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Recent regulatory developments of interest to insurers and their intermediaries. Includes the UK FCA latest expectations of firms following the BI insurance test case, and more.
Contents
Pre-existing medical conditions: BIBA travel insurance directory
Supervision of control functions: IAIS consults on draft Application Paper
COVID-19: FCA Dear CEO letter on BI insurance test case and outcome table
On 22 and 29 January 2021, the FCA updated its
webpage on its business interruption (BI) insurance test case. The FCA has published:
a
Dear CEO letter on the FCA s next steps and its expectations of insurers (and managing agents);
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Friday, January 29, 2021
In our December edition of Experience Insurance, we reported on the Annual Conference of the International Association of Insurance Supervisors (IAIS). We now turn our international lens to recent international activity related to insurance insolvency policy, or in the international vernacular, “resolution” policy.
International Association of Insurance Supervisors
In 2019, the IAIS adopted the Insurance Core Principles (ICPs) and Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame). The ICPs provide a global framework for insurance regulators that is accepted by all IAIS member jurisdictions. They apply to all insurance companies and groups, regardless of size, complexity, types of products or level of international activity. ComFrame builds upon the ICPs, focusing on effective group-wide supervision of internationally active insurance groups, or IAIGs. It’s designed to help supervisors address group-
Prudential announces plan to separate Jackson in Q2 2021 through demerger; Steven A Kandarian appointed Jackson Non-Executive Chair · Proposed demerger would accelerate Jackson separation and complete Prudential s transformation to focus exclusively on its high-growth Asia and Africa businesses · Former MetLife CEO Steven A Kandarian to serve as Non-Executive Chair of Jackson, effective 1 February 2021 · Jackson RBC ratio expected to be 425-450 per cent at point of separation following recapitalisation from debt raising · Prudential considering equity raise of around $2.5-3 billion to increase financial flexibility and take advantage of Asia growth opportunities · 2020 operating performance expected to be in line with current market expectations