The proposals would give the Bank of England wide-ranging powers to deal with acute failure scenarios, treating policyholder liabilities as loss-absorbing.
HM Treasury (HMT) is proposing1 a new UK resolution regime for...more
FSMA 2023 includes a court procedure for failing insurers to temporarily write-down liabilities, with implications for counterparties.
The recently passed Financial Services and Markets Act 2023 (FSMA 2023) provides for a...more
The post-Brexit Solvency II reform aims for a more competitive and dynamic insurance sector in the UK.
The UK government’s proposals to adapt the Solvency II regime more appropriately to the national insurance market have...more
The FCA is proposing a disclosure regime for asset managers, life insurers, and pension providers.
On 22 June 2021, the FCA published a Consultation Paper (CP21/17) on introducing climate-related financial disclosure...more
6/28/2021
/ AIFM ,
Asset Management ,
Climate Change ,
Consultation ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Insurance Industry ,
Pensions ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
The new rules follow coordinated regulatory and antitrust scrutiny of overcharging loyal customers. On 28 May 2021, the FCA published a policy statement setting out new pricing practices rules for insurers and insurance...more
Court of Appeal sets out correct approach to transfer of long-term Insurance.
Latham & Watkins has won an appeal on behalf of Rothesay Life Plc (Rothesay) in an unprecedented challenge to the High Court’s refusal to...more
In a July 2020 speech on climate action in the financial industry, Sarah Breeden, executive director for UK Deposit Takers Supervision, said the industry is “at the start of a critical decade for climate action where the...more
FCA announces steps to obtain clarity for insurers and policyholders.
The Financial Conduct Authority (FCA) announced today, 1 May 2020, that it is taking steps to resolve contractual uncertainty in business interruption...more
Financial services regulators have been particularly vocal in the last 12 months, specifically about the impact on the financial services sector as the world experiences, and attempts to respond to, climate change.
Mark...more
The final guidelines create new obligations for insurers that will impact cloud outsourcing arrangements.
On 6 February 2020, the European Insurance and Occupational Pensions Authority (EIOPA) published its final...more
2/27/2020
/ Cloud Service Providers (CSPs) ,
Draft Guidance ,
EIOPA ,
EU ,
European Banking Authority (EBA) ,
Financial Institutions ,
Insurance Industry ,
Outsourcing ,
Public Contracts ,
Reinsurance ,
Solvency II