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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
Future opportunities for the insurance industry: ABI speech
Insurer capital requirements: PRA speech
The UK Prudential Regulation Authority (PRA) has published a speech by Anna Sweeney, PRA Executive Director, Insurance, titled Goldilocks and the three pillars: how much capital is just right? . In her speech, Ms Sweeney explains the PRA s thoughts about the relationship between capital requirements and the rest of the prudential regime, in the context of the government s review of Solvency II. Points of interest in Ms Sweeney s speech include:
Post Brexit: opportunities and hurdles for the London Market
16-02-2021
24-06-2016
The opportunity to build a new regulatory regime outside the EU is in the offing, but with details affecting the financial sector still under discussion it remains unclear whether Brussels will issue the equivalence rulings the sector so badly wants. Intelligent Insurer investigates.
The UK’s departure from the EU offers opportunities to build a regime that suits the UK’s needs and supports the government’s vision of a global Britain, but the re/insurance sector still needs to know what that looks like in practice.
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Northumbrian Water has warned caravan owners in the region to check for potential burst pipes ahead of further cold weather expected over the coming weeks. The water company advised that that freezing temperatures could lead to owners being forced to repair costly burst pipes during what’s already a difficult time for the tourism industry. As a result, Northumbrian Water have released a series of steps for owners to follow, which include checking your heating system is regularly serviced and also ensuring any outside taps are isolated securely. In a recent study by the Association of British Insurers, they predicted a burst water pipe could cost up to a huge £8000 to fix and as a result, Northumbrian Water are encouraging every owner to ensure their pipes are as protected as possible.