Topic: COVID-19

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FCA reminds professional indemnity insurance underwriters to meet regulatory requirements when including pandemic exclusions

In its latest regulatory round-up, the Financial Conduct Authority (FCA) has reminded insurers offering professional indemnity insurance of its Handbook requirements. Insurance firms applying pandemic exclusions are reminded of the minimum requirements in MIPRU 3.2 and should consider whether exclusions are consistent with product governance obligations to ensure that the policy is compatible with the … Continue Reading

‘Dear CEO’ letter sent by FCA to BI insurance firms reminding them to pay claims quickly or be clear about reasons for waiting for appeal to recent high court judgment

A ‘Dear CEO’ letter written by Christopher Woolard, interim chief executive of the Financial Conduct Authority (FCA), has been sent to firms writing business interruption insurance cover following the judgment handed down in The Financial Conduct Authority v Arch and Others (Test Cast). Mr Woolard thanks the firms who participated in the Test Case for … Continue Reading

Financial services monthly wrap-up: July 2020

The month of July 2020 has seen a number of regulatory updates, guides and reminders to the financial services industry addressing the continuing challenges due to the impact of COVID-19. In particular, ASIC has released an update to its Regulatory Guide 97 Disclosing fees and costs in PDSs and periodic statements amending transitional arrangements due to COVID-19, … Continue Reading

European Commission publishes paper setting out best-practice examples in relation to insurers’ COVID-19 measures

The European Commission has published a paper setting out examples of best-practices relating to relief measures offered to the customers of financial services businesses in the COVID-19 crisis. The best-practice paper includes examples relevant to insurance. The paper is the outcome of two roundtables including a number of participants from across the financial services industries, … Continue Reading

Italy simplifies online conclusion of contracts

Amid emergency initiatives aimed at coping with the Covid-19 emergency, Italy has taken two steps aimed at easing the modalities for concluding contracts online, both of which are particularly significant for the financial services sector. It is worth reminding that banking and financial contracts under Italian law are valid only if entered in writing. Furthermore, … Continue Reading

Coronavirus | COVID-19: US SEC provides temporary relief to assist funds and advisers by permitting virtual board meetings and providing reporting relief

On March 13, 2020, the Securities and Exchange Commission (“SEC”) announced conditional, temporary relief for funds (available here) and both registered and exempt reporting investment advisers (available here) impacted by COVID-19. The relief covers in-person board meetings by fund boards and certain filing and delivery requirements for both advisers and funds. Funds and advisers that … Continue Reading
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