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Brexit - EIOPA publishes opinion on cross-border legacy business
An opinion published by EIOPA on 21 December 2017 raises concerns for UK insurers who have policyholders in EEA states other than the UK. …
Delay to IDD start date/Guidance on UK approach to Brexit
Delay to IDD start date The EU Commission published draft legislation today (in the form of a proposed Directive and a proposed Delegated Regulation) to …
CAUSATION IN VALUERS' NEGLIGENCE CLAIMS: RELIANCE ON EARLIER VALUATIONS
In a decision that will be of interest to professional indemnity insurers as well as financial institutions and valuers, the Supreme Court has …
CYBER INSURANCE REQUIREMENTS IN COMMERCIAL CONTRACTS: GETTING IT RIGHT
Cyber incidents have the capacity to cause many different types of loss. Insurance coverage exists for at least some aspects of cyber risks in the …
CONSTRUCTION OF EXCLUSIONS IN INSURANCE POLICIES
In Crowden and Crowden v QBE Insurance (Europe) Ltd [2017] EWHC 2597 (Comm) the Commercial Court found in favour of the Defendant insurer on the disputed …
PRA proposes reforms to Solvency II regime
This article was first published on Thomson Reuters Regulatory Intelligence. The PRA has published the first of three consultation papers (CP21/17) on …
EXTENDING THE SENIOR MANAGERS AND CERTIFICATION REGIME TO INSURERS
The UK Senior Managers and Certification Regime (SMCR) is being extended to all financial services firms during 2018. PRA and FCA proposals applying to …
Brexit and cross-border insurance contracts
On 14 September 2017, the UK Parliament published a letter from Nicky Morgan, Chair of the Treasury Committee, to Philip Hammond, Chancellor of the …
LEGISLATING FOR THE UK'S WITHDRAWAL FROM THE EU
The European Union (Withdrawal) Bill was published by the Government in July 2017 and is the key piece of UK domestic legislation that will implement …
FCA CONSULTS ON EXTENDING THE SMCR TO INSURANCE INTERMEDIARIES
The FCA has published proposals to extend the Senior Managers and Certification Regime (SMCR), which already applies to banks, to other financial …
PRA adopts questionable approach to regulatory compliance
Recent comments made by Sam Woods, CEO of the PRA, about the PRA's approach to supervision are worrying. A speech prepared for this year's Building …
FCA Guidance Consultation paper GC17/5 "Proposed guidance on the FCA's approach to the review of Part VII insurance business transfers"
In May 2017, the FCA published a guidance consultation paper (GC17/5) entitled "Proposed guidance on the FCA's approach to the review of Part VII …
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