Clifford Chance
Receive insights and opinions from our Global Insurance Group on the latest insurance trends, regulatory changes and developments, including the role of new technologies, shaping the global insurance market.
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Increasing the competitiveness of the UK ILS regime: PS12/22 indicates a change in approach by the PRA
The PRA has responded to calls to make improvements to the UK's regulation of Insurance Special Purpose Vehicles ("ISPVs") to make the UK more competitive as an international ILS destination.
James Cashier Partner 30 January 2023
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International Developments in Insurance Regulation
The National Association of Insurance Commissioners (the "NAIC"), the standard-setting body composed of all United States insurance regulators, recently held its Fall National Meeting in Florida. As part of that meeting, the NAIC International Insurance Relations Committee heard a presentation and held a Q&A session with Jonathan Dixon, Secretary General of the International Association of Insurance Supervisors ("IAIS"). Mr. Dixon provided an update on international activities related to financial stability.
Eugene Benger Counsel 10 February 2023
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The insurance recovery and resolution directive (IRRD) proposal
In September 2021, the European Commission published a legislative proposal for a new EU insurance recovery and resolution directive ("IRRD") as part of its comprehensive review package of the Directive 2009/138/EC ("Solvency II").
IRRD will create a harmonised recovery and resolution planning framework for EU (re)insurance undertakings and their groups. The aim of the framework is to provide a credible set of resolution tools to intervene sufficiently early and quickly if (re)insurers are failing or likely to fail, in order to ensure a better outcome for policy holders, while minimising the impact on the economy, the financial system and any recourse to taxpayers’ money.
Udo Prinz Counsel 17 March 2023
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Preparing for the 2023/4 Regulatory Pipeline
A new briefing has been published on the Regulatory Initiatives Grid (the "Grid") which provides an overview of regulatory initiatives and their timelines to help UK insurers plan for the upcoming regulatory environment in 2023/4.
Ashley Prebble Partner 28 March 2023
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FCA Business Plan 2023/24 and keys points for the UK insurance sector
The FCA recently published its 2023/24 Business Plan. The Plan provides an update on the second year of the FCA's 2022-2025 Strategy and sets out its priorities for the next 12 months.
James Cashier Partner 19 April 2023
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Insurtech Update: Aye-aye, Eye and AI
The Aye-aye (Daubentonia madagascariensis) is a long-fingered lemur native to, you guessed it, Madagascar – but my voice assistant told me it was a Canadian rock band (called Eye Eye).
It is highly likely that you have your own experiences of the (current) limitations of artificial intelligence and in similar superficial contexts. However, when complex technology is used in the insurance value chain, deficiencies such as algorithm bias can have discriminatory and other significant consequences for policyholders such as higher premiums, refusal of insurance cover, or rejection of claims.
Emma Eaton Senior Associate 27 April 2023
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SM&CR Review: Call for Evidence and Discussion Paper close to responses on 1 June 2023
A joint discussion paper by the FCA and PRA (DP23/3:DP1/23) was published on 30 March 2023, seeking feedback from stakeholders on a number of aspects of the Senior Managers and Certification Regime (SM&CR). HM Treasury also separately published a Call for Evidence on the same date to review the legislative framework of the regime. Together, the papers represent the first holistic review of the SM&CR.
Emma Eaton Senior Associate 5 May 2023
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PRA update on bulk annuities and funded reinsurance
At the 20th Westminster & City Conference on Bulk Annuities held at the end of June 2023, the mood in the packed hall was buoyant. UK pension schemes have seen their funding position improve greatly as a result of interest rate rises and many are now able to contemplate a de-risking transaction sooner than anticipated. The RSA/ PIC jumbo transaction announced in February was fresh in everyone's minds and there was an expectation of more to come. It fell, though, to Charlotte Gherken (the PRA Director of Insurance Supervision) to sound a note of caution to annuity writers and reinsurers.
Hilary Evenett Senior Director 11 May 2023
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Holding the UK regulators to account on the new 'competitiveness' objectives
On 9 May 2023, HM Treasury (HMT) published a 'Call for Proposals' on measuring success in relation to the new secondary growth and competitiveness objectives for the FCA and the PRA to be introduced under the Financial Services and Markets Bill 2022-23 (FSM Bill). While the introduction of the new secondary objectives has been welcomed by the insurance industry, concerns have been raised about how the UK regulators will be held accountable under the new regime.
