Insurance Update - June 2023

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: 

• EU Retail Investment Strategy puts forward significant proposals which mirror concepts from the UK Consumer Duty

• EIOPA finalises supervisory statement on differential pricing practices  
• EIOPA finalises supervisory statement on governance arrangements in third countries
• EU Commission publishes sustainable finance package including Taxonomy Delegated Acts and FAQ
• EIOPA and ECB discussion paper on climate insurance protection gap
• EIOPA staff paper on nature-related risks
• UK Solvency II reform: HM Treasury announces proposed approach to legislative changes and publishes draft regulations
• UK resolution regime for insurers
• PRA consults on dealing with insurers in financial difficulties
• UK PRA feedback from its review of funded reinsurance
• UK PRA feedback on insurance stress test 2022
• Bank of England launches “first of its kind” system-wide exploratory scenario exercise
• Bank of England – update on climate change and prudential thinking
• UK PRA publishes follow-up letter re claims inflation
• SMCR Review: What does the future hold for the Senior Managers Regime?
• Life through a lens: UK FCA sounds early warning for closed-book life insurance under the Consumer Duty
• UK FCA relaxes product governance rules for GI and pure protection products distributed overseas
• Multi-occupancy building insurance: UK FCA pushes for change
• UK FCA Business Plan 2023/24 – takeaways for insurance and pension providers
• IAIS consults on revisions to Insurance Capital Standard
• IAIS finalises criteria that will be used to assess whether the Aggregation Method provides comparable outcomes to the Insurance Capital Standard
• IAIS report on implementation of holistic framework
• IAIS consults on issues paper on policyholder protection schemes
• IAIS consults on climate risk
• IAIS statement on natural catastrophe protection gaps
• IAIS finalises issues paper on operational resilience
• Recent Deals