Key Points - - The IAIS has issued a detailed analysis of the structural shifts in the life insurance sector related to the increasing allocation to alternative assets and prevalence of asset-intensive reinsurance...more
Established in 1994, the International Association of Insurance Supervisors (IAIS) is a voluntary membership organisation comprising insurance regulatory authorities, central banks, ministries of finance, and other...more
Internationally active insurance groups (IAIGs) should take note of a critical new group capital standard adopted by a global insurance standard-setting body. This could have an effect on capital requirements for these large...more
In our recent webinar, members of the Eversheds Sutherland Insurance Practice Group discussed noteworthy developments from the National Association of Insurance Commissioners (NAIC) Fall National Meeting that was held in...more
The Mitchell Williams Insurance Regulatory team of lawyers recently attended the National Association of Insurance Commissioners (NAIC) Summer 2024 National Meeting which was held in Chicago, Illinois. We have prepared a...more
This briefing explains Guernsey’s adoption of rigorous international tax and regulatory standards, which, in conjunction with its local tax law, make it an ideal location for investment funds and other investment vehicles....more
Large insurers that operate across national borders should consider recent guidance on capital standards from the International Association of Insurance Supervisors (IAIS), in particular on the kinds of instruments that make...more
On June 1, 2023, the Federal Advisory Committee on Insurance (“FACI”) held its June meeting. Below is a summary of the topics discussed with emphasis on areas we found particularly interesting. FACI intends to hold two more...more
On March 9, the International Association of Insurance Supervisors (IAIS) announced the criteria, available here, that will be used to assess whether the Aggregation Method, or AM, provides comparable outcomes to the...more
Internationally active insurance groups (IAIGs) will want to consider the implications of recent guidance from international insurance regulators on capital standards. These standards mandate the relevant amounts of capital...more
Our team will be on the ground in Santiago, Chile for the International Association of Insurance Supervisors (IAIS) Annual Conference from November 10-11. This year’s theme is “Changing landscape: the role of the insurance...more
Internationally active insurance groups (IAIGs) with U.S. domestic insurers should be alert to key changes in regulatory oversight being considered by the National Association of Insurance Commissioners (NAIC). These changes...more
The Cayman Islands Monetary Authority (“the Authority”) recently published a Private Sector Consultation Paper with a draft Rule and draft Statement of Guidance on Investment Activities for Insurers (the draft “Rule” and...more
State insurance regulators are in the process of incorporating aspects of the International Association of Insurance Supervisors (IAIS) Common Framework for the Supervision of Internationally Active Insurance Groups...more
Resolution powers and planning: IAIS application paper The International Association of Insurance Supervisors (IAIS) has published an application paper on resolution powers and planning. In this paper, the IAIS provides...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
PRA supervision of annuity providers: BoE speech - The Bank of England (BoE) has published a speech (and accompanying appendix), given by Charlotte Gerken, Prudential Regulation Authority (PRA) Executive Director, Insurance...more
In December 2020, as part of its review to update Bermuda’s commercial insurance regime, the Bermuda Monetary Authority (BMA) issued a consultation paper proposing the introduction of an Internationally Active Insurance Group...more
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
In the few short weeks since our last report on climate change and the US insurance industry, the volume of climate change news has been extraordinarily high. The range of developments has been broad to say the very...more
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 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
In our December edition of Experience Insurance, we reported on the Annual Conference of the International Association of Insurance Supervisors (IAIS). We now turn our international lens to recent international activity...more
The Hong Kong government recently announced that the insurance group-wide supervision framework (GWS framework) will commence on 29 March 2021. The GWS framework will be implemented via the Insurance (Amendment) (No. 2)...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