The FCA’s latest market study (MS18/1.2), on general insurance pricing practices, continues its focus on general insurance markets. Building on an earlier thematic review on home insurance, the FCA has looked in particular at how firms adapt the margins they aim to earn according to the likely behaviour of individual customers. Read more
The new statutory regime for the regulation of insurance intermediaries in Hong Kong takes effect today.This represents the final stage of implementation of the reforms which established the Insurance Authority (IA) as Hong Kong’s independent insurance regulator. The IA assumed the regulatory responsibilities of the Office of the Commissioner of Insurance in June 2017 and has taken over the regulation of insurance intermediaries (agents and brokers) from three self-regulatory organisations (SROs) from today. Requirements relating to the intermediary management function, one of the control functions of an authorised insurer, have also come into effect.The IA will be responsible for all aspects of regulation of insurance intermediaries, including issuing rules, codes and guidelines, approving licences, monitoring compliance, conducting inspections and investigations, and imposing disciplinary sanctions where breaches have occurred. Read more
The outcome of the June 2016 UK referendum on EU membership ushered in a period of increasing political turmoil in the UK. When I wrote an introduction to the first edition of this legal guide my colleagues and I had a clear view that leaving the EU would take far longer and be far more complex than most other commentators were saying, but I did not anticipate then that over three years later we would have so little clarity on the UK and EU’s long term relationship with each other. Nor that polarisation of views on all sides would have increased still further, leading to political deadlock. This updated Brexit Legal Guide addresses the legal position if the UK leaves the EU with or without a deal and picks out the key pieces of legislation that will soon be in force if the UK leaves the EU without a deal. I hope you will find it useful. Read more
The FCA, Bank of England (“BoE”) and PRA yesterday announced measures to extend certain UK-specific Brexit transitional relief provisions for a further six months until 31 December 2020, in line with the extension of Exit Day until 31 October. This is generally in line with industry expectations and does not signal any material changes to … Read more
The increasing threat that new market entrants might use technology to win a share of the insurance market has been forcing established insurers to assess the ways in which they might maintain their competitive advantage. These assessments can be difficult and have far-reaching consequences, with some insurers selling businesses to allow their systems to be … Read more
The UK’s data protection authority, the ICO, has announced twice in two days this week that it proposes to levy significant fines on organisations for breaches of the General Data Protection Regulation (GDPR), which took effect in May 2018. First it announced that it intends to fine British Airways some £183 million for a data … Read more
Last Friday, the Hong Kong Insurance Authority published its Guideline on Cybersecurity (GL 20) for authorised insurers. GL 20 will take effect on 1 January 2020. Cybersecurity is a global regulatory focus and a top priority area for the Insurance Authority, given the growing exposure to cyber risk as a result of increased digital connectivity. … Read more
New technologies, such as artificial intelligence (“AI”) and distributed ledger technology (“DLT”), continue to have a significant impact on the way in which firms, customers and regulators interact. Firms introducing innovative business models whose products or services fall under the jurisdiction of different sectoral regulators can find themselves having to address competing regulatory expectations. As … Read more
