This month's roundup of developments affecting the insurance industry sees the FCA provide an update on its follow-up work on general insurance appointed representatives, the Council of the European Union adopt a bilateral agreement between the EU and US on prudential measures regarding insurance and reinsurance, and the EIOPA Chair comment on the effect of Brexit on the EU insurance sector, confirming that the UK will no longer benefit from the "EU" passport to the European single market.

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  • EIOPA Chair comments on the effect of Brexit on the insurance sector

General Update

  • FCA publishes PRA "Dear CEO" letter setting out analysis from the 2017 monitoring-the-market questionnaire
  • EIOPA Chair speaks about regulation and supervision in insurance
  • Insurance Europe responds to EC consultation on FinTech
  • IAIS creates new webpage to announce it has launched consultation on the revised draft ICP 
  • ABI Director gives speech on the evolving UK general insurance industry
  • ABI and Insurance Europe comment on the new IFRS 17 accounting standard
  • EIOPA launches EU-wide occupational pensions stress test
  • Insurance Europe calls for insurance sector's own regulator 
  • BIBA launches new scheme for members through Direct Insurance London Market
  • EIOPA signs memorandum of understanding with IBRD
  • Council agrees to sign EU/US insurance and reinsurance agreement 

New Legislation & Consultations

  • FCA publishes guidance on Part VII insurance business transfers 
  • BIBA responds to MoJ's Damages Discount Rate consultation

Regulatory Developments

  • FCA provides update on follow-up work regarding appointed representatives
  • FCA publishes call for input on access to insurance
  • FOS consults on amendment to voluntary jurisdiction rules 
  • EIOPA responds to the Commission's public consultation on FinTech 
  • FCA publishes its findings into pension lifestyle investment strategies
  • FCA updates PRIIPs disclosure: Key Information Documents

Solvency II

  • EIOPA publishes Solvency II statistics on EU insurance sector
  • PRA publishes consultation on data collection of market risk sensitivities under Solvency II
  • European Commission adopts Delegated Regulation on infrastructure corporates
  • European Commission makes first equivalence decisions under Solvency II
  • Insurance Europe publishes proposal on alternative treatment of equity risk under Solvency II
  • EIOPA publishes final report on methodology to derive ultimate forward rate under Solvency II
  • Commission Implementing Regulation under Solvency II published in OJ
  • PRA issues policy statement on maintenance of transitional measure on technical provisions under Solvency II
  • EIOPA publishes supervisory assessment of ORSA
  • EIOPA publishes 2.2.0 draft version of Solvency II XBRL Taxonomy 

Key Contacts

Richard Wise

Richard Wise

Partner, Head of Insurance Disputes
London, UK

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Robert Garwood

Robert Garwood

Partner, Commercial Services

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