Insurance regulatory news, September 2020

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Recent regulatory developments of interest to insurers and their intermediaries. See also our General regulatory news in the Related Materials links.

Contents

  • COVID-19: final transcripts of FCA business interruption insurance test case
  • PEPP: EIOPA final draft RTS and ITS and technical advice
  • Resolution regimes: FSB key attributes assessment methodology for insurance sector
  • Sustainable Insurance Forum: half-yearly update report

COVID-19: final transcripts of FCA business interruption insurance test case

On 18 August 2020, the FCA updated its webpage on the High Court business interruption insurance test case to link to the final transcripts for each day of the trial.

PEPP: EIOPA final draft RTS and ITS and technical advice

Following consultation, the European Insurance and Occupational Pensions Authority (EIOPA) has published its final draft regulatory technical standards (RTS) and implementing technical standards (ITS) and its advice on Delegated Acts to implement the framework for the design and delivery of the Pan-European Personal Pension Product (PEPP) under the PEPP Regulation.

EIOPA submitted the following draft legal instruments and technical advice to the European Commission under cover of a letter addressed to Vice-President, Valdis Dombrovskis:

EIOPA has also published:

Resolution regimes: FSB key attributes assessment methodology for insurance sector

The Financial Stability Board (FSB) has published a methodology for assessing the implementation of the FSB "Key Attributes of Effective Resolution Regimes for Financial Institutions" in the insurance sector.

The FSB notes that the Key Attributes constitute an "umbrella" standard for resolution regimes for all types of financial institutions. However, not all attributes are equally relevant for all sectors and some Key Attributes require adaptation and sector-specific interpretation. This assessment methodology guides the assessment of a jurisdiction's compliance with the Key Attributes with respect to the insurance sector.

The FSB has also published a note explaining the application of the insurance Key Attributes Assessment Methodology and the Key Attributes during the period of suspension of the designation of global systemically important insurers (G-SIIs). In light of the finalised holistic framework for systemic risk in the insurance sector published by the International Association of Insurance Supervisors (IAIS) in November 2019, the FSB and IAIS decided to suspend G-SII identification from the beginning of 2020. The note states that the Key Attributes continue to apply during the suspension period to any insurer that could be systemically significant or critical in failure. National authorities may apply to certain insurers the requirements specific to G-SIIs. These are the requirements for a crisis management group, institution-specific cross-border cooperation agreements and resolvability assessments.

The FSB will, in November 2022, based on the initial years of implementation of the holistic framework, review the need to either discontinue or re-establish its annual identification of G-SIIs in consultation with the IAIS and national authorities.

Sustainable Insurance Forum: half-yearly update report

The Sustainable Insurance Forum (SIF) has published its half-yearly update report on the work undertaken by SIF and its members during January to June 2020.

The report includes individual updates from 14 member regulators on recent sustainable insurance initiatives and activities, as well as noting two important recent SIF publications: an Issues Paper on TCFD and a Question Bank on climate change risks for the insurance sector.

Read more in our briefing: The Sustainable Insurance Forum (SIF) has published its half-yearly update report.

[View source.]

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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