Insurance Update – March 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: 

• IAIS draft issues paper on structural shifts in the life insurance sector  
• EIOPA recommends changes to standard formula capital calibrations for natural catastrophe risks 
• EIOPA technical advice on new proportionality framework under Solvency II 
• EIOPA suggests changes to capital treatment of insurers’ direct exposure to CCPs
• EIOPA technical advice on cryptoassets
• EIOPA consults on revised guidelines on determining market shares for reporting
• EIOPA consults on artificial intelligence opinion  
• EIOPA publishes supervisory statement on deduction of foreseeable dividends from own funds  
• EU: Commission publishes first Omnibus package with changes to CSRD and CSDDD  
• Open finance remains on the EU’s agenda 
• Italian companies: from 31 March 2025, insurance covering damage from natural disasters becomes mandatory  
• UK PRA launches 2025 life insurance stress test
• UK PRA and FCA climate change adaptation reports 
• UK FCA drops its guidance on a board champion for the Consumer Duty
• FCA launches market study into the distribution of pure protection products to retail consumers 
• UK: Law Commission consults on law relating to friendly societies 
• 100% foreign investment to be permitted in Indian insurance companies 
• Recent deals