News & Analysis as of

Business Interruption Solvency II

Latham & Watkins LLP

UK Regulators Consult on New Reporting Requirements for Operational Incidents and Use of Material Third Parties

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On 13 December 2024, the FCA and the PRA published linked Consultation Papers on operational incident and third-party reporting (FCA CP24/28 and PRA CP17/24). The consultations aim to create a structured framework for...more

Hogan Lovells

Insurance regulatory news, July 2021 #3

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COVID-19 BI insurance test case: FCA updates webpage The Financial Conduct Authority (FCA) has updated the webpage on its business interruption (BI) insurance test case. The FCA has published the Supreme Court order varying...more

Hogan Lovells

Insurance regulatory news, April 2021 # 3

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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

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Insurance regulatory news, March 2021 # 4

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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

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Insurance regulatory news, March 2021 # 2

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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

Hogan Lovells

Insurance regulatory news, February 2021 # 4

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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

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Insurance regulatory news, December 2020 # 3

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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

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Insurance regulatory news, November 2020 # 3

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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

Hogan Lovells

Insurance regulatory news, November 2020

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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 to confirm that an appeal of the case...more

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Insurance regulatory news, October 2020 # 4

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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

Hogan Lovells

Insurance regulatory news, October 2020 # 2

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COVID-19: FCA updates webpage on BI insurance test case - The UK Financial Conduct Authority (FCA) has updated its webpage on its business interruption (BI) insurance test case, publishing a draft transcript of the...more

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Insurance regulatory news, October 2020

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COVID-19: HM Treasury letter on insurance companies' deductions of government grants from BI insurance claims - On 25 September 2020, HM Treasury published a letter from John Glen, Economic Secretary to HM Treasury, to Huw...more

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Insurance regulatory news, August 2020 #2

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COVID-19: FCA statement on non-damage BI settlements and deductions relating to government support - The UK Financial Conduct Authority (FCA) has published a statement on non-damage business insurance (BI) settlements and...more

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Insurance regulatory news, July 2020 #4

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COVID-19: FCA updates on business interruption insurance test case - The UK Financial Conduct Authority (FCA) has published a number of updates to its webpage on the High Court test case concerning business interruption...more

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Insurance regulatory news, June 2020

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COVID-19: FCA FS20/7 and final guidance on assessing value of insurance products - Following consultation, on 3 June 2020, the UK Financial Conduct Authority (FCA) published a feedback statement, FS20/7, and final guidance...more

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Operational resilience: a new area of regulation you need to think about now

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Several high profile systems failures resulting in customers being unable to access their finances and an ever-increasing reliance on outsourcing key activities to group entities or third parties have unsurprisingly caught...more

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