IVASS has just published a letter to the market addressed to Italian and EU insurance intermediaries and undertakings addressing the level of awareness of traditional intermediaries about the risks involved in the use of new technologies and the prevention and protection measures adopted to face these risks. The letter is a follow up to the investigation launched on 25 July 2017.
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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 and the PRA’s approach to authorisation and supervision of insurers.
- Publication of near-final rules for the implementation of the IDD in the UK and the proposal from the European Commission to delay the application of the IDD.
- The coming in to force of the new regulatory and supervisory framework for insurance-linked securities 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 introduces a new corporate structure for multi-arrangement insurance special purpose vehicles (‘ISPVs’) and a new regulated activity of insurance risk transformation under the Financial Services and Markets Act 2000. The authorisation and supervision of ISPVs will be regulated by the Financial Conduct Authority (‘FCA’) and Prudential Regulation Authority (‘PRA’). New rules in the FCA Handbook and PRA Rulebook will come into force on 8 December.
For details about the background to the Government’s proposals and the structure of the new regime see our blog article ‘ILS – one step closer to creating a London hub‘. Or view our webinar on insurance linked securities featuring speakers from HM Treasury and HM Revenue & Customs.
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 near final rules creating the regulatory framework for insurance-linked securities
- Publication by EIOPA of its first set of advice on the Solvency II Delegated Regulation and consultation on second set of advice.
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.
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In this hoganlovells.com interview, Hogan Lovells counsel Robert Fettman discusses the evolution of cyber insurance, the level of regulatory oversight applied to covered entities, and ways that noninsurance companies can offer their clients cyber insurance coverage.
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 will look at whether the sector “fosters innovation and competition in the interests of its diverse range of clients“. In particular, the FCA highlights recent significant changes within the wholesale insurance sector, which has led to new services and business practices being developed by brokers. Continue Reading
On Thursday, November 16 Hogan Lovells will host the inaugural U.S. InsurTech symposium in New York. The program will explore current issues across the industry and will feature four panel discussions with leadership from top organizations in the field.
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To RSVP please contact us.
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 and interested parties, we published a note in March of this year, discussing the key issues that had begun to arise from the previous Committee’s investigations.
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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 PRA’s consultation paper setting out its expectations of firms in respect of the application of the matching adjustment
- EIOPA’s guidelines on execution only sales