Tag Archives: life insurance

FATF publishes risk-based guidance for the life insurance and securities sectors

FATF has published Guidance to a risk-based approach (RBA) to AML and CFT in the life insurance and securities sectors. The Guidance: outlines the key elements involved in applying a RBA to AML/ CFT associated with life insurance sets out the types of securities providers that may be involved in a securities transaction and their […]

FCA announces life insurance investigation outcome

FCA has confirmed it has closed its remaining investigations into life insurers, following its thematic review into the fair treatment of longstanding customers in the life insurance sector. FCA has already closed investigations into some of the firms within its study and has now concluded no further action is needed in respect of the last […]

Law Commission opens consultation on expanded definition of ‘insurable interest’

The Law Commission and the Scottish Law Commission have published an updated bill that proposes an expansion to the concept of insurable interest for life-related insurance. By using the term ‘life-related insurance’, the bill intends to create a wider category of insurance than just traditional life insurance, thereby also covering other forms of insurance which […]

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 […]

PRA issues policy statement and supervisory statement on Solvency 2: Data collection of market risk sensitivities

PRA has published a policy statement and supervisory statement relevant to PRA-regulated insurance or reinsurance firms that are most exposed to market risks. These are primarily Category 1 and 2 firms in the life sector, and any other category life firm or general insurance firm, or composite insurance firm that demonstrates material market risk exposures. The supervisory […]

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 […]

PRA issues policy statement on matching adjustment under Solvency 2

Following 12 responses received to the earlier consultation paper, PRA has issued a policy statement on matching adjustment – illiquid unrated assets and equity release mortgages. The policy statement includes the final supervisory statement, which sets out the PRA’s expectations. The policy statement is relevant to life insurance and reinsurance companies holding or intending to […]

Treasury consultation on distributable profits of long-term (life) insurers

The Treasury has launched a consultation on technical changes to the legal definition of life insurers’ distributable profits, in the light of the implementation of Solvency II and the necessity for consequent changes to the Companies Act 2006. As this issue has already been the subject of discussions with the industry, the consultation will close after a shorter period, […]