UK and European Insurance Regulatory Developments, Autumn 2017

2 November 2017
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Key takeaways

  • With Solvency II being in force for almost two years, HM Treasury Committee has published its conclusions on where Solvency II should change for the benefit of the UK insurance industry. Clearly the PRA’s consultation paper published two days earlier is unlikely to go far enough for the Treasury Committee which has criticized the application of the regime.
  • The long awaited rules for the new UK ILS regime have been published by HM Treasury and the regulators – will they be competitive enough to attract ILS issuances to the UK?
  • Implementation of IDD may be delayed – this may prove popular with the insurance industry. The FCA is consulting on less popular proposals – certain firms paying more into the compensation scheme.