Our Asia insurance regulatory tracker for the first quarter of 2018 is attached.
It includes updates on the introduction of an insurance levy in Hong Kong, a consultation on agency recruitment incentives in Singapore, and new measures in relation to the use of insurance funds in China.
On 16 June Legislative Decree No. 68/2018 aimed at implementing the IDD (the “Legislative Decree“) was published on the Italian Official Journal.
The Legislative Decree will significantly impact the rules currently in force in Italy on insurance mediation set out by the Italian Insurance Code and the Italian Consolidated Financial Act.
On 8 June IVASS launched three public consultations on its draft regulations providing for secondary level legislation regarding insurance and reinsurance distribution, pre-contractual transparency requirements to be met in connection with the distribution of insurance products and on administrative sanctions.
Although the Legislative Decree approved by the Italian Government on 16 May aimed at implementing in Italy the IDD has not been published yet in the Italian Official Journal, IVASS decided to accelerate the approval process of the necessary secondary level measures. They will significantly impact the current regulations regarding the activity of insurance undertakings and intermediaries and are to enter into force by 1st October 2018.
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:
- Publication of the FCA’s finalised guidance on its approach to Part VII transfers of insurance business
- Publication by the PRA of its policy statement on financial management and planning by insurers
- The Financial Guidance and Claims Act 2018
Following a consultation from May to August 2017, the Financial Conduct Authority has issued its long awaited final guidance on its approach to the review of insurance business transfers under Part VII of the Financial Services and Markets Act 2000. Although the Prudential Regulation Authority takes the lead on managing the process of a Part VII transfer, the FCA plays an active role in that process and must be consulted with by the PRA at all stages. Last year, the FCA said that it had produced the draft guidance partly in response to requests from industry practitioners to help them understand the FCA’s particular approach and requirements which may be different to that of the PRA, as it has different regulatory objectives. Also, to help applicants reduce costs by ensuring a smooth review process and avoiding additional work which would arise if the FCA rejected draft documents prepared by the applicant or independent expert. This finalised guidance sets out the FCA’s key considerations and general expectations when reviewing a Part VII Transfer. Click here for our summary of the guidance.
Pharmacogenetics is the study of how genes affect a person’s reaction to medicines. The combination of pharmacology (the science of drugs) and genomics (the study of genes and their functions) leads to the development of medications that will be effective and safe, as they will be tailored to a person’s genetic make-up.
A small blood or saliva sample can help determine:
- Whether the medication can be effective treatment for you;
- What dosage is best for you; and
- Whether you could have serious side effects from a medication.
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On 7 May 2018, Oklahoma Governor Mary Fallin signed into law a measure that, effective 1 November 2018, will allow an insurer or reinsurer, through a court supervised process, to transfer a portfolio of business to another insurer domiciled in Oklahoma without the affirmative consent of policyholders or insureds, becoming the first U.S. state to embrace insurance business transfers (“IBTs”) under a structure that closely mimics “Part VII” transfers authorized under the UK Financial Services and Markets Act 2000. If it gains traction, this statute could become a viable alternative structure to complex reinsurance transactions typically employed in the sale of a block of business to a third party.
To learn about key takeaways from this, please click here for a full analysis.
Following up on our 2018 Insurance Horizons brochure, which comments on legal and regulatory trends and developments across the insurance industry, we have today released Insurance M&A 2017/2018, a paper that takes a closer look at M&A activity across the sector.
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As a global insurance industry team, we aim to follow industry trends and developments as closely as possible in order to deliver well informed perspectives and thought leadership to our clients and contacts.
Our Insurance Horizons 2018 brochure considers the impact of technology, interest rates, protectionism, excess capacity in the reinsurance market and cyber risk. We also look in detail at M&A in the industry, sanctions and insurtech in Asia, and provide a focus on the development of micro-insurance.
To continue reading, click here.
Please join specialists from our financial services, regulatory investigations and enforcement and employment teams for a CPD accredited breakfast seminar looking at the impact of the requirements on the insurance industry and how firms can best prepare for this change.
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