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
COVID-19 BI insurance test case: FCA updates webpage The Financial Conduct Authority (FCA) has updated the webpage on its business interruption (BI) insurance test case. The FCA has published the Supreme Court order varying...more
The final guidelines create new obligations for insurers that will impact cloud outsourcing arrangements. On 6 February 2020, the European Insurance and Occupational Pensions Authority (EIOPA) published its final...more
IVASS published on 5 June Regulation no. 38 concerning provisions on the corporate governance system (the “Regulation“) implementing EIOPA Guidelines pursuant to Solvency II Directive....more
The Hogan Lovells’ Corporate Insurance Newsletter for June has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. In this issue,...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
On January 13, 2017, representatives of the European Union and the United States of America issued a joint statement announcing that they had successfully concluded negotiation of an agreement (the “Agreement” or “Covered...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
On April 21, 2016, Insurance Europe, the European insurance and reinsurance federation, released a press release raising concerns over how Solvency II liabilities are currently calculated, including discount rates. This press...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