Insurance Update - July 2021

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.

• IAIS publishes application paper on supervision of climate-related risks 

• IAIS application papers on resolution powers and planning and supervising control functions 

• IAIS statement on benchmark transition 

• ESG: EU Commission’s renewed sustainable finance strategy published; delay to application date of SFDR RTS; EU climate law published in Official Journal 

• EIOPA papers on sustainable finance 

• EIOPA Opinion on the use of risk mitigation techniques by insurance undertakings 

• EIOPA supervisory statement re breach of Solvency Capital Requirement 

• EIOPA report on ethical and trustworthy artificial intelligence

• Germany: Cap on brokerage fees for payment protection insurances from 1 July 2022 

• Germany: BaFin publishes supervisory principles on the use of algorithms in decision-making processes 

• UK: HM Treasury publishes response to Call for Evidence on review of UK Solvency II 

• UK: HM Treasury proposes amendments to insolvency arrangements 

• UK PRA consultation on review of reporting and disclosure under Solvency II: Phase 1

• UK PRA policy statement on deep, liquid and transparent assessments, and GBP transition to SONIA 

• UK FCA finalises rules on general insurance pricing practices 

• Proposed changes to guidance on the UK FCA’s approach to the review of Part VII insurance business transfers 

• UK FCA “Dear CEO” letter to GI intermediaries on adequate client money arrangements 

• UK: Mandatory TCFD disclosure rules for FCA regulated asset managers and other asset owners – entity and product level 

• UK: Launch of Bank of England climate stress test

• Taking care of business: UK FCA plans new duty of care for financial services 

• UK insurtech slips out of the sandbox 

• Recent deals