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 –
Tag Archives: PRA
UK: Operational resilience: a new area of regulation you need to think about now
Several high profile systems failures resulting in customers being unable to access their finances and an ever-increasing reliance on outsourcing key activities to group entities or third parties have unsurprisingly caught the regulators’ attention. The PRA and FCA are consulting on proposed new rules on operational resilience. “Operational resilience” is defined as the ability of
UK: Corporate Insurance Newsletter – January 2020
The Hogan Lovells’ Corporate Insurance Newsletter for January 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: Reintroduction of the Financial Services Duty of Care Bill to Parliament Papers on the future of the
UK: Corporate Insurance Newsletter – December 2019
The Hogan Lovells’ Corporate Insurance Newsletter for December 2019 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 PRA and FPC joint discussion paper on financial implications on climate change PRA papers on outsourcing
UK: Corporate Insurance Newsletter – November 2019
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: Latest Brexit related papers and other material from the PRA and EIOPA IAIS material on ComFrame and the Insurance
UK: Corporate Insurance Newsletter – October 2019
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: Latest Brexit related papers and other material from the HM Treasury, PRA, FCA and EIOPA FCA’s papers on
UK: Corporate Insurance Newsletter – September 2019
The Hogan Lovells’ Corporate Insurance Newsletter for September 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: Latest Brexit related papers and other material from the HM Treasury, PRA and FCA PRA’s latest consultations on
UK: Corporate Insurance Newsletter – July and August 2019
The Hogan Lovells’ Corporate Insurance Newsletter for July and August 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: Latest Brexit related papers and other material from the HM Treasury, PRA and FCA FCA’s latest
UK: Focus on Climate Change and Green Finance
On 5 June 2019, the Treasury Committee launched an inquiry into the decarbonisation of the UK economy and green finance which will look at the role of the UK regulators and financial services firms in supporting the government’s climate change commitments. One of the areas under scrutiny is how financial services firms are delivering green
UK: Corporate Insurance Newsletter – February 2019
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: Latest Brexit related consultation papers and other material from the HM Treasury, PRA and FCA The FCA’s final
UK: PRA proposals to Increase the Part VII Transfer Transaction Fee
On 13 February 2019, the PRA published Policy Statement (PS) 3/19, which sets out the PRA’s final policy on updating periodic fees and transaction fees for insurers. Notably PS3/19 implements a substantial increase in Part VII FSMA regulatory transaction fees. This change will come into effect on Friday 1 March 2019. The Part VII transaction
UK: PRA publishes Consultation Paper 3/19 “Solvency II: Longevity risk transfers-simplification of pre-notification expectations”
On 5 February 2019, the Prudential Regulation Authority (PRA) published Consultation Paper (CP) 3/19, which proposes to update Supervisory Statement (SS) 18/16 “Solvency II: longevity risk transfers” to simplify the pre-notification requirements for longevity risk transfers and update the key risks the PRA considers arise from longevity risk transfers. Since Solvency II came into effect
UK: Corporate Insurance Newsletter – January 2019
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: Latest Brexit related consultation papers and other material from the HM Treasury, PRA and FCA FCA consultation on proposals
No-deal Brexit and contractual continuity
On 8 January 2019 the FCA published a consultation paper, CP19/2, which sets out details of the financial services contracts regime (FSCR) and the rules the FCA proposes should apply to firms during the regime. The consultation closes on 29 January 2019. The legislative bones of the regime are set out in the draft Financial
UK: Corporate Insurance Newsletter – December 2018
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: Latest Brexit related consultation papers and other material from the HM Treasury, PRA and FCA Regulation of claims
“No deal” Brexit: UK Government publishes details on draft regulations amending FSMA
On 22 November 2018, HM Treasury published Explanatory Information on the draft Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (the “Draft FSMA Regulations“). The Draft FSMA Regulations will make amendments to the Financial Services and Markets Act 2000 (“FSMA“) and related legislation to ensure that the UK’s financial services framework continues
UK: Operational resilience: a PRA priority for insurance
The PRA published an update on its approach to insurance supervision on 31 October 2018. In the update, it introduced a new section on operational resilience. This comes off the back of the discussion paper published jointly in July 2018 by the PRA, FCA and Bank of England, in which the regulators were very clear
UK regulators prepare for ‘No Deal Brexit’ with a Temporary Permissions Regime
HM Treasury has proposed a Temporary Permissions Regime (“TPR“) as a temporary measure to replace the passporting regime in Schedule 3 and 4 of the Financial Services and Markets Act 2000 (“FSMA“) in the event of a no-deal Brexit. The legislative framework for the TPR is found in the EEA Passport Rights (Amendment, etc., and
UK: Corporate Insurance Newsletter – October 2018
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: Latest Brexit related consultation papers and other material from the Bank of England, PRA and FCA The FCA
UK: Corporate Insurance Newsletter – September 2018
The Hogan Lovells’ Corporate Insurance Newsletter for September 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 a speech by David Rule at the PRA about current issues in insurance supervision. A new
UK: Corporate Insurance Newsletter – August 2018
The Hogan Lovells’ Corporate Insurance Newsletter for August 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 by the Government of various Brexit related papers including guidance from HM Treasury on preparation for a
UK: Corporate Insurance Newsletter – July 2018
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 by the FCA and PRA of new policy statements and consultation papers relating to the implementation of
UK: The FCA and the PRA have released near final rules on the Senior Managers and Certification Regime
On 4 July 2018, the FCA and the PRA released near final rules on the extension of the Senior Managers and Certification Regime (SMCR). While the majority of the rules remain the same, the regulators have made a few changes and have also provided a significant amount of extra guidance to firms who will be
UK: Corporate Insurance Newsletter – June 2018
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