
Lord Joffe
(Labour)
Type
Oral answers to questions
My Lords, I thank the Minister for his reply, but the problem rests with the Financial Services Authority rules. My noble friend may not be aware that in the current negotiations relating to the reattribution of the inherited estate of the Norwich Union, amounting to £3.2 billion, both the policyholders’ advocate and Which? have expressed concern about whether policyholders will get a fair deal under the FSA rules. Although the FSA—
My Lords, are not the Government concerned that the effect of these rules will be that much of the 90 per cent of the inherited estate due to policyholders, as set out in the Government’s published policy on inherited estates, will go to shareholders rather than policyholders? Will they put pressure on the FSA to ensure that the government policy of 90 per cent of the inherited estate to policyholders and 10 per cent to shareholders will be followed in reattributions?
Subjects
Consumers; Finance; Insurance companies; Insurance; Protection
Date
22 April 2008
Reference
700 c1382
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, I emphasise again the distinction I sought to make in my Answer. Where bonuses are paid on surplus funds, the allocation is generally on the basis of 90 per cent to policyholders and 10 per cent to shareholders, a formula that the FSA has recommended. The difficulties occur on reallocation, when shareholders are buying out policyholders. In that context, not just the interests of existing policyholders but the future operations of the company have to be taken into account. That is why the formula there is bound to be different from the 90 per cent plus 10 per cent that obtains on straight surpluses.
My Lords, I emphasise again the distinction I sought to make in my Answer. Where bonuses are paid on surplus funds, the allocation is generally on the basis of 90 per cent to policyholders and 10 per cent to shareholders, a formula that the FSA has recommended. The difficulties occur on reallocation, when shareholders are buying out policyholders. In that context, not just the interests of existing policyholders but the future operations of the company have to be taken into account. That is why the formula there is bound to be different from the 90 per cent plus 10 per cent that obtains on straight surpluses.
Answered by
Lord Davies of Oldham
(Labour)
Asked by
Lord Elton
(Conservative)
Type
Oral answers to questions
My Lords, have not successive Governments, including the present Government, said that the reallocation of this money should be in the proportions mentioned by the noble Lord, Lord Joffe? Have the insurers not overprovided with money that was taken from the policyholders? Surely they must have a prior claim.
Subjects
Consumers; Finance; Insurance companies; Insurance; Protection
Date
22 April 2008
Reference
700 c1383
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, there is nothing ever wrong in reminding the FSA of its obligations. That occurs from time to time, in this House as elsewhere, but the FSA is well aware of its responsibilities. At present it is carrying out consultation on whether the costs of compensation for mis-selling claims should be included in the settlement for the shareholders. As the House will appreciate, the Treasury Select Committee in the other place, to which the FSA will be obliged to give evidence, is also looking at these issues.
My Lords, there is nothing ever wrong in reminding the FSA of its obligations. That occurs from time to time, in this House as elsewhere, but the FSA is well aware of its responsibilities. At present it is carrying out consultation on whether the costs of compensation for mis-selling claims should be included in the settlement for the shareholders. As the House will appreciate, the Treasury Select Committee in the other place, to which the FSA will be obliged to give evidence, is also looking at these issues.
Answered by
Lord Davies of Oldham
(Labour)
Asked by
Baroness Turner of Camden
(Labour)
Type
Oral answers to questions
My Lords, in view of what my noble friend Lord Joffe has said, could not the FSA be reminded that the purpose of a regulatory framework is to protect the consumer rather than, inevitably, always the insurer? There would be nothing wrong in reminding the FSA of that requirement.
Subjects
Consumers; Finance; Insurance companies; Insurance; Protection
Date
22 April 2008
Reference
700 c1382-3
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, I take solace from the fact that the noble Lord finds these issues difficult and complicated. I emphasise that the FSA is the statutory body concerned with this regulation. It has not had complaints about the distribution of surplus funds. There is no doubt that the issues on reattributions are more complex, but we have a clear framework for the FSA to work within. The policyholders will see the FSA judgment on the allocation that is made and they have the right to vote against the proposals if they find them unacceptable—they can even go to court. We recognise that there are difficulties in this area, but regulation means a regulator independent of government, and that is what the FSA is there for.
