Regulatory issues in the general insurance sector the 2016 agenda
|
|
- Peregrine Harper
- 8 years ago
- Views:
Transcription
1 Regulatory issues in the general insurance sector the 2016 agenda Brexit & EU Reform Insurers and brokers need to consider their contingency plans in case there is a vote to leave the EU in the forthcoming UK Brexit referendum on 23 June You can learn more about the impact of Brexit and EU reform: our seminar on Brexit; our Brexit & EU reform page for FS-related issues; and our dedicated Brexit microsite covering a broader range of issues and sectors. Insurance Distribution Directive / IMD It looks likely that the IDD implementation deadline will be January IDD leaves Member States the option to impose additional requirements in many areas and so can be regarded as a minimum harmonising directive. The scope of IDD is broader than that of IMD (a) it has been extended to all sellers of insurance products (insurance distributors), including insurers/reinsurers that sell directly to clients; (b) some introducers will no longer be caught; (c) IDD also captures certain activities conducted via price comparison/aggregator websites. The IMD/IDD requirements relating to conflicts of interest and disclosure of commission and employee remuneration have been hotly debated. Some of these issues were the focus of domestic scrutiny in FCA s Thematic Review. Senior insurance managers regime The Solvency II regime includes rules on fitness and propriety and governance for certain insurers/reinsurers in the EU.The UK s senior insurance managers regime (SIMR) gives effect to Solvency II requirements and is based on similar rules that apply to senior bankers. The new rules took effect on 7 March The new rules will replace the PRA s current approved persons regime for senior managers in UK insurers and reinsurers and will provide an enhanced individual accountability framework. For smaller insurers that fall outwith the scope of Solvency II there is a similar SIMR regime you can read more here. In October 2015, the government published a policy paper which stated its intention to extend the Senior Managers Regime and Certification Regime (SM&CR) for banks to all firms authorised under the Financial Services and Markets Act 2000 (FSMA). The SM&CR will be extended from around 2018 and will replace the SIMR rules for insurers. More section 166 reviews for insurers There are concerns that the PRA will launch an increasing number of reviews under section 166 FSMA Collecting and updating information in this way is a supervisory tool. We expect that the PRA may use skilled persons reports to monitor compliance with the new Solvency II regime. The PRA advises firms in its updated SS7/14 (Reports by skilled persons) to engage in dialogue with their supervisors before commissioning any external review on subject matters which may be of interest to the PRA. This may avoid firms incurring unnecessary costs.
2 Mobile Phone Insurance The FCA revisited their 2013 Thematic Review on mobile phone insurance to ascertain whether a sample of 14 firms had implemented their recommendations. They highlighted some continuing shortcomings in claims processes and referred to further action if firms and new entrants do not respond appropriately. EIPOA has also published its thematic review into mobile phone insurance. It made a number of recommendations which have to a large extent been reflected in the IDD legislation (see above). FinTech and insurance CMS and Die Zeit recently held an event in Davos on Fintech and the future of business (video here). One of the pannelists, Taavet Hinrikus, co-founder and CEO of TransferWise, predicts that in ten years time 40% of all financial services will be handled by FinTech companies. FinTech will challenge traditional models: telematics, Big Data, and the Internet of Things are particularly relevant to the insurance sector. More broadly, new P2P models, the cloud and other IT outsourcing, robo advice and block chain are of growing interest to those in financial services. The UK Government and regulators are keen to support innovation: the FCA s Project Innovate has expanded to launch the forthcoming Regulatory Sandbox in Spring 2016, and there have been calls for input as to how the regulators can develop RegTech. We expect to see firms in the insurance sector making efficient use of new technology and more providers in this area offering systems for firms to white-label. Data protection Increasing emphasis has been placed on data protection at European level: in December 2015 the EU agreed the text of the proposed General Data Protection Regulation (GDPR). This concerns the processing of personal data and the free movement of such data. The reforms are part of the EU s wider Digital Single Market initiative. The GDPR will enter into force in 2018 and has a number of key provisions that firms should note: Extra-territorial effect. GDPR will apply to firms outwith the EU that wish to offer goods/services to clients in the EU. This also captures firms monitoring individuals behaviour (if this takes place within the EU), e.g. cookies. Criminal penalties and hefty fines. Breach of the new rules could see firms face fines of EUR 20million or 4% of annual global turnover (whichever is greater). Member States have the ability to set their own penalties, including criminal penalties. Requirement to notify breaches. Personal data breaches must be reported to the competent supervisory authority within 72 hours of becoming aware of the breach. The exception is where the data controller can demonstrate that the breach is unlikely to result in a risk for the rights and freedoms of the data subjects concerned. In the Schrems case, the Court of Justice held the European Commission s US Safe Harbour Decision to be invalid. US-EU talks have been held recently over establishing Safe Harbour 2.0 but talks failed to reach a conclusion before the deadline. Firms should have regard to the ultimate outcome and possible inconsistencies with the proposed GDPR rules. Consumer Rights Act 2015/FCA unfair contract terms guidance The main provisions of the Consumer Rights Act came into force on 1 October The Act introduced the following key reforms: Consolidation of UK consumer law: the following key consumer legislation was repealed (in full or in part) or amended by the Act: Sale of Goods Act 1979, Supply of Goods and Services Act 1982, Unfair Contract Terms Act 1977 and Unfair Terms in Consumer Contracts Regulations 1999; 2
