Tag Archives: Insurance
The Court of Appeal has dismissed an appeal by an insured because he was not a consumer within the meaning of ICOBS and the Unfair Terms in Consumer Contracts Regulations 1999 (the Regulations). The insured took out a policy in 2012 (before the abolishment of ‘basis of the contract’ clauses insurance contracts) and the proposal form contained […]
We have written an article for Compliance Monitor on the implementation of IDD, looking specifically at consultations by HM Treasury and the FCA on the proposed changes to UK law and regulation.
Following feedback received on Consultation Paper 34/16, PRA has published its policy statement on strengthening individual accountability in banking and insurance: amendments and optimisations. The updates in the policy statement include: the final rules amending the Senior Managers and Certification and Senior Insurance Managers Regime; updates to Supervisory Statement 28/15 Strengthening individual accountability in banking and […]
EIOPA publishes thematic review on monetary incentives and remuneration between insurers and providers of asset management services
EIOPA has published its thematic review on consumer protection issues in the unit-linked market emerging from the business relations between providers of asset management services and insurance undertakings. The review collected evidence from a sample of 1,800 underlying investment vehicles used by insurance undertakings in the structuring of unit-linked funds across 28 Member States. The […]
The Lloyd’s Market Association has published a model clause as guidance for its Members. The clause is designed to enhance contract certainty on the occurrence of an event associated with membership of the European Union or economic or monetary union in the European Union, such as Brexit.
We have prepared a commercial insurance timeline which highlights key legislation, regulation, cases and other developments that impact on the industry. This timeline covers developments from March 2017 onwards.
FSCS has announced its levy for 2017/18. The £363m is less than forecast in the FSCS’ 2017/18 Plan and Budget in January, but more than the 2016/17 levy. The 2017/18 levy includes: no change to the £100m levy on life and pensions advisers; £5m more to be paid general insurance intermediaries than FSCS forecast in January; and […]
PRA has asked the UK’s largest general insurers to provide information about the impact of a range of stress tests on their projected Own Funds, as well as providing additional information on their sectoral exposures to the UK economy. The purpose of the exercise is to enable the PRA to assess the potential impact of severe […]
On 6 April 2017 the Riot Compensation Regulations 2017 and the remaining provisions of the Riot Compensation Act 2016 came into force, with the former required to implement the Act effectively. The new legislation repeals the Riot (Damages) Act 1886 and makes provision about types of claims, procedures, decision-making and a maximum limit of £1,000,000 on awards […]
Sam Woods, the PRA’s CEO, has published a letter seeking contingency plans from firms in light of the UK’s impending withdrawal from the EU. The letter is relevant to banks, insurers and designated investment firms undertaking cross-border activities between the UK and the rest of the EU. PRA expects firms to prepare and execute in […]