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EU insurers will no longer have to post collateral before they can reinsure risks underwritten in the US, under the final terms of a covered agreement between the two jurisdictions. 19 Jan 2017
The UK will pursue a “bold and ambitious free trade agreement” with the EU as part of its Brexit negotiations, but will not be seeking continued membership of the single market, the prime minister has confirmed. 18 Jan 2017
Part VII of the 2000 Financial Services and Markets Act (FSMA) sets out the statutory mechanism allowing insurers and reinsurers to transfer portfolios of insurance business from one entity to another, subject to court approval.
On 1 April 2015, UK financial regulators the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) gained new competition law powers, which they can exercise concurrently with the Competition and Markets Authority (CMA).
The EU's Solvency II Directive came into force on 1 January 2016. The directive consolidates and harmonises existing EU insurance directives including life and non-life directives, the reinsurance directive and various others.
Retailers are expected to protect anyone who enters their premises from harm, by removing or controlling risks to employees, volunteers, contractors or members of the public.
The 2015 Insurance Act (2015 Act) applies to all commercial contracts of insurance, and variations to existing contracts of insurance, from 12 August 2016 and introduces what the UK government has described as “the biggest reform to insurance contract...
New rules will apply when insurers outsource "critical or important operation functions or activities" once the Solvency II regulatory regime comes into force on 1 January 2016. This short guide will provide a brief overview of the requirements, as well as...
FOCUS: The coming year will be one of transition for the financial services industry. Firms will need to be planning, developing, updating and testing their processes and systems in readiness for major changes coming into force in 2018. 11 Jan 2017
The European Insurance and Occupational Pensions Authority (EIOPA) plans to increase its interventions in the insurance industry based on the results of its most recent stress test. 28 Dec 2016
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