3 Unfair terms and notices: notices and announcements aimed at consumers, such as advertisements or website text, are subject to the Act s fairness test; Digital content: in a move to modernise UK consumer law, digital content is now covered by a distinct set of rights and remedies; and Enforcement reform: the Act clarifies enforcement powers, reforms class actions and sets down enhanced consumer measures, enabling authorities to force businesses to compensate consumers. You can read more about the CRA and its impact on the insurance market here and view our CRA training session slides here. Client money/asset review for insurance The FCA is yet to publish a policy statement in response to its Review of the client money rules for insurance intermediaries (CP12/20) (August 2012). The FCA s policy development update 30 (February 2016) lists the Policy Statement to follow CP12/20 as a future publication; however, no expected publication date is given. Recently, the High Court Allanfield Property Insurance Services & Ors v. Aviva Insurance Ltd considered the CASS statutory trust rules in relation to two insurance brokers facing insolvency. Administrators sought guidance as to how to distribute the funds in the absence of proper records. The court held that the accounts were client money. Product governance in general insurance - Delegated authority and outsourcing EIOPA is focussing on product governance (in the context of IDD): October 2014 to January 2015 was the consultation period for provisions relating to manufacturers of insurance products, while October 2015 to January 2016 was the consultation period for provisions relating to insurance undertakings and distributors. EIOPA is aiming to achieve cross-sectoral consistency with similar product oversight and governance rules as those existing/forthcoming regarding securities and banking The FCA has recently carried out a number of thematic reviews concerning product governance and have stressed that they are interested in the whole product life cycle. This increased scrutiny is also reflected in the FCA s Coverholder and Third Party Administrator (TPA) thematic review. This review unearthed failings in delegated authority arrangements. Firms should be aware that Solvency II (now in force and in effect) brings changes to the requirements for outsourcing and insurers should review any existing and planned outsource arrangements. Solvency II: Time for insurers to reassess their outsourcing arrangements? (18 July 2014 RegZone article.) FCA Thematic Review identifies deficiencies in compliance of outsourcing arrangements in the general insurance market (17 June 2015 RegZone article.) Corporate and Solvency II: key themes and issues Regulatory changes notably capital requirements under Solvency II have triggered consolidation in the insurance industry. Consolidation was not only confined to insurers 2015 also saw increased broker consolidation. We expect an increase in M&A activity in The capital requirements for G-SIIs were outlined by the FSB in November The FSB has developed guidance regarding recovery and resolution plans for those firms deemed to pose a threat to global markets stability. The new rules will put pressure on firms to maintain levels of capital above the minimum requirements. Domestic The PRA has approved the use of a full or partial internal model for a number of firms under Solvency II. The PRA published a letter shedding light on the approval process. 3
4 The PRA published (November 2015) SS 44/15 regarding third country branches and Solvency II. Specifically, it concerns non-eea insurance undertakings that have a UK branch (third-country branch undertakings) and includes non-eea insurance undertakings that have a UK branch that solely carries out reinsurance activities (a third-country pure reinsurance branch). Continuing soft market conditions in the UK general insurance sector prompted a Dear CEO letter (December 2015) from the PRA s Director of General Insurance. Firms should have regard to the PRA expectations when considering their business strategy. Insurance assets Insurance linked securities are projected to grow in 2016 a Reuters report stated that the insurance linked securities market reached $70 billion in The UK Government has recently tabled an amendment to the Bank of England and Financial Services Bill: the Government wants to grant the Treasury powers to make regulations facilitating/regulating the ILS market. As it currently stands, the UK has a number of hurdles to overcome before it can position itself as a centre for ILS activity. The Solvency II Delegated Regulation on treatment of infrastructure and ELTIF investments did not meet objection from the European Council. The Amending Regulation introduces tailored treatments to insurers' investments in infrastructure, in European long-term investment funds (ELTIFs), and in equities traded through multilateral trading facilities. The scrutiny period for the Amending Regulation has been extended to March Transparency and broader issues in general insurance At European level, EIOPA s report on consumer trends (December 2015) highlighted the need for greater transparency in the insurance sector. The report findings included: consumers did not receove sufficiently clear/understandable information; management of conflicts is needed; and, generally, there are low levels of consumer financial literacy. The European Commission launched a Green Paper (December 2015) on retail financial services: the Commission invites views on how best to improve choice, transparency and competition in retail financial services. The FCA s concerns regarding consumer treatment at renewal in general insurance prompted CP15/41. This consultation is still underway and seeks to increase engagement and promote competition through enhanced disclosure. A policy statement is expected by mid-2016 on this matter. April 2016 will see the FCA s ban on opt-out selling across the financial services sector come into effect: purchasing add-on products (with any primary regulated financial services product) can no longer be the default position. Firms should be aware of the most common add-ons and assess how information relating to these products is presented to customers. A general review of information that is presented to customers product features, terms, price, etc. is recommended. The FCA is still looking at its idea that personal lines marketing should provide value data (such as claims or loss ratios). It recently announced (in FS16/1) that its preferred solution was the scorecard option and it will run a pilot scheme to test this approach, starting in the summer of Employee related There are a number of HR-related changes that insurance firms should note: robust whistleblowing policies and a whistleblowers champion must be introduced; Solvency II requires remuneration policies that promote sound and effective risk management be put in place; and IDD will introduce requirements that remuneration is transparent. Moreover, SIMR and Solvency II requires HR to map governance and responsibility within the firm. Insurance Act 2015 The Insurance Act 2015 received Royal Assent on 12 February When it comes into force in August 2016, it will represent the greatest change to insurance contract law in the UK in over 100 years. The Act makes key changes to the duty of disclosure in commercial insurance contracts, warranties and insurers remedies for fraudulent claims. Proposals to imply a new duty to pay claims within a reasonable time have been included in the Enterprise Bill that was published on 16 September If approved by Parliament, the Insurance Act will be amended to include the new duty. The Enterprise Bill entered the Committee 4
