Author Archives: Juanita Morrison

European Commission publishes rules for insurance product information document under IDD

The European Commission has published a regulation laying down a standardised presentation format for the insurance product information document (IPID) to comply with IDD. The IDD must be transposed into national  law by 28 February 2018 and the IPID must be provided to customers with the necessary information about non-life insurance products in order to […]

HM Treasury reports on the progress of Insurance Fraud Taskforce’s recommendations

HM Treasury has published a report on the progress made during 2016 on the original 26 recommendations put forwards by the Insurance Fraud Taskforce. The Taskforce was set up to investigate the causes of fraudulent behaviour and recommend solutions to reduce the level of insurance fraud in order to ultimately lower costs and protect the […]

PRA consults on fees and levies for insurers and designated investment firms

PRA has published a consultation paper on model transaction fees, fees and FSCS levies for insurers and fees for designated investment firms. The consultation paper is relevant to  insurers and designated investment firms, as well as firms which have, or intend to apply in the future for, Solvency 2 or CRR models. The consultation paper sets […]

HM Treasury publishes final ILS Regulations

Following two consultations in 2016, HM Treasury has published the final rules for a new tax and regulatory framework for insurance linked securities (ILS) business in the UK. The Risk Transformation Regulations 2017 will come into force on 31 October 2017 and the Risk Transformation (Tax) Regulations 2017 will come into force on the day after the […]

EC publishes draft Delegated Regulation on IPID requirements under IDD

EC has published for consultation a draft Delegated Regulation supplementing the IDD  concerning information requirements and conduct of business rules applicable to the  distribution of insurance-based investment products (IPIDs). The IDD contains a specific chapter, with additional conduct of business requirements, on the sale of IPIDs. The Delegated Regulation, which is based on previous technical advice delivered […]

Lloyd’s publishes report on how it would respond to a market turning event

Following an industry “dry run” exercise in November 2016, Lloyd’s has published a report setting out six principles on how it would respond to a market turning event, which causes significant impact and could cause a rapid upturn in insurance pricing. The principles are as follows: Principle 1: Market stability and payment of claims Principle […]

FSCS annual report and accounts 2016/17: compensation costs total £375m

FSCS has published its annual report and accounts and annual report and class statements 2016/17, which set out its vision and strategy. The publications detail that FSCS paid out for over 37,000 claims 2016/17 in the sum of £375m. The £375m included: £52m for policyholders affected by the failures of Enterprise Insurance Company PLC and […]

FCA publishes notice of undertaking by London General Insurance Company

London General Insurance Company Limited (LGI) has given an undertaking in respect of a term in respect of a Nationwide FlexPlus Account Extended Warranty Protection Policy. The policy set out a list of items that were covered under the policy. This list was preceded by the words ‘Items such as’, which in FCA’s view meant that […]

EIOPA publishes opinion on supervisory convergence in light of Brexit

EIOPA has provided an Opinion addressed to national supervisory authorities on supervisory convergence in light of the UK’s withdrawal from the EU. EIOPA acknowledges that insurers may be seeking to relocate to or set up a new business in the EU in order to maintain access to the EU single market after Brexit. EIOPA comments […]

Highlights of IAIS 10th annual global seminar

Following its annual global seminar, the International Association of Insurance Supervisors (IAIS) has published a press release which contains details of the seminar and highlights: The IAIS provided a high-level summary of comments received during the recent public consultation on certain ComFrame-related material and announced plans for a public consultation of ComFrame in its entirety, […]