Amera Dooley Knowledge Director 18 May 2023
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PRA Business Plan 2023/24 and key points for the UK insurance sector
The PRA has recently published its 2023/24 Business Plan. The plan provides an update on the PRA's strategy and sets out its priorities over the next 12 months.
James Cashier Partner 25 May 2023
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Future of AI Insurance Regulation: Fairness in AI Systems
The UK has announced that it will host the first global summit on the regulation of AI this autumn. There is a clear intention that the UK positions itself as a leader in AI regulation and international co-ordination. The AI meeting will complement the G7 initiative, known as the 'Hiroshima AI process', announced on 20 May 2023, which saw the G7 issue a joint statement to advance discussions on inclusive AI governance and interoperability to achieve a common vision and goal of trustworthy AI.
Emma Eaton Senior Associate 21 June 2023
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Solvency UK draft regulations published
On 22 June 2023, HM Treasury (HMT) released information about its proposed legislative strategy for its Solvency UK reforms. The strategy includes two draft statutory instruments (SIs) that HMT will make using powers under the Financial Services and Markets Bill 2022-23 (FSM Bill) which received Royal Assent today.
Imogen Ainsworth Partner 29 June 2023
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Feedback on the PRA's Thematic Review work on Funded Reinsurance Arrangements
On 15 June 2023, the PRA published a letter from Charlotte Gerken on ‘Feedback on the PRA’s preliminary thematic review work on funded reinsurance (FundedRe) arrangements’. The letter, addressed to the Chief Risk Officer at life insurance firms, provides insights from the PRA’s thematic review of FundedRe in the UK life insurance market, given its growing use in supporting bulk purchase annuity (BPA) transactions, which the PRA has previously expressed concern.
Cheng Li Yow Partner 29 June 2023
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New "Mobilisation" Regime Proposed to Enhance Competition and Foster Innovation
In June 2023, the PRA published its latest consultation on the Solvency II review. This is the first of a set of consultation papers that aim to establish a new regulatory framework for the UK insurance industry, called Solvency UK. The consultation paper includes a new proposed "mobilisation" regime, which seeks to enhance competition and foster innovation within the UK. This is to be achieved by granting greater flexibility to newly authorised insurance companies as they conduct their operations. Additionally, the regime intends to raise the thresholds at which Solvency UK becomes applicable.
Disha Gulati Senior Associate 17 August 2023
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Lloyd's cyber war exclusion
On 16 August 2022, Lloyd's published Market Bulletin Y5381 regarding new requirements for state backed cyber-attack exclusions in standalone cyber-attack policies.
The bulletin stated that from 31 March 2023, all standalone cyber-attack policies must contain an exclusion excluding liability for losses arising from any state backed cyber-attack, unless otherwise agreed by Lloyd's. This puts cyber policies at Lloyd's potentially at odds with non-Lloyd's policies (although it is notable that Munich Re, one of the largest cyber underwriters, has been supportive of the Lloyd's exclusion).
Christopher Ingham Partner 21 September 2023
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The FCA's New Rule Review Framework: What Insurers Need to Know
In July 2023, the FCA published its draft Rule Review Framework (the "Framework"), which outlines how the FCA plans to monitor and review the rules in its Handbook. The Framework describes the types of reviews that the FCA may undertake as well as the actions it may take if a rule is not performing as intended.
Anita Arianpour Lawyer 2 October 2023
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Navigating Global AI Regulations: Implications for Insurers in a Changing Landscape
On 30 October 2023, President Biden issued a landmark and sweeping Executive Order on Safe, Secure, and Trustworthy Artificial Intelligence. The Executive Order is, according to the White House Deputy Chief of Staff, the strongest set of actions any government in the world has ever taken on AI safety and security. On the same day, the G7 agreed the International Guiding Principles on Artificial Intelligence while the global AI Safety Summit took place in the UK on 1 and 2 November. As AI continues to advance, lawmakers are adapting any perceived regulations to address the shortcomings of the existing regulatory framework in dealing with the unique challenges posed by AI. Potential scope for adaptation is therefore significant and there are diverging views and approaches among lawmakers and regulators which have the potential for very different outcomes for firms and consumers. This blog summarises the main AI-specific laws and proposals across five different jurisdictions that will affect insurers.