5 Stage (House of Commons) on 23 February You can keep up to date with the latest developments on our Insurance Act 2015 microsite. Governance and Ethics in insurance The UK regulators emphasis on individual accountability is part of a greater shake up in culture, ethics and governance. Firms in the insurance sector should set a firm-wide expectation of ethical conduct, and this culture should promote prudent risk taking. The firm s governance should oversee the risks of the business. Ensuring ethical conduct and appropriate governance should lead to a prudent operation and fair customer outcomes. Sanctions Some of the most important sanctions for the insurance market are those imposed by the US government and the EU. Read more on sanctions in the insurance market here and a more general sanctions update here. HM Treasury publishes a consolidated list of financial sanctions targets and includes all individuals and entities found on all current sanctions lists. Premium finance FCA conducted a thematic review on the Provision of premium finance to retail general insurance customers (TR15/5) (11 May 2015). The Government also extended the exemption for instalment credit. Firms that only enter into, or that only broker agreements that meet the relevant criteria, do not need to be authorised for consumer credit unless they carry on any other kind of credit-related regulated activity. The revised exemption came into force on 18 March It applies to credit agreements entered into or brokered on or after that date. The revised exemption is not retrospective so regulated agreements entered into before 18 March 2015 do not become exempt as a result of the new legislation even if they meet the criteria. Other issues subject to FCA thematics in the insurance sector The FCA has conducted a number of thematic reviews - Handling of insurance claims for SMEs: thematic review and our article on this issue Complaints handling: thematic review Bribery and corruption: thematic review Price comparison websites: thematic review Household and retail travel insurance: thematic review Our seminar (January 2015) on IDD also includes comment on thematic review on Complaints Handling and Managing Bribery and Corruption in Commercial Insurance Broking click here to watch the presentation. 5
6 Contact Paul Edmondson Partner (UK) +44 (0) Maxine Cupitt Partner (UK) +44 (0) March This report is for general purposes and guidance only and does not constitute legal or professional advice and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances. For legal advice, please contact your main contact partner at the relevant CMS member firm. If you are not a client of a CMS member firm, or if you have general queries about Law-Now or RegZone, please send an to: law-now.support@cmslegal.com so that your enquiry can be passed on to the right person(s). All Law-Now and RegZone information relates to circumstances prevailing at the date of its original publication and may not have been updated to reflect subsequent developments. CMS Legal Services EEIG (CMS EEIG), has its head office at: Barckhausstraße 12-16, Frankfurt, Germany. The contact address for CMS EEIG is info@cmslegal.com, its Ust-ID is: DE and it is registered on Handelsregister A in Frankfurt am Main with the registration number: HRA CMS Legal Services EEIG (CMS EEIG) is a European Economic Interest Grouping that coordinates an organisation of independent law firms. CMS EEIG provides no client services. Such services are solely provided by CMS EEIG s member firms in their respective jurisdictions. CMS EEIG and each of its member firms are separate and legally distinct entities, and no such entity has any authority to bind any other. CMS EEIG and each member firm are liable only for their own acts or omissions and not those of each other. The brand name CMS and the term firm are used to refer to some or all of the member firms or their offices. CMS EEIG member firms are: CMS Adonnino Ascoli & Cavasola Scamoni, Associazione Professionale (Italy); CMS Albiñana & Suárez de Lezo S. L. P. (Spain); CMS Bureau Francis Lefebvre S. E. L. A. F. A. (France); CMS Cameron McKenna LLP (UK); CMS China (China); CMS DeBacker SCRL / CVBA (Belgium); CMS Derks Star Busmann N. V. (The Netherlands); CMS von Erlach Poncet Ltd (Switzerland); CMS Hasche Sigle Partnerschaft von Rechtsanwälten und Steuerberatern mbb (Germany); CMS Reich-Rohrwig Hainz Rechtsanwälte GmbH (Austria); CMS Russia and CMS Rui Pena, Arnaut & Associados RL (Portugal). For more information about CMS including details of all of the locations in which CMS operates please visit: CMS Legal All rights reserved. 6
An Insolvency Lawyer s Guide to the Financial Services Compensation Scheme
An Insolvency Lawyer s Guide to the Financial Services Compensation Scheme This article is an adaption of a practice guide published by LexisPSL, and is published with the permission of the publishers.
More informationInformation Technology
Information Technology www.cms-hs.com Our expertise in the IT sector Experience and industry knowledge you can rely on The information and communications age is witnessing the rapid emergence of new content
More informationCMS_LawTax_CMYK_28-100.eps. Advising the insurance industry: employment
CMS_LawTax_CMYK_28-100.eps Advising the insurance industry: employment March 2014 Expertise in Insurance Our dedicated CMS employment group of lawyers is specialized in advising clients from the insurance
More informationCMS_LawTax_CMYK_28-100.eps. CEE German Desk. Ihre deutschsprachigen CMS Ansprechpartner in Mittel- und Osteuropa
CMS_LawTax_CMYK_28-100.eps CEE German Desk Ihre deutschsprachigen CMS Ansprechpartner in Mittel- und Osteuropa January 2014 Ihre Ansprechpartner in Mittel- und Osteuropa Bosnien und Herzegowina Sarajevo
More informationWhat can you expect from us?
