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Tag Archives: outsourcing

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: 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 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 Italy, Regulatory and legislative updates

Italy: IVASS reviews rules on corporate governance system and outsourcing

IVASS published on 5 June Regulation no. 38 concerning provisions on the corporate governance system (the “Regulation“) implementing EIOPA Guidelines pursuant to Solvency II Directive. The Regulation will be applicable to: (i) insurance and reinsurance undertakings having a registered office in Italy (ii) the Italian branches of insurance and reinsurance undertakings having a registered office

Posted in Market developments, Regulatory and legislative updates, UK

UK: FCA finds failings in delegated authority arrangements

In an increasingly complex and diversified market, business acquisition and administration structures relying on the delegation of authority to third parties has become commonplace. The findings that the FCA has made in its thematic review, “Delegated authority: Outsourcing in the general insurance market” are therefore of significance for many participating in the UK general insurance