Julia Chobanyan Lawyer 6 November 2023
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MAS finalises framework for Singapore's domestic systemically important insurers (D-SIIs), and consults on recovery and resolution planning and other measures applicable to the insurance sector
On 21 September 2023, the Monetary Authority of Singapore (MAS) published its framework for designating domestic systemically important insurers (D-SIIs) in Singapore, to take effect from 1 January 2024.
Lena Ng Partner 13 November 2023
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Navigating Change: Trends and Shifts in Life Insurance M&A
The global economy continues to face challenges arising from inflation, geopolitical tensions, and market uncertainty. This in turn has had a knock-on effect on the M&A markets more broadly. In this article, we take a closer look at how this has impacted M&A in the life insurance sector in the UK, Europe and the US and consider alternative arrangements and structures which are gaining prominence in the market.
Amera Dooley Knowledge Director 4 December 2023
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Navigating regulatory change in the global life (re)insurance industry
The life insurance industry in the UK, the US, and Europe is currently facing several regulatory challenges, driven by the increasing involvement of private equity firms in life insurance and the globalisation of the reinsurance market amidst concerns about regulatory divergence and arbitrage.
Regulators are taking steps to address these challenges, such as introducing new rules to govern the relationship between private equity firms and life insurers, developing new frameworks for cross-border reinsurance, and aligning regulatory standards internationally. The global life insurance industry is likely to face continued regulatory scrutiny in the coming years. It is important for insurers and reinsurers to be proactive in engaging with regulators so that they can better develop (re)insurance regulation.
Amera Dooley Knowledge Director 7 December 2023
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New Rules: FCA Consumer Duty consultation
On 7 December 2021 the UK Financial Conduct Authority ("FCA") published its second consultation on its proposed new Consumer Duty that would set higher expectations for the standard of care that firms provide to their retail consumers.
James Cashier Partner 6 January 2022
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The PRA's Insurance Supervision: 2022 priorities
On Wednesday 12 January 2022, the Prudential Regulation Authority (PRA) published a 'Dear CEO' letter from Anna Sweeney and Charlotte Gerken, joint executive directors of insurance, detailing focus areas for 2022. The letter was sent to all insurers, including third-country branches, supervised by the PRA and contains a high-level 'to do list' for firms both in the general and life sector
Amera Dooley Knowledge Director 18 January 2022
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The Brexit Freedoms Bill and changing retained EU law
To mark the second anniversary of Getting Brexit Done, the Government announced on 31 January that it would bring forwards a new Brexit Freedoms Bill (the Bill) to make it easier to amend 'retained EU law', that is EU-derived legislation, rights and principles preserved at the end of the Brexit transition period under the European Union (Withdrawal) Act 2018 (EUWA).
Amera Dooley Knowledge Director 16 February 2022
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Practical steps for preparing for Solvency UK
On Monday 21 February, City Minister John Glen delivered a speech to the Association of British Insurers' (ABI) Annual Dinner in which he revealed details of the Government’s Solvency II reforms, months before the formal consultation process (expected in April). This was followed on Friday 25 February, by an article by John Glen, reiterating the Government's intention to seize the opportunity to reform Solvency II to create "Solvency UK". The proposed changes should help attract new entrants to the UK market and capital reforms will assist UK insurers to invest in the Government's post-Brexit vision of UK growth and innovation.
Emma Eaton Senior Associate 28 February 2022
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Increased Scrutiny: The Updated Regulatory Approach to Part VII Transfers
Since the Financial Conduct Authority (FCA) published its guidance on Part VII Transfers in 2018, they have seen a record number of Part VII Transfers driven by Brexit-related reorganisations and increased M&A activity.
Nancy Li Senior Associate 11 April 2022
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Updated regulatory guidance on part VII transfers for companies in run off
After last year's consultation exercises, the PRA and FCA have now finalised updated guidance on Part VII transfers (PRA Policy Statement 1/22 and FCA Guidance FG22/1, respectively). This post focuses on a provision in the PRA guidance which is of particular interest to companies which are in run off.
