In March Peter Driscoll will be carrying out an audit in Chelmsford.
In February Peter Driscoll carried out an audit in Milton Keynes.
On 10 February Peter Driscoll attended the Lloyd’s Training on the New Audit Scope.
On 9 February Peter Driscoll attended the Lloyd’s Coverholder Auditor Conference 2017.
In January Peter Driscoll carried out audits in Wexford (Ireland) and in Swindon.
On 9 January 2017 Peter Driscoll attended the Lloyd’s Training on the Claims File Review (CFR).
Lloyd’s is aiming to have in place a revised version of the Coverholder Audit Scope by Q2 2017.
Lloyd’s has introduced the Claims File Review (CFR) for all the Managing Agents.
In the second half of 2016 Peter Driscoll carried out audits in Bolton, Birmingham, Newcastle, Colchester and EC3.
On 22 July 2016 the FCA announces failings in the oversight of appointed representatives in the general insurance sector.
At the end of June Peter Driscoll carried out a TPA audit in Glasgow.
On 23 May 2016 Lloyd’s issued a Market Bulletin (Y5000) entitled “Code for Underwriting Agents: UK Personal Lines Claims & Complaints Handling – Update (June 2016).
On 27 April Peter Driscoll attended a CII Masterclass on Conduct Risk.
In April Peter Driscoll carried out a TPA reserves review in Northern Ireland.
At the beginning of March Peter Driscoll carried out a TPA audit in Copenhagen.
At the end of February Peter Driscoll carried out a Coverholder audit in Malta.
On 11 February Peter Driscoll attended an Auditor Training Workshop as provided by XL Catlin.
On 10 February Peter Driscoll attended the annual Lloyd’s Coverholder Auditors Conference.
On 9 February 2016 Peter Driscoll attended a LMA Seminar on Conduct Training for Auditors.
In mid-November 2015 ReviewAudit carried out a TPA audit in Dublin.
On 1 October 2015 Insurance Day mentioned in an article that ReviewAudit was carrying out an external independent review of a Lloyd’s Syndicate’s claims reserves. Click here for article.
In June 2015 Peter Driscoll undertook a TPA audit in Oslo.
On 17 March 2015 Peter Driscoll attended the Delegated Authority Reviewers’ Association’s Breakfast.
On 16 March 2015 Peter Driscoll attended at the Lloyd’s Coverholder Conference.
On 13 May 2014 Peter Driscoll attended at the Coverholders Auditors Seminar at the FCA.
On 12 May 2014 Peter Driscoll attended the Coverholder Auditors Conference at Lloyd’s.
On 24 – 26 March 2014 Peter Driscoll was in New York carrying out the audit of a TPA / law firm.
On 6 February 2014 Lloyd’s issued the new audit scope to support both managing agents and coverholders in meeting the expectations of the PRA and the FCA. The scope emphasizes the use of external auditors and contains significant changes to the underwriting and claims management sections including guidance in relation to TPAs.
On the same day Peter Montanaro, head of The Delegated Authorities Team, Performance Management Directorate at Lloyd’s, was one of the main speakers at a Binding Authorities Conference in London as hosted by IMC/JTW Connect at which Peter Driscoll was present.
David Lang, the Head of Claims at Lloyd’s, posted on the Lloyd’s website on 17 January 2014 that the Lloyd’s market received its 100,000th claim under the Lloyd’s 2010 Claims Scheme. He also stated that in 2014 the Claims Transformation Programme will continue to develop the Lloyd’s market’s ability to enhance the experience of its customers.
On 4 December 2013 Lloyd’s issued a Market Bulletin (Ref: Y4747) entitled “Claims Transformation Programme: Revised 2010 Claims Scheme Process Guidelines for Legacy Implementation” which includes guidance on the conversion of claims from the prior scheme and the handling of legacy claims on paper.
In a speech by Clive Adamson, the FCA Director of Supervision, at the Insurance Institute of London on 12 November 2013, the importance of the oversight of delegated authorities was emphasized and that insurers remain responsible for the actions of their agents.
On 18 October Lloyd’s issued a Market Bulletin (Ref: Y4731) entitled “Expansion of the Scope of the Claims Transformation Programme to Legacy Claims” to communicate that all subscription market claims not already in the 2010 Claims Scheme will be transferred in a phased approach, starting with marine and energy claims.
On 8 October the Solicitors Regulation Authority (SRA) announced that 185 law firms have applied to the SRA for the extended indemnity period (EIP) entitling the firms to receive 90 days further cover from their old insurer while they try to obtain a new policy.
On 7 October Lloyd’s issued a Market Bulletin (Ref: Y4727) entitled “Financial Crime/Sanctions Guidance for Coverholder Business” to provide guidance on Lloyd’s requirements for the Market’s management of financial crime risk through delegated authorities.
Lloyd’s announced an updated version of the Coverholder Reporting Standards with effect from 26 September. The main subject of the changes is the Premium Reporting Standards.
Lloyd’s managing agents could see their legal costs reduced by Lord Jackson’s proposals to reform civil litigation and streamline the small claims process, according to the Lloyd’s Market Association (LMA) as set out in its Press Release on 5 August.
RAM C has another splash in the Insurance Day on a Dress Down Friday – see the “Power Behind The Throne” in the Insurance Day on 17 May. Click here for article
On 15 May Martin Wheatley of the Financial Conduct Authority announced at the BIBA conference the launch of a “thematic review” into the claims process which will look at themes across general insurance but with a particular focus on household and travel claims.
RAM C makes a big splash – “Lloyd’s CTP consultancy launches – Former insurance partner Peter Driscoll’s new business, assisting managing agents with the claims transformation programme” – see full article in the Insurance Day on 1 May. Click here for article
On Monday 1 April we said goodbye to the FSA and hello to the two new regulators, the Prudential Regulatory Authority and the Financial Conduct Authority.
On 1 April the long awaited Jackson reforms also came into force which provides that lawyers’ success fees and after-the-event premiums cannot be recovered from the losing party amongst a number of other reforms.
LMA achieves claims price reductions for 2013 – the Claims Services Review Board has negotiated a reduction in the cost of claims services to the market – the price for Managing Agents of the XCS core contract has been reduced by 5.3% and the cost of services supplied by CTIS in tackling static claims has been reduced by 12.5% – see LMA press release of 27 March.