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
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.
The Financial Conduct Authority (FCA) has published two ‘Dear CEO’ letters that have been sent by Sheldon Mills, Executive Director of Consumers and Competition, to insurance companies and insurance intermediaries on the rising cost of insurance for apartment blocks and multi-occupancy buildings. The FCA is responding to concerns expressed by consumer groups and
The House of Lords Industry and Regulators Committee has launched an inquiry into commercial insurance and reinsurance regulation. The Committee will explore the extent to which regulatory policy is well-designed and proportionately applied and the possibilities for optimising policy following Brexit.
Evidence should be submitted by 11 February 2022.
The call for evidence requests
The Prudential Regulation Authority (PRA) has published a ‘Dear CEO’ letter written by Anna Sweeney and Charlotte Gerken, co-Executive Directors for Insurance Supervision at the PRA. The letter sets out the supervisory priorities for life and general insurance firms in 2022. The letter has been sent to all insurers (including third-country branches) supervised
The Prudential Regulation Authority (PRA) has published a final policy statement on insurance business transfers (PS1/22). The policy statement follows a consultation that took place last year (CP16/21). A Statement of Policy has also been published entitled ‘The PRA’s approach to insurance business transfers’. The Statement of Policy takes effect from 12 January
The Financial Conduct Authority (FCA) has updated its web page on the new general insurance value measures that came into effect in July 2021. Under the new measures, general insurance firms are expected to publish a report covering the period 1 July 2021 – 31 December 2021 by 28 February 2022. The report
A draft of the Solvency 2 (Group Supervision) (Amendment) Regulations 2021 was laid before Parliament on 15 November 2021, alongside a draft explanatory memorandum. The regulations are part of the measures being taken to address deficiencies in UK law after leaving the European Union.
The draft regulations amend provisions (regulations 24-26 and 28) of the