Hilary Evenett Senior Director 31 May 2022
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Examining the Climate Biennial Exploratory Scenario report results from an insurance perspective
On 24 May 2022, the Bank of England (BoE) published the results of its first Climate Biennial Exploratory Scenario (CBES), the BoE's first climate stress test and serves to boost the central bank's climate credentials.
Amera Dooley Knowledge Director 18 July 2022
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FIG M&A Activity sees global slow-down after record highs
2021 was a record-breaking year for financial institutions M&A with deal volume and values across the banking, insurance and asset management sectors reaching new highs. At the outset of the year 2022 was predicted to see a continuation of this high level of activity, but with a backdrop of geopolitical instability following Russia's invasion of Ukraine and a deteriorating macroeconomic environment with high inflation and increasing interest rates, M&A activity has in fact seen a broad-based decline in the first half of 2022. However, whilst activity has fallen from the extraordinary highs of 2021 each of the banking, insurance and asset management sectors have nonetheless seen notable transactions.
Fergus Grady Senior Associate 26 September 2022
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Insurance inspired by nature
Traditionally, insurance is seen as a mechanism to absorb shocks and compensate unexpected events. However, insurance can have an important role in protecting natural assets and being proactive in the fight against climate change.
Nancy Li Senior Associate 10 November 2022
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Recent Court of Justice of the European Union decision emphasises the broad scope of IDD
The case was taken by a German consumer association against TC Medical Air Ambulance Agency GmbH ("TCMA").
Juan Valcárcel Abogado 14 November 2022
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Governance failings – takeaways from MS Amlin fine
The £9.7 million fine imposed on MS Amlin Underwriting Limited (MSAUL) by the PRA should prompt Lloyd's managing agents and insurers to review their risk management and governance systems and consider their approach to regulator engagement.
Beth Eyre Lawyer 17 November 2022
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Assessing the impact of rising interest rates, inflation, LDI strategies, and regulatory reform on the UK insurance market
The Bank of England (BoE) raised interest rates by 75 basis points to 3% at the beginning of this month, the biggest increase in 33 years. The BoE provided unusually direct guidance on the UK's economic prospects in the press conference that followed, stating that the outlook was "very challenging" and that additional interest rate hikes might be required for inflation to sustainably return to the target 2%.
Amera Dooley Knowledge Director 25 November 2022
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Transitioning to Solvency UK - the Edinburgh Reforms and the Solvency II Review: Response
On 9 December, the Chancellor of the Exchequer Jeremy Hunt unveiled the “Edinburgh Reforms” for UK financial services, which constitutes a plan to drive growth and competitiveness in the sector. Among the plans of the UK government is a commitment to implementing the Solvency II reforms over the course of 2023.
Jack Gilbert Lawyer 14 December 2022
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The outlook for the UK life insurance sector looks vibrant
Over recent months we have seen a variety of developments which point to the UK life insurance sector offering an increasingly attractive opportunity for third party investment as well as for new entrants into the market.
Imogen Ainsworth Partner 22 February 2021
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Lloyd's ILS platform: A good result for Lloyd's and the UK ILS market
Lloyd's announcement last month that it has obtained approval from the PRA to establish its own ILS platform is a big step for the Future of Lloyd's capital strategy and also potentially provides a significant boost to the UK ILS market.
James Cashier Partner 1 March 2021
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Responsible Innovation - Why it matters to the insurance sector
The last twelve months has seen a proliferation of legal, regulatory, academic and policy papers about innovation, in particular the use of Artificial Intelligence ("AI"). At the heart of the debate is "responsible innovation", a concept that incorporates social principles such as ethics, transparency, trustworthiness and accountability in relation to complex technology.
Emma Eaton Senior Associate 23 March 2021
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Impact for insurers: The FCA's newly proposed consumer duty Following a statutory mandate under the Financial Services Act 2021, the Financial Conduct Authority ("FCA") published a consultation paper in May proposing a new Consumer Duty that would set higher expectations for the standard of care that firms, including insurers and intermediaries, provide to their retail consumers. 7 June 2021 Read more
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ICS Version 2.0: Moving towards a global Insurance Capital Standard?
