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“. […]
The European Insurance & Occupational Pensions Authority (EIOPA) has published its “Guidelines on the supervision of branches of third-country insurance undertakings“.
The Solvency II standard formula includes risk charges for debt and equity investments; but they don’t differentiate between investments that are in infrastructure, and those that are not. The Commission would like these charges to be adjusted so that, if an insurer invests in infrastructure, the charges will be lower. The Commission […]
Insurance Distribution Directive approved by the Permanent Representatives Committee on behalf of the Council: next steps
Coreper has approved the trilogue agreement on the proposed Insurance Distribution Directive (the IDD), on behalf of the European Council. The IDD is expected to be “minimum harmonising”, so the European Member States will be entitled to require more of the insurance distributors registered in their respective jurisdictions than the IDD […]
The European Parliament has published an exchange of letters between the chair of its Economic and Monetary Affairs Committee (Roberto Gualtieri) and the European Commissioner for Financial Stability, Financial Services & the Capital Markets Union (Jonathan Hill). In his letter of 1 April 2015, Gualtieri referred to the Commission’s two Delegated Acts on third-country […]
I’ve just published a Client Alert about the UK’s plan to (a) negotiate a new relationship with the EU; and (b) hold an in / out referendum before the end of 2017. The Alert will be useful to anyone who’s contingency planning against the risk of a possible #Brexit, and the impact that might have on UK-regulated financial services […]
The European Council has given a mandate to the Commission to negotiate an agreement with the United States on reinsurance.