Britain’s banking stability watchdog has fined U K Insurance Ltd., now part of Aviva, 10.6 m
illion pounds ($14.2 million) over a miscalculation in its Solvency II balance sheet for 2023 and 2024.
The Prudential Regulati
on Authority (PRA), part of the Bank of England, said on Wednesday that U K Insurance is a su
bsidiary and principal underwriter of Direct Line Group (DLG), which is now part of Aviva.
Aviva said in a statement that the miscalculation happened before its acquisition of DLG i
n July 2025, adding that it had taken extensive action to enhance financial reporting controls in the part of the business identified.
Auto fraud. The bill, if signed into law, would specifically outlaw “cappers” or “runners
” who steer auto accident
victims to health care providers, a practice that has become increasingly familiar as auto in
surance fraud has burgeon
ed in Georgia and other states. Likewise, clinics and doctors would be barred from compensating runners.
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Violations of the law would be considered felonies, subject to as much as 10 years in prison
and $200,000 fines. People involved in making claims for staged accidents would face fines of up to $100,000.
The state insurance commissioner would be authorized to hire prosecutors, appointed by
district attorneys. Lawmakers may appropriate funds, bu
t some funding would come from new, $100 to $200 annual fees on captive insurance companies.
“We always welcome any effort to address fraud,” said APCIA’s Ron Jackson.
The bill also would raise fees for motorists who let their insurance lapse.
For carriers. Property insurers would be forbidden from drafting policies that require insureds to file claims lawsuits within two years after the date of the los
s. Most insureds now have up to four years to file suit. The restriction would not apply to liability and workers’ compensation coverage.
In rate filings, the Office of the Commissioner of Insurance (OCI) would, for the first time, be able to consider a wider range of information, including
complaints against carriers. On the House floor last week, Rep. Jasmine Clark, D-Lilburn, asked about insurers repoprtedly dropping homeowners who have l
arge trees near their homes. Reeves said that under current law, regulators cannot consid
er complaints, litigation, penalties and investigations into insurer conduct when reviewing rate filings.
