Insurance regulatory information, September 2020 | Hogan Lovells

The latest regulatory developments of desire to insurers and their intermediaries. See also our Basic regulatory news in the Linked Resources backlinks.

Contents

• COVID-19: ultimate transcripts of FCA enterprise interruption coverage take a look at scenario
• PEPP: EIOPA last draft RTS and ITS and technical advice
• Resolution regimes: FSB key attributes assessment methodology for insurance coverage sector
• Sustainable Insurance coverage Forum: 50 percent-annually update report

COVID-19: last transcripts of FCA business interruption insurance plan exam case

On 18 August 2020, the FCA up-to-date its webpage on the High Court docket small business interruption insurance take a look at circumstance to url to the last transcripts for every single day of the demo.

PEPP: EIOPA last draft RTS and ITS and complex tips

Subsequent session, the European Coverage and Occupational Pensions Authority (EIOPA) has revealed its last draft regulatory complex benchmarks (RTS) and employing technological criteria (ITS) and its tips on Delegated Functions to put into practice the framework for the style and shipping and delivery of the Pan-European Personalized Pension Product (PEPP) beneath the PEPP Regulation.

EIOPA submitted the subsequent draft lawful devices and complex advice to the European Fee beneath address of a letter dealt with to Vice-President, Valdis Dombrovskis:

EIOPA has also released:

Resolution regimes: FSB essential characteristics evaluation methodology for coverage sector

The Monetary Steadiness Board (FSB) has released a methodology for examining the implementation of the FSB “Vital Characteristics of Effective Resolution Regimes for Economical Establishments” in the insurance policy sector.

The FSB notes that the Vital Attributes represent an “umbrella” regular for resolution regimes for all forms of economical institutions. Even so, not all characteristics are similarly relevant for all sectors and some Critical Attributes demand adaptation and sector-distinct interpretation. This assessment methodology guides the evaluation of a jurisdiction’s compliance with the Vital Attributes with respect to the coverage sector.

The FSB has also revealed a observe conveying the application of the insurance plan Critical Attributes Assessment Methodology and the Vital Characteristics all through the time period of suspension of the designation of world wide systemically essential insurers (G-SIIs). In light of the finalised holistic framework for systemic threat in the insurance sector printed by the International Association of Insurance policy Supervisors (IAIS) in November 2019, the FSB and IAIS determined to suspend G-SII identification from the beginning of 2020. The observe states that the Critical Characteristics continue on to implement throughout the suspension period to any insurance provider that could be systemically sizeable or essential in failure. Countrywide authorities may perhaps use to selected insurers the needs distinct to G-SIIs. These are the requirements for a disaster management group, establishment-unique cross-border cooperation agreements and resolvability assessments.

The FSB will, in November 2022, based mostly on the preliminary yrs of implementation of the holistic framework, overview the will need to possibly discontinue or re-create its annual identification of G-SIIs in consultation with the IAIS and national authorities.

Sustainable Insurance policy Discussion board: fifty percent-annually update report

The Sustainable Insurance plan Forum (SIF) has revealed its 50 %-annually update report on the do the job undertaken by SIF and its associates for the duration of January to June 2020.

The report includes individual updates from 14 member regulators on latest sustainable insurance policies initiatives and things to do, as very well as noting two critical recent SIF publications: an Challenges Paper on TCFD and a Question Bank on local weather modify threats for the insurance coverage sector.

Study far more in our briefing: The Sustainable Insurance Forum (SIF) has posted its 50 %-annually update report.

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