Legal/ Regulatory

FCA acts on Inspire Insurance Services

The UK’s financial services watchdog has ordered existing customers and partners of failed insurance broker Inspire Insurance Services to contact liquidators after the broker collapsed earlier this year.

French insurers to freeze premiums for sectors hardest hit by virus

French insurers have committed to not raise premiums next year for commercial policyholders in sectors hardest hit by the coronavirus outbreak, the country’s finance minister Bruno Le Maire has said.

EU approves Spain’s €500mn trade credit insurance backstop

The European Commission (EC) has approved a €500mn ($607mn) Spanish reinsurance scheme to protect the trade credit insurance market and to ensure cover remains available for businesses during the coronavirus crisis.

Guernsey implements fast-track pre-authorisation for insurance cells

Guernsey’s financial regulator has introduced a pilot scheme for the pre-authorisation of insurance cells, which is expected to run until the end of 2021.

Erie facing prospect of Covid-19 coverage MDL

Erie Insurance Group is facing the prospect of seeing 26 legal actions alleging it has refused to cover losses arising from the Covid-19 pandemic centralised into a multidistrict litigation (MDL).

BoE warns insurers on dividend payments

The Bank of England told insurers on Thursday to be prudent when rewarding shareholders amid the economic uncertainty caused by Covid-19 after several companies ignored guidance and pressed ahead with dividend payments earlier this year.

California adds further 347K homes to wildfire non-renewal moratorium

California’s Insurance Commissioner has added another 347,000 homes to the one-year moratorium on carriers non-renewing or cancelling residential property insurance policies in the wake of the wildfires that have once again devastated the state this year.

Italy’s antitrust watchdog probes UnipolSai, Generali and Allianz over motor claims

Italy’s antitrust authority has opened an investigation into Italian insurers UnipolSai and Generali and Germany’s Allianz for alleged unfair commercial practices in their motor insurance businesses.

EU insurance watchdog mulls inclusion of climate risk to Solvency II regime

The EU’s insurance and pensions regulator said it is considering plans to force insurers to include climate change impacts when calculating their required capital buffers to cover natural catastrophe underwriting risk.

FCA receives 47 whistleblower reports on virus misconduct

The Financial Conduct Authority (FCA) received 47 whistleblower reports on coronavirus-related conduct at financial services firms in the six months to 30 September, equivalent to nearly two complaints per week.

ILS Capital’s Prospero Re gets BMA approval to write traditional reinsurance

ILS Capital has received sign-off from the Bermuda Monetary Authority (BMA) for its Prospero Re platform to begin writing both traditional and collateralised reinsurance business.

Markerstudy completes £185mn Co-op deal

The Bank of England’s Prudential Regulation Authority (PRA) has finally signed off Markerstudy’s £185mn ($339mn) acquisition of the Co-op’s CIS General Insurance, a deal first agreed in January 2019.

FCA reminds firms to prepare for end of Brexit transition period

The UK’s financial services watchdog has reminded firms to ensure they are ready for the end of the Brexit transition period in one month’s time.

UK government extends Solvency II review

The UK government has said it will give the insurance sector more time to respond to its current review of the EU’s capital rules.

Insurers warn EU rules “undermine” reinsurance value

European insurers have hit out at the EU regulator over plans for an overhaul of the bloc’s Solvency II capital rules, saying the proposals could restrict the valid use of reinsurance to mitigate risk and lead to an unjustified increase in capital requirements.

Ince Group revenue up 6% as international offices drive growth

Listed legal and professional services firm Ince Group plc reported a 6 percent increase in revenue and a surge in operating profit for the six months to 30 September 2020.

UK insurers welcome Sunak’s spending review

UK insurers have urged the government to proceed with its “vital” review of capital requirements as the sector backed the government’s spending review unveiled earlier this week by Chancellor Rishi Sunak.

FSCS to raise £92mn supplementary levy on market failures

UK insurers and intermediaries have been hit by increased fees from Britain’s financial lifeboat scheme, which has been forced to raise a £92mn ($123mn) supplementary levy following an increase in high-profile business failures driven by Covid-19.

Insurer solvency ratios “well above” requirements: BoE’s Saporta

UK and European insurers’ solvency ratios remain “well above” jurisdictional requirements despite the economic turmoil caused by the coronavirus pandemic, according to the Bank of England’s Victoria Saporta.

R&Q gains regulatory approval for first Oklahoma IBT involving separate parties

Randall & Quilter (R&Q) has secured approval from the Oklahoma Insurance Commissioner for an insurance business transfer (IBT) of a portfolio of Sentry Insurance reinsurance policies to its National Legacy Insurance Company (NLIC) platform, the first time such a transaction will be undertaken between separate parties.

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