Author Archives: Jonathan Drake
UK and US reach insurance regulation agreement
The US Department of the Treasury and Office of the US Trade Representative have confirmed their intention to sign a bilateral agreement on prudential measures on insurance and reinsurance which is consistent with the current US/EU agreement. The intention is to cater for ongoing relationships post-Brexit.
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 insurers the right to apply to restore a dissolved company to the register at any time in order to take legal proceedings, where such proceedings […]
Lloyd’s gives IDD guidance to non-UK coverholders
Lloyd’s has published guidance for non-UK EEA coverholders on the actions they must take to ensure IDD compliance. The guidance focuses on agreement between all parties in the distribution chain on who the product manufacturer is, and the need to document this in the binding authority agreement. Coverholders that are manufacturers should prepare appropriate IPIDs, […]
Lloyd’s Brussels obtains licence
Lloyd’s has announced that it has received licence approval from the National Bank of Belgium for Lloyd’s Insurance Company S.A. Post-Brexit, this subsidiary of Lloyd’s will be able to write non-life risks from the EEA, and will be ready to start writing business from 1 January 2019.
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 differences between new and renewal premiums. The principles apply to home, motor and travel insurance, but exclude policies such as pet […]
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 the regulatory perimeter consequent on IDD implementation and will fully come into force on 1 October. The main changes generally update […]
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 clarity on the future UK-EU relationship is reached. Any transitional arrangement should ensure the UK remains covered by EU law and its supervisory framework […]
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 data breach information between insurers and the ICO.
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 permitted mutual market access and mutual recognition of respective prudential regimes following Brexit. The proposal centres on a free trade agreement […]
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 particular: whether brokers are competing for customers by offering good deals, and how easy it is for new […]