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The Hogan Lovells’ Corporate Insurance Newsletter for July 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: Publication of final drafts of regulations on insurance linked securities PRA’s policy statements on dealing with a market
The Hogan Lovells’ Corporate Insurance Newsletter for June 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 Queen’s Speech – the Government announces a number of new Bills relevant to insurers The FCA call for
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
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,
The government has today set out the details of its legislative programme for the next two years in the Queen’s Speech. One of the issues to be addressed in this parliamentary session will be tackling the “compensation culture” surrounding whiplash claims, in addition to much stricter regulation of the activities of claims management companies (“CMCs“).
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
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
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
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
From today, insurers in the UK will be required to pay valid insurance claims within a reasonable time and may be hit with damages claims from insureds, if they fail to do so. This change has been brought about by the Enterprise Act 2016, which inserts a new section 13A into the Insurance Act 2015
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
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
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
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
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.
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
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
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
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
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
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
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
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