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Category Archives: Regulatory and legislative updates

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Posted in Italy, Regulatory and legislative updates

Italy: Implications for life insurers on the implementation of the PRIIPs Regulation

Silvia Lolli from our Rome office has written an article about the implementation of the PRIIPs Regulation in Italy and the implications  for life insurers and their existing transparency obligations with regard to customers.  The article is in Italian and has been published on Diritto Bancurio.  Click here to view the article.  

Posted in Latin America, Market developments, Regulatory and legislative updates

Mexico: Insurance regulator provides 2017 required minimum paid-in capital for insurers and bonding companies

Introduction On June 5 2017 the National Insurance and Bonds Commission amended the Sole Provisions on Insurance and Bonds to provide the value of the investment unit (UDI) that insurers and bonding companies must consider when calculating their required minimum paid-in capital. Insurers and bonding companies must comply with the required minimum paid-in capital each

Posted in Regulatory and legislative updates, UK

UK: FCA call for input on access to insurance

On 20 June 2017, the Financial Conduct Authority (“FCA“) published a Call for Input inviting firms (amongst other stakeholders) to submit their views on the challenges they face in providing travel insurance to consumers who have (or have had) cancer (“Relevant Consumers“) by 15 September 2017. The issue In May 2016 the FCA published its

Posted in Regulatory and legislative updates, Sanctions, UK

UK: Government announces International Sanctions Bill

The UK government has set out plans in this week’s Queen’s Speech for a new International Sanctions Bill (the “Bill“) that aims to ensure that the UK will continue to meet its international sanctions policy obligations and national security objectives after its withdrawal from the European Union. Background The UK currently implements 34 sanctions regimes,

Posted in Regulatory and legislative updates, USA

US: Governor Cuomo and NY Department of Financial Services Respond to Congressional Efforts to Repeal the Affordable Care Act with “Aggressive Actions”

On 5 June 2017, in response to the Congressional efforts to “repeal and replace” the Affordable Care Act (the ACA), the New York Department of Financial Services (NYDFS) issued a press release entitled “Governor Cuomo Announces Aggressive Actions to Protect Access to Quality, Affordable Health Care for All New Yorkers” (the Press Release), which outlines

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – May 2017

The Hogan Lovells’ Corporate Insurance Newsletter for May has been published.  This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants.  In this issue, amongst other items, we cover: The FCA’s final rules on implementing information prompts in the annuity market The FCA’s consultation on proposed guidance on

Posted in Latin America, Regulatory and legislative updates

Mexico: Surety insurers prepare to commence operations

Two years after the Insurance and Bonding Companies Law was enacted, surety insurance is finally starting to take effect in Mexico and coexist with other institutions that integrate the bonding sector. In Mexico, surety insurance is regulated as a mechanism to guarantee obligations, under which an insurer must indemnify the insured (ie, the beneficiary) in

Posted in Asia, China and Hong Kong, Regulatory and legislative updates

Insurers to benefit from mutual solvency recognition between Mainland China and Hong Kong

On 16 May 2017 the CIRC and the Hong Kong Office of the Commissioner of Insurance (“OCI“) entered into a framework agreement aimed at mutual recognition of solvency regimes between Mainland China and Hong Kong. China adopted a risk-based capital regime, C-ROSS, with effect from 1 January 2016. In Hong Kong, the consultation on a

Posted in Market developments, Poland, Regulatory and legislative updates

The Polish regulator’s position on insurance companies publishing their standard contracts on their websites

Background to the issuing of the Polish regulator’s position Based on the new regulation in the Polish insurance market that entered into force on 1 January 2016, the general terms and conditions of insurance (“GTC“) as well as other standard contracts must be published by insurers on their websites. The Polish regulator (“KNF“) noticed, however,

Posted in Regulatory and legislative updates, UK

UK: FCA consults on its approach to reviewing Part VII transfers of insurance business

On Monday 15 May 2017 the Financial Conduct Authority (FCA) published a consultation paper on new proposed guidance on its approach to reviewing applications to transfer insurance business under Part VII of the Financial Services and Markets Act 2000 (FSMA) (a Part VII Transfer).  Comments are requested by 15 August 2017. In accordance with the

Posted in European Union, Market developments, Regulatory and legislative updates, UK

Industry at odds with regulators over new framework for insurance recovery and resolution

There is an emergent divergence of opinion between trade body Insurance Europe and regulators. Will calls for further regulation create more substantial fissures? Insurance Europe, a trade body comprised of insurance associations representing approximately 95% of European premium insurance income, recently issued a press release reaffirming its stance on EU proposals for harmonising recovery and resolution

Posted in Asia, China and Hong Kong, Regulatory and legislative updates

Hong Kong – The new independent insurance regulator takes charge

It has been announced that the new Independent Insurance Authority for Hong Kong (“IIA“) will assume its functions on 26 June 2017 (the “Commencement Date“), replacing the Office of the Commissioner of Insurance. From the Commencement Date, the appointment of “key persons” (such as officers responsible for risk management, compliance, financial control, internal audit and

