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Category Archives: UK

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Insurance M&A 2017/2018

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…

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 Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – April 2018

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

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 Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – March 2018

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

Posted in Regulatory and legislative updates, UK

UK: Treasury Commons Select Committee Economic Crime Inquiry

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,

Posted in Regulatory and legislative updates, UK

UK: The new Civil Liability Bill – will it mean a better discount rate soon?

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

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – February 2018

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

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 Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – January 2018

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

Posted in Regulatory and legislative updates, UK

UK: HM Treasury announces date on which SM&CR will apply to insurers

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

Posted in Regulatory and legislative updates, UK

Corporate Insurance Newsletter – December 2017

The Hogan Lovells’ Corporate Insurance Newsletter for December 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,PRA and HM Treasury about preparations for the UK’s withdrawal from the EU

Posted in Regulatory and legislative updates, UK

New insurance linked securities regime comes into force in the UK

On Friday 8 December 2017, the Risk Transformation Regulations 2017 and the Risk Transformation (Tax) Regulations 2017 (the ‘Regulations’) will come in to effect bringing to fruition the Government’s plans to position the UK as a new centre for the use of insurance linked securities. The Regulations create a new regulatory and tax framework which

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – November 2017

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: Launch of the FCA’s market study of the wholesale insurance brokers market Publication by the FCA and PRA of

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, 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 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, 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