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Category Archives: European Union

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Posted in Asia, European Union, France, Germany, Hungary, Italy, Latin America, Market developments, Poland, Regulatory and legislative updates, Russia, Singapore, South Africa, Spain, UK, USA

Insurance Horizons 2018

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.

Posted in European Union, Regulatory and legislative updates, UK

Are you a credit insurer? Or a bank which relies on credit insurance? Now is the time to respond to the PRA’s consultation on unfunded guarantees

It has now been two months since the PRA opened a consultation on the eligibility of unfunded guarantees as a form of credit risk mitigation for banks. The consultation will remain open for responses for two and a half more weeks – until 16 May 2018. Although the consultation relates to banking regulation, the consultation

Posted in European Union, Regulatory and legislative updates, UK

The PRA response to the Treasury Committee’s Inquiry into Solvency II

In October 2017, the Treasury Committee of the House of Commons (the Committee) published its report on the Solvency II Directive and the upcoming issues generated by Brexit for the UK insurance industry. As part of its report, the Committee made a series of recommendations to the PRA, which we highlighted in our previous note

Posted in European Union, Market developments, USA

US: National Association of Insurance Commissioners to Hold February Hearing on Collateral Requirements for EU Reinsurers

The National Association of Insurance Commissioners (NAIC) will hold a public hearing in New York City on 20 February 2018 to consider how U.S. States should address the elimination of reinsurance collateral requirements for EU reinsurers of U.S. insurance business that were covered in the bilateral agreement between the U.S. and the EU on Prudential

Posted in European Union, Italy, Regulatory and legislative updates

Italy: IVASS provides instructions to insurance intermediaries for preventing cyber risks

IVASS has just published a letter to the market addressed to Italian and EU insurance intermediaries and undertakings addressing the level of awareness of traditional intermediaries about the risks involved in the use of new technologies and the prevention and protection measures adopted to face these risks. The letter is a follow up to the investigation

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

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

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,

Posted in European Union, Market developments, Regulatory and legislative updates, UK

Industry at odds with regulators over new framework for insurance recovery and resolution

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

Posted in European Union, Market developments, Regulatory and legislative updates, UK

Webinar: Brexit issues for insurance companies – The countdown to Brexit starts now

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

Posted in European Union, Regulatory and legislative updates, UK

The Treasury Committee inquiry into EU insurance regulation – what have we learned so far?

https://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 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 European Union, Market developments

Insurance Europe asks for simpler, future and tech-proof EU consumer protection rules

Insurance Europe, the federation representing insurance and reinsurance undertakings across the EU, issued last 5 December a briefing asking for “better, not more, information for consumers” as regards the new Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation and the Insurance Distribution Directive (IDD). According to Insurance Europe, the new EU regulations, such as the

Posted in Asia, China and Hong Kong, European Union, France, Germany, Hungary, Indonesia, Italy, Japan, Latin America, Market developments, Poland, Regulatory and legislative updates, Russia, Singapore, Singapore, South Africa, Spain, The Netherlands, UK, USA, Vietnam

Hogan Lovells sponsoring InsurTech Rising 2016

Running from 14 to 16 November, the InsurTech Rising conference and Blockchain Summit will bring together key startups and incumbents shaping the InsurTech sector. Hogan Lovells is the conference’s Gold Sponsor and will be presenting on blockchain, the internet of things and insurance regulation, as well as moderating a panel discussion, introducing demos from a

Posted in Asia, European Union, France, Germany, Hungary, Italy, Latin America, Market developments, Poland, Regulatory and legislative updates, Singapore, South Africa, Spain, The Netherlands, UK, USA

Brexit – You snooze, you lose

It is 90 days since the UK’s electorate voted to leave the EU. With so many unknowns, how can you look beyond the uncertainty and decide what to do right now? The Brexit toolkit  is a seven step practical guide to help you assess real impacts and implement a practical response. It also contains critical

Posted in Asia, China and Hong Kong, European Union, France, Germany, Hungary, Indonesia, Italy, Japan, Latin America, Market developments, Poland, Russia, Singapore, Singapore, South Africa, Spain, The Netherlands, UK, USA, Vietnam

InsurTech – Innovation in Insurance?

What is genuinely innovative about today’s insurance sector? Perhaps little – but that is beginning to change. For the past few years we have seen innovative ways of selling products – such as search engine aggregators – at the distribution end of the retail market. Yet with the majority of costs borne by insurers falling

Posted in Asia, China and Hong Kong, European Union, France, Germany, Hungary, Indonesia, Italy, Japan, Latin America, Market developments, Poland, Regulatory and legislative updates, Russia, Singapore, Singapore, South Africa, Spain, The Netherlands, UK, USA, Vietnam

Brexit: Hague Convention ensures English jurisdiction agreements and judgments will continue to have force within the EU

Following last week’s vote for Brexit, many are wondering what impact the decision will have on litigation and arbitration in the UK.  Will jurisdiction agreements in favour of the UK courts continue to be respected within the EU, and will English judgments be enforceable throughout the EU?  How are court documents to be served in

Posted in Asia, China and Hong Kong, European Union, France, Germany, Hungary, Indonesia, Italy, Japan, Latin America, Market developments, Poland, Regulatory and legislative updates, Russia, Singapore, Singapore, South Africa, Spain, The Netherlands, UK, USA, Vietnam

Impact of Brexit on the Insurance Industry

Webinar Invitation – 13 July 2016 In this webinar, we will be looking 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 will consider the corporate structures

Posted in European Union, Market developments, Regulatory and legislative updates, UK

Impact of Brexit on the insurance industry: what’s next?

In this bulletin, we summarise some of the issues the insurance industry now faces following the referendum result. Hogan Lovells has had in place a dedicated constitutional change taskforce led by senior thought leaders from across our business since 2014 to analyse and alert businesses to the issues on the horizon.  We also have a

Posted in European Union, Market developments, Regulatory and legislative updates, UK, USA

Watch our Insurance Linked Securities Seminar

On Tuesday 26th April Hogan Lovells hosted a live webinar on the topic of insurance linked securities. Featuring speakers from HM Treasury and HM Revenue & Customs, the session examined the UK government’s recent consultation paper on the topic and its plans to transform the UK into a hub for ILS transactions. The informative discussion also provided

Posted in European Union, Regulatory and legislative updates

‘The new Insurance Distribution Directive: changes to the regulation of insurance intermediaries in the EU

The new Insurance Distribution Directive, which came into force con 22 February 2016 and updates the 2002 Insurance Mediation Directive, sets out a framework for regulating EU insurance brokers, agents and other intermediaries. The key elements of the new Directive, which shall be transposed into national laws and regulations in a two-year term,  are (i)

Posted in European Union, Market developments, UK, USA

The Joint Comprehensive Plan of Action (“JCPOA”) – Implementation Day

Under the JCPOA, the EU 3+3 agreed to lift certain economic and financial sanctions against Iran in return for Iran complying with its nuclear-related obligations.  For further detail of the structure of the JCPOA, please see our prior blog post on 17 July 2015. On 16 January 2016, Implementation Day, the International Atomic Energy Agency