Clifford Chance

Update: UK insurance linked securities ('ILS') framework to be completed

27 June 2017

In a speech given today at the Association of British Insurers "Brexit – the road ahead" conference, the new Economic Secretary to HM Treasury Steve Barclay confirmed the Government's plan to place the new ILS legislation before Parliament prior to the summer recess with a view to the regime being in force during the autumn of 2017.

This legislation will implement the new ILS framework and is aimed at helping London become a global leader in this field. The Government's intention was also confirmed in a letter sent to the London Market Group ("LMG") which set up an ILS Taskforce to advise on the new framework.

As legal advisors to the LMG and members of the ILS Taskforce, Clifford Chance has been active in the preparation of the ILS legislation. In this briefing paper, we consider the implication of today's announcement. 

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