Welcome to our Insurance Regulatory eBulletin

Welcome to this edition of our Insurance Regulatory eBulletin, which aims to keep you updated with significant regulatory developments and their implications across the insurance sector.

A bumper month as the regulators clear their desks before heading for the beach! There has been a lot of action on Brexit issues following the Government’s White Paper with both sides setting out their approaches – particularly on a ‘no deal’ scenario. The reform of corporate governance in the UK has resulted in legislation affecting many companies and a revised UK Corporate Governance Code to be published. The PRA and FCA released their near-final rules on the extension of the Senior Managers & Certification Regime to insurers (in December 2018) and all FCA solo regulated firms (in December 2019). The PRA have issued several statements revising their supervisory approach to Solvency II for regulatory reporting and internal models. Meanwhile, the FCA have finalised their approach to consumers and issued a discussion paper on a duty of care.

I hope you enjoy reading this latest update. I hope that you have had or will have a good holiday if you are taking a break, and will return refreshed for what will no doubt be a busy Autumn on the regulatory front as the Brexit fog of uncertainty clears.

Please do not hesitate to contact myself or your normal Moore Stephens contact if you have any concerns over any matter highlighted in this update.