FCA has now published the transcript of day 8 of its Business Interruption insurance test case and a number of supplementary notes.
Author - Jonathan Drake
Jonathan Drake
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FCA updates on BI test case
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FCA publishes defendant BI case skeleton arguments
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FCA updates on BI test case
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FCA serves BI insurance Reply
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Employers’ liability claims for COVID-19 in the workplace
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European Commission consults on Solvency 2 review
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PRA consults on Solvency 2 technical information publication
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FCA updates on 2nd BI case management conference
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FCA updates on Covid, cancellations and insurance
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EIOPA updates on stress testing
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FCA publishes defences in BI test case
FCA’s latest update on its business interruption insurance test case: published the sealed Court Order from the Case Management Conference on 16 June; published the Defences of the defendants to the test case...
PRA writes to insurers on 2019 stress test
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FCA updates on BI case management conference
Following the first case management conference in FCA’s test case on business interruption insurance, it has now published details of the order made by Mr Justice Butcher. The order: agrees to an expedited case in...
FCA finalises BI insurance guidance to firms
Following its consultation on 1 June, FCA has now finalised its guidance to insurers and intermediaries, setting out its expectations on how they should handle complaints and claims under business interruption policies...
FCA schedules first BI case management conference
FCA has confirmed that the first Case Management Conference before a judge in its business interruption insurance Test Case is to take place on 16 June. At the conference, the judge will be invited to consider...
FCA updates on BI insurance test case
FCA has published a new set of documents relating to the test case it is bringing to get clarity on the coverage of business interruption insurance during the Covid-19 crisis. It has on 10 June (today) announced that it...
FCA publishes insurance product value guidance
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We have now written a detailed article on the progress in FCA’s Business Interruption insurance test case, including summaries of FCA’s draft guidance, and its selection of polices, wordings and assumed...
FCA updates on BI test case
FCA has updated on its progress towards its test court case on business interruption insurance policies. It has now reviewed around 500 policies from 40 insurers, and has identified 17 policy wordings that capture most...
PRA updates on “prudent person” principle
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PRA updates on ISPV supervision
PRA has updated on authorisation and supervision of insurance SPVs following consultation, and has published updated rules, an updated supervisory statement and an updated multi-arrangement insurance SPV new risk...
FCA updates on business interruption insurance test case
FCA has provided further information on what it is doing to prepare for the test case it plans to bring to clarify various uncertainties over how business interruption insurance should operate during Covid-19. FCA notes...
FCA publishes finalised Covid-19 insurance guidance
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FCA updates on insurance and premises access during Covid-19
FCA has updated its webpage on insurance and coronavirus to include guidance on access to premises. It notes that some consumers may be unable to access their residential properties and some businesses may not be able...
FCA seeks court ruling on business interruption insurance
FCA has announced its intention to obtain a court declaration to resolve contractual uncertainty in business interruption (“BI“) insurance cover. It is also proposing a series of measures to support both...
Professional negligence and insurance post Covid-19
Read our article about the issues professionals, their brokers and their insurers will be looking at in the light of Covid-19.
FCA writes to CEOs on business interruption insurance
FCA has sent a Dear CEO letter on business interruption insurance for SMEs. It says its research to date indicates that most policies have basic cover, do not cover pandemics and so would not be obliged to pay out in...
Treasury Committee seeks ABI answers on insurer behaviour
The Treasury Committee has written to the ABI, asking for information to help understand how the insurance industry is responding to coronavirus and to FCA’s guidance. The letter asks: how many members have ceased...
FCA sets out Covid-19 expectations on insurers
FCA has set out its position on how it expects insurers to act given the unprecedented impact of Covid-19. Above all, it expects firms to consider very carefully the needs of customers and to be flexible in how they...
EIOPA takes Covid-19 action
EIOPA has set out its expectations on insurers as they try to manage the risks Covid-19 presents. Its key messages are: the importance of business continuity. It says regulators can help by being flexible on supervisory...
