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
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
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
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
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
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. Click here to continue reading…
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.
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. Click here for more information
The Hogan Lovells’ Corporate Insurance Newsletter for April 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: A number of PRA consultation papers on Solvency II reporting matters The FCA and PRA business plans for
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
In a letter to the market published by IVASS yesterday, the Italian insurance regulator expressly clarified that the scope of application of the guidelines set out in a previous letter to the market also includes EU insurance undertakings acting in Italy under both the right of establishment and freedom of services regimes. Click here to
The Hogan Lovells’ Corporate Insurance Newsletter for March 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: A number of items related to Brexit, including papers from the PRA and FCA, Theresa May’s speech and
On 29 March 2018, the Treasury Commons Select Committee (the “Committee“) announced an inquiry into economic crime in the UK. The inquiry will have two strands: the anti-money laundering, counter-terrorist financing and sanctions regimes in relation to which the Committee is seeking evidence on, amongst other matters, the scale of sanctions violations in the UK,
The Government’s proposed Civil Liability Bill has just had its first reading in Parliament. The Bill proposes a new method of calculating the discount rate and ways in which to reduce the number of whiplash claims. The discount rate The discount rate is the percentage used to adjust compensation awards for victims of serious personal
The Hogan Lovells’ Corporate Insurance Newsletter for February 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: Regulators’ response to the delay of the application date of the Insurance Distribution Directive The PRA’s final response
After two rounds of consultation, the China Insurance Regulatory Commission (“CIRC“) released the final version of the Administrative Measures for Equity Interests in Insurance Companies (the “New Measures“) on March 7, 2018, which will take effect on April 10, 2018. The New Measures introduce a number of restrictions in relation to shareholdings in insurance companies.
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
The Italian Insurance Regulator (“IVASS“) and the Italian Competition Authority (“AGCM“) have taken coordinated actions against certain clauses contained in health and accidents insurance policies that cover permanent invalidity, because they have been presumed unfair to the insurance beneficiaries. Click here to read more.
On 14 February the EU Council agreed the text of the proposed Directive to postpone the deadline for the transposition into Member States of Directive 2016/97 on insurance distribution (IDD) to 1 July 2018 and the application date of new rules to 1 October 2018. Click here to continue reading the Newsletter.
The Hogan Lovells’ Corporate Insurance Newsletter for January 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 statements and announcements from the FCA and HM Treasury about preparations for the implementation of the Insurance
Just before Christmas, the Law Commission announced plans to develop laws to support the safe development and use of driverless cars in the UK. The aim is to develop legislation which may be ready as early as 2021. The Law Commission is an independent law reform watchdog for England and Wales and this review is
On 29 January 2018, HM Treasury announced that the Senior Managers & Certification Regime (the “SM&CR”) will apply to insurers from 10 December 2018. This means that insurers have less than a year to ensure compliance with the new requirements. The SM&CR builds on the existing accountability requirements applying to insurers, namely the Solvency II
The European Union (the ”EU”) packaged retail and insurance-based investment products (PRIIPs) Regulation (the ”PRIIPs Regulation”) is applicable throughout the EU from 1 January 2018. The main requirement of the PRIIPs Regulation is the provision of a Key Information Document (the ”KID”) to EU retail investors investing in PRIIPs. The KID, which must be provided