My Lords, I take solace from the fact that the noble Lord finds these issues difficult and complicated. I emphasise that the FSA is the statutory body concerned with this regulation. It has not had complaints about the distribution of surplus funds. There is no doubt that the issues on reattributions are more complex, but we have a clear framework for the FSA to work within. The policyholders will see the FSA judgment on the allocation that is made and they have the right to vote against the proposals if they find them unacceptable—they can even go to court. We recognise that there are difficulties in this area, but regulation means a regulator independent of government, and that is what the FSA is there for.
Answered by
Lord Davies of Oldham
(Labour)
Asked by
Lord Oakeshott of Seagrove Bay
(Liberal Democrat)
Type
Oral answers to questions
My Lords, I think we all accept that this is very complicated and that there is no single right or wrong answer. I am grateful to the noble Lord for setting out the legal position, if I can put it that way. The Question was really about the steps the Government are taking and what their view is. As and when the FSA gives its ruling, will the Government have a view and get involved or do they just say that it is entirely a matter for the FSA?
Subjects
Consumers; Finance; Insurance companies; Insurance; Protection
Date
22 April 2008
Reference
700 c1383
Chamber / Committee
House of Lords chamber
House
House of Lords
My Lords, if surpluses accrue in insurance companies, it is expected that they will be distributed. Such surpluses are unlikely to accrue in difficult times and are more likely to do so in more beneficial economic times. Several companies have surpluses at present, which is why my noble friend asked his Question.
My Lords, if surpluses accrue in insurance companies, it is expected that they will be distributed. Such surpluses are unlikely to accrue in difficult times and are more likely to do so in more beneficial economic times. Several companies have surpluses at present, which is why my noble friend asked his Question.
Answered by
Lord Davies of Oldham
(Labour)
Asked by
Lord Turnbull
(Crossbench)
Type
Oral answers to questions
My Lords, the Minister will be aware that we face the greatest turmoil in financial markets in many decades and that many banks are being urged to increase their capital. Does he not therefore share my puzzlement—I am a director of a life insurance company with a large inherited estate—that insurance companies are being urged to do precisely the opposite; that is, to distribute more capital than their directors think is prudent in these times?
Subjects
Consumers; Finance; Insurance companies; Insurance; Protection
Date
22 April 2008
Reference
700 c1383-4
Chamber / Committee
House of Lords chamber
House
House of Lords
What steps they are taking to ensure a fair result for policyholders in the current negotiations over the reattribution of the inherited estates of with-profits funds.
What steps they are taking to ensure a fair result for policyholders in the current negotiations over the reattribution of the inherited estates of with-profits funds.
Asked by
Lord Joffe
(Labour)
Answered by
Lord Davies of Oldham
(Labour)
Oral questions - Lead
Status
Answered
For answer on
22 April 2008
Answered on
22 April 2008
My Lords, this is a matter for the independent regulator—the Financial Services Authority—and the courts. The Financial Services Authority sets the rules covering the management of with-profits funds. It requires firms pursuing reattributions to appoint an independent policyholder advocate to represent policyholders in negotiations with the firm. On completion of the negotiations, the FSA will assess the fairness of the deal and make public its conclusion on what fair treatment would require for consumers. Policyholders have a right to vote on the proposal.
Subjects
Consumers; Finance; Insurance companies; Insurance; Protection
Date
22 April 2008
Reference
700 c1382
Chamber / Committee
House of Lords chamber
House
House of Lords
asked Her Majesty's Government:What is their response to CRA International's analysis Commercial insurance commission disclosure: Market Failure Analysis and high level Cost Benefit Analysis, commissioned by the Financial Services Authority.
asked Her Majesty's Government:What is their response to CRA International's analysis Commercial insurance commission disclosure: Market Failure Analysis and high level Cost Benefit Analysis, commissioned by the Financial Services Authority.
