Insurance Update – January 2025

This newsletter is produced by Linklaters’ insurance sector team 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: 

• Insurance and Pensions regulation: 25 for 2025 
• EU Solvency II reform: Solvency II Amending Directive and IRRD published in Official Journal 
• EIOPA opens second batch of consultations on legal instruments in relation to Solvency II review 
• EIOPA report on 2024 insurance sector stress test 
• EIOPA and ECB propose European approach to reduce economic impact of natural catastrophes 
• The EU’s Digital Operational Resilience Act 
• UK PRA outlines its priorities for 2025 
• PRA finalises policy on solvent exit planning for insurers 
• UK PRA looks to close liquidity reporting gaps and streamline standard formula reporting 
• UK PRA modification by consent for US-headed groups  
• UK PRA corrects error in restated Solvency II assimilated law 
• UK PRA postpones launch of dynamic general insurance stress test 
• UK FCA calls for improvement on bereavement claims 
• Advice Guidance Boundary Review: UK FCA consults on a proposed new regime of targeted support for pensions 
• UK Consumer Composite Investments: regulations made and FCA launches consultation 
• UK: Regulations made to remove outdated references to the IDD 
• IAIS adopts Insurance Capital Standard and updates existing qualitative standards 
• IAIS consults on ancillary risk indicators and publishes 2024 global insurance market report 
• IAIS finalises application paper on supervising diversity, equity and inclusion 
• FSB publishes list of insurers reported as being subject to resolution planning standards  
• Major amendments proposed to Indian insurance laws 
• Recent deals