In this edition of Insurance focus, Laura Hodgson considers changes to senior management and board accountability being introduced under the new UK Senior Insurance Managers Regime and considers what firms should be doing to prepare for the new approach. In addition, in anticipation of the European Commission’s green paper on financial services and insurance and the role of innovative technologies, Nico Berry considers the potential for FinTech to provide the much needed disruption to enable established insurance markets to find new life. In Hong Kong, the insurance sector is facing a three-stage process to establish a modernised regulatory regime; in our article we consider the transition to new regulatory authorities and the changes for both insurers and intermediaries.
Our usual round-up of case notes includes two decisions concerning an insurer’s ability to avoid a policy on the grounds of misrepresentation or non-disclosure, and the transfer of mis-selling liabilities under an insurance business transfer scheme (or ‘Part VII’).
Finally, in our international focus section we report on insurance updates from the EU, China and Australia.