Asked by
Lord Newby
(Liberal Democrat)
Answered by
Lord Davies of Oldham
(Labour)
Type
Written questions
Status
Answered
Answered on
19 February 2008
None. This is a matter for the Financial Services Authority (FSA). The FSA commissioned the CRA analysis Commercial insurance commission disclosure: Market Failure Analysis and high level Cost Benefit Analysis as a part of its ongoing review of appropriate commission disclosure on insurance sold to commercial customers. The FSA set out its program of work in this area in its 2008-09 business plan, available on its website at www.fsa.gov.uk/Pages/Library/corporate/Plan/bp2008.shtml.
Subjects
Business; Insurance
Date
19 February 2008
Reference
1896; 699 c41-2WA
House
House of Lords
What discussions they have had with the Association of Insurance and Risk Managers in Industry and Commerce on the establishment of a government insurance scheme for exceptional risks.
What discussions they have had with the Association of Insurance and Risk Managers in Industry and Commerce on the establishment of a government insurance scheme for exceptional risks.
Asked by
Lord Rotherwick
(Conservative)
Answered by
Lord Davies of Oldham
(Labour)
Type
Written questions
Status
Answered
Answered on
5 December 2007
The Government have made no recent assessment of the costs and benefits of establishing a general scheme to cover ““exceptional”” insurance risks and have not discussed this issue with the Association of Insurance and Risk Managers in Industry and Commerce.
Where cover is available in the market, the Government's approach is that it is for individuals and businesses to make an assessment—based on their own circumstances—on whether to take out insurance.
The Government are working, in partnership with the industry, to ensure that people are not excluded from the appropriate financial services, including insurance.
Subjects
Insurance
Date
5 December 2007
Reference
571; 696 c205WA
House
House of Lords
asked Her Majesty's Government:Whether they have made an assessment of (a) the costs, and (b) the benefits of establishing one government insurance scheme for exceptional risks (as operated in Spain) to cover the costs of those (i) uninsured, or (ii) unable to obtain insurance from the private sector; and
asked Her Majesty's Government:Whether they have made an assessment of (a) the costs, and (b) the benefits of establishing one government insurance scheme for exceptional risks (as operated in Spain) to cover the costs of those (i) uninsured, or (ii) unable to obtain insurance from the private sector; and
Asked by
Lord Rotherwick
(Conservative)
Answered by
Lord Davies of Oldham
(Labour)
Type
Written questions
Status
Answered
Answered on
5 December 2007
The Government have made no recent assessment of the costs and benefits of establishing a general scheme to cover ““exceptional”” insurance risks and have not discussed this issue with the Association of Insurance and Risk Managers in Industry and Commerce.
Where cover is available in the market, the Government's approach is that it is for individuals and businesses to make an assessment—based on their own circumstances—on whether to take out insurance.
The Government are working, in partnership with the industry, to ensure that people are not excluded from the appropriate financial services, including insurance.
Subjects
Insurance
Date
5 December 2007
Reference
570; 696 c205WA
House
House of Lords
Whether they will recommend that the Financial Services Authority should require the compulsory disclosure, to the small business consumer, of any or all contingent commissions, including profit and volume-related incentives, between insurance providers and insurance distributors.
Whether they will recommend that the Financial Services Authority should require the compulsory disclosure, to the small business consumer, of any or all contingent commissions, including profit and volume-related incentives, between insurance providers and insurance distributors.
Asked by
Lord Harrison
(Labour)
Answered by
Lord Davies of Oldham
(Labour)
Type
Written questions
Status
Answered
Answered on
26 July 2007
The Financial Services Authority (FSA) is responsible for the regulation of the selling of insurance products. FSA rules already require insurance intermediaries to disclose commission if requested by a commercial client.
The FSA is currently conducting a review of commission disclosure in the wholesale and commercial general insurance market. This work will include both an objective market failure analysis and a corresponding cost-benefit analysis, covering both transparency to the customer and to the market. The FSA plans to report its findings in the final quarter of 2007. The FSA will consider whether regulatory intervention is the best way forward if, and only if, both the market failure and cost-benefit analyses tests are met and the insurance market has not come forward with any appropriate industry-led solutions.
