A Guide to Solvency II

Insurers and reinsurers operating in European markets are facing change on an unprecedented scale. The main reason for this is Solvency II. Solvency II creates, for the first time, a fully harmonised regime for the prudential regulation of insurance businesses… Read more

PRA Decisions under Solvency II: How to appeal them

The PRA is in the course of deciding what approvals, waivers and modifications it should grant to firms as part of the process of bringing the Solvency II regime into force. These cover internal models, the matching adjustment and a variety of… Read more

A “blot on English insurance law”

Insurers successfully avoided a policy on the grounds of inadvertent non-disclosure. The High Court commented on the different outcome that would have been available under the Insurance Act 2015 which comes in to force in August 2016, remarking that the… Read more

Revised IDD text published

The revised text of the Insurance Distribution Directive (IDD) was published in July, following agreement by the EU institutions under the "trilogue" process.  The IDD will replace the current Insurance Mediation Directive (IMD), which lays down the regulatory framework for… Read more

Solvency II and Non-Executive Directors

The PRA and FCA have confirmed their approach to non-executive directors (NEDs) under the Senior Insurance Managers Regime (SIMR).  Some NEDs will have to be pre-approved by the regulator; others, so-called "Standard" NEDs, will not. ... Read more

Insurance regulation in 2015

So many developments are in the pipeline that we expect 2015 to be a landmark year for the insurance sector. In this briefing, we consider how regulation may develop over the year. We start by considering the prudential side and… Read more

Court of Appeal implies waiver of subrogation

In Rathbone Brothers plc v Novae Corporate Underwriting [2014] EWCA Civ 1464, the Court of Appeal confirmed that an individual engaged in a consultancy agreement with the policyholder of a professional liability insurance policy was covered by the policy notwithstanding… Read more