Solvency II is organised around three core pillars of prudential regulation, which ensure the safety and soundness of (re)insurers, in line with the scale, nature and complexity of their business: - Pillar One focuses on...more
This chapter discusses and analyses the investment rules that apply to Solvency II insurers and reinsurers in the United Kingdom. In particular, this chapter will outline the “prudent person principle” and discuss the...more
The recent proposal for the revision of the Solvency II regime adopted by the European Commission anticipates interesting topics that will generate much debate in the future as they will define a new regulatory framework to...more
Solvency II review: PRA QIS material and related Dear CEO letter on data gathering The Prudential Regulation Authority (PRA) has updated its Solvency II Review Quantitative Impact Study (QIS) webpage with the QIS materials,...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
UK Solvency II review: PRA CP11/21 on reporting (phase 1) The Prudential Regulation Authority (PRA) has published a consultation paper, CP11/21, on phase 1 of a review of reporting and disclosure requirements under the...more
UK Solvency II regime review: HM Treasury response to call for evidence HM Treasury has published a response to its October 2020 call for evidence on the review of the UK Solvency II prudential regime for insurers....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
BREXIT - Brexit negotiations - On 17 October, the UK government and the EC reached an agreement on a revised Protocol on Ireland/Northern Ireland to the Withdrawal Agreement, and a revised political declaration on the...more
On February 19, EIOPA published recommendations (EIOPA-BoS-19/040) on providing guidance on the treatment of UK insurance undertakings and distributors with regard to cross-border services in the EU in the event of the UK...more
On January 17, the European Insurance and Occupational Pensions Authority (“EIOPA“) published a call for evidence on the integration of sustainability risks and factors in the prudential assessment of assets and liabilities...more
The Hogan Lovells’ Corporate Insurance Newsletter for September has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. ...more
BREXIT - Please see the ‘Other Developments’ section for an update on the minutes of the meeting between the Governor of the BoE and the Chancellor of the Exchequer on the June Financial Stability Report....more
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
BREXIT - FCA speech and new webpage on approach to Brexit - On 19 July, the FCA published a speech given by Nausicaa Delfas, FCA Executive Director of International, on the FCA's approach to Brexit. ...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
BREXIT - UK Government response to HoC Treasury Committee report on transitional arrangements - On 27 February, the HoC Treasury Committee published the UK government's response to the Committee's report on transitional...more
Insurance Europe publishes papers on avoiding Brexit cliff-edge risks - On 9 February, Insurance Europe published a paper calling for an agreement between the UK and the EU on the transitional arrangements that should...more
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
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
BREXIT - EBA relocation to Paris - On 21 November, the Council of the EU published a press release announcing that the ministers of EU member states other than the UK have selected Paris as the new location of the EBA....more
Allen & Overy publish weekly updates on key regulatory topics affecting the financial services sector. If you would like to receive this update by email please contact RegulatoryChange@allenovery.com. BREXIT - HoL EU...more
The Hogan Lovells’ Corporate Insurance Newsletter for October has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. In this...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