Author Archives: Juanita Morrison

PRA proposes changes to insurers’ reporting requirements

As part of its review into the implementation of Solvency 2, PRA has published a consultation paper on changes to insurance reporting requirements. The changes are designed to reduce the burden for Solvency 2 firms and mutuals while maintaining PRA’s ability to meet its statutory objectives and to supervise firms. The consultation paper is relevant to […]

EIOPA publishes editable IPID template

EIOPA and the European Commission have developed an editable version of the IPID template. Under the IDD, the IPID is required to be provided for non-life insurance products to enable the customer to make a more informed decision. FCA has proposed  for the IPID requirement to only apply to retail customers rather than commercial customers. The […]

PRA consults on internal models under Solvency 2

As part of its review into Solvency 2, PRA has published a consultation paper which proposes updated expectations of firms in respect of: the model change process set out in Supervisory Statement (SS) 12/16 ‘Solvency II: Changes to internal models used by UK insurance firms’; and the internal model change policies set out in SS17/16 […]

EIOPA publishes Opinion on monetary incentives and remuneration between asset managers and insurers

EIOPA has published an Opinion, addressed to national competent authorities (NCAs), which focuses on consumer protection issues related to monetary incentives and remuneration between providers of asset management services and insurance undertakings. While not an issue in all member states, EIOPA has found that unmitigated conflicts of interest and the management of unit-linked policies by insurers […]

IAIS consults on an activities-based approach to systemic risk

The International Association of Insurance Supervisors (IAIS) has published an interim public consultation paper on an activities-based approach to systemic risk in the insurance sector. While the consultation paper does not contain conclusive proposals, IAIS provides stakeholders with an opportunity to comment on the development of the approach. A public background call via telephone conference […]

PRA publishes feedback on general insurance stress test 2017

PRA has sent a letter to firms that were involved in the 2017 general insurance stress test and explained that its main findings were: the UK general insurance sector as a whole and individual firms are resilient to those scenarios within the regulatory threshold of Solvency 2; and with regard to reinsurance interconnectedness, PRA found no evidence […]

LMA publishes London Market Core Uses Information Notice in light of GDPR

The Lloyd’s Market Association (LMA), along with the International Underwriting Association of London, the London & International Insurance Brokers’ Association and the British Insurance Brokers’ Association, has published a London Insurance Market Core Uses Information Notice, which takes into account GDPR requirements. The Notice has been designed to assist a market participant and to help data […]

EIOPA speaks on insurance and pensions

The Chairman of the European Insurance and Occupational Pensions Authority (EIOPA), Gabriel Bernardino, delivered a speech at EIOPA’s 7th annual conference on Insurance and Pensions Reloaded: A Game Changer. The speech covered the following four themes that cross over EIOPA’s main strategic priorities: Maintaining sound regulation in an evolving landscape – this included a discussion on […]

IAIS extends the deadline for comments on various insurance core principles

The International Association of Insurance Supervisors has extended the deadline for submitting comments on various insurance core principles (ICPs) and the ComFrame material integrated with ICPs to: 15 January 2018 in respect of Revised ICP 8 (Risk Management and Internal Controls) and additional ComFrame material integrated with ICP 8; and 31 January 2018 in relation to revised ICPs […]

FSB will not be updating list of global systemically important insurers for 2017

The Financial Stability Board (FSB), in consultation with the International Association of Insurance Supervisors and national authorities has published a statement which explains it has decided not to publish a new list of global systemically important insurers (G-SIIs) for 2017. The FSB comments that the work of IAS in the insurance sector to develop an activities-based approach may […]