The COVID-19 pandemic is creating significant health, social and economic challenges world-wide, forcing governments and businesses to assess the impact on their people, operations and governance.
Our latest "at a glance guide" considers some of the announcements made to date by EIOPA, the PRA and the FCA. These cover a range of issues including actions that insurers should be taking to protect customers and employees, encouragement to firms to preserve capital and the extension of reporting deadlines.
Our COVID-19 crisis hub aims to help our clients navigate their way through the many legal and regulatory issues that COVID-19 creates for their businesses Read more
The UK Government has published guidance requesting that schools and other educational institutions provide limited care for children whose parents have roles that are critical to the COVID-19 response. This includes parents working in certain financial services roles, including in the insurance sector, that are essential to the functioning of the economy (referred to as … Read more
This post was first published on our Digital TMT and Sourcing Notes blog. On 4 March 2020, the FCA published a short set of findings from its review of outsourcing in the UK life insurance sector. Despite the review’s narrow scope, the FCA’s findings are readily applicable to other outsourcing contexts, so regulated firms outside the life … Read more
The PRA has published guidance for UK insurers on their ability to service EEA liabilities once the Brexit transition period (called the “implementation period” in UK legislation) comes to an end on 31 December 2020. In our view, the guidance is consistent with the view that “expat business” (where policies were written in the UK … Read more
The updated Insurance section of our Brexit Legal Guide is now available. This provides a useful overview, amongst other things, of whether the end of the transition period: requires incoming EEA (re)insurers and (re)insurance intermediaries to apply for, and obtain, full authorisation for their UK operations; will impact UK firms wishing to conduct activities in other jurisdictions without … Read more
We are pleased to share with you our Insurance and Reinsurance Disputes Annual Review of 2019, published today, which provides an overview and analysis of the key cases and developments affecting those engaged in or with contentious matters in the insurance and reinsurance market. Please click here or on the picture below to access the … Read more
The FCA has warned CEOs that how a firm handles non-financial misconduct is indicative of a firm's culture. It is the FCA's view that embedding healthy cultures includes, therefore, taking steps to address the discrimination, harassment and bullying that remains "prevalent" in firms.
In a 'Dear CEO' letter (the Letter), which follows recent incidents in the wholesale general insurance sector, the FCA considers the need for fundamental change in firms' culture and calls on leaders to bring about that change. Read more
Further to its thematic review on the general insurance distribution chain (TR19/2), the FCA has published its final guidance on the general insurance distribution chain. The guidance builds on existing rules applicable to both manufacturers and distributors of both general insurance and pure protection products, and clarifies the FCA's expectations in respect of product development, distribution and review. Read more
In February 2019, EIOPA published a series of recommendations (the “Recommendations“) for the insurance sector relating to the UK’s withdrawal from the EU (see our earlier blog post here). The French regulator, the Autorité de contrôle prudentiel et de resolution (“ACPR“), has indicated that it does not intend to comply with Recommendation 6, relating to … Read more
