The Standard Formula Podcast | Assessing Prudential Insurance Regulation in Japan
The Standard Formula Podcast | Solvency II Back to Basics: Technical Provisions
The Standard Formula Podcast | Investment Rules for Insurers and Reinsurers
The Standard Formula Podcast | Solvency II Back to Basics: Third Country Branches and Cross-Border Provision of Services
Standard Formula Podcast | Reinsurance and Risk Transfer: Risk Mitigation Under the Solvency II Regime
The Standard Formula Podcast | Bermuda Monetary Authority Proposes Enhancements to its Regulatory Regime
NOWOTNY KNOWS SQUAT! Part 2 Using PPLI and PPVA Annuities to Raise Assets Under Management and Sell More Life Insurance
This chapter discusses the prudential solvency regimes in the Middle East, a crucial topic for anyone involved in the insurance industry. The Middle East is an exciting place to be in today’s insurance market. It is expected...more
This chapter of the Encyclopaedia of Prudential Solvency focuses on the prudential solvency regime of the Cayman Islands, a prominent (re)insurance hub. The Cayman Islands initially rose to prominence in the insurance...more
In a recent speech, Gareth Truran, the executive director of insurance supervision at the UK Prudential Regulation Authority (PRA), set out observations on growth in bulk purchase annuity (BPA) deals. The number of BPA deals...more
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
On the heels of the publication by the International Association of Insurance Supervisors (IAIS) of a draft consultation paper analysing the structural shifts in the life insurance sector to increase allocations to...more
On 9 January 2025, the Prudential Regulation Authority (PRA) published its annual Dear CEO Letter setting out its priorities for the supervision of (re)insurers in 2025. Similar to last year, financial and operational...more
The SFCR and Other Public Reporting - Introduction - The Solvency II regime, as legislated in the Solvency II Directive and elaborated upon in Chapter XII of the EU Commission Level 2 Delegated Regulation (2015/35), is...more
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
Undertakings in difficulty, in the context of Solvency II, refers to insurers that are either failing or likely to fail to meet their solvency capital requirement (SCR) or their minimum capital requirement (MCR) (together,...more
The PRA published Policy Statement 13/24 (PS13/24) on 26 July 2024 providing feedback on the PRA’s Consultation Paper 24/23 (CP24/23) on Funded Reinsurance (FundedRe). PS13/24 is published alongside the PRA’s final policy in...more
The PRA has released an important statement on its approach to funded reinsurance. Our view is that the statement endorses the conceptual principle that funded reinsurance (particularly to offshore counterparties) should best...more
In recent years, demographic changes and macroeconomic factors have led to significant growth in insurance markets. Within insurance markets, a much more active market in trading “back-books” of insurance liabilities has...more
As discussed in our previous updates, in June 2020 the UK government announced a wide-ranging review of the Solvency II framework in the UK, aimed at reforming the insurance regulatory framework inherited from the EU given...more
The post-Brexit Solvency II reform aims for a more competitive and dynamic insurance sector in the UK. The UK government’s proposals to adapt the Solvency II regime more appropriately to the national insurance market have...more
This edition of The Standard Formula looks at the updated proposals set out in the consultation paper published by the Bermuda Monetary Authority (BMA) on July 28, 2023, which relate to the BMA’s plan to enhance the...more
The UK’s Prudential Regulation Authority (PRA) has reiterated its concerns regarding the UK bulk purchase annuity market. This contributes to a broader international theme of regulators expressing concern regarding the rapid...more
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
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
The FCA and PRA announced changes to enforcement process with the aim of strengthening the transparency and effectiveness of enforcement decision-making processes. Some of the changes have already come into force, the rest...more
Under the PRA’s Solvency II-implementing rules, (re)insurers are required (*) to publish an annual Solvency & Financial Condition Report (SFCR), which describes: - the (re)insurer’s business and performance; - the...more
Between 1 April 2013 and 15 February 2016, the PRA published a series of Solvency II Directors’ letters, Executive Directors’ letters, and Feedback Statements, so that everyone knew what its expectations were, as it developed...more
The PRA has published a letter from Chris Moulder, its general insurance director, to the CEOs of the 26 general insurers and Lloyd’s syndicates that participated in its 2015 General Insurance Stress Testing exercise. The...more
On October 6, 2015, the UK Financial Conduct Authority (“FCA”) issued final rules formalizing whistleblower procedures to be implemented by certain banks, building societies, credit unions, investment firms, and insurance and...more