DOMESTIC

Minister for Justice and Equality signs Commencement Order for Parts 1, 2 and 3 of the Civil Liability (Amendment) Act 2017

On 25 September 2018, the Minister for Justice and Equality signed the Commencement Order bringing Parts 1, 2 and 3 of the Civil Liability (Amendment) Act 2017 (the Act) into operation with effect from 1 October 2018. Parts 1, 2 and 3 of the Act empower the courts to make awards of damages in cases of catastrophic injury by way of periodic payment orders.

CBI publishes September edition of Insurance Quarterly

The CBI has published the September edition of its Insurance Quarterly publication. The publication covers a range of topics, including:

  • Decision making in risk culture (the fourth and final) in a series of CBI articles on risk culture;
  • Taxonomy updates to reporting requirements; and
  • Results of a CBI IFRS 17 readiness questionnaire.

Revised Application Form and Guidance for Intermediaries

On 26 September 2018, the CBI published a revised application form for authorisation as a retail intermediary, together with updated guidance on completing such applications. The revised versions were published to reflect requirements of the European Union (Insurance Distribution) Regulations 2018, which came in to operation on 1 October 2018. The CBI has confirmed that it will accept submissions of either the previous or revised version of the application form up to 15 October 2018. All submissions after this date must be made using the revised application form.

Director of Insurance Supervision delivers speech on digitalisation, cyber risk and regulation

The CBI's Director of Insurance Supervision, Sylvia Cronin, recently delivered a speech on the topics of digitalisation, cyber risk, and regulation. Among other matters, Ms. Cronin discussed the importance of cyber risk and the necessity for insurers, regardless of size, to develop cyber resilience. Ms Cronin also spoke about the challenges faced by insurers considering underwriting cyber-insurance, including limited availability of historical data, and the role of supervisors in ensuring the insurance sector develops a mature capability for the assessment and management of cyber risks.

CBI provides submission to the Finance Committee on the Consumer Insurance Contracts Bill 2017

On 13 September 2018, the CBI published its submission to the Finance Committee on the Consumer Insurance Contracts Bill 2017 (the Bill), a private members bill intended to revise certain insurance contract principles and which advances a number of recommendations of the Law Reform Commission in this area. Among other matters, the CBI (a) notes that it supports a number of objectives of the Bill, (b) recommends conducting a cost-benefit analysis on measures proposed and seeking the views of the Financial Services and Pensions Ombudsman and the Personal Injuries Assessment Board, (c) highlights that a number of the proposed measures, particularly relating to pre and post contractual information, may already be addressed by domestic and EU insurance law and regulation, and (d) recommends that further clarification be provided in respect of the role and responsibilities of insurance intermediaries, as they are specifically excluded under the Bill.

EUROPEAN

Delegated regulation on STS securitisations published

On 10 September 2018, Delegated Regulation (EU) 2018/1221 was published in the Official Journal of the EU. The delegated regulation aligns Commission Delegated Regulation (EU) 2015/35 with Regulation 2017/2402 (the STS Regulation). The delegated regulation entered into force on 30 September 2018 and will apply from 1 January 2019.