The Hogan Lovells’ Corporate Insurance Newsletter for March 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: A number of items related to Brexit, including papers from the PRA and FCA, Theresa May’s speech and
Tag Archives: PRA
UK: Corporate Insurance Newsletter – February 2018
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: Regulators’ response to the delay of the application date of the Insurance Distribution Directive The PRA’s final response
The PRA response to the Treasury Committee’s Inquiry into Solvency II
In October 2017, the Treasury Committee of the House of Commons (the Committee) published its report on the Solvency II Directive and the upcoming issues generated by Brexit for the UK insurance industry. As part of its report, the Committee made a series of recommendations to the PRA, which we highlighted in our previous note
UK: HM Treasury announces date on which SM&CR will apply to insurers
On 29 January 2018, HM Treasury announced that the Senior Managers & Certification Regime (the “SM&CR”) will apply to insurers from 10 December 2018. This means that insurers have less than a year to ensure compliance with the new requirements. The SM&CR builds on the existing accountability requirements applying to insurers, namely the Solvency II
Corporate Insurance Newsletter – December 2017
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
UK: Corporate Insurance Newsletter – November 2017
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
The Treasury Committee’s Report on EU Insurance Regulation – What’s next for the PRA and the UK insurance industry?
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
UK: Corporate Insurance Newsletter – October 2017
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
UK: Corporate Insurance Newsletter – July 2017
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 of final drafts of regulations on insurance linked securities PRA’s policy statements on dealing with a market
UK: Corporate Insurance Newsletter – June 2017
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: The Queen’s Speech – the Government announces a number of new Bills relevant to insurers The FCA call for
UK: Corporate Insurance Newsletter – May 2017
The Hogan Lovells’ Corporate Insurance Newsletter for May 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 FCA’s final rules on implementing information prompts in the annuity market The FCA’s consultation on proposed guidance on
UK: FCA consults on its approach to reviewing Part VII transfers of insurance business
On Monday 15 May 2017 the Financial Conduct Authority (FCA) published a consultation paper on new proposed guidance on its approach to reviewing applications to transfer insurance business under Part VII of the Financial Services and Markets Act 2000 (FSMA) (a Part VII Transfer). Comments are requested by 15 August 2017. In accordance with the
The Treasury Committee inquiry into EU insurance regulation – what have we learned so far?
https://www.hlinsurancelaw.com/ To supplement its work on the relationship that the UK might seek to have with the EU following Brexit, the Treasury Committee of the House of Commons established in September 2016 an inquiry into EU insurance regulation. The inquiry has four main objectives: to consider the options for the UK insurance industry that are
UK: Corporate Insurance Newsletter – October 2016
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: FCA/PRA developments HM Treasury consultations
Plans for secondary annuities market pulled by UK Government
Yesterday (18 October 2016), the UK Government announced it will not be taking forward its plans to create a secondary annuities market. The announcement was unexpected – having set the course for creating more choice for holders of annuities by enabling them to surrender an annuity back to the provider or sell it to a
UK: Corporate Insurance Newsletter – September 2016
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: FCA/PRA developments Treasury Select Committee inquiry into EU insurance regulation PRIIPS developments
A chance for second thoughts… Creating a secondary annuity market for the UK
Since greater pensions freedoms were introduced in April 2015, individuals retiring in the UK have had significantly wider choice where it comes to accessing their pension savings. The choices now include: taking all the pension savings as a lump sum, subject to income tax on 75% of it; taking up to 25% of the pension
UK: Corporate Insurance Newsletter – August 2016
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: FCA/PRA developments HM Treasury consultation on the Mutuals’ Deferred Shares Regulations IAIS paper on cyber risks
UK: Corporate Insurance Newsletter – July 2016
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: FCA/PRA developments EIOPA led consultation on delegated acts for IDD Various publications from the IAIS, including consultation papers
UK: Corporate Insurance Newsletter – May 2016
The Hogan Lovells’ Corporate Insurance Newsletter for May 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/PRA and Lloyd’s developments Cybersecurity Directive EIOPA led insurance sector stress test
UK: A re-evaluation of Equity Release Mortgages – PRA Discussion Paper
On 31 March 2016 the Prudential Regulation Authority (PRA) published a discussion paper asking for views from firms and market participants on equity release mortgage (ERM) valuation, capital treatment, risk management and matters connected with the restructuring of ERMs under Solvency II. In particular, the PRA is seeking views on good practices for managing risks
UK: What does the PRA’s recent focus on longevity risk transfers mean for UK insurers?
During February, the Prudential Regulation Authority (PRA) twice provided insurance firms with its views on longevity risk transfers. On 9 February, Andrew Bulley, Director of Life Insurance at the PRA, co-authored a letter with Chris Moulder, Director of General Insurance Supervision, highlighting the PRA’s views on issues connected with longevity risk transfers. This letter was
Senior Insurance Managers Regime: further changes announced for insurers
On 15 October, 2015 HM Treasury published proposals to extend its new Senior Managers and Certification Regime (SM&CR) to all financial services firms in the UK. To some extent, this announcement is of less significance for insurers as they are already preparing for the implementation of Solvency II’s governance requirements and the new Senior Insurance
Whistleblowing: Implications of the FCA’s New Regime
Following recommendations in 2013 by the Parliamentary Commission on Banking Standards, the Financial Conduct Authority (“FCA”) and Prudential Regulatory Authority (“PRA”) published new rules on 6 October 2015 in relation to whistleblowing. These rules are set to build on existing good practices within the financial services industry and the new Senior Managers Regime by codifying