ICS version 2.0 is the consolidated group-wide reference standard for a globally comparable risk-based measure of capital adequacy for IAIGs. It will be applied by IAIS members over a five-year monitoring period with some members, including the EU-27 through coordination by the European Insurance and Occupational Pensions Authority ("EIOPA"), from January 2020.
Disha Gulati Senior Associate 21 June 2021
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Insurtech: Progress for Smart Contracts?
There are questions about the legally binding nature of smart contracts, such as how their terms are interpreted, how to deal with issues such as mistakes in the coding of smart contracts and the remedies that are available when a contract fails to perform as intended.
Emma Eaton Senior Associate 26 July 2021
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Open Insurance: An opportunity for consumer-centric innovation
Following the success of open banking, the UK Government, the FCA and the financial services industry have been considering the "potentially transformative benefits" for insurers and customers alike that could come from open finance, including open insurance.
Nancy Li Senior Associate 5 July 2021
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EU publishes Solvency II reform proposals, including a new Recovery and Resolution Directive
On Wednesday 22 September 2021, the European Commission announced plans to reform the Solvency II regime. The review allowed the Commission to reflect on the overall effectiveness of Solvency II, including during the Covid-19 crisis.
Amera Dooley Knowledge Director 30 September 2021
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HM Treasury Consultation: Insolvency Arrangements for Insurers
The government is currently consulting on a series of "targeted" amendments to existing insolvency arrangements for insurers in the hope of enabling UK authorities to better manage an insurer in distress.
Amera Dooley Knowledge Director 6 September 2021
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Activist investors aim at UK insurers in pandemic rebound
Historically, aggressive shareholder activism has been relatively rare for UK financial institutions. However, in recent years there has been a notable increase in the number of campaigns made by activist investors across all industries, with insurers undoubtedly a current area of focus.
Fergus Grady Senior Associate 6 October 2021
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The new EU insurance recovery and resolution directive: reducing risk and reinforcing resilience
Although the UK may want to step up the pace of negotiations with the EU on a FTA, the Coronavirus pandemic has potentially disordered the government’s economic and political calculations. A no-deal outcome, which once seemed very unlikely, now seems entirely plausible.
Hilary Evenett Senior Director 5 November 2021
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The future of UK financial services and the enhanced FSMA model
On 9 November 2021, HM Treasury (HMT) published its latest consultation on the Future Regulatory Framework (FRF) Review. The FRF Review aims to support the government's vision of the UK as a globally competitive financial services hub and complements several other reviews currently underway. This includes the government’s review of Solvency II for which a Call for Evidence was published in October 2020 with further consultations expected in 2022.
Amera Dooley Knowledge Director 8 December 2021
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The regulatory push on D&I
Diversity, particularly gender diversity, has been on the agenda for both firms and regulators for a number of years. Over the last two decades, much has been done to promote women into senior positions, however there has been increasing recognition that focusing on one type of diversity is not enough.
Nancy Li Senior Associate 20 December 2021
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Accelerating changes in the year ahead: What to look out for in 2020
As 2020 kicks off in earnest we are looking ahead at the key legal and regulatory developments facing the London Market over the next 12 months.
James Cashier Partner 9 January 2020
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Brexit – the UK-EU deal on the future relationship needs to go further than just equivalence
After years of uncertainty, MPs have now given their final backing to the Withdrawal Agreement Bill.
For insurers, however, this will not mean an end to questions over the potential impact of Brexit.
Amera Dooley Knowledge Director 23 January 2020
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British insurers in Spain face the realities of a hard Brexit
A muddled disentangling of the UK from the EU's legal framework will have numerous consequences for British insurers operating in Spain.
Fernando Irurzun Partner 15 October 2020
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Climate Change in the 2020s: The decade for insurers to lead
The 2020s will be a decisive decade in the race to deal with climate change and insurers may well play a key role in deciding the outcome of these efforts.
Cheng Li Yow Partner 7 February 2020
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Operational Resilience: the new regulatory focus on business services
Over the last few years the UK regulators have been focused on introducing a stronger regulatory framework to promote the operational resilience of firms, including insurers. This comes against a backdrop of firms battling an increasing number of operational threats such as cybercrime and large scale technology changes.
