Photo of Laura Hodgson (UK)

The European Insurance and Occupational Pension Authority (EIOPA) has published its feedback statement on its 2021 discussion paper on blockchain and smart contracts in insurance. EIOPA received a number of responses to its earlier paper and has summarised these in the  statement. Stakeholders were able to identify a number of use cases for

The Prudential Regulation Authority (PRA) has launched the 2022 Insurance Stress Test (IST). The IST is run every two years and seeks information from the largest life and general insurance companies in the UK.

In a ‘Dear CEO’ letter sent to the participating firms, the PRA sets out its objectives for

The Prudential Regulation Authority (PRA) has published a discussion paper on possible reforms to the risk margin and matching adjustment in Solvency II. The discussion paper also contains a technical annex ‘Solvency II Review: Matching Adjustment and reforms to the Fundamental Spread.

Responses to the discussion paper should be submitted by 21 July

Last year (see update ) the UK Government consulted upon a series of proposed amendments to insolvency arrangements for insurance companies. The proposed amendments included clarifications and enhancements to the court’s powers under section 377 of the Financial Services and Markets Act 2000 to order a reduction of the value of an insurer’s contracts

The House of Lords has published a letter from Lord Hollick, Chair of the Industry and Regulators Committee, to John Glen MP, Secretary to the Treasury. The letter concerns the inquiry into the regulation of the commercial insurance (and reinsurance) sector in the UK.

During the inquiry the Committee heard evidence from the insurance industry

The European Insurance and Occupational Pensions Authority (EIOPA) has published a Supervisory Statement on the supervision of run-off undertakings. The statement is addressed to the competent authorities with responsibility for insurance supervision in the European Union.

EIOPA acknowledges the potential benefit of run-off for the insurance market, enabling more efficient use of capital

At a Norton Rose Fulbright-hosted event, Executive Director of insurance at the Prudential Regulation Authority (PRA), Charlotte Gerken, set out her priorities for the insurance sector in 2022. The speech expands upon the priorities set out in the ‘Dear CEO’ letter sent to insurance companies on 12 January 2022. The speech

The Financial Conduct Authority (FCA) has published revised guidance on its approach to insurance business transfers under Part VII of the Financial Services and Markets Act 2000. The publication of the final guidance follows a consultation launched in July 2021.

The revised guidance (FG22/1) replaces previous guidance (FG18/4) first published in May 2018.