News & Analysis as of

Regulatory Oversight United Kingdom Insurance Industry

Skadden, Arps, Slate, Meagher & Flom LLP

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

- 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

Skadden, Arps, Slate, Meagher & Flom LLP

FCA Premium Finance Study: Concerns Raised but No Regulatory Changes Proposed

- What is new: Preliminary findings from the Financial Conduct Authority’s (FCA’s) market study of premium finance, which focuses on motor and home insurance, highlight concerns about affordability, value and transparency,...more

A&O Shearman

UK Financial Stability in Focus report: AI in the financial system

A&O Shearman on

The Financial Policy Committee (FPC) of the Bank of England (BoE) has published the Financial Stability in Focus report on AI in the UK financial system. The FPC considers the potential benefits of AI with its growing...more

Skadden, Arps, Slate, Meagher & Flom LLP

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

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

The Standard Formula: A Guide to Solvency II – Chapter 13: Supervision

1. The Supervision Regime - Proportionality - The supervision regime is built on the principle of “proportionality,” in an effort to ensure that supervision remains effective and meets its underlying purposes without...more

K&L Gates LLP

PFAS and Other Emerging Alleged Contaminants Litigation: Mitigating Risk Through Insurance

K&L Gates LLP on

The United States (US) has seen an explosion of litigation in recent years relating to perfluoroalkyl and polyfluoroalkyl substances (PFAS), referred to by some as “forever chemicals” because they are slow to degrade and can...more

Proskauer - Regulatory & Compliance

Consumer Duty Implementation for Insurance Firms: Good and Poor Practice

On 26 June 2024, the United Kingdom’s Financial Conduct Authority (“FCA”) published the findings of its multi-firm review of how insurance firms are implementing the Consumer Duty. In particular, the FCA was seeking to...more

Cadwalader, Wickersham & Taft LLP

Quick Updates From the UK and Europe

There's been a flurry of regulatory activity in the UK and Europe over the past few weeks. Here's a look at the highlights. The EU has renewed its determination that the solvency regime for US-headquartered insurers and...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula Podcast | Understanding the UK’s Matching Adjustment Regime

“The Standard Formula” host Rob Chaplin is joined in this episode by colleague Theo Charalambous as they map out the intricacies of the U.K.’s matching adjustment regime for insurers, which will soon be reformed. The...more

Herbert Smith Freehills Kramer

IAIS Announces Key Next Steps on Capital Standards

Internationally active insurance groups (IAIGs) will want to consider the implications of recent guidance from international insurance regulators on capital standards. These standards mandate the relevant amounts of capital...more

McDermott Will & Schulte

The Future of Climate Change Risk Regulation for Insurers in America?

In the few short weeks since our last report on climate change and the US insurance industry, the volume of climate change news has been extraordinarily high. The range of developments has been broad to say the very...more

BCLP

Insurance Regulatory Update: US-UK Covered Agreement Finalized; NAIC Model Law Amendments Delayed

BCLP on

On December 11, 2018, the U.S. Treasury and U.S. Trade Representative announced that the U.S. and U.K. had reached a final agreement on certain reinsurance collateral and other insurance regulatory measures outlined in the...more

Hogan Lovells

Corporate Insurance Newsletter – August 2018

Hogan Lovells on

The Hogan Lovells’ Corporate Insurance Newsletter for August has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. ...more

Hogan Lovells

Corporate Insurance Newsletter – July 2018

Hogan Lovells on

The Hogan Lovells’ Corporate Insurance Newsletter for July has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. ...more

Hogan Lovells

Corporate Insurance Newsletter – March 2018

Hogan Lovells on

The Hogan Lovells’ Corporate Insurance Newsletter for March has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. ...more

Hogan Lovells

Corporate Insurance Newsletter – February 2018

Hogan Lovells on

The Hogan Lovells’ Corporate Insurance Newsletter for February has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. ...more

Hogan Lovells

Corporate Insurance Newsletter – January 2018

Hogan Lovells on

The Hogan Lovells’ Corporate Insurance Newsletter for January has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. ...more

Hogan Lovells

UK: HM Treasury announces date on which SM&CR will apply to insurers

Hogan Lovells on

On 29 January 2018, HM Treasury announced that the Senior Managers & Certification Regime (the “SM&CR”) will apply to insurers from 10 December 2018. This means that insurers have less than a year to ensure compliance with...more

Hogan Lovells

Corporate Insurance Newsletter – December 2017

Hogan Lovells on

The Hogan Lovells’ Corporate Insurance Newsletter for December has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. ...more

Hogan Lovells

New insurance linked securities regime comes into force in the UK

Hogan Lovells on

On Friday 8 December 2017, the Risk Transformation Regulations 2017 and the Risk Transformation (Tax) Regulations 2017 (the ‘Regulations’) will come in to effect bringing to fruition the Government’s plans to position the UK...more

Hogan Lovells

Corporate Insurance Newsletter – November 2017

Hogan Lovells on

The Hogan Lovells’ Corporate Insurance Newsletter for November has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. ...more

Hogan Lovells

The Treasury Committee’s Report on EU Insurance Regulation – What’s next for the PRA and the UK insurance industry?

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In September 2016, the treasury committee of the House of Commons (the Committee) launched an inquiry into EU insurance regulation and to supplement its work on the relationship that the UK might seek to have with the EU...more

Hogan Lovells

UK - Insurance Distribution Directive: Proposal to extend application date

Hogan Lovells on

The Insurance Distribution Directive ((EU) 2016/97, the “IDD”) came into force on 22 February 2016, and the current deadline for transposition by member states is 23 February 2018. The impact of the IDD has been previously...more

Hogan Lovells

Corporate Insurance Newsletter – July 2017

Hogan Lovells on

The Hogan Lovells’ Corporate Insurance Newsletter for July has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. ...more

Hogan Lovells

UK: FCA consults on its approach to reviewing Part VII transfers of insurance business

Hogan Lovells on

On Monday 15 May 2017 the Financial Conduct Authority (FCA) published a consultation paper on new proposed guidance on its approach to reviewing applications to transfer insurance business under Part VII of the Financial...more

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