Tag Archives: Insurance

Article on cyber insurance underwriting risk

We have written an article published in Cyber Security Practitioner on PRA’s July 2017 Supervisory Statement on cyber insurance underwriting risk. The full article is available to subscribers.

FCA publishes second Consultation Paper on IDD implementation

Following on from Consultation Paper (CP) 17/7, FCA has published CP 17/23 detailing further proposals on the implementation of the IDD in the UK. The CP is relevant to firms, including insurance and reinsurance companies, insurance intermediaries and firms categorised under the IDD as ancillary insurance intermediaries, as well as other stakeholders. In order to […]

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, […]

BoE responds to risks in life and general insurance sectors

David Rule, Executive Director of Insurance Supervision at BoE delivered a speech on 6 July at the Association of British Insurers (ABI) with a focus on risks and BoE’s supervisory priorities in the life and general insurance sectors. BoE is concerned with risk concentrations and the impact of the current market conditions. For example, in […]

Insurance Europe publishes PRIIPs information exchange templates

Insurance Europe has published the following templates in relation to the PRIIPS regulation: The European PRIIPs template, which includes the minimum data necessary for insurers to produce a KID; and The ‘Comfort’ template, which includes more data, but delivery will depend on ad hoc bilateral agreements between insurers and asset managers. The purpose of the templates […]

Court concludes an insured with policy for buy-to-let property is a not consumer

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 […]

Article on the implementation of IDD

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.

PRA updates policy statements on accountability regimes

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 […]

LMA publishes EU contract continuity clause

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.