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Category Archives: UK

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

EIOPA’s timely reminder of the impact of low interest rates on insurers

Insurance businesses in a low interest rate environment The Supervisory Statement released by the European Insurance and Occupational Pensions Authority (EIOPA) on Wednesday, 18 March is a timely reminder of the potential negative side effects of low or negative interest rates on both life and non-life insurers. EIOPA considers the current ultra-low interest rate environment

Posted in Market developments, Regulatory and legislative updates, UK

‘Open Insurance’: What does the future hold?

FCA’s Call for Input on Open Finance Open Finance refers to the extension of open-banking-like data sharing and third-party access to a wider range of financial sectors and products, including in the insurance market. The FCA highlighted in its recent market study on general insurance pricing practices (October 2019), that Open Finance and the increasing

Posted in Market developments, Regulatory and legislative updates, UK

Fever in the morning, Cover all through the night: Insurance and planning for the effect of Coronavirus on business

COVID-19 has already had a significant economic impact, which is likely to increase as Wuhan- and Italy-style lockdowns of large regions are implemented in other areas across the globe. While much has been said about large-scale flexible working, this will clearly not be possible for all businesses, and economic losses caused by disruptions including closure

Posted in European Union, Regulatory and legislative updates, UK

Webinar: Insurance Distribution: Regulatory priorities for 2020 – 11 March 2020

2020 looks set to be the “Year of the Insurance Customer” with regulators throughout Europe focusing on the customer experience. Please join us at our forthcoming webinar as we consider the ways in which regulators across Europe have put the spotlight on customers including fair pricing and the so-called “loyalty penalty”, the treatment of vulnerable

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – February 2020

The Hogan Lovells’ Corporate Insurance Newsletter for February 2020 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: FCA’s paper on its Sector Views 2020 and the Lloyd’s Market Association’s 2020 priorities On Brexit –

Posted in Regulatory and legislative updates, UK

UK: Operational resilience: a new area of regulation you need to think about now

Several high profile systems failures resulting in customers being unable to access their finances and an ever-increasing reliance on outsourcing key activities to group entities or third parties have unsurprisingly caught the regulators’ attention. The PRA and FCA are consulting on proposed new rules on operational resilience.  “Operational resilience” is defined as the ability of

Posted in Market developments, Regulatory and legislative updates, UK

UK: FCA Signposts Travellers with Pre-Existing Medical Conditions To Better Outcomes

Some consumers with pre-existing medical conditions (“PEMCs”) have problems navigating the travel insurance market and finding affordable cover given their medical conditions. Some are declined cover, only offered cover that excludes their PEMC or are offered what they consider to be unaffordable premiums. To address this problem, the FCA is introducing new signposting rules and guidance

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – January 2020

The Hogan Lovells’ Corporate Insurance Newsletter for January 2020 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: Reintroduction of the Financial Services Duty of Care Bill to Parliament Papers on the future of the

Posted in Case reports, UK

“Of Ransoms, Bitcoin, and Injunctions”: English High Court grants subrogee insurer proprietary injunction over ransomed Bitcoin

In a gripping tale sure to excite die-hard Potter fans everywhere, the English High Court has granted a so-called ‘Harry Potter injunction‘ (i.e. a protective injunction against persons unknown[1]) restraining the dissipation of Bitcoin from a specified Bitcoin exchange. Aside from tenuous/clickbait-worthy links to children’s literature, the case is of interest for two main reasons:

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – December 2019

The Hogan Lovells’ Corporate Insurance Newsletter for December 2019 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 PRA and FPC joint discussion paper on financial implications on climate change PRA papers on outsourcing

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – November 2019

The Hogan Lovells’ Corporate Insurance Newsletter for November 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  papers and other material from the  PRA and EIOPA IAIS material on ComFrame and the Insurance

Posted in Regulatory and legislative updates, UK

Vulnerable customers and financial services: what does the future hold?

The fair treatment of vulnerable customers is a key priority for the FCA. It is an important topic not least because the FCA considers that half of UK adults (25.6 million people) display one or more characteristics of potential vulnerability. The FCA’s definition of a vulnerable customer is intentionally broad and captures anyone who “due

Posted in Market developments, UK

Pool Re launches Pool Re Solutions – a shift in the insurance industry’s relationship with terrorism risk?

Pool Reinsurance Company Limited has launched Pool Re Solutions, a new in-house centre of excellence for understanding, modelling and managing the threat of terrorism. The new unit is aimed at helping the reinsurer support its members in a bid to address market failures that exist in capacity, demand and information gaps. It is hoped that

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – October 2019

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  papers and other material from the HM Treasury, PRA, FCA and EIOPA FCA’s papers on

Posted in UK

Hogan Lovells Blockchain Summit – 5 November 2019

Hogan Lovells is proud to host our Blockchain Summit on “The Impact of Digital Assets on Financial Institutions” at our offices in London. Join us for a series of in-depth panels and presentations on regulatory and compliance issues from industry leaders and legal compliance specialists. Agenda highlights: Keynote Lawrence Wintermeyer, Co-Chair, Global Digital Finance Panels:

Posted in Regulatory and legislative updates, UK

UK: FCA Market Study into General Insurance Pricing Practices: time to look at pricing strategies?

On 4 October 2019, the FCA published its much anticipated Interim Report on its Market Study into general insurance pricing practices (the “Interim Report“). The Market Study stems from the work of the FCA in its Thematic Review into pricing practices in the retail insurance sector which concluded that further action was necessary due to

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – September 2019

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: Latest Brexit related  papers and other material from the HM Treasury, PRA and FCA PRA’s latest consultations on 

Posted in Regulatory and legislative updates, UK

UK: Prudent Person Principle – PRA sets out its expectations

  On 18 September 2019, the Prudential Regulation Authority (the “PRA”) published Consultation Paper (“CP”) 22/19, which details its proposed expectations of firms investing in accordance with the Prudent Person Principle (“PPP”). Background The PPP can be found in Chapters 2 to 5 of the Investments Part of the PRA Rulebook, which transposes Article 132

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – July and August 2019

The Hogan Lovells’ Corporate Insurance Newsletter for July and 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: Latest Brexit related  papers and other material from the HM Treasury, PRA and FCA FCA’s latest

Posted in Regulatory and legislative updates, UK

Webinar: Insurance M&A – Recent developments in the sector – Wednesday, 18 September 2019

Many of the trends underpinning high levels of merger and acquisition (M&A) activity in the insurance sector over the past few years, such as persistently low interest rates, tightening regulation, and overcapacity in certain markets, continue to exist today. So what can we expect from M&A in the insurance industry in 2019? Will businesses pause

Posted in European Union, Regulatory and legislative updates, UK

EIOPA Cloud Outsourcing Guidelines Consultation

We mentioned in our blog on 12 April 2019 that the European Insurance and Occupational Pension Authority (EIOPA) intended to publish guidance on cloud outsourcing in the (re)insurance sector. Following the lead of the European Banking Authority (EBA), whose Recommendations on outsourcing to cloud service providers for the banking industry have been in force since

Posted in Regulatory and legislative updates, UK

UK: FCA draft vulnerability guidance: embedding ‘doing the right thing’ in firms’ culture

The FCA has published a consultation on proposed non-Handbook guidance for firms on the fair treatment of vulnerable customers. The FCA reiterates that vulnerability is one of its key priorities and makes it clear that the draft guidance sets out its view of what its Principles for Businesses require of financial services firms to ensure