This month's roundup of developments affecting the insurance industry sees the the FCA publish a consultation on changes to its PPI complaints handling rules, the EU Parliament adopt the Insurance Distribution Directive and the PRA publish a policy statement on the Senior Insurance Managers Regime (SIMR) for non-Solvency II firms.

General Update

  • Insurance Europe position paper on securitisations
  • Insurance Europe key messages on KID for PRIIPs
  • EC speech on Solvency II, IDD and higher loss absorbency for G-SIIs

Data Protection

  • FCA call for inputs on use of big data in retail general insurance sector

New Legislation and Consultations

  • FCA consultation on changes to PPI complaint handling rules
  • PRA consultation on capital extractions by GI run-off firms
  • PRA occasional consultation paper - November 2015
  • EU Parliament adopts IDD
  • EC proposal to establish European Deposit Insurance Scheme
  • IAIS consultation on updated G-SII assessment methodology
  • IAIS consultation on analytical framework for non-traditional non-insurance activities and products
  • ESAs consultation on KIDs for PRIIPs
  • IFSB consultation on guiding principles for retakaful

Regulatory Developments

  • PRA Policy Statement on SIMR for non-Solvency II firms
  • Pension obligation risk deleted by PRA

Solvency II

  • Solvency II equivalence decisions for Bermuda and Japan adopted by EC
  • PRA consultation on external audit of the public disclosure requirement under Solvency II
  • Solvency II Directors' update
  • Solvency II implementation issues – PRA speech
  • Solvency II Delegated Regulation Corrigendum published
  • EIOPA calls for evidence on treatment of infrastructure corporates under Solvency II
  • Seven Solvency II Implementing Regulations on range of ITS published in OJ

Enforcement / Fraud

  • Insurance fraudster sentenced to 18 months

General Update

Insurance Europe position paper on securitisations

Insurance Europe, the European insurance and reinsurance federation, has published a position paper on the draft regulation for a European framework for simple, transparent and standardised securitisation (STS).

Insurance Europe, 16 November 2015

Insurance Europe key messages on KID for PRIIPs

Insurance Europe, the European insurance and reinsurance federation, has published a document setting out key messages on the presentation and design of the key information document (KID) for packaged retail investment and insurance- based investment products (PRIIPs) as currently required under the PRIIPs Regulation, which came into force on 29 December 2014 and which will apply directly in all Member States from 31 December 2016. See also information on subsequent consultation on KID for PRIIPs in the "New Legislation and Consultations" section of this newsletter below.

Insurance Europe, 5 November 2015

EC speech on Solvency II, IDD and higher loss absorbency for G-SIIs

The European Commission has published a speech by Olivier Guersent, on implementing the Solvency II Directive, the Insurance Distribution Directive (IDD) and higher loss absorbency for globally systemically important insurers (G-SIIs). European Commission, 18 November 2015

Data Protection

FCA call for inputs on use of big data in retail general insurance sector

The FCA has published a call for inputs on the use and impact of big data in the retail general insurance sector. The FCA has identified tree topics of particular interest, namely:

  • Does the use of Big Data affect consumer outcomes?
  • Does the use of Big Data foster or constrain competition?
  • Does the FCA’s regulatory framework affect developments in Big Data in retail GI?