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Category Archives: Regulatory and legislative updates

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Posted in European Union, Regulatory and legislative updates, UK, Uncategorized

No-deal Brexit: reorganisation and winding up of insurers

Introduction As part of its planning for a no-deal Brexit, on 30 November HM Treasury published a draft of the Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2018 (the “Draft Regulations“), which have been laid before Parliament, along with explanatory information. The Draft Regulations will take effect on exit

Posted in European Union, Regulatory and legislative updates, UK

Draft Insurance Distribution (Amendment) (EU Exit) Regulations 2019 published by HM Treasury: Brexit SI

On 21 November 2018, HM Treasury published a draft version of the Insurance Distribution (Amendment) (EU Exit) Regulations 2019, together with an explanatory information document. The purpose of the Regulations is to correct deficiencies in retained EU law relating to the Insurance Distribution Directive ((EU) 2016/97) (IDD) that arise from the UK leaving the EU,

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

Too soon to harmonize EU Insurance Guarantee Schemes?

Insurance Guarantee Schemes (“IGS“) provide last resort protection to consumers in the event that their insurance company becomes insolvent or simply unable to fulfill their contractual commitments. This sort of protection networks have been made effective through directives in other sectors, such as banking and securities. Nevertheless, a directive has yet to be implemented for

Posted in European Union, Regulatory and legislative updates, UK

“No deal” Brexit: UK Government publishes details on draft regulations amending FSMA

On 22 November 2018, HM Treasury published Explanatory Information on the draft Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (the “Draft FSMA Regulations“). The Draft FSMA Regulations will make amendments to the Financial Services and Markets Act 2000 (“FSMA“) and related legislation to ensure that the UK’s financial services framework continues

Posted in European Union, Regulatory and legislative updates, UK

UK regulators prepare for ‘No Deal Brexit’ with a Temporary Permissions Regime

HM Treasury has proposed a Temporary Permissions Regime (“TPR“) as a temporary measure to replace the passporting regime in Schedule 3 and 4 of the Financial Services and Markets Act 2000 (“FSMA“) in the event of a no-deal Brexit. The legislative framework for the TPR is found in the EEA Passport Rights (Amendment, etc., and

Posted in Regulatory and legislative updates, UK

UK: PPI Update – November 2018

FCA publishes final guidance on regular premium PPI complaints and new consultation on mailing rules On 7 November 2018, the FCA released a consultation paper (CP18/33) publishing final guidance clarifying its expectations about the handling of mis-selling complaints relating to regular premium PPI, and proposing new mailing rules requiring firms to write to previously rejected

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – October 2018

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: Latest Brexit related consultation papers and other material from the Bank of England, PRA and FCA The FCA

Posted in Regulatory and legislative updates, UK

UK: FCA publishes PPI complaints deadline progress report

On 24 October 2018, the FCA published a report on the progress of its consumer communications campaign on PPI mis-selling (the “CCC”) and its supervision of the manner in which firms are handling PPI complaints. The progress report is the latest of a series of publications from the FCA on PPI mis-selling following the Supreme

Posted in European Union, Regulatory and legislative updates, UK

The time is now: EIOPA calls for action to ensure service continuity in cross-border insurance

Following its Opinion on 21 December 2017, the European Insurance and Occupational Pensions Authority (EIOPA), yesterday (5th November) issued a call to action to ensure service continuity in cross-border insurance. In the December 2017 Opinion, EIOPA urged insurance undertakings and regulators to take the necessary steps in good time to ensure the continuity of cross-border

Posted in Market developments, Regulatory and legislative updates, UK

Webinar – Recent developments in Part VII transfers and schemes of arrangement for insurers

Part VII transfers continue to be an important tool for both M&A and group reorganisations in the insurance industry, not least because of Brexit. In addition, there is an increasing interest in the use of schemes of arrangement to restructure insurance businesses. Click here to read more and to register for the Webinar.

