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 parliamentarians about … Continue Reading
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 must contain … Continue Reading
The European Insurance and Occupational Pensions Authority (EIOPA) has published a report on the application of the Insurance Distribution Directive ((EU) 2016/97) throughout the European market. The executive summary of the report notes that there has been insufficient time to assess the effectiveness of the Insurance Distribution Directive (IDD) as a combination of late implementation … Continue Reading
The European Insurance and Occupational Pensions Authority (EIOPA) has published a report called ‘Artificial intelligence governance principles: towards ethical and trustworthy artificial intelligence in the European insurance sector’. The report has been written in the context of the proliferation in the use of artificial intelligence (AI) in insurance and the use of Big Data in … Continue Reading
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 … Continue Reading
The European Insurance and Occupational Pensions Authority (EIOPA) has launched a consultation on value for money risk in the European unit-linked insurance market. EIOPA has previously expressed concern that while unit-linked products can offer important benefits for policyholders, costs for some products remain too high. The low interest rate environment, in addition to market shocks … Continue Reading
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 … Continue Reading
The Financial Conduct Authority (FCA) has sent a ‘Dear CEO’ letter to Price Comparison Websites. The letter identifies the key risks of harm which it believes Price Comparison Websites (PCWs) pose to their customers and the markets in which they operate. PCWs are expected to review the harms identified and take steps to reduce the … Continue Reading
The Financial Conduct Authority (FCA) has sent a ‘Dear CEO’ letter to intermediaries (including Managing General Agents) that operate in the Lloyd’s and London Market. The FCA has recently started to group firms into separate portfolios. Lloyd’s and London Market intermediaries (LLMI) fall into one such group of FCA supervised firms. The FCA writes that … Continue Reading
The two UK financial regulators, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have sent a letter to the chief executives and branch managers of insurance firms in the UK. The letter reminds firms about the end of the transition period in December and the need to be ready for a range … Continue Reading
The European Insurance and Occupational Pensions Authority (EIOPA) has published ‘EIOPA’s approach to the supervision of product oversight and governance’. The Insurance Distribution Directive ((EU) 2016/97) (IDD) contains requirements on product oversight and governance for insurance distributors. These requirements aim to ensure that customers’ interests are taken into account throughout the product lifecycle. The latest … Continue Reading
