Regulation

Data Council outlines final recommendations following PRR market consultation

The London Market Group’s Data Council has published its final recommendations for process, roles and responsibilities around digital open market placement for direct insurance and facultative reinsurance.

SEC adopts new rules on cybersecurity disclosure

The Securities and Exchange Commission has announced the adoption of rules that require US-listed companies to disclose cybersecurity incidents and make annual disclosures, in a move that may provide a source of securities class actions filings.

Insurance Europe calls for greater clarity on Green Claims Directive

European (re)insurance federation Insurance Europe has urged the European Commission to incorporate greater clarity within the final text of the Green Claims Directive to address concerns raised by the insurance industry over potential inconsistencies.

In a tough transactional environment, where are the green shoots? Looking forward

Looking ahead to the rest of 2023 and into 2024, economic forecasts suggest the continuation of significant challenges to dealmaking in the (re)insurance industry, according to Debevoise & Plimpton’s Clare Swirski, Ben Lyon and Laura Jackson.

Ferma urges EU council to push on green and digital EU policy

The Federation of European Risk Management Associations (Ferma) has called on the new Spanish presidency of the Council of the EU to push progress on green and digital transitions to boost European competitiveness and ensure the continued effectiveness and affordability of the private (re)insurance market.

Insurers hit out at “missed opportunity” as EU approves Solvency II overhaul

European Union policymakers last week approved plans to overhaul the bloc's insurer capital rules, in a move they said would unblock billions of euros for new investment – but the insurance sector has described the “watered down” proposals as a “missed opportunity”.

Insurers hit out at “missed opportunity” as EU approves Solvency II overhaul

European Union policymakers last week approved plans to overhaul the bloc's insurer capital rules in a move they said would unblock billions of euros for new investment, but the insurance sector described the “watered down” proposals as a “missed opportunity”.

US House subcommittee debates ESG mandates’ impact on insurance costs

Democrats and Republicans clashed last week over the impact of ESG mandates on housing and insurance costs during a hearing that also included testimony from R Street’s Jerry Theodorou.

ISSB to assume TCFD monitoring responsibilities from 2024

The Financial Stability Board (FSB) has transferred responsibility for monitoring the progress of companies’ climate-related disclosures from the Task Force on Climate-related Financial Disclosures (TCFD) to the International Sustainability Standards Board (ISSB), beginning in 2024.

FLOIR deems two carriers appropriate for enhanced monitoring in H1

Of 18 insurers referred to the Florida Office of Insurance Regulation stability unit in the first half of 2023, two were deemed appropriate for enhanced monitoring, according to a new report in which the regulator highlighted the “high degree of uncertainty” in the state’s insurance market despite it reporting a Q1 net profit.

PRA to scrutinise uncertainty risk in cyber and aviation wordings

The Bank of England has flagged concerns that contract uncertainty risk remains “elevated above usual levels” in the UK insurance market, with the regulator placing Russia-exposed aviation and cyber wordings under increased scrutiny.

Brewis: UK insurance sector ahead in Consumer Duty preparations

The innovative nature of MGAs and their ability to set up quickly to respond to the needs of customers positions them well to fulfil the product design component of upcoming Consumer Duty regulation, according to the Financial Conduct Authority’s director of insurance Matt Brewis.

UK insurance investment forum launched to oversee £100bn SII investment

Senior industry leaders have come together to create a forum which will act as a facilitator for £100bn in new investment into UK infrastructure projects following the government's radical overhaul of insurer capital rules.

R&Q Re ‘Brandywine’ liquidation confirmed by PA regulator

R&Q’s US subsidiary R&Q Re – better known as Brandywine – has formally been ordered into liquidation by a Pennsylvania court with the state’s insurance commissioner Michael Humphreys appointed liquidator, a position which includes exclusive jurisdiction over any claims payouts.

FCA warns insurers are failing policyholders during inflation squeeze

UK insurers have been ordered by the City watchdog to improve the treatment of policyholders and “put wrongs right” amid the current cost-of-living crisis, at a time when soaring inflation is pushing up premiums.

Australian court fines IAG unit a record A$40mn for pricing failures

Australia’s federal court has fined a unit of IAG a record A$40mn ($26.5mn) for failing to honour certain discount promises made to policyholders.

PRA consults on next phase of insurance capital reforms

The Bank of England has proposed further reforms to capital rules for insurers in a step it said would slash bureaucracy, facilitate competition and support UK economic growth.

LMG CEO calls for “specifics” from regulators on “pace of change” following passing of FSM Bill

The UK’s landmark Financial Services and Markets Bill has been granted royal assent, marking a significant moment for the London insurance market and its growth prospects and competitiveness.

UK’s flagship Financial Services and Markets Bill receives royal assent

The Financial Services and Markets Bill, described as the biggest shake-up of financial services rules in a generation, has been granted royal assent in a move welcomed by the London (re)insurance market.

Direct Line does not expect &quote;material&quote; impact from claims review

Direct Line does not expect "material" impact from claims review

Direct Line Group does not expect a review into claims settled between 2017 and 2022 to have a material financial impact on its 2023 figures, after the UK’s City watchdog ordered the insurer to go back through five years of claims following concerns it underpaid policyholders.

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Regulation

Data Council outlines final recommendations following PRR market consultation

SEC adopts new rules on cybersecurity disclosure

Insurance Europe calls for greater clarity on Green Claims Directive

In a tough transactional environment, where are the green shoots? Looking forward

Ferma urges EU council to push on green and digital EU policy

Insurers hit out at “missed opportunity” as EU approves Solvency II overhaul

Insurers hit out at “missed opportunity” as EU approves Solvency II overhaul

US House subcommittee debates ESG mandates’ impact on insurance costs

ISSB to assume TCFD monitoring responsibilities from 2024

FLOIR deems two carriers appropriate for enhanced monitoring in H1

PRA to scrutinise uncertainty risk in cyber and aviation wordings

Brewis: UK insurance sector ahead in Consumer Duty preparations

UK insurance investment forum launched to oversee £100bn SII investment

R&Q Re ‘Brandywine’ liquidation confirmed by PA regulator

FCA warns insurers are failing policyholders during inflation squeeze

Australian court fines IAG unit a record A$40mn for pricing failures

PRA consults on next phase of insurance capital reforms

LMG CEO calls for “specifics” from regulators on “pace of change” following passing of FSM Bill

UK’s flagship Financial Services and Markets Bill receives royal assent

Direct Line does not expect "material" impact from claims review