The European Commission’s current business insurance sector inquiry is also looking at, among other things, the structure, function and remuneration of insurance distribution channels. The final report of the sector inquiry is expected in September 2007.
Subjects
Disclosure of information; Business; Fees and charges; Insurance companies; Insurance; Financial Services Authority; Regulation
Date
26 July 2007
Reference
4995; 694 c118WA
House
House of Lords
asked Her Majesty's Government:Whether they will support the extension of the Financial Services Authority's recommendation for compulsory commission disclosure by independent financial advisers to include general and business insurance distributors, including brokers; and
asked Her Majesty's Government:Whether they will support the extension of the Financial Services Authority's recommendation for compulsory commission disclosure by independent financial advisers to include general and business insurance distributors, including brokers; and
Asked by
Lord Harrison
(Labour)
Answered by
Lord Davies of Oldham
(Labour)
Type
Written questions
Status
Answered
Answered on
26 July 2007
The Financial Services Authority (FSA) is responsible for the regulation of the selling of insurance products. FSA rules already require insurance intermediaries to disclose commission if requested by a commercial client.
The FSA is currently conducting a review of commission disclosure in the wholesale and commercial general insurance market. This work will include both an objective market failure analysis and a corresponding cost-benefit analysis, covering both transparency to the customer and to the market. The FSA plans to report its findings in the final quarter of 2007. The FSA will consider whether regulatory intervention is the best way forward if, and only if, both the market failure and cost-benefit analyses tests are met and the insurance market has not come forward with any appropriate industry-led solutions.
The European Commission’s current business insurance sector inquiry is also looking at, among other things, the structure, function and remuneration of insurance distribution channels. The final report of the sector inquiry is expected in September 2007.
Subjects
Disclosure of information; Business; Fees and charges; Insurance companies; Insurance; Financial Services Authority; Regulation
Date
26 July 2007
Reference
4994; 694 c118WA
House
House of Lords
asked Her Majesty's Government:Whether they have assessed the role which the insurance industry is playing in dealing with recent flood damage and, in particular, (a) its share of the financial burden, and (b) its assistance to policy holders and local authorities during the crisis.
asked Her Majesty's Government:Whether they have assessed the role which the insurance industry is playing in dealing with recent flood damage and, in particular, (a) its share of the financial burden, and (b) its assistance to policy holders and local authorities during the crisis.
Asked by
Lord Sheikh
(Conservative)
Answered by
Lord Davies of Oldham
(Labour)
Type
Written questions
Status
Answered
Answered on
17 July 2007
Government Ministers met with representatives from the Association of British Insurers (ABI) on 10 July as part of discussions on the insurance industry's role in the response to recent flood damage. The ABI expects that insurance claims arising from this summer's flood events across the UK will reach £1.5 billion.
According to the ABI, 99 per cent of households and businesses have now been visited by loss adjusters. The insurance industry has assured the Government that its priority is to ensure that those who cannot remain in their homes have appropriate temporary accommodation and that as many businesses as possible are able to continue activities during this recovery period. Insurers are also making provision for early payments to help to deal with immediate hardship.
The Government and the ABI have agreed to maintain discussions on this issue to ensure that any ongoing or further concerns are resolved quickly.
Subjects
Damage; Insurance companies; Insurance; Floods
Date
17 July 2007
Reference
4753; 694 c11WA
House
House of Lords
Victims of Overseas Terrorism Bill (HL). Lords second reading debate. Agreed to on question and committed to a Committee of the Whole House.
Victims of Overseas Terrorism Bill (HL). Lords second reading debate. Agreed to on question and committed to a Committee of the Whole House.
