The European Insurance and Occupational Pension Authority (EIOPA) has published its feedback statement on its 2021 discussion paper on blockchain and smart contracts in insurance. EIOPA received a number of responses to its earlier paper and has summarised these in the statement. Stakeholders were able to identify a number of use cases for
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
The Prudential Regulation Authority (PRA) has published a discussion paper on possible reforms to the risk margin and matching adjustment in Solvency II. The discussion paper also contains a technical annex ‘Solvency II Review: Matching Adjustment and reforms to the Fundamental Spread.
Responses to the discussion paper should be submitted by 21 July
The UK Government has launched its long-awaited consultation on proposed reforms to the Solvency II regime in the UK. Since leaving the European Union, the UK Government is now able to adapt its version of the Solvency II regime to more closely suit the UK insurance market. The UK Government believes that if certain changes
Last year (see update ) the UK Government consulted upon a series of proposed amendments to insolvency arrangements for insurance companies. The proposed amendments included clarifications and enhancements to the court’s powers under section 377 of the Financial Services and Markets Act 2000 to order a reduction of the value of an insurer’s contracts
The European Insurance and Occupational Pensions Authority (EIOPA) has published its annual consumer trends report. The latest report identifies risks for consumers arising from market trends which may require supervisory action from EIOPA or from Member States.
In summary the trends report has identified the following risks:
The Prudential Regulation Authority (PRA) has published a ‘Dear CEO’ letter written by Anna Sweeney and Charlotte Gerken, co-Executive Directors for Insurance Supervision at the PRA. The letter sets out the supervisory priorities for life and general insurance firms in 2022. The letter has been sent to all insurers (including third-country branches) supervised
The Prudential Regulation Authority (PRA) has published a final policy statement on insurance business transfers (PS1/22). The policy statement follows a consultation that took place last year (CP16/21). A Statement of Policy has also been published entitled ‘The PRA’s approach to insurance business transfers’. The Statement of Policy takes effect from 12 January
On 22 September 2021, the European Commission adopted a review of the Solvency II regime. The Solvency II regime includes the Solvency II framework directive (Directive 2009/138/EC) and delegated regulations. The review includes a legislative proposal to amend the framework directive as well as a legislative proposal for a new EU Insurance Recovery and Resolution
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