Header graphic for print
Global Insurance Blog International Insurance and Reinsurance News, Trends, and Cases

Tag Archives: PRA

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 Market developments, Regulatory and legislative updates, UK

Plans for secondary annuities market pulled by UK Government

Yesterday (18 October 2016), the UK Government announced it will not be taking forward its plans to create a secondary annuities market. The announcement was unexpected – having set the course for creating more choice for holders of annuities by enabling them to surrender an annuity back to the provider or sell it to a

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – September 2016

The Hogan Lovells’ Corporate Insurance Newsletter for September 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: FCA/PRA developments Treasury Select Committee inquiry into EU insurance regulation PRIIPS developments

Posted in Market developments, Regulatory and legislative updates, UK

A chance for second thoughts… Creating a secondary annuity market for the UK

Since greater pensions freedoms were introduced in April 2015, individuals retiring in the UK have had significantly wider choice where it comes to accessing their pension savings. The choices now include: taking all the pension savings as a lump sum, subject to income tax on 75% of it; taking up to 25% of the pension

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – August 2016

The Hogan Lovells’ Corporate Insurance Newsletter for August 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: FCA/PRA developments HM Treasury consultation on the Mutuals’ Deferred Shares Regulations IAIS paper on cyber risks

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – July 2016

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: FCA/PRA developments EIOPA led consultation on delegated acts for IDD Various publications from the IAIS, including consultation papers

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – May 2016

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: FCA/PRA and Lloyd’s developments Cybersecurity Directive EIOPA led insurance sector stress test

Posted in Regulatory and legislative updates, UK

UK: A re-evaluation of Equity Release Mortgages – PRA Discussion Paper

On 31 March 2016 the Prudential Regulation Authority (PRA) published a discussion paper asking for views from firms and market participants on equity release mortgage (ERM) valuation, capital treatment, risk management and matters connected with the restructuring of ERMs under Solvency II. In particular, the PRA is seeking views on good practices for managing risks

Posted in Market developments, UK

UK: What does the PRA’s recent focus on longevity risk transfers mean for UK insurers?

During February, the Prudential Regulation Authority (PRA) twice provided insurance firms with its views on longevity risk transfers. On 9 February, Andrew Bulley, Director of Life Insurance at the PRA, co-authored a letter with Chris Moulder, Director of General Insurance Supervision, highlighting the PRA’s views on issues connected with longevity risk transfers. This letter was

Posted in Regulatory and legislative updates, UK

Senior Insurance Managers Regime: further changes announced for insurers

On 15 October, 2015 HM Treasury published proposals to extend its new Senior Managers and Certification Regime (SM&CR) to all financial services firms in the UK.  To some extent, this announcement is of less significance for insurers as they are already preparing for the implementation of Solvency II’s governance requirements and the new Senior Insurance

Posted in UK, Uncategorized

Whistleblowing: Implications of the FCA’s New Regime

Following recommendations in 2013 by the Parliamentary Commission on Banking Standards, the Financial Conduct Authority (“FCA”) and Prudential Regulatory Authority (“PRA”) published new rules on 6 October 2015 in relation to whistleblowing. These rules are set to build on existing good practices within the financial services industry and the new Senior Managers Regime by codifying

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – May 2015

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: FCA thematic reviews PRA’s consultation on Board responsibilities BIBA code of conduct Solvency II updates    

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – April 2015

The Hogan Lovells’ Corporate Insurance Newsletter for April 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: FCA and PRA policy statements PRA Rulebook Insurance law reform EIOPA updates Solvency II, Level 2 regulations and guidelines

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter

The Hogan Lovells’ Corporate Insurance Newsletter for February 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: FCA and PRA updates Insurance Act Extension of senior managers regime  to NEDs EIOPA and IAIS updates Solvency II,

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter

The Hogan Lovells’ Corporate Insurance Newsletter for January 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: PRA and FCA updates Recent EIOPA and IAIS updates PRIIPs updates Solvency II developments

Posted in Regulatory and legislative updates, UK

UK: PRA signals timing constraints for new insurance Part VII transfers in 2015

On Wednesday 21 January, the Prudential Regulatory Authority (“PRA”) published a letter explaining how it intends to deal with insurance transfers under Part VII of the Financial Services and Markets Act 2000 during the course of 2015.  The existing volume of transfers together with the resources needed to deal with the implementation of Solvency II

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter

The Hogan Lovells’ Corporate Insurance Newsletter for December 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: PRA and FCA updates Recent EIOPA and IAIS updates PRIIPs updates Solvency II developments

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter

The Hogan Lovells’ Corporate Insurance Newsletter for August 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: PRA updates on valuation risk for insurers and subordinated guarantees and the quality of capital Recent EIOPA and

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter

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: The publication by the FCA of its final reports on its market study on general insurance add-ons and thematic

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter

The Hogan Lovells’ June 2014 Corporate Insurance Newsletter 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: A number of publications from the PRA, including a policy statement on the new PRA Rulebook, an updated