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Recent regulatory developments of interest to insurers and their intermediaries. See also our General regulatory news in the Related Materials links.
Contents
General insurance pricing practices: FCA Q&A
COVID-19: FCA information on flood and storm claims
COVID-19: EIOPA consults on ORSA supervisory statement
End of Brexit transition period: Lloyd s underwriters trading rights
Cyber risk underwriting: IAIS report on challenges and supervisory considerations for sustainable market development
Solvency II: PRA CP1/21 on deep, liquid and transparent assessments, and GBP transition to SONIA
The UK Prudential Regulation Authority (PRA) has published a consultation paper, CP1/21, on deep, liquid and transparent (DLT) assessments and GBP transition to the Sterling Overnight Index Average (SONIA) under the Solvency II regime. CP1/21 is relevant to all UK Solvency II firms, including in respect of the Solvency II groups pr
Monday, December 21, 2020
The current deadline for the cessation of the London Inter-Bank Offered Rate (LIBOR) is the end of 2021. The transition away from LIBOR is, however, a moving target, and its status is constantly changing.
Why Move Away from LIBOR?
LIBOR and other inter-bank offered rates rely on liquidity in the relevant market, where a shortfall in supply causes an inaccurate reflection of that rate. Coupled with the 2012 LIBOR-rigging scandal, there has been a very public move from LIBOR towards Risk-Free-Rates (RFRs).
Alternatives
Working groups, think tanks and interested parties have mobilised globally to deal with the transition. In the United Kingdom, the Working Group on Sterling Risk-Free Reference Rates’ frontrunner is the Sterling Overnight Index Average (SONIA), an average of the rates at which banks pay to borrow sterling from other financial institutions overnight.
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