In this issue: this month's roundup of developments affecting the insurance industry sees the FCA publish a report of its thematic review of ARs in the general insurance sector, the government consider a report from the Public Accounts Committee on mis-selling and the ICO publish a statement on Brexit, confirming that for the time being companies must continue preparing for the GDPR.


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Brexit

  • ABI advises travellers to keep calm and carry travel insurance and EHIC
  • BIBA Chief Executive – business as usual
  • First court hearing on Article 50 Challenge

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General Update

  • PAC report on financial mis-selling: response published
  • Women in Finance Charter signed by ABI
  • Updated online consumer focus tool from Insurance Europe
  • EIOPA's future priorities detailed in interview with Chair
  • EIOPA reports on financial stability risks in EEA

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Data Protection

  • ICO publishes Brexit statement
  • ICO publishes annual report for 2015/2016

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New Legislation & Consultations

  • Significant changes to English insurance law in August 2016
  • Delegated Regulation supplementing PRIIPs Regulation adopted
  • Insurance Europe published mock-ups for standardised IPID under IDD
  • Consultation on draft technical advice to EC on delegated acts concerning IDD
  • IAIS consultation: risk-based global insurance capital standard
  • IAIS publishes questionnaire for firms on thematic self-assessment and peer review
  • OECD consults on insurer governance guidelines
  • EIOPA thematic review on insurers operating in unit-linked life insurance market
  • IAIS consultation on approaches to supervising intermediaries
  • Joint Committee of ESAs Q&As KIDs for PRIIPs

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Regulatory Developments

  • FCA findings on thematic review of ARs in the general insurance sector
  • FCA publishes pensions guidance signposting findings
  • PRA publishes reporting requirement for companies outside the scope of Solvency II
  • PRA letter on market trends in the general insurance sector
  • ESRB strategy paper: macro-prudential policy for non-banks

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Solvency II

  • EIOPA publishes monthly information on risk free interest rate term structures
  • PRA updates Solvency II Supervisory Statements
  • Second consultation on external audit of public disclosure under Solvency II Directive
  • European Commission requests technical advice from EIOPA on Delegated Regulation
  • Final report published by EIOPA on treatment of infrastructure corporates under Solvency II
  • EIOPA publishes update on symmetric adjustment of equity capital charge

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Enforcement

  • Towergate fined for breaches of Handbook

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Key contacts

Brian McDonnell

Brian McDonnell

Partner, Financial Regulation
London

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