Insurance and Reinsurance

Commenting on announcement by Martin Wheatley, Chief Executive, Financial Conduct Authority (FCA) that the FCA will be conducting a thematic review of claims handling in personal insurance, Maggie Craig, Director of Financial Conduct Regulation at the Association of British Insurers, said: "Millions of individuals and businesses rely on the vital financial protection insurance provides, with insurers paying over £28 million to customers every day for household and motor claims alone. Insurers want to offer products that do what they say on the tin, with clear policy language and a straightforward claims process..."

EIOPA’s publication of a consultation paper on proposed guidelines for the early introduction of the System of Governance is intended to ensure a consistent and convergent approach in preparations for Solvency II...

A short summary of the Solvency II Long-term Guarantee Assessment recently completed by many insurers across Europe highlighting the impact on assets and products...

Topics in this issue:

Solvency II
EIOPA Consultations on Interim Measures
PRA Guidance on Interim Measures
EIOPA Discussion Paper on SF design and Long Term Investments

Prudential regulation
PRA’s Approach to insurance supervision – revised as at 1 April 2013
Memoranda of Understanding: Bank of England, PRA and FCA
PRA Policy Statements
Legacy FSA policy material: PRA Supervisory Statements
CP 3/13 - PRA Regulated Fees and levies 2013/14

Conduct regulation
How the FCA will investigate and report on regulatory failure
FCA Board Members confirmed
FCA Fees
FCA Speeches
FSA Factsheet for general insurance brokers acting for commercial customers - Broker arranged premium finance plans
FCA Occasional Papers
EIOPA Consultation Paper on Complaints handling by insurance intermediaries

Other regulatory
Lloyd’s Minimum Underwriting Standards and Self-Assessment

Enforcement
FSA fines round-up

The insured under a liability insurance policy will need to establish actual legal liability to a third party claimant before it can recover from its insurer, unless the language used in the policy clearly provides for the contrary. An arguable liability will not suffice...

The failure of the banking system back in 2008 resulted in a widespread review of the way in which governance was exercised in firms operating within the financial services sector...

Topics in this issue:

'Bought by Many' - The Spirit of Mutuality (2)

A Framework for with-profits Risk Management

Effective Internal Audit in Insurance

With-profits Performance in Mutuals in 2012

The Hidden Benefits of the UK Secondary Market in Endowment Policies

Podcast highlights:

Why is IFRS particularly important to the insurance sector?

What do Investor Relations Directors need to know in the insurance sector and what do they need to do to make IFRS work?

How can insurance stocks be made more attractive by adopting IFRS and potentially doing it early?

New market entrants, the return of traditional market players, and changing regulations once again have the world’s insurance providers’ eyes set on ...

This consumer factsheet, which is based on the good practice guide, sets out what customers can expect from their pay how you drive policy...

The Ministry of Justice published a written ministerial statement concerning the commencement of the Third Parties (Rights against Insurers) Act 2010...

There is an increasing demand for risk functions to demonstrate how they add value to the business beyond compliance, with many insurers now turning to their existing risk management teams and asking: how can we best optimize output to ensure value-enhancing performance...

EIOPA’s consultation paper on submission of information to national competent authorities proposes a significant level of disclosure of quantitative and narrative information to national supervisors in advance of the introduction of Solvency II...

Shortly before Easter, the European Insurance and Occupational Pensions Authority opened consultation on four sets of Guidelines which seek to bring forward the implementation of certain Solvency II requirements to 1 January 2014...

The PRA has revised its approach documents on insurance supervision and banking. The insurance approach document sets out how the PRA carries out the role in respect of insurers and the banking approach document sets out the role in respect of deposit-takers and designated investment firms...

Peter Braumüller, Chair of the Executive Committee of the IAIS, announced that the insurance supervisor of Nebraska has joined an international supervisory cooperation and information exchange agreement...

After a long scrutiny of banks, regulators are turning to insurers. Understand the scope and timing of their directives and how you need to prepare...

Retailers providing extended warranties or repair agreements may find themselves undertaking insurance businesses without FSA authorisation...

Topics in this issue:

UK - FSA Split (March 2013)

Europe - IMD 2 Update

UK - Competition Law Developments in the Insurance Sector: December 2012 to March 2013

Asia - Myanmar Agrees to Become a Signatory to the New York Convention

US - Debate over Life Insurance Industry use of captive reinsurers and other affiliated special purpose vehicles continues

US - NAIC’s Mortgage Guaranty Insurance (E) Working Group

US - Expedited Review for Potential Qualified Jurisdictions

US - Updates to the ORSA Guidance Manual

US - Insurers May Apply to Become Certified Reinsurers in Connecticut Pursuant to the Proposed Amended Regulations Implementing the Connecticut Credit for Reinsurance Law

US - Seminar: Managing Cyber Security Threats in the Digital Age

Have you seen our Year in Review?

Ernst & Young’s inaugural European Insurance Finance and IFRS Conference took place in London in December 2012, and was attended by just under 70 senior insurance professionals from the world’s leading insurers, guest speakers from IASB and EIOPA, and Ernst & Young insurance partners from across Europe. This paper brings together the key messages of the presentations made by Ernst & Young speakers and also analyses the results of the audience poll conducted throughout the conference...

The FCA and the PRA have started to issue communications to all firms detailing their new categorisation according to the potential impact they might have on the regulator’s objectives...

Key provisions of the Consumer Insurance (Disclosure and Representations) Act 2012 come into force on 6 April 2013...

Over recent years there has been a significant increase in the number of insurance business transfers under Part VII of the Financial Services and Markets Act 2000. However, for insurers proposing to undertake a Part VII insurance business transfer, the execution risk has undeniably increased. In this briefing we discuss several key areas of risk in the IBT process and give some tips for reducing those risks...

Prepared remarks by Jaime Caruana; General Manager, Bank for International Settlements; Before the International Association of Insurance Supervisors; Bottmingen, Switzerland, 20 March 2013...