With the first set of reforms due to commence on 15 March 2025, insurers are no doubt gearing up for the implementation of the Financial Accountability Regime (FAR) and Prudential Standard CPS 230 Operational Risk Management (CPS 230). Ahead of this, ASIC and APRA have recently released the FAR Regulator Rules
Background
The Prudential Regulation Authority’s (PRA) published its Policy Statement “Review of Solvency II: Reform of the Matching Adjustment” (PS10/24) and the associated finalised rules and guidance[1] on 6 June 2024. This followed the publication of the PRA’s consultation paper in September 2023 and the enactment of The Insurance and
On 6 March 2024, the European Commission (Commission) published a Corrigendum to Commission Implementing Regulation of 14 December 2022 laying down implementing technical standards as regards supervisory reporting of risk concentrations and intra-group transactions. The Corrigendum amends Annex II Part II of the Commission Implementing Regulation.
On 7 February 2024 the FCA published a letter to all regulated Lloyd’s managing agents, London market insurers and Lloyd’s and London market brokers and MGAs (dated 6 February 2024), requesting information relating to incidents of non-financial misconduct. Culture and non-financial misconduct clearly remain focus areas for the FCA.
Key points to note from the
Solvent Exit Planning: Implications of the PRA proposals in CP2/24
On January 23, 2024, the Prudential Regulation Authority (PRA) published a consultation paper (CP) (CP2/24) outlining its proposals for PRA-regulated insurers to prepare for an orderly ‘solvent exit’ as part of business-as-usual (BAU) activities, and to be able to execute such a solvent
The Financial Services and Markets Act (the Act) received Royal Assent on 29 June 2023. Although certain key provisions (for example the rules relating to critical third parties) came into force on the same date, the Government is taking a phased approach and other provisions will be brought into force on days to be appointed
On 21 April 2023, the Financial Conduct Authority (FCA) published a consultation paper (CP23/8) (CP) on proposed rule changes to address issues identified within the multi-occupancy building insurance market which are leading to poor outcomes for leaseholders.
Background
Over the past few years, the cost of building insurance to
As 2022 came to a close, the regulators concluded the year with a busy month in December. Notably, ASIC ended the year by reminding stakeholders of the importance of ensuring that claims made in relation to a product were accurate, especially in the context of environmental claims, reflecting ASIC’s increased focus on greenwashing in 2022.
Australia has a vibrant InsurTech ecosystem and similarities between the UK and Australian insurance markets, together with the promise of sunny weather, make the land down under a great option for InsurTechs looking to set up shop abroad.
In this article, in collaboration with the UK Department for International Trade, we share some things to
The Prudential Regulation Authority (PRA) has launched the 2022 Insurance Stress Test (IST). The IST is run every two years and seeks information from the largest life and general insurance companies in the UK.
In a ‘Dear CEO’ letter sent to the participating firms, the PRA sets out its objectives for