Emma RadmoreThe FCA has published a discussion paper on the regulation of commercial and bespoke insurance business. It is seeking views on whether its current rules for commercial insurance products strike the right balance...
Category - Commercial Insurance
Emma RadmoreFCA portfolio strategy letters for insurance intermediaries
The FCA has published its most recent portfolio strategy letters for: Personal and Commercial Lines Insurance Intermediaries; and Lloyd’s and London Market Insurance Intermediaries (and Managing General Agents). Some...
FIN. Team
Harshil PatelLords Committee writes to Treasury on commercial insurance and reinsurance regulation
Lord Hollick, Chair of the Industry and Regulators Committee, has written to John Glen following Mr Glen giving evidence to the Committee’s inquiry into commercial insurance and reinsurance regulation. Amongst...
Lucy HadrillUK Finance publishes response on Consumer Duty
UK Finance has published its response to the FCA’s second consultation on proposals for a new Consumer Duty. UK Finance welcomes the changes FCA has made since its first consultation (in particular dropping the...
Parliament launches commercial insurance inquiry
The Industry and Regulators Committee has published a call for evidence for a new inquiry into commercial insurance and reinsurance regulation. It is asking for evidence by 11 February on the roles of the regulators and...
Ombudsman News looks at BI “at the premises” complaints
The latest edition of Ombudsman News from FOS looks not only at its plan and consultation (which FIN has covered separately) but also at complaints it has looked at relating to “at the premises” cover in...
FCA portfolio letter to Lloyd’s participants
The latest portfolio supervision letter from FCA is addressed to Lloyd’s and London market insurers and others. The letter follows on from the November 2020 version and, generally, commends the market for its...
FCA publishes “presence of Covid” guidance
FCA has finalised and published its guidance on proving the presence of Covid-19. The guidance builds on the High Court and Supreme Court judgments in the FCA’s business interruption insurance test case, and sets...
FCA updates on BI case and insurance expectations
FCA says the Supreme Court will deliver its judgment in the business interruption insurance test case on the morning of 15 January. The judgment will be live-streamed and then published. FCA has also updated its...
Leapfrog certificates granted in BI test case
FCA has confirmed the granting of “leapfrog” certificates to it, six of the insurers involved and the Hiscox Action Group for an appeal to the Supreme Court, and may now apply for permission to appeal. At...
FCA files skeleton arguments for leapfrog BI hearing
FCA and the insurers involved in the business interruption insurance test case did not reach the hoped-for agreement on the interpretation of some key points in the judgment. As a result they have filed skeleton...
FCA updates on BI appeal and lodges leapfrog application
FCA has updated its information page on the consequences from the judgment in the business interruption insurance test case. It noted that it held meetings with policyholders and their lawyers over 4 days in the week of...
FCA writes to CEOs on BI judgment
FCA has written to the CEOs of insurers following publication of the High Court judgment on the BI test case. It expresses its gratitude to the insurers that were parties to the case and to all those who have co...
BI insurance judgment due 15 September
FCA has announced that the court is due to hand down its judgment on the business interruption insurance test case at 10:30am on 15 September.
FCA publishes defences in BI test case
FCA’s latest update on its business interruption insurance test case: published the sealed Court Order from the Case Management Conference on 16 June; published the Defences of the defendants to the test case...
FCA updates on BI insurance test case
FCA has published a new set of documents relating to the test case it is bringing to get clarity on the coverage of business interruption insurance during the Covid-19 crisis. It has on 10 June (today) announced that it...
Full details on BI case progress
We have now written a detailed article on the progress in FCA’s Business Interruption insurance test case, including summaries of FCA’s draft guidance, and its selection of polices, wordings and assumed...
FCA updates on BI test case
FCA has updated on its progress towards its test court case on business interruption insurance policies. It has now reviewed around 500 policies from 40 insurers, and has identified 17 policy wordings that capture most...
Regulator Covid-19 update 1 May
On 1 May, FCA: announced proposals for a Court declaration on business interruption claims proposed guidance for insurers on assessing whether products still offer value and appropriate action to take where they do not...
FCA and Lloyds update on Brexit
FCA and Lloyd’s have both issued releases confirming how firms should act in the immediate aftermath of Brexit. FCA confirmed that during the implementation period to 31 December EU law will continue to apply. So...
PRA tells GI firms of focus areas
The PRA has published a ‘Dear CEO’ letter detailing the PRA’s priority areas of supervisory focus for general insurance firms. These include: Reserve adequacy and associated reserving governance and...
IUA publishes cyber exclusion clauses
The International Underwriting Association (IUA) has published two new cyber exclusion clauses: Cyber Loss Absolute Exclusion Clause (IUA 09-081): provides a broad exclusion against losses arising from the use of a...
UK insurance stress test feedback request
As the PRA prepares to conduct a stress test exercise, it has written to firms and industry participants to ask for feedback. The exercise will involve the largest life and general insurers, and run from Monday 1 July...
FCA publish thematic review on GI distribution chain
The FCA has published its thematic review on the general insurance distribution chain. This includes a call to action on firms to ensure that they address the issues identified and bring the recommendations to front...
EIOPA set out conduct risk framework for product lifecycle
EIOPA has published a framework that sets out what drives conduct risk and how to assess it throughout a product life cycle. It looks at: business model and management risks manufacturing risks delivery risks and...
UK / Switzerland deal reached on insurance
At the World Economic Forum in Davos, the Swiss and UK governments signed a deal to allow both countries to trade freely within the insurance sector post-Brexit. The agreement will come into force when the current EU...