«INSURE InSure This month's roundup of developments affecting the insurance industry sees the FCA publish a report of its thematic review of ARs in ...»
FCA, 14 July 2016 PRA publishes reporting requirement for companies outside the scope of Solvency II The PRA has published a policy statement relating to reporting requirements of NDFs. This will form part of the new Rulebook instruments coming into force on 1 July 2016.
Bank of England, 30 June 2016 PRA letter on market trends in the general insurance sector On 18 July 2016 the PRA issued a "Dear CEO" letter to general insurers with analysis and observations from regulatory returns and a recent questionnaire intended to monitor the market.
PRA, 18 July 2016 ESRB strategy paper: macro-prudential policy for non-banks The European Systemic Risk Board has published a strategy paper on macro-prudential policy for non-banks, which includes insurers. The ESRB believes the policy strategy, data and instruments to address risks beyond the banking sector are underdeveloped compared to the banking sector and the report hopes to address this.
ESRB, July 2016 Solvency II PRA updates Solvency II Supervisory Statements The PRA have issued updated supervisory statements SS11/15 and SS40/15.
Bank of England, July 2016 Second consultation on external audit of public disclosure under Solvency II Directive The PRA have issued a second consultation paper on its proposals for changes to the external audit of the public disclosure requirement under Solvency II, following on from CP43/15 in November last year. Proposals include clarification of the duty of care of auditors and the PRA invites comments by 4 August 2016.
BoE, 04 July 2016 European Commission requests technical advice from EIOPA on Delegated Regulation The European Commission has requested technical advice from the European Insurance and Occupational Pensions Authority on a number of specific items in the Solvency II Delegated Regulation, including simplifying and clarifying some of the requirements and the removal of some unintended technical inconsistencies.
European Commission, July 2016 Final report published by EIOPA on treatment of infrastructure corporates under Solvency II The European Insurance and Occupational Pensions Authority had published a final report on 30 June 2016 which provides technical advice on the identification and calibration of infrastructure corporates. It incorporates feedback and analysis from the April 2015 consultation.
EIOPA, 30 June 2016 EIOPA plans to release updated XBRL Tool for Undertakings The European Insurance and Occupational Pensions Authority plans to release an updated Tool for Undertaking relating to XBRL reporting under Solvency II and capturing amendments to the Solvency II Delegated Regulation linked to investments in infrastructure projects.
EIOPA, 08 July 2016 EIOPA publishes monthly information on risk free interest rate term structures The European Insurance and Occupational Pensions Authority has published technical information on the relevant risk free interest rate term structures (RFR) with reference to the end of June 2016. The technical information is calculated according to the coding released on 7 June 2016.
EIOPA, 07 July 2016 EIOPA publishes update on symmetric adjustment of equity capital charge The European Insurance and Occupational Pensions Authority has published the technical information on the symmetric adjustment of the equity capital charge for Solvency II with reference to the end of June 2016.
EIOPA, 07 July 2016
Towergate fined for breaches of Handbook Towergate accepted a £2.63m fine following investigation by the FCA which looked into certain breaches of the FCA's Rules and Principles during the period June 2005 to December 2013. The consolidator worked closely with the FCA during the investigation, settling early resulting in a reduced fine and has since made changes to governance and controls.
Insurance Age, 13 July 2016 Contact
Robert Garwood Jennifer Young Dr Caroline Bell 020 7788 5144 0113 209 7677 020 7788 5162