Tag: (re)insurance

PRA Consultation: Dealing with a market turning event in the general insurance sector

The UK’s Prudential Regulation Authority (PRA) has published a Consultation Paper (CP) “CP32/16 Dealing with a market turning event in the general insurance sector“.  The CP attaches a draft Supervisory Statement (SS), which sets out the PRA’s expectations “in relation to significant general insurance loss events which might affect firms’ solvency and future business plans“. […]

#Brexit: UK pro-actively considers cancelling & withdrawing from Solvency II

The UK’s House of Commons Treasury Select Committee (TSC) has finally* launched its Solvency II inquiry. The inquiry will look at “the introduction and operation of Solvency II“, its “strengths and weaknesses“, and its “status in the context of insurance regulation internationally“. This will “supplement [the TSC’s] work on the [post-Brexit] relationships … the […]

Solvency II: external audit of the Solvency & Financial Condition Report – PRA made rules

The UK’s Prudential Regulation Authority has published: a brief Policy Statement: “Solvency II: external audit of the public disclosure requirement – PS24/16“; a short Supervisory Statement: “SS11/16: Solvency II: external audit of the public disclosure requirement“; and its made rules: “Solvency II firms and non-authorised persons: external audit instrument 2016″. Long story […]

#IDD / #IMD2: EIOPA launches online survey about future Guidelines – Quick! the deadline’s 25 September 2016!

The European Insurance & Occupational Pensions Authority (EIOPA) has launched an online survey, seeking views about the scope of, and the nature of the products that should be covered in, its Insurance Distribution Directive Guidelines “for the assessment of insurance based investment products (IBIPs) that incorporate a structure which makes it difficult for the […]

The FCA on Principals & their Appointed Representatives in the General Insurance Sector

The FCA has used a panel discussion with principal firms in the general insurance sector to explain its findings and expectations, following the publication of its Thematic Review “Principals and their appointed representatives in the general insurance sector“. Our blog post (“FCA castigates the principals of appointed representatives in the general insurance sector“) summarizes the […]

Solvency II Remuneration Requirements – PRA adopts new Supervisory Statement

The UK’s Prudential Regulation Authority has adopted and published a new Supervisory Statement: “SS10/16 Solvency II: Remuneration requirements“. Solvency II (re)insurers are already: (actually) obliged to comply with article 275 of the Solvency II Delegated Regulation; and (effectively) obliged to comply with EIOPA’s “Guidelines on System of Governance“. The PRA’s Supervisory Statement describes the PRA’s Regulation & Guidelines compliance expectations.

FCA tries to encourage consumers to shop around before renewing a general insurance policy

The FCA has made a rule that it hopes will encourage consumers to shop around before deciding whether to renew a general insurance policy with their existing provider.