Tax Law Our tax expertise Tax legislation touches every area of life and law. Regardless of exactly how it impacts on you or your business, expert advice is essential. This applies in particular to company
More informationCorporate Governance in the People s Republic of China
Corporate Governance in the People s Republic of China Legal Basis As yet, there are no special laws on corporate governance in the PRC. In practice, corporate governance issues play a much less important
More informationElectronic Money Institutions in Spain
Electronic Money Institutions in Spain Banking and Finance Alert 1 CMS Albiñana & Suárez de Lezo (Enero 2011) Alerta Contable ALERT October 2011 Electronic Money Institutions in Spain On 28 July 2011,
More informationCEE Insurance Services
CMS_LawTax_CMYK_28-100.eps CEE Insurance Services Supporting your business in Central and Eastern Europe 2010 Focus on the Insurance sector The insurance market across CEE is ever-evolving, which means
More informationDelegated authority: Outsourcing in the general insurance market
Financial Conduct Authority Delegated authority: Outsourcing in the general insurance market June 2015 Thematic Review TR15/7 Delegated authority: Outsourcing in the general insurance market TR15/7 Contents
More informationCMS_LawTax_Negative_from101.eps. The European employment and pensions challenge. Expertise across Europe and beyond
CMS_LawTax_Negative_from101.eps The European employment and pensions challenge Expertise across Europe and beyond January 2014 The team has lots of experience and a strong focus on employment law (Chambers
More informationAdvising the insurance industry: insurance regulation. CMS_LawTax_CMYK_28-100.eps
Advising the insurance industry: insurance regulation CMS_LawTax_CMYK_28-100.eps March 2014 Edinburgh Moscow Lisbon est stanbul Lisbon Bristol Mexico City Seville Casablanca Hamburg Amsterdam Berlin London
More informationCMS_LawTax_Negative_from101.eps. Advising the insurance industry: outsourcing, procurement, information & communications technology
CMS_LawTax_Negative_from101.eps Advising the insurance industry: outsourcing, procurement, information & communications technology March 2014 Edinburgh Moscow est stanbul Hamburg Amsterdam Berlin London
More informationCMS_LawTax_CMYK_28-100.eps. Leading in European M&A. CMS Corporate / M&A
CMS_LawTax_CMYK_28-100.eps Leading in European M&A CMS Corporate / M&A 2013 Top rankings No. 1 CEE Bloomberg year-end 2012 Germany Thomson Reuters year-end 2012, Mergermarket Q1/2013 No. 2 France Magazine
More informationNon-Lloyd s Brokers. A guide for Managing agents
Non-Lloyd s Brokers A guide for Managing agents April 2013 2 Contents PART 1 4 Introduction to this Guidance 4 Acceptance of business by Lloyd s syndicates 4 Purpose of this Guidance 4 Additional queries
More information2015 No. 575 FINANCIAL SERVICES AND MARKETS. The Solvency 2 Regulations 2015
S T A T U T O R Y I N S T R U M E N T S 2015 No. 575 FINANCIAL SERVICES AND MARKETS The Solvency 2 Regulations 2015 Made - - - - 6th March 2015 Laid before Parliament 9th March 2015 Coming into force in
More informationProposed guidance for firms outsourcing to the cloud and other third-party IT services
Guidance consultation 15/6 Proposed guidance for firms outsourcing to the cloud and other third-party IT services November 2015 1. Introduction and consultation 1.1 The purpose of this draft guidance is
More informationUIBL TOBA. United Insurance Brokers Ltd. Terms of Business Agreement
TOBA United Insurance Brokers Ltd Terms of Business Agreement 1. Introduction and business service United Insurance Brokers Ltd () is an independent international insurance and reinsurance (1) Lloyd s
More informationConsultation Paper CP26/14. Senior insurance managers regime: a new regulatory framework for individuals
Consultation Paper CP26/14 Senior insurance managers regime: a new regulatory framework for individuals November 2014 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority,
More informationFinancial Regulation: An overview of the FCA s proposal of the new Consumer Credit regime October 2013
Financial Regulation: An overview of the FCA s proposal of the new Consumer Credit regime October 2013 Consultation Paper 13/10: Detailed Proposals for the FCA regime for Consumer Credit In early October
More informationMemorandum of Understanding between the Financial Conduct Authority and the Bank of England, including the Prudential Regulation Authority
Memorandum of Understanding between the Financial Conduct Authority and the Bank of England, including the Prudential Regulation Authority Purpose and scope 1. This Memorandum of Understanding (MoU) sets
More information3.6. Please also note, unless your policy confirms otherwise, the rights under your policy may only be pursued in an English court.
