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
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
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
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
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
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
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 a recent opinion, the UK Supreme Court has found coverage for business interruption as a result of business closures incident to the Covid-19 pandemic. While some may see that decision as support for coverage suits in the...more
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
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
For many UK businesses with business interruption (“BI”) insurance policies, a high priority this autumn was keeping up with a rapidly changing regime of coronavirus-related restrictions – changes which last week culminated...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
Building guarantee policies: PRA PS21/20 on extending policyholder protection - The UK Prudential Regulation Authority (PRA) has published a policy statement, PS21/20, which contains a rule change to increase protection...more
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
COVID-19: FCA Dear CEO letter and consequentials hearing for BII test case - On 18 September 2020, the UK Financial Conduct Authority (FCA) published a Dear CEO letter setting out its expectations of insurers (including...more
COVID-19: business interruption insurance test case judgment due on 15 September 2020 - On 9 September 2020, the UK Financial Conduct Authority (FCA) updated its webpage on the High Court business interruption insurance...more
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...more
As More Live Performances Are Cancelled, Limited In Size Or Postponed, Venues, Festival Organizers, Artists And Others Are Looking For Relief From The Financial Impact Caused By The Coronavirus Crisis....more
COVID-19: IAIS extends deadline for consultation on impact of COVID-19 - On 12 August 2020, the International Association of Insurance Supervisors (IAIS) updated its current consultations webpage to announce an extension...more
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
COVID-19: IAIS consults on the impact for the insurance sector. The UK Prudential Regulation Authority (PRA) has published a consultation paper, CP11/20, setting out its expectations and guidance relating to auditors' work...more
The National Association of Insurance Commissioners (NAIC) Statutory Accounting Principles Working Group (SAPWG) met remotely on July 30, as part of the NAIC’s all-virtual 2020 Summer National Meeting....more
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
COVID-19: FCA update on business interruption insurance test case - On 13 and 15 July 2020, the UK Financial Conduct Authority (FCA) updated its webpage on the High Court test case concerning business interruption...more