Legal/ Regulatory

FCA will not stop insurance firms from failing on Covid pressures

The newly installed chief executive of the Financial Conduct Authority (FCA) has warned it is not a “zero-failure regulator” and cannot protect insurers and other firms under its watch from going bust due to the financial pressures of the coronavirus crisis.

UK grants Solvency II equivalence to EEA states

The UK has granted Solvency II equivalence rights to the EU as Chancellor Rishi Sunak pledged certainty and stability to the financial services industry before the Brexit transition period comes to an end.

European insurers hit out at “burdensome” EU plans for capital rules

European insurers have hit back at EU lawmakers over plans for an overhaul of the bloc’s Solvency II capital rules, saying the proposals are burdensome and force insurers to hold “excessive” capital.

California reintroduces one-year non-renewal moratorium for wildfire risks

California’s insurance commissioner has issued a new one-year mandatory moratorium on the non-renewal or cancellation of residential property insurance policies in wildfire-exposed regions.

City watchdog warns Lloyd’s brokers to explain hardening market to buyers

Lloyd’s and London market intermediaries must reacquire the skills needed to explain to clients why premiums in certain lines of business may increase as a result of a hardening market, the City watchdog warned Tuesday.

Supreme Court to hear FCA test case appeal on 16 November

The Supreme Court will hear appeal arguments on the Financial Conduct Authority (FCA)’s landmark test case on disputed business interruption (BI) claims on Monday 16 November.

The US election – the issues to watch for insurers

Corporate tax is the most obvious issue – but not the only one – affecting insurers that is at stake in the US election.

FCA ups pressure on insurers to review value in wake of Covid

The UK’s Financial Conduct Authority (FCA) has applied fresh pressure on insurance firms to review the value of their products in light of the impact of the coronavirus pandemic.

FCA delays management conduct assessments amid Covid crisis

The City watchdog has confirmed that insurers and other financial companies in its scope will have an extra three months to assess the “fitness and propriety” of senior staff under strict new rules governing executives.

Hastings receives regulatory greenlight for acquisition by Sampo

UK motor insurer Hastings Group Holdings plc has received approval from regulators to proceed with its £1.66bn ($2.16bn) acquisition by Sampo Oyj and Rand Merchant Investment Holdings Limited (RMI).

Aon-WTW on course for antitrust clearance in H1 2021: Haley

There have been no “big surprises” from regulators so far in the Aon-Willis Towers Watson (WTW) combination, with the deal remaining on schedule to secure antitrust clearance in the first half of next year, John Haley has said.

US policyholder group formally launches to advocate for pandemic programme

The Business Continuity Coalition (BCC) – described by Marsh CEO John Doyle as a “powerful force” – has been formally launched to develop a plan with policymakers and stakeholders to limit future economic damage from pandemics and other national emergencies that cause business interruptions.

Generali investigated over state railway contracts: reports

Italy’s tax police have raided the offices of Generali to gather documents in a probe related to the awarding of contracts from state railway Ferrovie dello Stato (FS) to the Italian insurer, according to reports.

Aviva rebuked by FCA over “misleading” investor announcement

UK regulator the Financial Conduct Authority (FCA) has publicly censured Aviva over a 2018 announcement that had the potential to mislead the market.

Florida regulator examines carrier-MGA relationships and issues hurricane data call

A number of Florida’s under-pressure homeowners insurers are the subject of a targeted examination of their relationships with MGAs and other affiliates by the state’s insurance regulator, which has also issued a market-wide data call for Hurricanes Sally, Michael and Irma.

AIG settles tax refund dispute with DOJ

AIG has reached a settlement of a tax refund lawsuit, with the US Department of Justice announcing the insurer will give up claims to over $400mn of foreign tax credits and take a 10 percent tax penalty.

UK insurers warn gov against go-ahead for self-driving cars

Government plans to allow self-driving cars on UK motorways as soon as 2021 would put lives at risk because the available automated technology falls short of human driving capabilities, insurers warned on Friday.

Insurers hit out at EU green disclosure rules

Insurers in the EU have hit out at plans from regulators for new disclosure rules for so-called green assets, arguing the templates for reporting the data are too long and complicated.

Applied Underwriters sues CDI’s Lara over rehabilitation of subsidiary

Applied Underwriters has sued California insurance commissioner Richardo Lara over a rehabilitation plan for a subsidiary that was placed into conservatorship in response to the workers compensation insurer’s sale by Berkshire Hathway.

UK regulators warn on post-Brexit volatility

UK regulators have issued a stark warning to insurance firms that market volatility and disruption could arise if they are not prepared for the end of the Brexit transition period.

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