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Welcome to our latest newsletter, the second of this year, which we hope you find of interest.

Summer is drawing to a close and there is no better time than to announce the winner of our customer survey competition. We had some really helpful feedback from you and a great score-so a big thanks to all who took part.

We have also included some useful information on the Insurance Premium Tax increase and the Insurance Act (which recently came into effect), aswell as highlighting the risks brought about by the Internet of Things and the lessons we can learn from the Panama Papers. We hope you find these articles relevant and insightful.

Thank you for taking the time to read our newsletter.

Howard Lickens, CEO

Cyber Security: Learning From the Panama Papers

Published in April of this year, the Panama Papers—a collection of 11.5 million documents with information on the identities of shareholders and directors for more than 214,000 offshore companies—represent the largest data breach in history (dwarfing the data released by the Wikileaks organisation in 2010) . The information contained in these documents is concerning, since the files reportedly show how several corporations were able to launder money, dodge sanctions and avoid tax. The breach not only highlighted the importance and value of a robust cyber security system, but it also highlighted how cyber criminals are accessing more than just financial information.

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The Insurance Act is here

The Insurance Act 2015 (Act) is here, replacing the 110-year-old Marine Insurance Act 1906, which until now, governed contracts between businesses and insurers. Many industry insiders are hailing the Act as the most significant change to UK insurance contract law in more than a century.

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Learning to Utilise the Internet of Things

There are now more digitally connected devices than there are people on the planet. This vast interconnected system of devices, vehicles and even entire buildings are all part of the Internet of Things (IoT).

Despite the potential benefits of utilising the IoT to support your company, there are some associated hazards. But with the proper knowledge and preparation, you can effectively mitigate those risks while securely strengthening your company and reaping the benefits.

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Customer Survey Winner Announced!

Back in May, we asked you if you’d take part in our email survey as we wanted to better understand what our customers need from us and how we can improve our service.

Firstly, a big thanks to all of you who took part.

We received some excellent feedback around improving our communication, documentation and online services and are currently looking at ways in which we can implement as many of your suggestions as possible.

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Insurance Premium Tax (IPT) Increase to 10%

On 16th March 2016, George Osborne, Chancellor of the Exchequer, delivered his 2016 Budget to Parliament.

As part of the delivery, HM Treasury announced that the Insurance Premium Tax (IPT), the tax on general insurance, will increase from 9.5 per cent to 10 per cent, with the extra revenue going to flood defence.

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