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Global Insurance Blog

International Insurance and Reinsurance News, Trends, and Cases

Posted in Market developments, USA

The evolving cyber insurance market: How IT companies, financial institutions, and other nontraditional players can offer cyber insurance coverage to their customers

In this hoganlovells.com interview, Hogan Lovells counsel Robert Fettman discusses the evolution of cyber insurance, the level of regulatory oversight applied to covered entities, and ways that noninsurance companies can offer their clients cyber insurance coverage.

Posted in Regulatory and legislative updates, UK

UK: Launch of FCA Wholesale Insurance Broker Market Study

The FCA has yesterday launched a market study into wholesale insurance broking practices.  The FCA has published Terms of Reference for the study, which are discussed below.  The FCA’s 2017 business plan (published in April of this year) signalled the FCA’s plans to undertake this market study (previously discussed on this blog here).

The FCA will look at whether the sector “fosters innovation and competition in the interests of its diverse range of clients“.  In particular, the FCA highlights recent significant changes within the wholesale insurance sector, which has led to new services and business practices being developed by brokers. Continue Reading

Posted in Regulatory and legislative updates, USA

US: Hogan Lovells New York InsurTech Symposium – 16 November 2017

On Thursday, November 16 Hogan Lovells will host the inaugural U.S. InsurTech symposium in New York. The program will explore current issues across the industry and will feature four panel discussions with leadership from top organizations in the field.

Click here for more information.

To RSVP please contact us.

Posted in European Union, Regulatory and legislative updates, UK

The Treasury Committee’s Report on EU Insurance Regulation – What’s next for the PRA and the UK insurance industry?

In September 2016, the treasury committee of the House of Commons (the Committee) launched an inquiry into EU insurance regulation and to supplement its work on the relationship that the UK might seek to have with the EU following Brexit.

Following the publication of various submissions and further evidence from a variety of market participants and interested parties, we published a note in March of this year, discussing the key issues that had begun to arise from the previous Committee’s investigations.

Click here to read the full article …

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – October 2017

The Hogan Lovells’ Corporate Insurance Newsletter for  October  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 of the results of the Treasury Select Committee’s inquiry into the implementation of Solvency II
  • The PRA’s consultation paper setting out its expectations of firms in respect of the application of the matching adjustment
  • EIOPA’s guidelines on execution only sales
Posted in Regulatory and legislative updates, Spain

Reinsurance, set-off rights and insolvency under Spanish law

A usual query that arises in Spain in almost any single reinsurance transaction or contract where some money is advanced or handed over between the parties is whether it is possible to set-off mutual debts within an insolvency proceedings.

Set-off is an equitable right that allows the parties to a contract to cancel or offset mutual debts to each other by asserting the amounts owed, subtracting one from the other and paying only the balance. In particular, the right of set-off is used in day-to-day business transactions between reinsurers and cedants (reinsured). Balances due to the reinsured for paid losses and earned premiums due from the reinsured to the reinsurer are netted out between the reinsured and the reinsurer through periodic accounting reports.

Click here to read the full article

Posted in Regulatory and legislative updates, UK

UK – Insurance Distribution Directive: Proposal to extend application date

The Insurance Distribution Directive ((EU) 2016/97, the “IDD”) came into force on 22 February 2016, and the current deadline for transposition by member states is 23 February 2018. The impact of the IDD has been previously discussed on this blog, most recently in March 2017, in light of the FCA’s first Consultation Paper. In a recent development, the European Parliament’s Economic and Monetary Affairs Committee (“ECON”) has recommended that the application date of the IDD is delayed until 1 October 2018. Continue Reading

Posted in Regulatory and legislative updates, UK

UK: Seminar – Insurance investments – challenges and opportunities

Thursday, 19 October 2017 8:30 am – 10:00 am London

As traditional fixed income strategies continue to generate declining returns in the low-yield environment, insurers are increasingly looking at alternative forms of investment. Alternative asset classes, such as infrastructure, offer potential opportunities for increased returns, as do non-traditional investment vehicles, such as direct lending, debt capital markets and investment funds.

With such a diverse mix of options available, how do you determine which type of investment is best? What are the potential advantages and disadvantages?

On 19 October 2017, Hogan Lovells will host a seminar to discuss the different investments available to insurers, looking at the opportunities and challenges associated with each option. Continue Reading

Posted in European Union, Regulatory and legislative updates, UK

Are you ready for MiFID II?

With just three months to go, we’re offering a special subscription offer for our MiFID II Toolkit. This interactive tool helps you navigate, understand and act on your responsibilities, saving time, money and resources in the process. The toolkit brings all the materials you need together in one place, making complex matters easily accessible, while allowing you to review every part of the legislation and access high-quality Hogan Lovells insight.

To find out more, click here, or email us at engage@hoganlovells.com.

Posted in European Union, Regulatory and legislative updates, USA

U.S. and EU sign covered agreement; issue clarifying statements

On Friday, September 22, 2017 the United States and the European Union signed a bilateral agreement on certain prudential measures regarding insurance and reinsurance (the “Covered Agreement” or “Agreement”).  Execution had been pending since both parties announced their intention to sign on July 14, 2017. Negotiation of the Agreement had been finalized six months earlier, on January 13, 2017.

To continue reading, click here.