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Tag Archives: Insurance Regulation

Posted in Asia, Regulatory and legislative updates

Changes in insurance regulation: Mainland China / Hong Kong / Singapore / Indonesia / Vietnam

Our Asia insurance regulatory tracker for the third and fourth quarter of 2019 is attached. The tracker covers a range of developments across the region, including China’s measures to further open up China’s insurance sector, the guidelines issued by the Hong Kong Insurance Authority in light of the regulatory regime for insurance intermediaries from September

Posted in Regulatory and legislative updates, UK

Brexit planning: The UK enters into agreements with the U.S. and Switzerland to replicate existing agreements

Introduction On 18 December 2018 the UK and the U.S. signed an agreement on the prudential supervision of insurance and reinsurance companies. Shortly thereafter, on 25 January 2019, HM Treasury announced that it had signed an agreement with Switzerland on direct insurance. These agreements form part of the UK Government’s Brexit preparations: after the UK

Posted in Market developments, USA

US: Federal Reserve previews forthcoming insurance capital rules

In prepared remarks before the American Council of Life Insurer’s Executive Roundtable (Naples, Florida, 9 January 2019), Federal Reserve Board (FRB) Vice Chairman for Supervision Randal Quarles provided the insurance industry with a high-level overview of the FRB’s forthcoming proposal on consolidated capital requirements for insurers supervised by the FRB. Background The Dodd-Frank Wall Street

Posted in Asia, China and Hong Kong, Indonesia, Japan, Regulatory and legislative updates, Singapore, Vietnam

Changes in insurance regulation: China / Hong Kong / Singapore / Indonesia / Vietnam

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.

Posted in European Union, Regulatory and legislative updates, USA

U.S. and EU sign covered agreement; issue clarifying statements

On Friday, September 22, 2017 the United States and the European Union signed a bilateral agreement on certain prudential measures regarding insurance and reinsurance (the “Covered Agreement” or “Agreement”).  Execution had been pending since both parties announced their intention to sign on July 14, 2017. Negotiation of the Agreement had been finalized six months earlier,

Posted in Regulatory and legislative updates, UK

Global Insurance Summit – February 2017

We welcomed over 100 clients to our Global Insurance Summit last month. They gathered, in the heart of the City of London, to hear from industry leaders, academics and new market players. The discussions centred around the changes we’re seeing around the world – whether political, economic, or technological. Our keynote speakers, Lord Adair Turner

Posted in Market developments, Regulatory and legislative updates, UK

Event: Insurance and structured finance – a new dawn

A growing trend is emerging within the insurance sector, where insurers and other users of insurance products are looking to structured finance solutions both from an investment and risk management perspective. What are the driving forces behind this development? Is regulation enhancing or impeding the trend? What role do insurers and other participants play in

Posted in Market developments, UK

UK: Insurance disruption from the 17th century?

The Great Fire of London was finally extinguished 350 years ago today. New insurance structures emerged in the aftermath of the Great Fire – which bear striking resemblance to some of the contenders disrupting the insurance market right now. A number of InsurTech startups are seeking to do for insurance what peer-to-peer (P2P) arrangements did for

Posted in Regulatory and legislative updates, UK

UK: FCA’s response to feedback points on its proposal regarding handling of PPI complaints

Introduction On the morning of 2 August 2016, the FCA published CP 16/20 its response to feedback it had received on its proposals regarding the handling of Payment Protection Insurance (“PPI“) mis-selling complaints. The FCA’s original proposals were set out in CP 15/39 (see our blog post). Following feedback from firms, trade bodies, consumer organisations,

Posted in Asia, China and Hong Kong, European Union, France, Germany, Hungary, Indonesia, Italy, Japan, Latin America, Market developments, Poland, Regulatory and legislative updates, Russia, Singapore, Singapore, South Africa, Spain, The Netherlands, UK, USA, Vietnam

Impact of Brexit on the Insurance Industry

Webinar Invitation – 13 July 2016 In this webinar, we will be looking at the potential impact of Brexit (if and when it happens) on the insurance industry, including the possible implications for the rules on investments and reinsurance, and the effect on regulatory capital and the regulatory balance sheet. We will consider the corporate structures

Posted in European Union, Market developments, UK, USA

The Joint Comprehensive Plan of Action (“JCPOA”) – Implementation Day

Under the JCPOA, the EU 3+3 agreed to lift certain economic and financial sanctions against Iran in return for Iran complying with its nuclear-related obligations.  For further detail of the structure of the JCPOA, please see our prior blog post on 17 July 2015. On 16 January 2016, Implementation Day, the International Atomic Energy Agency

Posted in Regulatory and legislative updates, UK

UK: Financial Conduct Authority Consultation Paper on PPI complaints handling

Introduction On the morning of 26 November, the FCA published a consultation paper setting out and asking for views on its proposals regarding the handling of Payment Protection Insurance (“PPI“) mis-selling complaints. The consultation paper contains draft amendments to various relevant FCA Handbook provisions (most notably DISP) at Appendix 1. Subject to their assessment of

Posted in Regulatory and legislative updates, UK

UK: New Solvency II rules on Infrastructure Investment by Insurers

On 30 September 2015, the EU Commission published draft legislation that will amend the Solvency II rules relating to investment in infrastructure assets by EU insurers.  The publication follows a lengthy period of consultation by EIOPA.  The new rules will significantly reduce the capital charges that would otherwise have applied to this type of investment,

Posted in Regulatory and legislative updates, UK

UK: FCA statement on PPI complaints handling

The FCA has this morning issued a statement outlining key proposals on which it intends to consult by the end of the year in relation to the handling of Payment Protection Insurance (“PPI“) mis-selling complaints. The statement follows the FCA’s announcement earlier in the year that it would assess whether there was a need for

Posted in European Union, Market developments, UK, USA

Sanctions Update – Historic nuclear deal struck with Iran: What does this mean for sanctions?

After months of negotiation China, France, Germany, Russia, the UK and the United States (known as the “EU+3”) and Iran reached an agreement, the joint comprehensive plan of action (“JCPOA”), regarding Iran’s nuclear program. Currently, EU and US sanctions prohibit a wide range of (re)insurance activities connected to Iran and impose sweeping asset freezes on

Posted in Regulatory and legislative updates, UK

UK: Consumer Rights Bill

Parliament is currently considering various amendments to the new Consumer Rights Bill, with the the Department for Business, Innovation and Skills (“BIS”) intending for the Bill to be implemented by 1 October 2015. The Bill is intended to reform and consolidate UK consumer law, which the BIS describes as “out of date, confusing and incomplete”.