COVID 19 – PRA and FCA guidance on key workers in financial services

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

FCA review of outsourcing by life insurers

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

Brexit – PRA issues guidance to insurers with legacy business

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

New Brexit Legal Guide section available: Insurance

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

INSURANCE AND REINSURANCE DISPUTES ANNUAL REVIEW OF 2019 PUBLISHED

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

FCA warns CEOs to tackle non-financial misconduct

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

FCA publishes finalised guidance on GI distribution chain

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

France sets out approach to post-Brexit servicing of policies held by UK expats

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