Reports, news and data relating to the insurance sector.
Solvency II now in effect; Solvency II phasing-in period commenced on 1 April 2015 for supervisory approval processes and decisions related to group supervision; 1 January 2016 was the Solvency II implementation deadline.
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...
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* Estimated date
Following PRA's policy statement (PS10/17) - operational continuity firms are expected to submit the template (PRA109) 45 business days after the first reporting period ending 31 December.
The date by which all references to CRA ratings in laws and regulations relating to banks are to be removed. This will be done by the Commission based on technical advice from ESMA. EIOPA will be responsible for implementation.
Last day for firms to notify the FCA that they wish to enter into the temporary permission regime.
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