On 19 February 2019, the European insurance regulator EIOPA released recommendations for the insurance sector, calling on national supervisory authorities (“NCAs“) in the EU27 to minimise the detriment to insurance policyholders and beneficiaries in case of a no-deal Brexit. Other states in the European Economic Area (“EEA“) can be expected to follow EIOPA’s recommendations. The
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
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.
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 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.
After one year from the last coordinated intervention of IVASS and the Bank of Italy in this sector aimed at better protecting policyholders/borrowers, IVASS issued a new letter to the market addressed to insurance undertakings and intermediaries enrolled in section D of IVASS Registry of insurance intermediaries (banks and financial intermediaries) in relation to policies
On 6 March 2017 the FCA published its first consultation paper (CP 17/7, the “Consultation Paper“) on its proposals for implementing the Insurance Distribution Directive ((EU) 2016/97, the “IDD“). The deadline for implementation is 23 February 2018. The FCA plans to make a number of important changes to the FCA rules in order to accommodate
Member States across the EU are due to implement the Insurance Distribution Directive by 23 February 2018. With just one year to go we have looked at what progress the supervisory authorities in France, Germany, Italy, Poland, Spain and the UK are making with their implementation plans and how firms in each country might be
Yesterday IVASS published on its website Regulation No. 46 of 3 May 2016 (“Regulation 46“) – amending ISVAP Regulation No. 24 of 19 May 2008 (“Regulation 24“) on the procedure for the submission of complaints to IVASS and the management of complaints by insurance companies. Regulation 46 extends the scope of Regulation 24 to Italian
The new Insurance Distribution Directive, which came into force con 22 February 2016 and updates the 2002 Insurance Mediation Directive, sets out a framework for regulating EU insurance brokers, agents and other intermediaries. The key elements of the new Directive, which shall be transposed into national laws and regulations in a two-year term, are (i)
The Insurance Companies (Amendment) Bill 2014 (“ICA“) was passed on 10 July 2015. Under the ICA, the Insurance Companies Ordinance (“ICO“) will be amended and renamed “Insurance Ordinance” (“IO“). An independent insurance authority (“IIA“) will be set up to replace the existing Insurance Authority. The establishment of the IIA has been described as the most
Progress has been made recently with the Council of the European Union agreeing its general approach on the Insurance Mediation Directive 2 (“IMD2”) on 5 November 2014. This allows negotiations to begin with the European Parliament. The European Commission originally presented a proposal for a revised insurance mediation directive in July 2012 and, following initial