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...
Author - Jonathan Drake
Jonathan Drake
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
We have written an article about FCA’s findings on potential harm caused by the general insurance distribution chain and its guidance to firms in the sector setting out its expectations of them.
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 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
The PRA has published a Consultation in relation to the Solvency II Prudent Persons Principle. This sets out the PRA’s proposed expectations for investment by firms in accordance with the Prudent Person Principle...
65% of insurers to use cloud over next 3 years
EIOPA has published its study on the use of big data analytics in motor and health insurance. It had noted a strong trend towards data-driven business models throughout the insurance value chain. Insurers have always...
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 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...
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
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...
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...
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...