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Tag Archives: solvency II

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 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 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 France, Regulatory and legislative updates

France: Notice on the notification of the persons who effectively run the undertaking or are involved in key functions by the ACPR

The French Insurance Supervision Authority (Autorité de Contrôle Prudentiel et de Résolution – “ACPR“) recently published a Notice on the appointment and renewal of persons who effectively run insurance/ reinsurance undertakings or are responsible for other key functions (“Notice“). These persons must be notified to the ACPR to allow the latter to assess the fit

Posted in Latin America, Regulatory and legislative updates

Mexico: Insurance regulator modifies accounting reporting standards for 2016

Insurers are still adapting to the new accounting, financial and reporting standards that took effect in January 2016 as a consequence of the financial and accounting aspects of the Solvency II-type regime. The initial reports filed for the first quarter of 2016 are still being tested and restated by many insurers, as the models that

Posted in Regulatory and legislative updates, UK

UK: Handle with care: PRA to supervise the management of Cyber Insurance Underwriting Risk

Introduction As technology advances, so too do the risks involved and the potential for loss. This has two main implications. First, with cyber-incidents becoming more commonplace, the market for cyber-specific cover is expanding rapidly. The second more nuanced issue is whether or not the insurance market’s understanding of cyber risks is keeping up with the

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 Market developments, Regulatory and legislative updates, UK

On your marks, get set, GO! Why has Lloyd’s brought forward the Coming-into-Line date for letters of credit this year?

Lloyd’s of London recently published a market bulletin informing the market that assets and/or documents must be submitted to Market Services by close of business (5pm) on the Coming-into-Line date, Thursday 1st December 2016.  However, if the asset is a letter of credit or bank guarantee, this must be received together with the supporting documentation

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 Market developments, Regulatory and legislative updates

Impact of Brexit on the Insurance Industry

In this webinar, we looked at the potential impact of Brexit (if and when it happens) on the insurance industry, including the possible implications for the rules on investments and reinsurance, and the effect on regulatory capital and the regulatory balance sheet. We considered the corporate structures that could be used to facilitate passporting in

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – April 2016

The Hogan Lovells’ Corporate Insurance Newsletter for April 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: IAIS developments FCA/PRA updates Law Commissions review of insurance interest Developments on creating a secondary annuity market

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – March 2016

The Hogan Lovells’ Corporate Insurance Newsletter for March 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: IAIS developments FCA/PRA updates Solvency II updates Update on the Insurance Distribution Directive    

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 France, Regulatory and legislative updates

France: Publication of instructions and notices on the Solvency II regime by the French Insurance Supervision Authority

As of 1 January 2016 the new risk-based Solvency II regime has become applicable. To finalise its implementation under national law, the French insurance supervision authority (Autorité de contrôle prudentiel et de resolution – “ACPR”) has published in its official register, on 21 December 2015 and on 18 January 2016, various instructions and notices concerning

Posted in Regulatory and legislative updates, UK

Corporate Insurance Newsletter – January 2016

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: IAIS developments FCA/PRA updates Solvency II updates Update on the Insurance Distribution Directive

Posted in Regulatory and legislative updates, UK

Corporate Insurance Newsletter – December 2015

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: IAIS developments FCA/PRA updates Solvency II updates Update on the Insurance Distribution Directive

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – November 2015

The Hogan Lovells’ Corporate Insurance Newsletter for November 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: IAIS developments FCA/PRA updates Solvency II updates Update on the Insurance Distribution Directive