This month's roundup of developments affecting the insurance industry sees implementation of the PRIIP Regulation being postponed, the FCA publish final guidance on fair treatment of long-standing life insurance customers and confirmation that the Insurance Block Exemption Regulation (IBER) will lapse in March 2017.  


You can read the issue in full here

Brexit

  • ABI calls for ‘clear commitment’ to a transitional implementation period following Brexit
  • ABI responds to Treasury Committee's Solvency II inquiry

General Update

  • IBA publishes Key Facts on UK Insurance and Long Term Savings industry
  • New LMA guide on uncertainty in catastrophe modelling 
  • BIBA launches online portal on unrated non-life insurers
  • Society of Lloyd's publishes cyber-attack strategy
  • New Scheme from BIBA for businesses at risk of flood
  • ABI identifies priority markets for trade expansion
  • ABI launches new Trade Credit Insurance Guide
  • EIOPA announces results of the 2016 EU-Wide Insurance Stress Test
  • EIOPA consumer trends report: December 2016
  • GFIA publishes Annual Report

Data Protection

  • Study finds that 75,000 data protection officers will be needed in order to tackle GDPR

New Legislation & Consultations

  • Insurance Block Exemption Regulation to expire on 31 March 2017
  • FCA consults on review of FSCS funding
  • PRA extends deadline for consultation on market turning event in GI sector 
  • HM Treasury consultation on implementing new regulatory and tax framework for ILS
  • PRA/FCA Joint consultation paper on ISPVs
  • PRA consults on cyber insurance underwriting risk
  • EU postpones PRIIPs Regulation 
  • Joint Committee of ESAs responds to European Commission on proposed amendments to PRIIPs rules 
  • Council of EU progress report on proposed EDIS Regulation and banking union
  • EIOPA on European recovery and resolution framework for insurers
  • Insurance Europe letter to EC on EU services card
  • IAIS seeks feedback on draft stakeholder engagement plan

Regulatory Developments

  • FCA final guidance on fair treatment of long-standing life insurance customers 
  • FCA statement on PPI
  • FCA thematic review on general insurance intermediaries' PII
  • PRA policy statement on insurers' PRA fees and FSCS levies for 2017/18 
  • EIOPA guidelines on dialogue between insurance supervisors and auditors
  • FSB updates list of G-SIIs 
  • IAIS paper on approach to supervising intermediaries' conduct 

Solvency II

  • Companies Act 2006 (Distributions of Insurance Companies) Regulations 2016
  • PRA FAQs on regulatory reporting under Solvency II 
  • PRA consultation on Solvency II transitional measures 
  • PRA consultation on firms investing in illiquid assets under Solvency II
  • PRA policy statement on consolidating Solvency II directors' letters
  • PRA on NSTs under Solvency II 
  • EC adopts Implementing Regulation on calculation of technical provisions and basic own funds
  • ECON comments on review of methodology to derive ultimate forward rate 
  • EIOPA on symmetric adjustment of equity capital charge for Solvency II
  • EIOPA technical information for Solvency II RFR term structures
  • EIOPA consults on SCR standard formula under Solvency II
  • EIOPA reports on LTG and equity risk measures under Solvency II
  • EIOPA opinion on information related to use of transitional measures in calculating technical provisions 
  • EIOPA reports on the use of limitations and exemptions from regular supervisory reporting

Fraud

  • "Ghost broker" ordered to pay back £17k

Key contacts

Brian McDonnell

Brian McDonnell

Partner, Financial Regulation
London

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Richard Wise

Richard Wise

Partner, Head of Insurance Disputes
London

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