The Financial Conduct Authority (FCA) has published the long-awaited policy statement General insurance pricing practices market study – Feedback to CP20/19 and final rules (PS21/5). The final rules address what has been described as the ‘loyalty penalty’ paid by existing general insurance product customers.
The publication of the policy statement and
With a view to a revision of the Insurance Distribution Directive (IDD), which is expected to be undertaken by 2023 (the European Insurance and Occupational Pensions Authority (EIOPA) is due to submit its report by the end of 2021, and the European Commission in 2022), discussions and work have already begun
The Financial Conduct Authority (FCA) has published a web page setting out its expectations for buildings insurance providers in terms of offering fair value insurance for leasehold properties. Recently, leaseholders of apartments have been paying more for buildings insurance, especially where the exterior has been covered with cladding.
The FCA says that insurers
The European Insurance and Occupational Pensions Authority (EIOPA) has launched a consultation on the Interbank Offered Rates (IBOR) transitions. Across markets, IBOR is being replaced by risk-free rates.
The consultation considers adjustments to EIOPA’s risk-free rate (RFR) methodology and production, in light of If the EU Benchmark Regulation (which
The European Commission has adopted a series of delegated regulations that help to drive investors towards more sustainable economic activities. The measures are part of the European Green Deal. The adopted delegated regulations are part of a suite of sustainability measures adopted at the same time including the EU Taxonomy Climate Delegated Act and the
The European Insurance and Occupational Pensions Authority (EIOPA) has published an opinion on the use of climate change risk scenarios in insurance undertakings’ Own Risk and Solvency Assessment (ORSA). The opinion has been written to help supervisory authorities understand EIOPA’s expectations in terms of climate risk scenarios included in the ORSA.
On 8 April 2021, the European Insurance and Occupational Pension Authority (EIOPA) published a single rulebook online containing requirements under the Insurance Distribution Directive ((EU) 2016/97).
The single rulebook covers the Insurance Distribution Directive, the Delegated Regulation (EU) 2017/2358) (on product governance and oversight), Delegated Regulation (EU) 2019/1935 (requirements relating to insurance-based investment products) and
The Financial Conduct Authority (FCA) has published a ‘policy checker’ and a set of frequently asked questions in order to help policyholders understand whether they have valid claims under their business interruption policies in the light of the Covid-19 pandemic.
The checker follows the Supreme Court decision in FCA v Arch Insurance (UK)
The European Commission has published a summary report on its consultation on the review of the Solvency II Directive (2009/138/EC). The summary report sets out the feedback received during the consultation which was run between July and October 2020. The Commission does not include the Commission’s responses to feedback.
The Commission will consider the feedback
On Friday 22 January 2020, the FCA sent a ‘Dear CEO’ letter to insurance companies and managing general agents in order to clarify its expectations of firms in respect of business interruption claims following the decision of the Supreme Court on 15 January (see our case summary here). Executive Director of Consumers and Competition,