Insurance Update – March 2024

This newsletter is produced by Linklaters’ insurance lawyers and is intended to keep you up to date with current issues in international insurance law, regulation and practice. Please click here to view the edition. The following topics are covered: 

• Overviews of EU Solvency II reform package and Insurance Recovery and Resolution Directive
• European Commission adopts renewed US equivalence decision
• EIOPA finalises staff paper on limited uptake of natural catastrophe insurance
• EIOPA study on diversification in internal models
• EIOPA report on application of Insurance Distribution Directive
• UK Solvency II reform: PRA finalises policy in most areas
• PRA consults on approach to rule permissions and waivers
• UK PRA consults on plans to bolster insurers’ solvent exit planning
• UK PRA describes supervisory priorities for 2024
• FCA goes live with UK SDR guidance page
• UK GAP insurance providers suspend sales after FCA concerns over fair value
• UK: Court of Appeal considers effect of non-assignment clause on subrogation rights
• Consultation on simplification of simple and cost-effective insurance products regime
• ESG Legal Outlook 2024
• IAIS publishes 2024 Roadmap
• IAIS third consultation on climate risk
• IAIS consultation on application paper on supervising diversity, equity and inclusion
• India relaxes its ‘single presence policy’
• India: Proposed updates to various regulations 
• Recent deals