General Business Insurance International Trade

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European Supervisory Authorities Request Response from European Commissioner to Inconsistencies in Cross-Selling Legislation

On 26 January 2016, the Chairpersons of the European Supervisory Authorities (ESAs) (i.e. EBA, EIOPA and ESMA) sent a letter to the European Commissioner for the Directorate General Financial Stability, Financial Services and...more

Disclose of Cash Real Estate Purchases

The purchase of real estate without bank financing presents an opportunity for those with unclean funds to launder those funds and make them appear legitimate, at least in the opinion of the Financial Crimes Enforcement...more

FinCEN Geographic Targeting Order Affects Miami-Dade County Residential Purchases Exceeding $1 Million

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on Jan. 13, 2016, issued a Geographic Targeting Order (GTO or the Order) requiring title insurance companies, subsidiaries and agents (each a...more

UK Financial Regulatory Developments - January 2016 #8

PRA bans former Co-op Bank individuals - PRA has prohibited Barry Tootell, former Chief Financial Officer and Chief Executive of the Co-operative Bank Plc (Co-op Bank) and Keith Alderson, former Managing Director of the...more

From Park Avenue to Ocean Drive, High End Residential Real Estate Transactions Under the Microscope

The U.S. government’s aggressive push to combat international money laundering is entering a new phase by focusing on real estate investments. On January 13, 2016, the Financial Crimes Enforcement Network (FinCEN), the U.S....more

UK Financial Regulatory Developments - January 2016 #6

Commission reports on volatility of own funds - The Commission has reported to EP and the Council on the effect of the revised International Accounting Standard (IAS) 19 on employee benefits, on the volatility of own...more

UK Financial Regulatory Developments - January 2016 #3

FCA publishes pensions report - FCA has published its Retirement Income Market Data report for the period of July to September 2015. It covers: - choices made by consumers accessing their pensions; -...more

UK Financial Regulatory Developments - January 2016 #1

TIA publishes guidance on paperless transfers - TIA has published industry guidance on paperless renunciation or transfer of units or shares in authorised investment funds. The guidance sets out measures that operators...more

Solvency 2 and SRM take effect

The single resolution mechanism (SRM) took effect throughout the 19-Member-State eurozone from 1 January....more

Council adopts IDD

The Council has adopted the Insurance Distribution Directive (IDD). It agreed the text previously released (see FReD 11 December) without further discussion. The Council had previously published an item note to the Permanent...more

ECON writes to EU lawmakers on Solvency 2 delegated legislation delay

The Economic and Monetary Affairs Committee (ECON) of EP has written to the Council and Commission notifying them of a three-month extension to the deadline for raising objections to a delegated regulation on calculation of...more

EIOPA publishes code to produce RFR term structures

EIOPA has published the updating coding used to produce the Solvency 2 relevant risk-free interest rate (RFR) term structures. This code will be used for monthly RFR publications as of 1 January 2016. ...more

The Paris Agreement and Business Interruption Coverage

“In this world, nothing can be said to be certain, except death and taxes." — Benjamin Franklin On Dec. 12, 2015, in LeBourget, France, world leaders announced an agreement on a climate change accord which they touted as...more

PRA proposes modification to Solvency 2 supervision for Bermudian undertakings

PRA has proposed a rule modification to Solvency 2 group supervision rules in respect of Bermudian-parented undertakings. PRA proposes that until their equivalence under the Solvency 2 regime is confirmed, a temporary...more

LMA reminds agents of Pillar 3 requirements

LMA has published a market bulletin on Solvency 2 Pillar 3 to remind managing agents of their reporting requirements. It advises that in order to meet the reporting requirements, managing agents must be able to collect...more

EIOPA updates on relevant risk-free interest rate term structures

EIOPA has updated its technical information on the relevant risk-free interest rate term structures to be applied by (re)insurance undertakings when calculating their technical provisions under Solvency 2. EIOPA has also...more

U.S. Treasury Department and the U. S. Trade Representative Pursuing Possible Covered Agreement With the European Union

The U.S. Treasury Department and the U.S. Trade Representative have given notice to Congress of the initiation of discussions with the European Union to enter into a Covered Agreement essentially addressing two major issues:...more

Policyholder Insider Quarterly

October ordinarily brings the return of crisp air, fall foliage and Halloween. This year, for the first time, it also brought National Cybersecurity Awareness Month. Yet designating a month to increase cybersecurity awareness...more

Council informs COREPER on EP reading of IDD

The Council has issued an information note to the Permanent Representatives Committee (COREPER) on the outcome of EP’s first reading of the proposed Insurance Distribution Directive (IDD). ...more

Commission confirms Solvency 2 equivalence for Bermuda and Japan

The Commission has adopted equivalence decisions as delegated acts under Solvency 2 in relation to Bermuda and Japan. ...more

IREG Update - December 2015

US to negotiate insurance and reinsurance "covered agreement" with EU - The US Treasury Department and US Trade Representative (USTR) recently announced controversial plans to negotiate a “covered agreement” on insurance...more

IAIS consults on G-SII assessment methodology

IAIS is consulting on updates to its assessment methodology for global systemically important insurers (G-SIIs). Changes include updating the indicators and the weightings given to each indicator, and a new approach to the...more

IUA publishes new sanctions clause

IUA has published a new international sanctions clause and commentary on it....more

EIOPA seeks views on Solvency 2 infrastructure corporates

EIOPA has issued a call for evidence on the treatment of infrastructure corporates under Solvency 2. EIOPA seeks information on the nature of infrastructure corporates and their risk profiles. ...more

Solvency 2 correction published in OJEU

A corrigendum to the Solvency 2 Delegated Regulation has been published in the OJEU. ...more

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