Tag: life insurance

Brexit – Reminder from the French regulator to UK financial institutions on their obligations towards customers residing in France

On 4 January 2021, the French regulator (the Autorité de Contrôle Prudentiel et de Résolution – ACPR) issued a press release reminding UK authorised financial institutions (including those located in Gibraltar) of their obligations towards customers residing in France. As of 1 January 2021, European law is no longer applicable in the United Kingdom (UK). … Continue Reading

Brexit – France clarifies the form and content of the information to be provided by UK insurers to their French insureds and policyholders following Brexit – Update

As mentioned in our previous post published in April 2019, the French Ministry of Economy and Finance passed a decree dated 22 March 2019 (the March 2019 Decree) implementing the provisions of the ordinance n°2019-75 of 6 February 2019, introducing a contingency plan for the financial services sector in connection with the withdrawal of the … Continue Reading

UK regulators send ‘Dear CEO’ letter to insurers concerning preparations for the end of the transition period

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

EIOPA outlines its approach to the supervision of insurance product governance and oversight

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

Italy: Consob consults on abrogation of prospectus for insurance investment products

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 … Continue Reading

Greater outsourcing in German life insurance sector predicted following expected change to Criminal Code

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 breakthrough and … Continue Reading

Australian health and life insurers race into wearable technology

Just as telematics has been supplementing motor vehicle insurance underwriting, Australia’s health and life insurance markets are embracing innovative technologies in the form of “wearables”. Underwriters traditionally rely on pre-policy questionnaires and proposal forms to assess risk and set the terms of cover they will accept; however, the information that can be obtained provides only … Continue Reading
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