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 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.
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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.
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