Lead member
Lord Brennan
Answering member
Lord Davies of Oldham
Type
Debates on bills
Legislative stage
Second reading
Procedure
Private members' bills proceedings
Legislation
Victims of Overseas Terrorism Bill (HL) 2006-07
Subjects
Compensation; Advisory services; Human rights; Injuries; Insurance; Government assistance; Protection; Terrorism; Victims
Date
20 April 2007
Reference
691 c447-62
Chamber / Committee
House of Lords chamber
House
House of Lords
asked Her Majesty's Government:Whether the carers of disabled passengers are insured should an accident occur when assisting the passenger in alighting the train using the disabled ramps provided by the station.
asked Her Majesty's Government:Whether the carers of disabled passengers are insured should an accident occur when assisting the passenger in alighting the train using the disabled ramps provided by the station.
Asked by
Baroness Masham of Ilton
(Crossbench)
Answered by
Lord Davies of Oldham
(Labour)
Type
Written questions
Status
Answered
Answered on
6 December 2006
The positioning and removal of boarding ramps at stations should only ever be carried out by station or on-train staff. Passengers who are injured while boarding or alighting from a train may be able to sue the operator for compensation. Operators are required under the terms of their licences to hold public liability insurance for the purpose of limiting their exposure to such claims.
Subjects
Disability; Carers; Disability aids; Insurance; Railway stations; Railways; Passengers; Trains
Date
6 December 2006
Reference
181; 687 c145WA
House
House of Lords
Answered by
Lord Davies of Oldham
(Labour)
Asked by
Lord Faulkner of Worcester
(Labour)
Type
Oral answers to questions
How they propose to respond to the Civil Aviation Authority's 'Advice on Financial Protection for Air Travellers and Package Holidaymakers in the Future'.
Subjects
Consumers; Aviation; Civil Aviation Authority; Airlines; Insolvency; Insurance; Internet; Hotels; Protection; Package holidays; Travel; Tourists; Holidays abroad
Date
12 October 2004
Reference
665 c114
Chamber / Committee
House of Lords chamber
House
House of Lords
Answered by
Lord Davies of Oldham
(Labour)
Type
Oral answers to questions
Subjects
Consumers; Aviation; Civil Aviation Authority; Airlines; Insolvency; Insurance; Internet; Hotels; Protection; Package holidays; Travel; Tourists; Holidays abroad
Date
12 October 2004
Reference
665 c114
Chamber / Committee
House of Lords chamber
House
House of Lords
How they propose to respond to the Civil Aviation Authority's 'Advice on Financial Protection for Air Travellers and Package Holidaymakers in the Future'.
How they propose to respond to the Civil Aviation Authority's 'Advice on Financial Protection for Air Travellers and Package Holidaymakers in the Future'.
Asked by
Lord Faulkner of Worcester
(Labour)
Answered by
Lord Davies of Oldham
(Labour)
Oral questions - Lead
Status
Answered
For answer on
12 October 2004
Answered on
12 October 2004
Subjects
Consumers; Aviation; Civil Aviation Authority; Airlines; Insolvency; Insurance; Internet; Hotels; Protection; Package holidays; Travel; Tourists; Holidays abroad
Date
12 October 2004
Reference
665 c114
Chamber / Committee
House of Lords chamber
House
House of Lords
Answered by
Lord Davies of Oldham
(Labour)
Type
Oral answers to questions
Subjects
Disclosure of information; Convictions; Driving; Excise duties; Insurance; Law and order; Motor vehicles; Parking attendants; Road traffic offences; Tax evasion
Date
20 November 2003
Reference
654 c2046-7
Chamber / Committee
House of Lords chamber
House
House of Lords
Answered by
Lord Davies of Oldham
(Labour)
Asked by
Lord Dubs
(Labour)
Type
Oral answers to questions
What is their estimate of the number of motorists driving while (a) uninsured and (b) without a road fund disc; and how many convictions for each offence there were in the most recent 12-month period. - Including figures.
Subjects
Disclosure of information; Convictions; Driving; Excise duties; Insurance; Law and order; Motor vehicles; Parking attendants; Road traffic offences; Tax evasion
Date
20 November 2003
Reference
654 c2046-7
Chamber / Committee
House of Lords chamber
House
House of Lords