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
Tag Archives: PRA
“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
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
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
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
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
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
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