Terms of business agreement - commercial customers M & N Insurance Service Limited Authorised and regulated by the Financial Conduct Authority No: 305837. Registered Office: 248 Hendon Way London NW4 3NL
More informationFinancial services mis-selling: regulation and redress
Report by the Comptroller and Auditor General Financial Conduct Authority and Financial Ombudsman Service Financial services mis-selling: regulation and redress HC 851 SESSION 2015-16 24 FEBRUARY 2016
More informationBritannia Additional Insurances Terms of Business Agreement
Britannia Additional Insurances Terms of Business Agreement MAY 2014 Introduction This terms of business agreement (the Agreement ) sets out the nature and scope of the insurance mediation services The
More informationUkraine: immovable property and taxation of capital gains. An article by the CMS CEE Tax Group
Ukraine: immovable property and taxation of capital gains July 2011 Ukraine: immovable property and taxation of capital gains 1. Introduction This article considers whether Ukrainian tax authorities may
More informationPolicy Statement: Licensing Policy in respect of those activities that require a permit under the Insurance Business (Jersey) Law 1996
Policy Statement: Licensing Policy in respect of those activities that require a permit under the Insurance Business (Jersey) Law 1996 Issued: 11 February 2011 Glossary of terms: The following table provides
More informationFinancial Services (Banking Reform) Act 2013
Financial Services (Banking Reform) Act 2013 CHAPTER 33 26.75 Financial Services (Banking Reform) Act 2013 CHAPTER 33 CONTENTS PART 1 RING-FENCING Ring-fencing 1 Objectives of Prudential Regulation Authority
More informationTERMS OF BUSINESS AGREEMENT
Insurance and Reinsurance Brokers Iris Insurance Brokers Ltd 7 th Floor, New London House 6 London Street, London, EC3R 7LP United Kingdom. Tel: +44 (0)20 3178 7872 Fax: +44 (0)1702 431 644 Email: mail@irisib.com
More informationGuidelines on operational functioning of colleges
EIOPA-BoS-14/146 EN Guidelines on operational functioning of colleges EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel. + 49 69-951119-20; Fax. + 49 69-951119-19; email: info@eiopa.europa.eu
More informationMemorandum of Understanding
Memorandum of Understanding between the Prudential Regulation Authority and The Pensions Regulator Purpose and scope 1. This Memorandum of Understanding (MoU) concerns the arrangements for co-operation
More informationG&T Brokers Limited. Terms of Business Agreement ( TOBA )
Terms of Business Agreement ( TOBA ) The purpose of this document is to describe our professional relationship and the services we will provide to you. You should read this document carefully for as well
More informationCONSULTATION PAPER NO 2. 2004
CONSULTATION PAPER NO 2. 2004 REGULATION OF GENERAL INSURANCE MEDIATION BUSINESS This consultation paper explains the need for the Island to regulate general insurance mediation business and examines the
More informationSolvency Assessment and Management: Pillar II Sub Committee Governance Task Group Discussion Document 81 (v 3)
Solvency Assessment and Management: Pillar II Sub Committee Governance Task Group Discussion Document 81 (v 3) Governance, Risk Management, and Internal Controls INTERIM REQUIREMENTS CONTENTS 1. INTRODUCTION
More informationJPR INSURANCE BROKERS LIMITED TERMS OF BUSINESS AGREEMENT (TOBA)
1. Please read this document carefully. JPR INSURANCE BROKERS LIMITED TERMS OF BUSINESS AGREEMENT (TOBA) It sets out the terms on which we agree to act for our clients and contains details of our regulatory
More informationPolicy Statement PS25/15 Contractual stays in financial contracts governed by third-country law. November 2015
Policy Statement PS25/15 Contractual stays in financial contracts governed by third-country law November 2015 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority,
More informationThe Data Protection Landscape. Before and after GDPR: General Data Protection Regulation
The Data Protection Landscape Before and after GDPR: General Data Protection Regulation Data Protection regulations across Europe Current regulations & guidance European Directives 95/46/EC (Data Protection)
More informationRegulated Mortgages. March 2012
Regulated Mortgages March 2012 1 Introduction Since 31 October 2004, Regulated Mortgage Contracts have been subject to statutory control, supervised by the Financial Services Authority ("FSA"). Under Section
More informationHow To Help Your Company With Tax In European Law And Tax Planning
CMS_LawTax_Positive_Black_from101.eps Advising the insurance industry: tax March 2014 Edinburgh Moscow est stanbul Lisbon Bristol Mexico City Seville Casablanca Hamburg Amsterdam Berlin London Utrecht
More informationMemorandum of Understanding between the Financial Conduct Authority and the Financial Services Compensation Scheme
Memorandum of Understanding between the Financial Conduct Authority and the Financial Services Compensation Scheme Purpose and Scope 1 The Financial Services Compensation Scheme (the Scheme) exists, under
More informationThompson Jenner LLP Last revised April 2013 Standard Terms of Business
The following standard terms of business apply to all engagements accepted by Thompson Jenner LLP. All work carried out is subject to these terms except where changes are expressly agreed in writing. 1
More informationSupervising international banks: the Prudential Regulation Authority s approach to branch supervision
Supervisory Statement SS10/14 Supervising international banks: the Prudential Regulation Authority s approach to branch supervision September 2014 Prudential Regulation Authority 20 Moorgate London EC2R
More informationJanuary 2015. Senior Insurance Managers Regime Strengthening accountability in insurance
