The Brexit transition period ended more than a year ago, but insurance sector firms were insulated from the full impact of the UK's withdrawal from the EU during 2021. This is set to change in 2022. Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) concessions to firms affected by Brexit fall away from March 31, 2022 and most firms that are currently in the Temporary Permissions Regime will need to transition to full authorisation once notified of their "landing slot"... Read more

We are pleased to share with you our Insurance and Reinsurance Disputes Annual Review of 2021 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. Read more

After a year of upheaval for the UK insurance sector in 2021, there seems little prospect of 2022 being any quieter. From a regulatory perspective, 2021 began with the end of the Brexit transition period.  And while firms operating in UK insurance markets have been insulated from the full impact of Brexit during 2021, this … Read more

Artificial intelligence (AI) and the ever-increasing volume of data (Big Data) are transforming how financial services and products are delivered.  The insurance sector is keen to explore the opportunities that both provide for innovation and gains in efficiency and effectiveness. Indeed, European Insurance and Occupational Pensions Authority (EIOPA) suggested earlier this year that over 30% … Read more

The FCA is concerned about the harm that may be caused to consumers and markets by the use of the appointed representatives (AR) regime. This is a model used by around 3,600 principals and 40,000 ARs across a wide range of financial services markets. To address some of its concerns, the FCA is consulting on … Read more

The FCA has published Consultation Paper 21/36 (CP 21/36) which includes proposed new rules and guidance setting out a Consumer Duty which it considers will “fundamentally shift the mindset of firms” and establish an appropriate level of care to consumers. The consultation is open until 15 February 2022 and the FCA expects to confirm any final rules by the … Read more

The PRA is proposing to introduce a new definition of “insurance holding company” into its rulebook (CP17/21).  The change means that some companies that are currently regarded as “mixed-activity insurance holding companies” would probably be reclassified as insurance holding companies for the purposes of group supervision. Read more

Recent proposals to amend insolvency rules applying to insurers aim to enhance and clarify existing powers for a court-ordered write-down of an insurer’s policy and other contractual liabilities under section 377 FSMA. Other proposed measures include: a moratorium on certain contractual termination rights in service contracts and financial contracts to which insurers are party; a … Read more