Posted in European Union, Regulatory and legislative updates, UK

No deal Brexit – Government publishes advice on vehicle insurance

On 24 September 2018, the Government published a technical notice on vehicle insurance if there is no Brexit deal. The current position Motorists from non-EU countries driving in the EU must have a Green Card, an internationally recognised certificate issued by their motor insurer as proof that they have third party motor insurance cover for

Posted in Market developments, Regulatory and legislative updates, USA

US: NAIC Developing Best Practices for Regulatory Review of Predictive Models and Analytics in Rate Filings

As computing power grows exponentially, it has opened the actuarial modeling world to new and sophisticated forms of data collection and analysis, resulting in insurance companies seeking increased “predictiveness” of potential losses by employing ever more complex modeling methods in establishing, and justifying, premium rates. Predictive analytics, which involve a number of techniques, including data

Posted in Regulatory and legislative updates, UK

UK: The FCA consults on new SM&CR guidance on statements of responsibilities and responsibilities maps

On 11 October 2018, the FCA published a guidance consultation for FCA-authorised firms on preparing statements of responsibilities and responsibilities maps under the Senior Managers and Certification Regime (SM&CR). Under the SM&CR, which will apply to all FCA authorised firms from 9 December 2019, firms will be required to prepare statements of responsibilities for each

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – September 2018

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: Publication of a speech by David Rule at the PRA about current issues in insurance supervision. A new

Posted in European Union, Regulatory and legislative updates, UK

Addressing Implementation: Messages from the FCA Workshop on its approach to consumers

The FCA held a workshop last week on Customers in Vulnerable Circumstances which focused on its approach to ensuring inclusive and fair treatment of vulnerable consumers in the financial services industry. Much of the focus draws from its Approach to Consumers published in July 2018 (see our previous FISion blog here). The FCA said? The

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – August 2018

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: Publication by the Government of various Brexit related papers including guidance from HM Treasury on preparation for a

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – July 2018

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 by the FCA and PRA of new policy statements and consultation papers relating to the implementation of

Posted in Italy, Regulatory and legislative updates

Italy: IVASS reviews rules on corporate governance system and outsourcing

IVASS published on 5 June Regulation no. 38 concerning provisions on the corporate governance system (the “Regulation“) implementing EIOPA Guidelines pursuant to Solvency II Directive. The Regulation will be applicable to: (i) insurance and reinsurance undertakings having a registered office in Italy (ii) the Italian branches of insurance and reinsurance undertakings having a registered office

Posted in Regulatory and legislative updates, UK

UK: PPI Update – July 2018

FCA Consultation Paper 18/18 On 4 July 2018, the FCA released a Consultation Paper providing guidance and seeking responses on PPI mis-selling complaints, and the issue of recurring non-disclosure of commissions. The consultation follows the publication in August 2017 of amendments to provisions the FCA Handbook relating to the handling of PPI mis-selling complaints (DISP

Posted in Regulatory and legislative updates, UK

UK: The FCA and the PRA have released near final rules on the Senior Managers and Certification Regime

On 4 July 2018, the FCA and the PRA released near final rules on the extension of the Senior Managers and Certification Regime (SMCR). While the majority of the rules remain the same, the regulators have made a few changes and have also provided a significant amount of extra guidance to firms who will be

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – June 2018

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: Papers published by HM Treasury, the Bank of England, FCA and EIOPA about preparing for Brexit Publication by

Posted in Italy, Regulatory and legislative updates

Italy: Insurance based investment products: Consob simplifies transparency requirements for life insurance undertakings

On 28 June Consob (the Italian supervisory authority on financial markets) launched a public consultation regarding amendments to its Regulation adopted with Resolution No. 11971 of 14 May 1999 (“Consob Regulation on Issuers”) in order to review the pre-contractual information requirements to be met by insurance undertakings when issuing insurance products with financial content (i.e.

Posted in Asia, China and Hong Kong, Indonesia, Japan, Regulatory and legislative updates, Singapore, Vietnam

Changes in insurance regulation: China / Hong Kong / Singapore / Indonesia / Vietnam

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.