January 2015 Senior Insurance Managers Regime Strengthening accountability in insurance Contents Introduction 1 Key points 2 Implementing Solvency II 3 Implications for Non Executive Directors 4 Practical
More informationChanges to Consumer Credit Regulation
A Guide for Motor Dealers Introduction Motor Dealers are invariably also credit brokers and are currently required to be licensed by the Office of Fair Trading (OFT) for (at least) their credit broking
More informationPolicy Statement PS20/15 Strengthening individual accountability in banking: UK branches of non EEA banks. August 2015
Policy Statement PS20/15 Strengthening individual accountability in banking: UK branches of non EEA banks August 2015 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority,
More informationInsurance Law Reforms and Requirements for Direct Offshore Foreign Insurers ("DOFIs")
Insurance Law Reforms and Requirements for Direct Offshore Foreign Insurers ("DOFIs") The Clayton Utz contact for this document is Fred Hawke, Partner Clayton Utz Lawyers Level 18 333 Collins Street Melbourne
More informationPUBLIC PROCUREMENT CONTRACTS
PUBLIC PROCUREMENT CONTRACTS Public authorities conclude contracts to ensure the supply of works and delivery of services. These contracts, concluded in exchange for remuneration with one or more operators,
More informationConsultation document on the Review of the Insurance Mediation Directive (IMD) Commission Staff Working Paper
Consultation document on the Review of the Insurance Mediation Directive (IMD) Commission Staff Working Paper This document is a working document of the Internal Market and Services Directorate General
More informationOUTSOURCING, HOSTING AND DATA PRIVACY ISSUES
OUTSOURCING, HOSTING AND DATA PRIVACY ISSUES 4 April 2013 James Castro-Edwards Solicitor Monica Salgado Advogada / Portuguese Lawyer OUR TEAM Speechly Bircham is an ambitious, full-service law firm with
More informationFinancial Regulation. Consultation Paper 13/13: The FCA s regulatory approach to crowdfunding (and similar activities) November 2013
Financial Regulation Consultation Paper 13/13: The FCA s regulatory approach to crowdfunding (and similar activities) November 2013 5926 Pinsent Masons Financial Regulation In the Entrepreneurship 2020
More informationLINES SECTOR MARKET INSURANCE AND LONDON COMMERCIAL THE ABI WORKING FOR YOU. @BritishInsurers abi.org.uk Follow us on Twitter @BritishInsurers
ABI WORKING FOR YOU COMMERCIAL LINES AND LONDON MARKET INSURANCE SECTOR THE ABI WORKING FOR YOU 3 @BritishInsurers abi.org.uk Follow us on Twitter @BritishInsurers The ABI Working for you We know how important
More informationRegulatory. Connection. Welcome. Irish Financial Services Regulatory Authority. January 2005 Issue 2
Regulatory Connection Irish Financial Services Regulatory Authority January 2005 Issue 2 Welcome H appy New Year. 2005 will be a busy year for the Financial Regulator as we continue to adapt to the new
More informationOECD GUIDELINES FOR PENSION FUND GOVERNANCE
OECD GUIDELINES FOR PENSION FUND GOVERNANCE These Guidelines were approved by the Working Party on Private Pensions on 5 June 2009. OECD GUIDELINES FOR PENSION FUND GOVERNANCE 1 I. GOVERNANCE STRUCTURE
More informationBerry Insurance Brokers
Berry Insurance Brokers Terms of Business - Personal Insurance F Berry (Leyland) Ltd trading as Berry Insurance Brokers,149 Towngate, Leyland, Preston, Lancashire, PR25 2LH is an independent broker. We
More informationInterview with Gabriel Bernardino, Chairman of EIOPA, conducted by Fabrizio Aurilia, the Insurance Review (Italy)
Interview with Gabriel Bernardino, Chairman of EIOPA, conducted by Fabrizio Aurilia, the Insurance Review (Italy) 1. Since EIOPA was established, how has the role of European supervision of the insurance
More informationNew EU Data Protection legislation comes into force today. What does this mean for your business?
24 th May 2016 New EU Data Protection legislation comes into force today. What does this mean for your business? After years of discussion and proposals, the General Data Protection Regulation ( GDPR )
More informationInsurance Europe key messages on the European Commission's proposed General Data Protection Regulation
Position Paper Insurance Europe key messages on the European Commission's proposed General Data Protection Regulation Our reference: SMC-DAT-12-064 Date: 3 September 2012 Related documents: Proposal for
More informationIntroduction to the legal framework. COM(2011) 656 final (hereinafter MiFID II).
Baker & McKenzie Belgium Client Alert 10 March 2014 For more information, please contact Pierre Berger Partner pierre.berger@bakermckenzie.com Laura Anckaert Associate laura.anckaert@bakermckenzie.com
More informationTerms of Business. Accepting our Terms of Business
Accepting our Terms of Business Terms of Business By asking us to quote for, arrange or handle your insurances, you are providing your informed agreement to these Terms of Business. We draw your particular
More informationAPRIL 2015 ARE YOU READY FOR THE SENIOR MANAGERS AND CERTIFICATION REGIME?
APRIL 2015 ARE YOU READY FOR THE SENIOR MANAGERS AND CERTIFICATION REGIME? Page 2 SECTION 1 INTRODUCTION In July 2014 the PRA and FCA published a joint consultation paper titled, Strengthening accountability
More informationDiscussion Paper DP1/14. Ensuring operational continuity in resolution
Discussion Paper DP1/14 Ensuring operational continuity in resolution October 2014 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority, registered office: 8 Lothbury,
More informationDefinition of Public Interest Entities (PIEs) in Europe
Definition of Public Interest Entities (PIEs) in Europe FEE Survey October 2014 This document has been prepared by FEE to the best of its knowledge and ability to ensure that it is accurate and complete.
