Legal/ Regulatory

RSA will not appeal on Resilience and Eaton Gate wordings

UK insurer RSA will not appeal to the Supreme Court over the High Court’s decision on three wordings in the City watchdog’s business interruption test case.

UK government signals post-Brexit shake-up to Solvency II

The UK government has said it is working with the Prudential Regulation Authority (PRA) to reform the Solvency II risk margin as part of a review of its implementation of the European Union’s capital regime.

UK and Brussels fight for control over Aon-WTW merger: reports

The UK competition watchdog is battling with its EU counterpart for oversight of the $30bn merger of Aon and Willis Towers Watson (WTW), according to reports.

LMG government workstream outlines trading opportunities

The London Market Group (LMG) has been working with the UK government to develop new trading opportunities, including those born out of the ongoing trade talks between Britain and the US and the growth of Sharia-compliant products in the Middle East.

Biden win would be “mixed bag” for insurers

A win for Joe Biden at the upcoming US presidential election would represent a “mixed bag” for insurers while a victory for the incumbent Donald Trump “would likely mean the status quo”, according to Wells Fargo Securities analyst Elyse Greenspan.

EU insurers warn on stress testing expense

European insurers have hit out at proposed changes to the way in which the bloc’s industry regulator carries out market stress tests, saying the changes would be too complicated and costly to implement.

The $350bn US legacy opportunity

The news that Enstar and Oklahoma have stolen a march by completing the first successful insurance business transfer (IBT) in the US is likely to be seen as a watershed moment for legacy players looking to tap the vast potential in the world’s largest insurance market.

FCA proposes additional policyholder support measures

The UK’s City watchdog has proposed a series of new measures designed to continue to protect policyholders who remain in financial difficulty amid the Covid-19 crisis and to ensure that vulnerable consumers get support after existing measures expire at the end of October.

EU watchdog calls for greater power in wake of pandemic

Europe’s insurance watchdog has called for greater powers to ensure that member states create a “level playing field” after carriers and national supervisors defied the regulator by failing to take a common approach to dividends during the coronavirus crisis.

ICA welcomes call for disaster mitigation funding

The Insurance Council of Australia (ICA) has welcomed a call by the Australian Prudential Regulation Authority (APRA) for “significant” funding for investments in natural disaster mitigation.

Insurers fear FCA’s BI test case has damaged trust in industry

UK insurance professionals fear the Financial Conduct Authority (FCA)’s High Court test case over business interruption (BI) claims has reduced trust in the industry, according to survey findings.

East West Insurance enters administration on building defect litigation

The City watchdog and UK lifeboat scheme have confirmed UK insurer East West Insurance Company (EWIC) has been placed into administration, with EY appointed as administrators.

EU warns insurers on Brexit preparations

European insurers have been warned by the Union’s industry watchdog to get their post-Brexit operations in order and to ensure they are fully prepared for the UK’s exit from the EU’s regulatory framework at the end of the year.

Insurers on top in US Covid-19 BI litigation but plaintiffs having some success

Fermat’s Syroka calls on Congress to bring ILS onshore

Congress should take measures to bring the insurance-linked securities (ILS) market onshore in a move which would make the protection afforded by the instruments more accessible to public and private entities in the US, Fermat Capital Management’s Joanna Syroka has told lawmakers.

PRA extends policyholder protection after insurer administration

The Bank of England’s Prudential Regulation Authority (PRA) has rushed through regulation that will increase the protection of policyholders if a building insurer collapses.

UK Gov mulls ending Pool Re’s uncapped guarantee

The UK government appears to be mulling an end to Pool Re’s unlimited guarantee which has underpinned the terrorism mutual’s gilt-edged financial security since its formation in 1993.

Brokers call on Gov to scrap IPT for young drivers

The British Insurance Brokers Association (BIBA) has called in the UK government to introduce a zero-rate Insurance Premium Tax (IPT) for young driver telematics policies.