COVID-19 (coronavirus) has had a devastating impact on people’s lives across the world and has caused the global economy to stall, the impact to affect businesses for years to come. Insurance companies face losses as a result of the pandemic but have by and large been prepared for such an outbreak as part of their
Risk Transformation Regulation 2017 comes into effect
The Risk Transformation Regulation 2017 which introduces the legislative framework for the creation of an Insurance Linked Securities (ILS) market in the UK has now come into effect.
The aim of the new regime is to ensure that the UK can be a major contributor to the growth and development of the global ILS market.
PRA and FCA publish statements on ISPVs as part of policy to boost use of ILS in the UK
The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have published policy statements on the authorisation and supervision of Insurance Special Purpose Vehicles (ISPV). ISPVs issue insurance linked securities (ILS) which transfer risks to the capital markets.
InsurTech series: Is InsurTech going to be disruptive for the insurance industry?
Nicholas Berry, a partner in London and Chris Sandilands, a partner from Oxbow Partners, present a video series on InsurTech.
InsurTech series: Is InsurTech something new?
Nicholas Berry, a partner in London and Chris Sandilands, a partner from Oxbow Partners, present a video series on InsurTech.
Insurathon 2017
Norton Rose Fulbright’s London office is hosting ‘Insurathon 2017’ between 3 and 5 November 2017. The event will focus on innovative technology in the insurance sector and rethinking insurance related processes.
UK ILS framework moves ahead
HM Treasury has now published a formal consultation on legislation to implement a new regulatory, corporate and tax framework for insurance linked securities (“ILS”) business in the UK. This latest consultation follows the March 2016 initial consultation which sought feedback on the overall approach that the UK should take to develop a more competitive market
UK embraces ILS structures
HM Treasury has now published a formal consultation in relation a new regulatory, corporate, insolvency and tax framework for insurance linked securities (“ILS”) business in the UK. The Government’s aim is to reinforce London’s standing as the world’s leading insurance market by creating the necessary legal environment to allow the domicile of ILS issuers in the UK. Part of the proposal is to create protected cell companies (“PCCs”), which would be one of the more radical changes to UK corporate law in recent times.
The plans are focused on the two leading forms of alternative risk transfer, cat bond ILS transactions and collateralised reinsurance.
The consultation is split into three parts. It closes on 29 April 2016; we are proposing to respond to it.