More informationConsultation Paper CP13/14. Implementing the Bank Recovery and Resolution Directive
Consultation Paper CP13/14 Implementing the Bank Recovery and Resolution Directive July 2014 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority, registered office:
More informationConsultation Paper FCA CP15/31** PRA CP36/15. Strengthening accountability in banking and insurance: regulatory references
Consultation Paper FCA CP15/31** PRA CP36/15 Strengthening accountability in banking and insurance: regulatory references October 2015 Strengthening accountability in banking and insurance FCA CP15/31
More informationProfessional Direct Insurance Ockford Mill Ockford Road Godalming GU7 1RH. Terms and Conditions of Business Agreement. Our Service
Professional Direct Insurance Ockford Mill Ockford Road Godalming GU7 1RH Terms and Conditions of Business Agreement This document is important and sets out the basis upon which we will carry on our business
More informationGovernance, Risk & Compliance Management. Julian Hunn, Operations Manager Professional Standards
Governance, Risk & Compliance Management Julian Hunn, Operations Manager Professional Standards Session Plan GRC Governance, Risk & Compliance Management What is corporate governance? Directors duties
More informationUpdate following the publication of the Bank of England Stress Test. 16 December 2014
Update following the publication of the Bank of England Stress Test 16 December 2014 Background Top 8 Banks Resilience Stress Tested by PRA following FPC recommendation in March 2013 Guidance for stress
More informationEU Competition Law. Article 101 and Article 102. January 2010. Contents
EU Competition Law January 2010 Contents Article 101 The requirements of Article 101(1) Exemptions under Article 101(3) Article 102 Dominant position Abuse of a dominant position Procedural issues Competition
More informationA Guide to Corporate Governance for QFC Authorised Firms
A Guide to Corporate Governance for QFC Authorised Firms January 2012 Disclaimer The goal of the Qatar Financial Centre Regulatory Authority ( Regulatory Authority ) in producing this document is to provide
More informationAPRA S FIT AND PROPER REQUIREMENTS
APRA S FIT AND PROPER REQUIREMENTS Consultation Paper Australian Prudential Regulation Authority PREAMBLE APRA was created out of the Government s financial sector reforms that were implemented as a result
More informationCONSULTATION PAPER CP 41 CORPORATE GOVERNANCE REQUIREMENTS FOR CREDIT INSTITUTIONS AND INSURANCE UNDERTAKINGS
CONSULTATION PAPER CP 41 CORPORATE GOVERNANCE REQUIREMENTS FOR CREDIT INSTITUTIONS AND INSURANCE UNDERTAKINGS 2 PROPOSAL 1.1 It is now widely recognised that one of the causes of the international financial
More informationCESR Consultation Paper on UCITS Management Company Passport
News Bulletin October 24, 2008 CESR Consultation Paper on UCITS Management Company Passport Background On 30 th September 2008, the Committee of European Securities Regulators ( CESR ) issued a consultation
More informationOption Table - Directive on Statutory Audits of Annual and Consolidated Accounts
Option Table - Directive on Statutory Audits of Annual and Consolidated Accounts The purpose of this document is to highlight the changes in the options available to Member States and Competent Authorities
More informationKey Rules for General Insurance Brokers
Key Rules for General Insurance Brokers Contents 1. Introduction 3 2. Principles for businesses 6 3. Conduct of business rules 7 Financial promotion 7 Initial disclosure 9 Arranging and suitable advice
More informationDate: 7 March 2014. Dear Colleagues, White label providers Call for evidence
To: Domestic and non-domestic suppliers, white label providers, consumers, consumer organisations, academics and other interested parties Direct Dial: 0207 901 0533 Email: white.labels@ofgem.gov.uk Dear
More informationThe Role and Function of a Data Protection Officer in the European Commission s Proposed General Data Protection Regulation. Initial Discussion Paper
The Role and Function of a Data Protection Officer in the European Commission s Proposed General Data Protection Regulation 1. Introduction Initial Discussion Paper The data protection officer ( DPO )
More informationInsurance Guidance Note No. 14 System of Governance - Insurance Transition to Governance Requirements established under the Solvency II Directive
Insurance Guidance Note No. 14 Transition to Governance Requirements established under the Solvency II Directive Date of Paper : 31 December 2013 Version Number : V1.00 Table of Contents General governance
More informationCorporate Insurance Solutions Ltd BUSINESS INSURANCE CONSULTANTS
Terms of Business This Agreement is between You our client or potential client and Corporate Insurance Solutions Ltd and applies to all work that we carry out on your behalf. Corporate Insurance Solutions
More informationGuidelines on preparation for and management of a financial crisis
CEIOPS-DOC-15/09 26 March 2009 Guidelines on preparation for and management of a financial crisis in the Context of Supplementary Supervision as defined by the Insurance Groups Directive (98/78/EC) and
More informationTerms of business agreement - Commercial clients
Terms of business agreement - Commercial clients Please read this document carefully. It sets out the terms on which Finch Insurance Brokers Ltd agree to act for clients and contains details of our responsibilities
More informationREFORM OF STATUTORY AUDIT
EU BRIEFING 14 MARCH 2012 REFORM OF STATUTORY AUDIT Assessing the legislative proposals This briefing sets out our initial assessment of the legislative proposals to reform statutory audit published by
More informationFinancial Conduct Authority
Financial Conduct Authority CP15/22 Strengthening accountability in banking: Final rules (including feedback on CP14/31 and CP15/5) and consultation on extending the Certification Regime to wholesale market
More informationPolicy Statement PS3/15 Strengthening individual accountability in banking and insurance responses to CP14/14 and CP26/14.
