Insurance Update - November 2022

The following topics are covered in this issue. To see the articles, please log on to our Knowledge Portal or contact your usual Linklaters’ contact.

• UK Solvency II reform: government announces final reform package
• Financial Services and Markets Bill 2022-23: UK government drops intervention power
• UK PRA consultation on phase 2 of Solvency II reporting review
• UK PRA “Dear CEO” letter re claims inflation
• UK PRA sets out observations of firms’ levels of embeddedness of climate-related financial risk
• FCA outlines draft ESG disclosure rules for UK financial services
• UK FCA “Dear CEO” letter on its expectations on cost of living and insurance
• UK FCA publishes GI value measures data
• UK FCA clarifications on Consumer Duty
• UK FCA multi-firm review on assessing liquidity for orderly wind-down by general insurance brokers
• UK FCA findings from review of BI claims handling
• UK FCA modification by consent for certain EEA insurers and insurance intermediaries
• UK FCA seeks views on the competition impact from Big Tech firms’ entry into retail financial services
• EIOPA thematic review on credit protection insurance sold via banks
• EIOPA supervisory statements on exclusions in insurance products arising from systemic events and on the management of non-affirmative cyber exposures
• EIOPA discussion paper on cyber risk in insurance stress testing
• EIOPA issues methodology for assessing value for money in the unit-linked market
• DORA explored: How the EU’s rules for digital operational resilience affect you
• IAIS finalises liquidity metrics
• IAIS consultation on operational resilience
• IAIS and A2ii joint note on the role of supervisors in approaches to addressing pandemic protection gaps
• India: IRDAI issues various exposure drafts
• India: Notifications on appointment of common directors between intermediaries and insurance companies
• India: Application of Insurance Act, 1938 modified for insurance business carried on in special economic zones and International Financial Services Centre
• India: IRDAI penalises an insurance company for a share sale deal with a corporate agent
• Recent deals