On 31 October 2019 EIOPA published Member State responses to its February 2019 ‘Recommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union’.
On 5 November 2019 the PRA published a new ‘Dear CEO’ letter summarising their priorities for the general insurance sector for 2020. The priority areas of focus for the months ahead include:
reserve adequacy and associated governance and controls;
discipline in underwriting strategies, remediation activity and controls;
emerging risk trends and exposure management practices;
This week put Brexit preparations on the back-burner as the Article 50 exit date was put back and the ratification of the revised Withdrawal Agreement (“WA”) by the UK Parliament was abandoned in favour of a general election. We will therefore be pausing our weekly email commentary until the New Year.
The Article 50 extension (see Document 5 below) delays the UK's exit until 11.00 pm GMT on 31st...
FCA interim report – general insurance pricing practices market study
Earlier this month the FCA published the interim report (MS18/1.2) of its Market Study on General Insurance Pricing Practices, considering concerns relating to pricing practices in the home and motor insurance markets (see our previous article on the report for further details
This week saw the publication, and start of the UK’s legislative process for, the long-awaited bill to ratify and implement the EU/UK Withdrawal Agreement (“WA”). The revised WA was published on 19th October (for our commentary and links to publications about the revised WA package – see below. The WA is very largely unchanged from the version negotiated by Mrs. May except for the Protocol...
On 4 October 2019, the FCA published the interim findings of its market study into general insurance pricing practices. The FCA’s interim report concludes that the home and motor insurance markets are not working well for consumers, finding that 6 million policy holders paid high prices in 2018, at a total estimated cost of £1.2bn. The FCA has taken particular issue with personalised pricing (and...
BaFin issues an explanatory note with regard to US reinsurers that want to conduct reinsurance business in Germany without having a German licence.
In a speech published yesterday on insurance risk management, the PRA announced that it is planning to issue a new supervisory statement on outsourcing in October. Charlotte Gerken noted that “The supervisory statement is intended to provide a one-stop source of reference on outsourcing and third-party risk management, bringing together previously issued guidance. It also sets out additional guidance...
The PRA has reminded credit unions of its expectations regarding operational risk and resilience, cyber security and outsourcing issues in the published findings of its 2019 annual assessment of the credit union sector.
1. BoE:The impact of Brexit on UK firms
This BoE staff working paper assesses the impact of Brexit on UK firms with regard to levels of uncertainty, investment and productivity.