Prudential Regulation Authority Executive Director, Insurance, Charlotte Gerken has sent a ‘Dear CFO’ letter on the launch of a qualitative data gathering exercise. The exercise is part of the UK review of Solvency II rules following leaving the European Union. The Qualitative Questionnaire complements the quantitative impact study (QIS) that was launched in July. The
Various amendments to the Solvency II Delegated Regulation ((EU) 2015/35) and to the Insurance Distribution Directive Delegated Regulations ((EU) 2017/2358 and (EU) 2017/2359) have been published in the Official Journal of the European Union so that sustainability requirements can be introduced into the Solvency II and the insurance distribution regimes in the European Union.
The
The Prudential Regulation Authority (PRA) has published a ‘Dear CEO’ letter from Charlotte Gerken, Executive Director, Insurance, at the PRA concerning the launch of the data gathering exercise for the UK review of Solvency II.
The data gathering exercise is known as a quantitative impact study (QIS). Firms have been invited by the PRA to
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 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
The European Insurance and Occupational Pensions Authority (EIOPA) has published an opinion on the use of climate change risk scenarios in insurance undertakings’ Own Risk and Solvency Assessment (ORSA). The opinion has been written to help supervisory authorities understand EIOPA’s expectations in terms of climate risk scenarios included in the ORSA.
Sam Woods, Deputy Governor for Prudential Regulation and CEO of the Prudential Regulation Authority (PRA), has delivered a speech to the Association of British Insurers in which he stated that insurance regulation is about to change in the UK. Woods discussed the reform to the architecture of financial services regulation in the UK as well
The European Commission has published a summary report on its consultation on the review of the Solvency II Directive (2009/138/EC). The summary report sets out the feedback received during the consultation which was run between July and October 2020. The Commission does not include the Commission’s responses to feedback.
The Commission will consider the feedback
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
The European Insurance and Occupational Pensions Authority (EIOPA) has published for consultation a draft Opinion on the supervision of the use of climate-change risk scenarios in the ORSA. The ORSA is an internal risk management assessment of all the various risks that might impact an insurer’s balance sheet and is a requirement under