Insurance Update – November 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: 

• EIOPA consultation on mass-lapse reinsurance and reinsurance termination clauses
• EU Solvency II reform: Council adopts Solvency II Amending Directive and IRRD
• EU Solvency II reform: EIOPA launches various consultations
• EIOPA recommends dedicated prudential treatment for insurers’ fossil fuel assets
• EIOPA publishes methodology on setting value for money benchmarks
• The EU Pay Transparency Directive
• UK Solvency II reform: PRA puts its finishing touches
• UK Solvency II reform: Regulations made re overseas insurance regime and transitional provisions for PRA approvals
• UK: Regulations made to revoke retained EU law equivalence decisions
• UK Solvency II reform: Regulations to make various technical changes finalised
• Growth mindset: UK’s Mansion House package backs regulatory reform for economic growth
• UK government seeks views on a new approach to captives
• UK PRA proposes changes to ISPV framework
• UK: PRA clarifies FSCS coverage for OPS members who move abroad
• UK: Draft regulations to remove outdated references to the IDD
• UK: Draft Consumer Composite Investments (Designated Activities) Regulations 2024
• UK: FCA launches market study on premium finance
• UK: FCA partially reopens discussion paper on regulation of commercial and bespoke insurance business
• UK: FCA publishes results of its first non-financial misconduct survey
• IAIS Executive Committee approves Insurance Capital Standard for adoption by IAIS members and concludes Aggregation Method comparability assessment
• IAIS consults on Application Paper on the supervision of AI
• IAIS publishes Strategic Plan for 2025-2029
• Recent deals