Posted in Asia, China and Hong Kong, Regulatory and legislative updates

China: CIRC Publishes Final Requirements for Collateral in Cross-border Reinsurance Transactions

On 9 August 2016, the China Insurance Regulatory Commission (“CIRC“) issued the Notice on Matters Relating to Collateral Provided by Offshore Reinsurers (Draft) (the “Draft Notice“) for public consultation. On 13 March 2017, CIRC released on its official website the final version of the notice (the “Final Version“), which has been effective since 23 February

Posted in Market developments, Regulatory and legislative updates, UK

Upcoming Webinar: Insurance M&A – recent developments in the sector

Tuesday 23 May 2017 17.00 – 17.50BST/18.00 – 18.50 CEST/12.00 – 12.50 EDT What can we expect from M&A in the insurance industry in 2017?  Will businesses pause in pursuit of their M&A plans as a consequence of the forthcoming UK elections, Article 50 negotiations and Trump’s agenda amongst other factors or will M&A activity

Posted in Asia, China and Hong Kong, Regulatory and legislative updates

China’s draft regulations to affect investment in Chinese insurance companies

On 29 December 2016, the China Insurance Regulatory Commission (“CIRC“) commenced public consultation on the amended Administrative Measures for Equities of Insurance Companies (Draft for comments) (the “Draft Measures“), setting out a new regulatory regime for investment in Chinese insurance companies. Lowered Maximum Shareholding Percentage The market sees the Draft Measures as CIRC’s reaction to

Posted in Regulatory and legislative updates, UK

UK: FCA General Insurance and Protection Sector Views 2017

The FCA has outlined the current trends, risks and its overall assessment of the General Insurance sector in its 2017 Sector Views, published last week.  Some of the key points are highlighted below: Technological Advances as Drivers of Change The General Insurance sector has been affected by technological advances which have given firms access to

Posted in Regulatory and legislative updates, UK

UK: FCA 2017/2018 Business Plan – Sector priorities for general insurance

In its recently published 2017/2018 Business Plan the FCA outlines its priorities for the general insurance sector over the coming year and beyond. In general, the Business Plan identifies a shift in focus towards market structures, incentives and distribution and away from issues directly affecting retail/SME consumers (though the FCA will continue to monitor and review

Posted in Regulatory and legislative updates, UK

UK: Implementation of UN Financial Sanctions Resolution under the Policing and Crime Act 2017

The Policing and Crime Act 2017 (the “2017 Act“) has introduced measures to strengthen the effectiveness of the UK’s financial sanctions regime. The delay in the implementation of UN sanctions as a result of EU processes is one strand that has been addressed and will be discussed in greater detail below. The 2017 Act also

Posted in Regulatory and legislative updates, UK

UK: OFSI guidance published regarding monetary penalties for breaches of financial sanctions

Executive Summary The Policing and Crime Act 2017 (the “2017 Act“) came into effect on 1 April 2017, and introduced a number of changes, including new powers for the Office of Financial Sanctions Implementation (“OFSI“) to impose increased monetary penalties. Those penalties are the greater of £1 million or 50% of the value of the

Posted in Italy, Regulatory and legislative updates

Italy: IVASS once again shines a spotlight on PPI policies

After one year from the last coordinated intervention of IVASS and the Bank of Italy in this sector aimed at better protecting policyholders/borrowers, IVASS issued a new letter to the market addressed to insurance undertakings and intermediaries enrolled in section D of IVASS Registry of insurance intermediaries (banks and financial intermediaries) in relation to policies

Posted in European Union, Market developments, Regulatory and legislative updates, UK

Webinar: Brexit issues for insurance companies – The countdown to Brexit starts now

On Thursday 30 March we held our latest Brexit webinar for insurance companies.  The UK has two years to negotiate and reach an exit deal, unless all EU Member states unanimously agree to extend this deadline. Many insurance companies will need to start thinking about the implementation of their plans. They also need to consider

Posted in European Union, Regulatory and legislative updates, UK

The Treasury Committee inquiry into EU insurance regulation – what have we learned so far?

http://www.hlinsurancelaw.com/ To supplement its work on the relationship that the UK might seek to have with the EU following Brexit, the Treasury Committee of the House of Commons established in September 2016 an inquiry into EU insurance regulation. The inquiry has four main objectives: to consider the options for the UK insurance industry that are

Posted in Regulatory and legislative updates, UK

Global Insurance Summit – February 2017

We welcomed over 100 clients to our Global Insurance Summit last month. They gathered, in the heart of the City of London, to hear from industry leaders, academics and new market players. The discussions centred around the changes we’re seeing around the world – whether political, economic, or technological. Our keynote speakers, Lord Adair Turner