Author Archives: Juanita Morrison

ABI publishes framework for the management of ‘gone-away’ customers in the life and pensions market

The Association of British Insurers (ABI) has produced a framework designed to help firms operating in the life and long-term savings market to better identify, trace, verify and manage those customers with whom they have lost contact (‘gone-aways’). The voluntary framework, which consists of 11 principles, is intended to support providers in developing, maintaining and […]

LMA updates market model agreements for GDPR and Criminal Finances Act 2017

In light of the Criminal Finances Act, which already has effect, and GDPR, which applies from 25 May 2018, the Lloyd’s Market Association (LMA) has updated the following market model agreements: Binding Authority Agreement – LMA3113 Consortium Agreement – LMA3145 TPA Agreement – LMA9008A On the same webpage, the LMA has also published model endorsements for […]

Insurance Europe publishes position paper on the consequences of Brexit on existing contracts

Insurance Europe has published a position paper on the consequences of Brexit on existing insurance contracts. The paper discusses: existing (re)insurance contracts that may be affected by Brexit and how customers may be affected; what is currently permitted by passporting rights; when grandfathering is the only solution for existing contracts; and how to allow for […]

Council of EU publishes provisional text of Directive amending IDD transposition date

Further to the European Parliament’s vote on 1 March 2018, the Council of the EU has published the provisional text of the Directive amending IDD as regards the date of application of Member States’ transposition measures (the Directive). The Directive is intended to apply with retrospective effect from 23 February. The next steps will be […]

LMA publishes IDD guidance for UK coverholders

The Lloyd’s Market Association (LMA) has published guidance on the IDD for UK coverholders. The guidance covers some aspects of IDD, including: product oversight and governance; product information (including the IPID); identifying client needs and advising; and information requirements. While certain part of the guidance are specific to the Lloyd’s market, the LMA has discussed […]

FCA publishes second set of data on general insurance value measures pilot

Following on from the general insurance add-ons market study, FCA piloted the publication of value measures data, which includes claims frequencies, claims acceptance rates and average claims pay-outs by an insurer in respect of certain general insurance products. The pilot was designed for FCA to develop and assess the impact of the value measures data. […]

EIOPA publishes final set of advice to the Commission on Solvency 2 Delegated Regulation

The European Insurance and Occupational Pensions Authority (EIOPA), has published its second and final set of advice to the European Commission on the Solvency Capital Requirement (SCR) formula under the Solvency 2 Delegated Regulation. Highlights include: EIOPA recommends further simplifications and improvements to the calculation of capital requirements, including for fire risk and mass accidents […]

PRA responds to Treasury Committee’s inquiry into Solvency 2

PRA has published a report in response to the Treasury Committee’s inquiry into Solvency 2. The response is split into four parts: Part 1: Overview of the UK insurance industry and the rationale for the prudential regulation of insurers. Part 2: Solvency 2 and the UK insurance sector, including the development of Solvency 2. Part 3: […]

BoE speech on looking out for the policyholder

Sam Woods, Deputy Governor, Prudential Regulation and Chief Executive Officer of PRA delivered a speech entitled ‘Looking out for the policyholder’ at the ABI’s annual conference. The speech focused on the policyholder, competition and competitiveness and Solvency 2 reform. With regard to PRA’s secondary objective to facilitate effective competition, Mr Woods provided practical examples of steps […]

PRA publishes policy statement on strengthening individual accountability in insurance

PRA has published a policy statement on strengthening individual accountability in insurance: optimisations to the SIMR. The policy statement follows on from an ealier consultation (CP8/17) and includes: feedback on the proposed optimisations to the SIMR and PRA’s final policy; feedback on PRA’s proposals for diversity at boards of insurers and PRA’s final policy; the […]