Policy Statement PS3/15 Strengthening individual accountability in banking and insurance responses to CP14/14 and CP26/14 March 2015 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential
More informationStandard terms of business
31a Charnham Street, Hungerford, Berkshire, RG17 0EJ Tel: 01488 682546 Fax: 01488 684473 Email: bradingcryer@bradingcryer.co.uk Web: www.bradingcryer.co.uk Standard terms of business The following standard
More informationFlash News. European Parliament adopts MiFID II. 1. Background. 2. MiFID II for banks, investment firms and asset managers
www.pwc.lu/regulatory-compliance Flash News European Parliament adopts MiFID II 23 April 2014 Following the political agreement reached on 14 January 2014 by the European Parliament, the Council and the
More informationLegislative Council Panel on Financial Affairs. Proposed Enhancements to the Deposit Protection Scheme
CB(1)780/14-15(05) For discussion on 4 May 2015 Legislative Council Panel on Financial Affairs Proposed Enhancements to the Deposit Protection Scheme PURPOSE This paper briefs Members on the legislative
More informationTERMS OF BUSINESS AGREEMENT - INSURANCE BROKING
1. BROKER INFORMATION TERMS OF BUSINESS AGREEMENT - INSURANCE BROKING Stephenson s (2000) Ltd T/As Cooke & Mason, Manor House 3 Low Moor Road Lincoln LN6 3JY is an independent Chartered Insurance Broker.
More informationHutchison Rodway Insurance Hutchison Rodway (Marlborough) Ltd TERMS OF BUSINESS ARRANGEMENT
1. Agreement 1.1 You have appointed as your insurance broker. Hutchison Rodway Insurance Hutchison Rodway (Marlborough) Ltd TERMS OF BUSINESS ARRANGEMENT Hutchison Rodway Insurance PO Box 150, Blenheim
More informationCommercial Terms of Business Agreement
Commercial Terms of Business Agreement The purpose of this document is to set out our professional relationship and the services we will provide to you. This is our standard client agreement upon which
More informationThe Securities Financing Transactions Regulation
The Securities Financing Transactions Regulation Introduction Key requirements Scope Reuse requirements UCITS and AIF disclosure requirements Consequences of noncompliance Implementation timetable Introduction
More informationInsurance and reinsurance news
Insurance and reinsurance news Insurance Mediation Directive 2 what it means for you Summary On 3 July 2012 the European Commission adopted a proposal to revise the Insurance Mediation Directive (IMD2)
More informationAviva plc Annual report and accounts 2014 293
Aviva plc Annual report and accounts 2014 293 of the Group s offer to acquire Friends Life Group Limited. The dividend is subject to approval by shareholders at the AGM, but is considered foreseeable and
More informationThe proposed Fourth Money Laundering Directive
The proposed Fourth Money Laundering Directive What the proposed Directive means and how to keep your business safe USING IDENTITY INTELLIGENTLY Money Laundering Directive What the proposed Directive means
More informationConsultation on the technical legislative implementation of the EU Audit Directive and Regulation
AUDITOR REGULATION Consultation on the technical legislative implementation of the EU Audit Directive and Regulation OCTOBER 2015 1. Contents 1. Contents... 2 2. Introduction... 4 The EU Audit Directive
More informationInternational Factors Group Model Law of Factoring
Afreximbank Conference - Lusaka Regulatory and Legal Aspects of Factoring & International Factors Group Model Law of Factoring Edward Wilde Solicitor with Squire Patton Boggs Financial Services Team London
More informationCLIENT TERMS OF BUSINESS AGREEMENT
CLIENT TERMS OF BUSINESS AGREEMENT General Information Seascope Insurance Services Limited (SIS) is an independent Lloyd s broker and is not tied to any one insurer. SIS has received a Grant of Permission
More informationQ Hotel Midland Manchester 20 th and 21 st May 2013
Q Hotel Midland Manchester 20 th and 21 st May 2013 The transfer of consumer credit regulation to the new FCA Robert Rosenberg Barrister. Journey to the FCA Oct 2012 Three outcomes to be achieved for all
More informationterms of business agreement
terms of business agreement Total Landlord Insurance Terms of Business Agreement Please read this document carefully as it sets out the basis on which Total Landlord Insurance will provide landlords insurance
More informationTHE INSTITUTE OF CHARTERED ACCOUNTANTS IN ENGLAND & WALES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF SCOTLAND
THE INSTITUTE OF CHARTERED ACCOUNTANTS IN ENGLAND & WALES THE INSTITUTE OF CHARTERED ACCOUNTANTS OF SCOTLAND THE INSTITUTE OF CHARTERED ACCOUNTANTS IN IRELAND Designated Professional Body Handbook 2004
More informationInsurance/Reinsurance - Sweden
Page 1 of 7 Newsletters Law Directory Deals News Conferences Appointments My ILO Home Insurance/Reinsurance - Sweden Overview (March 2006) Contributed by Advokatfirman Vinge March 14 2006 Introduction
More informationExplanatory Paper TPB(EP) 03/2010
Explanatory Paper TPB(EP) 03/2010 Professional Indemnity Insurance This TPB explanatory paper (TPB(EP)) is intended as information only. It provides a detailed explanation of the Board s professional indemnity
More informationTrade Direct Insurance Services Ltd Trade Direct House Ockford Road Godalming GU7 1RH. Terms and Conditions of Business Agreement
Trade Direct Insurance Services Ltd Trade Direct House Ockford Road Godalming GU7 1RH Terms and Conditions of Business Agreement This document is important and sets out the basis upon which we will carry
More information