UK Solvency II review: PRA information on quantitative impact study The Prudential Regulation Authority (PRA) has published a webpage setting out information about its forthcoming quantitative impact study (QIS), which will...more
GBP transition to SONIA under Solvency II regime: PRA PS12/21 -
The UK Prudential Regulation Authority (PRA) has published a policy statement, PS12/21, on deep, liquid and transparent (DLT) assessments and GBP transition to...more
Civil Liability Act 2018 (Financial Conduct Authority) (Whiplash) Regulations 2021 -
The Civil Liability Act 2018 (Financial Conduct Authority) (Whiplash) Regulations 2021 (SI 2021/594) have been published, together with an...more
Blockchain and smart contracts in insurance: EIOPA discussion paper -
Reports on recent UK and EU regulatory developments of interest to insurers and their intermediaries. See also our Financial institutions general...more
Solvency II: PRA supervisory disclosures -
The UK Prudential Regulation Authority (PRA) has published Solvency II: Supervisory disclosures, PRA’s supervisory approach and insurance regulations applicable in the UK year-end...more
Solvency 2 (Credit Risk Adjustment) Regulations 2021 The Solvency 2 (Credit Risk Adjustment) Regulations 2021 -
(SI 463/2021) have been published, together with an explanatory memorandum and a de minimis impact assessment....more
Review of Solvency II effective value test parameters: PRA statement -
The UK Prudential Regulation Authority (PRA) has published a statement setting out the findings from its review of the minimum deferment rate, which is...more
UK-EU MoU on regulatory cooperation in financial services -
HM Treasury has announced that technical discussions on the text of the memorandum of understanding (MoU) on UK-EU regulatory cooperation in financial services have...more
4/5/2021
/ AML/CFT ,
Consumer Financial Products ,
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Financial Crimes ,
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FPC ,
Insurance Regulations ,
Libor ,
Memorandum of Understanding ,
Money Laundering ,
Pensions ,
Regulatory Agenda ,
Reinsurance ,
Sterling Overnight Index Average (SONIA) ,
UK
Settling RTA whiplash-related injuries without a medical report -
The Civil Liability (Specification of Authorised Persons) Regulations 2021 (SI 2021/326) have been published, together with an explanatory memorandum. The...more
3/29/2021
/ Auto Insurance ,
Bodily Injury ,
Business Interruption ,
Car Accident ,
Coronavirus/COVID-19 ,
Financial Conduct Authority (FCA) ,
IAIS ,
Infectious Diseases ,
Insurance Claims ,
Insurance Regulations ,
Medical Reports ,
Regulatory Agenda ,
UK
UK Solvency II: PRA PS2/21 on expectations for work of external auditors on matching adjustment -
The UK Prudential Regulation Authority (PRA) has published a policy statement, PS2/21, setting out its expectations for the...more
Value measures reporting: Lloyd’s Market Association guidance -
The Lloyd's Market Association has published guidance on value measures reporting and product governance requirements published in the UK Financial Conduct...more
COVID-19: FCA final guidance on proving presence of COVID-19 in BI insurance claims -
Following consultation, the UK Financial Conduct Authority (FCA) has published final guidance on proving the presence of coronavirus...more
3/9/2021
/ Business Interruption ,
Coronavirus/COVID-19 ,
EIOPA ,
European Economic Area (EEA) ,
Infectious Diseases ,
Insurance Claims ,
Insurance Regulations ,
Policy Terms ,
Regulatory Agenda ,
Regulatory Reform ,
Solvency II ,
UK
IAIS 2021-22 roadmap -
The International Association of Insurance Supervisors (IAIS) has published its roadmap for 2021-22. In the roadmap, the IAIS sets out details of its anticipated projects and activities for 2021-22,...more
COVID-19: FCA update on BI insurance test case - The UK Financial Conduct Authority (FCA) has updated its webpage on its business interruption (BI) insurance test case....more
2/22/2021
/ Business Interruption ,
Commercial Insurance Policies ,
Consumer Insurance Products ,
Coronavirus/COVID-19 ,
EIOPA ,
EU ,
Financial Conduct Authority (FCA) ,
Infectious Diseases ,
Insurance Claims ,
Insurance Regulations ,
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Regulatory Agenda ,
Solvency II ,
UK
Insurer capital requirements: PRA speech - The UK Prudential Regulation Authority (PRA) has published a speech by Anna Sweeney, PRA Executive Director, Insurance, titled "Goldilocks and the three pillars: how much capital is...more
Solvency II: PRA letter to life insurers on application of effective value test -The UK Prudential Regulation Authority (PRA) has sent a letter to the Chief Actuaries of life insurers on feedback on the application of the...more
COVID-19: FCA Dear CEO letter on BI insurance test case and outcome table - On 22 and 29 January 2021, the FCA updated its webpage on its business interruption (BI) insurance test case. The FCA has published ...more
2/1/2021
/ Business Interruption ,
Coronavirus/COVID-19 ,
Dear CEO Letter ,
Financial Conduct Authority (FCA) ,
IAIS ,
Infectious Diseases ,
Insurance Claims ,
Insurance Regulations ,
Preexisting Conditions ,
Regulatory Agenda ,
UK
COVID-19: Supreme Court judgment in FCA's BI insurance test case - On 15 January 2021, the Supreme Court handed down judgment in FCA v Arch Insurance (UK) Ltd and others [2021] UKSC 1 on the issues on appeal from the High...more
Solvency II: PRA CP1/21 on deep, liquid and transparent assessments, and GBP transition to SONIA - The UK Prudential Regulation Authority (PRA) has published a consultation paper, CP1/21, on deep, liquid and transparent (DLT)...more
1/18/2021
/ Coronavirus/COVID-19 ,
Cyber Insurance ,
EIOPA ,
Financial Conduct Authority (FCA) ,
IAIS ,
Infectious Diseases ,
Insurance Regulations ,
Regulatory Agenda ,
Solvency II ,
Sterling Overnight Index Average (SONIA) ,
UK ,
UK Brexit
2021 priorities for supervising insurance firms: PRA Dear CEO letter
The UK Prudential Regulation Authority (PRA) has published a Dear CEO letter it has sent to insurance firms setting out its supervisory priorities for...more
Part VII FSMA insurance business transfers: Court of Appeal decision -
Several important issues were raised in relation to Part VII transfers in the recent hearing before the Court of Appeal relating to the proposed...more
UK Solvency II review: HM Treasury extends response deadline -
HM Treasury has extended the deadline for responding to its call for evidence relating to its review of the Solvency II prudential regulatory regime for...more
COVID-19: FCA update on business interruption insurance test case -
The UK Financial Conduct Authority (FCA) has updated its webpage on its business interruption insurance test case. Among other things, the FCA has...more
COVID-19: FCA update on business interruption insurance test case -
On 11 November 2020, the UK Financial Conduct Authority (FCA) updated the webpage on its business interruption insurance test case. ...more
Brexit: PRA and FCA Dear CEO letter on final preparations for end of transition period -
The UK Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have published a joint Dear CEO letter that they...more