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European Union › Risk Management › Insurance Industry

The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of... more +
The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -
Skadden, Arps, Slate, Meagher & Flom LLP

PRA Announces Reform to the UK Insurance Special Purpose Vehicles Regulatory Framework

Skadden, Arps, Slate, Meagher & Flom LLP on

- What is new: The PRA has published a policy statement finalising reforms to the UK insurance special purpose vehicles regulatory framework, including changes to funding, grace periods, authorisation and contract...more

Hogan Lovells

The natural catastrophe insurance gap: is a centralised European backstop the solution?

Hogan Lovells on

As climate change intensifies the frequency and severity of natural disasters across Europe, the gap between insured and total economic losses—known as the natural catastrophe insurance protection gap—has become a growing...more

Jones Day

Reform of the EU Securitisation Framework—Part 1: STS Label Extended to Unfunded Credit Protection

Jones Day on

In January 2019, the EU introduced its current regulatory framework for securitisations, seeking to improve transparency, robustness, and market confidence following the global financial crisis. Market participants have...more

A&O Shearman

ESAs launch joint consultation on draft guidelines for ESG stress testing

A&O Shearman on

The European Supervisory Authorities (the European Banking Authority, European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) have launched a joint consultation on their joint...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: Encyclopaedia of Prudential Solvency – Chapter 3: Prudential Insurance Regulation in Japan

Skadden, Arps, Slate, Meagher & Flom LLP on

This chapter discusses prudential insurance regulation in Japan. Japan is the fourth-largest insurance market in the world, with a broad customer base and a varied range of offerings. This profile, coupled with ongoing...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Financial Regulation Update

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The first four months of 2025 proved busy for the UK’s financial regulators, with both the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) publishing their strategy and business plan documents. As...more

Skadden, Arps, Slate, Meagher & Flom LLP

International Association of Insurance Supervisors Consults on Structural Shifts in the Life Insurance Sector

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Key Points - - The IAIS has issued a detailed analysis of the structural shifts in the life insurance sector related to the increasing allocation to alternative assets and prevalence of asset-intensive reinsurance...more

Hogan Lovells

Following the Basel Brick road: Significant risk transfers in 2025

Hogan Lovells on

The global financial crisis exposed critical vulnerabilities in the banking sector, prompting swift action from the Basel Committee for Banking Supervision (the "Basel Committee"). In November 2010, they unveiled the original...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: Encyclopaedia of Prudential Solvency – Chapter 1: The IAIS and the ICS

Skadden, Arps, Slate, Meagher & Flom LLP on

Established in 1994, the International Association of Insurance Supervisors (IAIS) is a voluntary membership organisation comprising insurance regulatory authorities, central banks, ministries of finance, and other...more

Skadden, Arps, Slate, Meagher & Flom LLP

Policy Updates From the UK Prudential Regulation Authority

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The UK Prudential Regulation Authority (PRA) has issued significant policy updates to enhance the regulatory framework for insurers and financial institutions in the UK: - Key among these is the Policy Statement on...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

The EU’s Digital Operational Resilience Act Comes Into Effect

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The European Union’s Digital Operational Resilience Act (DORA) came into effect on January 17, 2025. DORA aims to harmonise rules concerning the provision of information and communication technology (ICT) services to...more

A&O Shearman

DORA: Get ready, get set, take action

A&O Shearman on

The Digital Operational Resilience Act 2022/2554 (DORA) is a European regulation that will come into force on January 17, 2025. The regulation aims to strengthen the digital operational resilience of the financial sector...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 10: Governance Requirements

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Solvency II is organised around three core pillars of prudential regulation, which ensure the safety and soundness of (re)insurers, in line with the scale, nature and complexity of their business: - Pillar One focuses on...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 8: Capital Requirements

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The Solvency Capital Requirement (SCR) is designed to protect policyholders by helping ensure that insurers can survive difficult periods and pay claims as they fall due. It prescribes a specific level of capital that an...more

J.S. Held

2024 J.S. Held Global Risk Report: New Laws Addressing the Risks and Rewards of Artificial Intelligence (AI)

J.S. Held on

The race to develop AI and calls to regulate it are heating up around the world. In November 2023, 28 countries, including the United States, United Kingdom, China, and the European Union, met and pledged to work together to...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 2: Reinsurance and Risk Transfer

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The primary function of an insurer is the assumption and management of insurance risk. Very commonly, this will involve an insurer passing (or ceding) risk to other (re)insurers or protection providers in the relevant market....more

Skadden, Arps, Slate, Meagher & Flom LLP

2024 Insights: Corporate Trends

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Global M&A Activity Endures Headwinds in 2023 and Displays Resilience Going Into 2024 - Despite market headwinds, dealmakers have looked to carveouts, spin-offs, joint ventures and other creative deal structures to engage...more

Skadden, Arps, Slate, Meagher & Flom LLP

Climate Change and Its Undeniable Impact on Insurance: How To Respond?

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Models that have historically been used by insurers to hedge risk were not designed to predict uncertain events such as natural disasters that may be exacerbated by climate change. This now leaves insurers overexposed to...more

Skadden, Arps, Slate, Meagher & Flom LLP

The UK PRA’s Priorities for Insurance Supervision in 2023

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The UK Prudential Regulation Authority (PRA) laid out its priorities for insurance supervision this year in a 10 January 2023 Priorities Letter. In this newsletter, we summarise the broad themes emerging from the Priorities...more

Conyers

Innovation and Evolution

Conyers on

The Bermuda Monetary Authority (BMA) has moved to place emphasis on innovation, with legislation being introduced to promote innovation across the insurance sector. In mid-2018, changes to the Insurance Act 1978...more

McDermott Will & Schulte

Climate Change Risks and US Insurance Industry Regulation

McDermott Will & Schulte on

In late November 2020, we published a high-level review of insurance regulatory developments relating to climate change, available here. In the six weeks since, regulators and industry participants on both sides of the...more

Latham & Watkins LLP

Sustainable Finance and Climate Change Risk in Financial Services: For Insurers

Latham & Watkins LLP on

In a July 2020 speech on climate action in the financial industry, Sarah Breeden, executive director for UK Deposit Takers Supervision, said the industry is “at the start of a critical decade for climate action where the...more

BCLP

Emerging Themes in Financial Regulation 2020

BCLP on

Under the Senior Managers and Certification Regime (“SMCR”), firms are required to identify and report to the FCA any instances of disciplinary action taken in relation to conduct that would amount to a breach of one of the...more

Latham & Watkins LLP

Opportunities and Challenges for Private Equity Investment in the Insurance Sector

Latham & Watkins LLP on

Recent private equity investments in high-profile deals, such as Bain Capital’s acquisition of esure and Apollo’s acquisition of Aspen Insurance, have brought European insurance sector deal values to record highs. Regulatory...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on

Financial Industry Developments - New York Department of Financial Services Promulgates First-in-the-Nation State Cybersecurity Regulation - On February 16, 2017, the New York Department of Financial Institutions...more

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