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Category Archives: UK

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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 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 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 Case reports, UK

UK: Wood v Capita Insurance Services Limited

Be aware of drafting (or seeking to interpret) a contractual indemnity provision in isolation.  Appreciating the wider contractual context will avoid surprises. The Supreme Court has held that the indemnity clause in an SPA did not operate to indemnify the buyer of an insurance broker against compensation paid to customers as a result of mis-selling.

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 Case reports, UK

UK: AIG Europe Limited v Woodman and others

Earlier this week, the Supreme Court overturned the Court of Appeal’s judgment in AIG Europe Limited v Woodman and others UKSC 2016/0100, ruling on how claims arising from similar acts or omissions in a series of related matters or transactions should be aggregated for the purposes of a per claim limit.  The court held that whilst

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

Posted in Regulatory and legislative updates, UK

UK: FCA’s consultation paper on the implementation of the Insurance Distribution Directive

On 6 March 2017 the FCA published its first consultation paper (CP 17/7, the “Consultation Paper“) on its proposals for implementing the Insurance Distribution Directive ((EU) 2016/97, the “IDD“).  The deadline for implementation is 23 February 2018. The FCA plans to make a number of important changes to the FCA rules in order to accommodate

Posted in Regulatory and legislative updates, UK

UK: FCA’s policy statement on the final rules and guidance for PPI complaints handling

On the morning of 2 March 2017 the FCA published PS 17/3 (the “Policy Statement”), its response to feedback on its proposals regarding the handing of Payment Protection Insurance (“PPI“) mis-selling complaints.  The FCA’s original proposals were set out in CP 15/39 (see our blog post), and a further consultation was issued in CP 16/20

Posted in France, Germany, Italy, Poland, Regulatory and legislative updates, Spain, UK

The Insurance Distribution Directive….one year to go

  Member States across the EU are due to implement the Insurance Distribution Directive by 23 February 2018.     With just one year to go we have looked at what progress the supervisory authorities in France, Germany, Italy, Poland, Spain and the UK are making with their implementation plans and how firms in each country might be

Posted in Regulatory and legislative updates, UK

UK: A new insurance framework for driverless cars – Government Bill provides details

The Government has introduced the Vehicle Technology and Aviation Bill to Parliament, setting out in detail how the UK’s compulsory motor insurance framework will be amended to handle automated vehicles. Automated vehicles pose challenges for the conventional motor insurance regime in the UK, not least if an accident occurs when a vehicle is in driverless

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

Report: Insurance and structured finance – a new dawn?

A growing trend is emerging within the insurance sector, where insurers and other users of insurance products are looking to structured finance solutions both from an investment and risk management perspective. What are the driving forces behind this development? Is regulation enhancing or impeding the trend? What role do insurers and other participants play in

Posted in European Union, Germany, Regulatory and legislative updates, UK, USA

EU/U.S. Covered Agreement: What’s Next?

On January 13, 2017, representatives of the European Union and the United States of America issued a joint statement announcing that they had successfully concluded negotiation of an agreement (the “Agreement” or “Covered Agreement”) that both parties contend “will ensure ongoing robust insurance consumer protection and provide enhanced regulatory certainty for insurers and reinsurers operating

Posted in Market developments, UK

UK: Consultation on New Regulatory Framework for Insurance Linked Securities Opens

The FCA have opened a consultation on proposals to amend the FCA Handbook to incorporate a new regulated activity of “insurance risk transformation”. The consultation documentation can be found on the FCA’s site, here. Responses are due by 14 March 2017. The FCA are proposing changes to parts of the Handbook to incorporate Insurance Linked

Posted in Regulatory and legislative updates, UK

When insurance pays dividends….. Distribution of long-term insurance profits

On 30 December 2016, the Companies Act 2006 (Distributions of Insurance Companies) Regulations 2016 (the “Regulations“) came into force.  The Regulations apply to distributions made on or after that date by reference to accounts prepared for any period ending on or after 1 January 2016.  A copy of the Regulations is available here. The purpose

Posted in Market developments, Regulatory and legislative updates, UK

Reflections on the major new insurance legislation of 2016, and what it may mean in 2017 – A Q&A with Helen Chapman and Steven McEwan

This article was first published in Modern Claims Magazine in November 2016. Charlotte Parkinson, Modern Claims spoke with Steven McEwan and Helen Chapman at heavyweight law firm Hogan Lovells about their thoughts on the Insurance Act 2015, as well as the implications of Solvency II for consumers, insurers and defendants… Click here to read the full

Posted in Asia, European Union, France, Germany, Hungary, Italy, Latin America, Market developments, Poland, Regulatory and legislative updates, Russia, UK, USA

Hogan Lovells: Insurance Industry Perspectives – 2016 Review

Hogan Lovells have produced a brochure highlighting key trends in the insurance industry as well as a number of articles on industry issues.  The brochure also showcases the strength and depth of our insurance practice, and our client events and thought leadership. Click here to read the full brochure.

Posted in Regulatory and legislative updates, UK

UK: Is your professional indemnity insurance up to scratch? FCA undertakes a review of general insurance intermediaries

Background In December 2016 the FCA released a report setting out the results of a thematic review it conducted into general insurance intermediaries’ professional indemnity insurance.  Professional indemnity insurance (“PII“) gives protection to firms and their customers in the event of professional failings by the firm.  The purpose of the review was to evaluate the