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.
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
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
Data Protection
- ICO publishes Brexit statement
- ICO publishes annual report for 2015/2016
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
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
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
Enforcement
- Towergate fined for breaches of Handbook
