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Tag Archives: PRA

Posted in Regulatory and legislative updates, UK

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

Posted in Regulatory and legislative updates, UK

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

Posted in Regulatory and legislative updates, UK

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

Posted in Regulatory and legislative updates, UK

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

Posted in European Union, Regulatory and legislative updates, UK

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

Posted in European Union, Market developments, Regulatory and legislative updates, UK

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

Posted in European Union, Regulatory and legislative updates, UK

“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

Posted in European Union, Regulatory and legislative updates, UK

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

Posted in Regulatory and legislative updates, UK

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

Posted in Regulatory and legislative updates, UK

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

Posted in Regulatory and legislative updates, UK

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

Posted in Regulatory and legislative updates, UK

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

Posted in Regulatory and legislative updates, UK

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

Posted in Regulatory and legislative updates, UK

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

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – May 2018

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: Publication of the FCA’s finalised guidance on its approach to Part VII transfers of insurance business Publication by the

Posted in Regulatory and legislative updates, UK

UK: Part VII insurance transfers of business: FCA publishes final guidance

Following a consultation from May to August 2017, the Financial Conduct Authority has issued its long awaited final guidance on its approach to the review of insurance business transfers under Part VII of the Financial Services and Markets Act 2000.  Although the Prudential Regulation Authority takes the lead on managing the process of a Part

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – April 2018

The Hogan Lovells’ Corporate Insurance Newsletter for April 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 PRA consultation papers on Solvency II reporting matters The FCA and PRA business plans for

Posted in European Union, Regulatory and legislative updates, UK

Are you a credit insurer? Or a bank which relies on credit insurance? Now is the time to respond to the PRA’s consultation on unfunded guarantees

It has now been two months since the PRA opened a consultation on the eligibility of unfunded guarantees as a form of credit risk mitigation for banks. The consultation will remain open for responses for two and a half more weeks – until 16 May 2018. Although the consultation relates to banking regulation, the consultation

Posted in Regulatory and legislative updates, UK

UK: Corporate Insurance Newsletter – March 2018

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

Posted in Regulatory and legislative updates, UK

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

Posted in European Union, Regulatory and legislative updates, UK

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

Posted in Regulatory and legislative updates, UK

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

Posted in Regulatory and legislative updates, UK

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