Nancy Li Senior Associate 6 March 2020
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Coronavirus, Aggregation and Reinsurance
The Covid-19 pandemic is likely to give rise to questions as to the extent to which losses may be aggregated for reinsurance claims.
Philip Hill Partner 7 April 2020
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Reinsurance: A useful tool for M&A run-off transactions
Reinsurance continues to be a mechanism to be taken into account when analysing how to structure M&A deals within the run-off sector.
Juan Valcárcel Abogado 16 April 2020
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UK Stewardship Code 2020 – FRC raises expectations for insurers on outcome-based reporting and ESG
The UK Stewardship Code 2020 is a complete revamp of the 2012 Code, creating tailored requirements for asset owners such as insurers.
Amera Dooley Knowledge Director 23 April 2020
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Coronavirus and the "value" of an insurance policy
On 1 May the FCA announced a series of statements and guidance to firms regarding the impact of Covid 19 on the insurance sector.
Ashley Prebble Partner 15 May 2020
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Looking Beyond Coronavirus
Businesses are beginning to assess their strategic priorities and changes to the landscape as they look to manage the impact of Covid-19 on their business.
James Cashier Partner 28 May 2020
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First hearing in FCA BI insurance coverage test case highlights issues for trial
At a day-long virtual hearing last week, the Court decided a number of important procedural issues including confirmation of the “test case” status of the claim against a group of eight insurers which the FCA hopes will resolve contractual uncertainty around BI policies as a result of the Coronavirus pandemic.
Baljit Rai Director of Insurance Litigation 25 June 2020
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Are insurers ready for Brexit?
Although the UK may want to step up the pace of negotiations with the EU on a FTA, the Coronavirus pandemic has potentially disordered the government’s economic and political calculations. A no-deal outcome, which once seemed very unlikely, now seems entirely plausible.
Amera Dooley Knowledge Director 24 July 2020
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Working from home: the expectation for technological transformation
The large-scale move to remote working has pushed the insurance sector, along with many others, to innovate and deliver digital and remote solutions in order to maintain operational resilience and avoid business interruption.
Imogen Ainsworth Partner 9 July 2020
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'Falling back on the WTO': No deal implications for the UK insurance sector
A no-deal Brexit looms large again after Michael Barnier, the EU's top negotiator, warned of 'no progress' on key issues at last month's trade talks.
Amera Dooley Knowledge Director 6 August 2020
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Distinguishing the Facts of the Legal & General Part VII Transfer
The recent High Court approval of a Part VII transfer between Legal & General Assurance Society ("LGAS") to ReAssure suggests the interventionist approach the court adopted in the Prudential Assurance Company to Rothesay Life transfer could be limited in its scope to the facts of that case.
Amera Dooley Knowledge Director 17 September 2020
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Insure the future
The number of new insurance companies entering the UK market remains stubbornly low. This article looks at how the PRA proposes to support insurtechs in particular to become UK authorised insurers.
Emma Eaton Senior Associate 3 September 2020
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Government issues Solvency II call for evidence
On October 19, HM Treasury issued a "call for evidence", which seeks industry views on how to tailor Solvency II to better support the unique features of the UK insurance sector. A significant overhaul of solvency legislation is expected.
Amera Dooley Knowledge Director 29 October 2020
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The wider implications of the FCA test case
When Covid-19 began to spread across the UK, there was uncertainty as to whether non-damage business interruption insurance wordings actually provided cover for the effects of the pandemic. The Financial Conduct Authority ("FCA") thus sought to obtain court declarations in respect of coverage and causation issues under such policies, as part of a test case under the new Financial Markets Test Case Scheme.
Baljit Rai Director of Insurance Litigation 1 October 2020
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Regulatory expectations for good governance and culture underpin Lloyd's transformation
The drive for innovation must go hand in hand with strong oversight and a healthy culture.
Imogen Ainsworth Partner 12 November 2020
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The future regulatory framework review for financial services looks to post-Brexit future
Proposals seek to adapt and strengthen the existing Financial Services and Markets Act-based regulatory regime.
Amera Dooley Knowledge Director 26 November 2020
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Court of Appeal delivers boost to Part VII transfers
The High Court's decision in Rothesay/Prudential transfer provides insurers with much-needed clarity.
James Cashier Partner 11 December 2020
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