FCA guidance to GI distribution chain
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EIOPA updates on cloud outsourcing guidelines
EIOPA has confirmed its guidelines on outsourcing to cloud service providers are now available to national supervisors. The guidelines address: how to determine whether cloud services are within the scope of...
FCA makes travel insurance PEMC rules
FCA has published its policy statement and final rules to help consumers with serious pre-existing medical conditions to understand the travel insurance market better. The new requirements will: require firms that sell...
FCA writes to boards on personal and commercial line harm
FCA has written to the Boards of Directors of insurers setting out its views on the key risks of harm that personal and commercial lines insurers can post to their customers and the markets. It is telling firms about...
PRA increases scrutiny of Lloyd’s of London over whistleblowing issues
The PRA has announced that they have temporarily increased their supervision of Lloyd’s of London in relation to their whistleblowing processes. This results from the notification to the PRA by the Society of...
PRA publishes feedback on reserving reviews
The PRA has published a ‘Dear Chief Actuary’ letter following its review of firms’ reserving during 2019. The letter contains feedback from the PRA’s reviews which included work on casualty...
PRA consults on SII Prudent Persons Principle
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IUA publishes cyber exclusion clauses
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65% of insurers to use cloud over next 3 years
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EIOPA reports on 2018 supervisory activity and 2019 priorities
EIOPA has published a report on its 2018 supervisory activities. EIOPA reported that in 2018 it achieved key milestones including: issuing a cross-border insurance technical opinion, developing a common framework to...
UK / Switzerland deal reached on insurance
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EIOPA calls for improvements to the assessment of the propriety of AMSB members
On 25 January 2019 EIOPA published findings of its peer review, which examined how national competent authorities (NCAs) assess the propriety of administrative, management or supervisory body (AMSB) members and...
UK and US reach insurance regulation agreement
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FCA fines for failings in oversight of third party claims handling
On 30 October 2018 the FCA announced that it had fined Liberty Mutual Insurance Europe SE (Liberty) £5,280,800. The fine relates to failures in Liberty’s oversight of claims and complaints relating to mobile...
FCA announces market study in insurance
On 31 October 2018, the FCA published the results of a thematic review on the pricing practices of household insurance firms. The review uncovered a number of issues on pricing practices. As a consequence, the FCA...
Government proposes insurers’ right to restore dissolved company to register for PI claims
On 29 June 2018 the government published a draft statutory instrument, the Third Parties (Rights Against Insurers) Act 2010 (Consequential Amendment of Companies Act 2006) Regulations 2018. This regulation will give...
Lloyd’s gives IDD guidance to non-UK coverholders
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Lloyd’s Brussels obtains licence
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ABI and BIBA launch principles for premiums
ABI and BIBA have published a set of guiding principles and action points that insurers and brokers should follow, which the associations intend will address some of the issues that currently lead to excessive...
Treasury makes IDD perimeter law changes
Treasury has made the Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 and laid it before Parliament on 1 May. The Order makes changes, mainly to the RAO, to reflect the changes to...
Insurance Europe publishes Brexit position papers
Insurance Europe has published two position papers relating to Brexit. The first paper discusses the need for a transitional arrangement, stating that such an arrangement is crucial for business continuity until legal...
The UK’s developing cyber insurance market
We have written an article that assesses the UK’s developing cyber insurance market in the context of the changing regulatory landscape and looks at the possible benefits and risks associated with the proposal to share...
LMG proposal addresses issues of access, control and continuity of service in post-Brexit insurance sector
In light of Brexit-related concerns over continuity of service in the insurance sector, the London Market Group (LMG) has issued a proposal to the UK government detailing a mechanism whereby both the UK and EU are...
Wholesale insurance broker market: FCA launches Market Study
The FCA has today published terms of reference for a market study into the Wholesale insurance broker market. It is proposed that the market study will focus on how effectively competition in the market is working, in...