Author Archives: Juanita Morrison
ECON’s call to the Commission to delay the application of the Insurance Distribution Directive (IDD) has been welcomed by Michaela Koller, director general of Insurance Europe. The EU Parliament’s ECON committee recommended the delays to the European Commission, and Insurance Europe hopes a delay would give insurers sufficient time to implement IDD with legal certainty (which, by extension, […]
Further to the July 2017 versions, HM Treasury has published updated October 2017 versions of The Risk Transformation Regulations 2017 and The Risk Transformation (Tax) Regulations 2017, which will provide a new regulatory, supervisory and tax framework in relation to insurance linked securities in the UK.
Further to a public consultation, EIOPA has published a final report on its guidelines for insurance based investment products (IBIPs) under IDD that incorporate a structure which makes it difficult to understand the risks involved. These guidelines apply to execution-only sales under Article 30(3) of IDD. One of the conditions specified in Article 30(3) of […]
The Government has published a response to the Treasury Committee letter on Brexit and insurance contracts. The letter acknowledges the risk that the UK’s withdrawal could create legal uncertainties as to the status of existing cross-border insurance. The Government has been working with the insurance industry and others in the financial services sector to understand […]
Dr. Manuela Zweimüller, Head of Policy Department at EIOPA, has delivered a speech on what will the future hold? The European insurance industry in times of major disruption. The speech highlights challenges in respect of InsurTech, Brexit and Regulatory stability. EIOPA considers that the insurance industry needs to reinvent itself in respect of InsurTech and […]
Insurance Europe has published a webpage on cyber insurance and a template for breach notifications under GDPR.
Matt Cullen of the ABI has delivered a speech on the future of the insurance industry. The speech starts by outlining the current climate of political, economic, environmental, social and environmental change as a backdrop against the major challenges and opportunities that the insurance industry may be confronting in the coming years. The speech focuses on […]
EIOPA has published its Single Programming Document for 2018, highlighting and specifying the activities and tasks for the coming year, within the framework of a multi-annual work programme 2017-2019. EIOPA comments that outcomes of the Brexit negotiations and of the review into the ESAs is still uncertain and has not factored them into its SPD. […]
The European Commission has adopted the following two delegated regulations in relation to IDD: conduct of business rules for the distribution of insurance-based investment products; and product oversight and governance requirements for insurance undertakings and insurance distributors. The next step will be for the Council of the EU and the European Parliament to consider the […]
The European Commission has published a statement and a factsheet detailing the agreement reached between the EU and the US on prudential insurance and reinsurance measures. The agreement addresses three areas of prudential insurance oversight: reinsurance; group supervision; and the exchange of insurance information between supervisors. US and EU insurers operating in the other’s markets will […]