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Category Archives: Regulatory and legislative updates

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Posted in Market developments, Regulatory and legislative updates, USA

Interview: Cyber Insurance: Managing Your Cyber Liability and Avoiding Coverage Gaps

Mark Goodman is a partner in our San Francisco office. In this hoganlovells.com interview, he addresses the need for companies to manage their cyber risk and the role that insurance plays in an organization’s overall risk management and cyber liability strategy. Click here to continue reading…

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

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 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

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

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

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

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 Regulatory and legislative updates, UK

Implementing Blockchain in the Real World

Last week we held a conference where we brought together blockchain experts and industry thought-leaders in a number of sessions, sharing insights on how to embrace the technology whilst navigating the legal and regulatory framework. Our interactive breakout sessions explored distribute ledger technology and blockchain in areas such as capital markets, insurance, market infrastructure and

Posted in Regulatory and legislative updates, USA

US: Temporary extension of the NFIP in wake of Hurricane Harvey

On September 8th, just days after Hurricane Harvey decimated the Houston metropolitan area, and while many Florida residents were evacuating as Hurricane Irma approached, President Trump signed into law the Continuing Appropriations Act, 2018. Among other things, the Act appropriates disaster funds to the Federal Emergency Management Agency (“FEMA”) and temporarily extends the National Flood

Posted in Regulatory and legislative updates, USA

NYDFS proposed regulation addresses financial disclosure requirements for directors and officers of private equity buyers of insurance companies

On August 9, 2017, the New York Department of Financial Services (NYDFS) released for public comment proposed amendments to its regulations governing the approval process for the acquisition of control of insurance companies domiciled in New York. The regulations, NYDFS Regulation 52 (11 NYCRR part 80), sets forth the information required to be furnished in

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – July 2017

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: Publication of final drafts of regulations on insurance linked securities PRA’s policy statements on dealing with a market

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – June 2017

The Hogan Lovells’ Corporate Insurance Newsletter for June 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 Queen’s Speech – the Government announces a number of new Bills relevant to insurers The FCA call for

Posted in Italy, Regulatory and legislative updates

Italy: Implications for life insurers on the implementation of the PRIIPs Regulation

Silvia Lolli from our Rome office has written an article about the implementation of the PRIIPs Regulation in Italy and the implications  for life insurers and their existing transparency obligations with regard to customers.  The article is in Italian and has been published on Diritto Bancurio.  Click here to view the article.  

Posted in Latin America, Market developments, Regulatory and legislative updates

Mexico: Insurance regulator provides 2017 required minimum paid-in capital for insurers and bonding companies

Introduction On June 5 2017 the National Insurance and Bonds Commission amended the Sole Provisions on Insurance and Bonds to provide the value of the investment unit (UDI) that insurers and bonding companies must consider when calculating their required minimum paid-in capital. Insurers and bonding companies must comply with the required minimum paid-in capital each

Posted in Regulatory and legislative updates, UK

UK: FCA call for input on access to insurance

On 20 June 2017, the Financial Conduct Authority (“FCA“) published a Call for Input inviting firms (amongst other stakeholders) to submit their views on the challenges they face in providing travel insurance to consumers who have (or have had) cancer (“Relevant Consumers“) by 15 September 2017. The issue In May 2016 the FCA published its

Posted in Regulatory and legislative updates, Sanctions, UK

UK: Government announces International Sanctions Bill

The UK government has set out plans in this week’s Queen’s Speech for a new International Sanctions Bill (the “Bill“) that aims to ensure that the UK will continue to meet its international sanctions policy obligations and national security objectives after its withdrawal from the European Union. Background The UK currently implements 34 sanctions regimes,

Posted in Regulatory and legislative updates, USA

US: Governor Cuomo and NY Department of Financial Services respond to congressional efforts to repeal the Affordable Care Act with “aggressive actions”

On 5 June 2017, in response to the Congressional efforts to “repeal and replace” the Affordable Care Act (the ACA), the New York Department of Financial Services (NYDFS) issued a press release entitled “Governor Cuomo Announces Aggressive Actions to Protect Access to Quality, Affordable Health Care for All New Yorkers” (the Press Release), which outlines

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – May 2017

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: The FCA’s final rules on implementing information prompts in the annuity market The FCA’s consultation on proposed guidance on

Posted in Latin America, Regulatory and legislative updates

Mexico: Surety insurers prepare to commence operations

Two years after the Insurance and Bonding Companies Law was enacted, surety insurance is finally starting to take effect in Mexico and coexist with other institutions that integrate the bonding sector. In Mexico, surety insurance is regulated as a mechanism to guarantee obligations, under which an insurer must indemnify the insured (ie, the beneficiary) in

Posted in Asia, China and Hong Kong, Regulatory and legislative updates

Insurers to benefit from mutual solvency recognition between Mainland China and Hong Kong

On 16 May 2017 the CIRC and the Hong Kong Office of the Commissioner of Insurance (“OCI“) entered into a framework agreement aimed at mutual recognition of solvency regimes between Mainland China and Hong Kong. China adopted a risk-based capital regime, C-ROSS, with effect from 1 January 2016. In Hong Kong, the consultation on a