Tag Archives: managing agents

Lloyd’s publishes report on how it would respond to a market turning event

Following an industry “dry run” exercise in November 2016, Lloyd’s has published a report setting out six principles on how it would respond to a market turning event, which causes significant impact and could cause a rapid upturn in insurance pricing. The principles are as follows: Principle 1: Market stability and payment of claims Principle […]

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 response on dealing with a market turning event in the general insurance sector

PRA has published a supervisory statement (SS) and policy statement, relevant to all Solvency II firms, on dealing with a market turning event in the general insurance sector. The statements follow responses to an earlier consultation paper and an industry-sponsored dry-run exercise of a catastrophic loss event. The SS is aimed at Solvency 2 firms […]

PRA publishes supervisory statement on cyber insurance underwriting risk

PRA has published a policy statement and supervisory statement on cyber insurance underwriting risk. The statements are relevant to all UK non-life insurance and reinsurance firms and groups within the scope of Solvency II including Lloyd’s and managing agents. The supervisory statement sets out PRA’s final expectations regarding the prudent management of cyber underwriting risk, […]

LMA updates consumer wordings guidance

The Lloyd’s Market Association has published an update to its jointly prepared guidance on consumer wordings for managing agents. The guidance has been updated in the following areas: Claims handling – clarification added regarding insured’s duty to mitigate the loss; Data Protection (GDPR) – placeholder added; Rights of Third Parties – further clarified Third Parties (Rights […]

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.