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
FCA sends ‘Dear CEO’ letter to Lloyd’s and London Market firms highlighting six potential harms
The Financial Conduct Authority (FCA) has published a ‘Dear CEO’ letter written by Charlotte Cross, Head of Department, Wholesale Insurance, to the Lloyd’s and London Market portfolio of firms.
The portfolio letter sets out six areas of harm that Lloyd’s
As part of the UK Government’s review of Solvency II, a ‘Call for Evidence’ was published in October 2020. The Call for Evidence closed in February 2021. The insurance industry has been waiting for the results of the feedback to the Call for Evidence which was finally published on 1 July 2021.
The Call for
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
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
In June 2020, the UK Government announced that it would review some of the features of Solvency II to ensure that the regime better reflects the UK insurance sector. The present regime, as implemented into UK law, has been designed to cover the entire EU insurance market but has not been adjusted to take into
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
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
Consob, the Italian financial sector regulator, has launched a consultation on the abrogation of the obligation to publish a prospectus for unit-linked and index-linked insurance products.
The proposed change is intended to end the peculiar Italian regime requiring insurers to draft a prospectus for unit-linked and index-linked insurance products, introduced in 2005 when the EU
The adoption of a draft law amending criminal law provisions protecting insurance related information will finally enable life insurers to make wider use of outsourcing by removing disclosure to service providers from the scope of Sec. 203 German Criminal Code (StGB) under certain conditions. In spite of some uncertainties, this is a major