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Illuminate – insurance regulatory newsletter

Illuminate – insurance regulatory newsletter

Annual update on hot topics, trends and milestones in the insurance regulatory space.

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Janine Hawes

Director

KPMG in the UK

Contact

Also on home.kpmg

Illuminate - December issue of the regulatory newsletter - photo of a lightbulb

The world continues to wait and see whether the 585 page Brexit withdrawal agreement will be notified by the UK and European parliament. If it is, we could hear a collective sigh of relief as we will largely see a continuation as if we were an EU Member without voting rights until the end of the implementation period on 31 December 2020 (extendable by up to two years if all outstanding matters have not been resolved before then).

While insurance groups are unlikely to reverse their moves to establish new European Economic Area (EEA) insurers, the extra time will make it easier to deal with legacy cross-border business. If the agreement is not signed, then ‘no deal’ preparations are well in hand, with consultations from both regulators about the amendment to their respective rules and further details of how the temporary permissions regime will work for EEA insurers wishing to retain UK market access, with similar temporary arrangements for UK insurers now beginning to be announced by some EEA regulators.

Moving away from Brexit, in this edition of Illuminate we cover other areas of insurance regulation:

  • Our first article outlines the last minute actions insurers should be taking as they move into the final stages of preparations for the introduction of the Senior Managers and Certification Regime (SMCR) for insurers this month.
  • Our second item considers some of the practical considerations Boards should be addressing as they respond to the regulators’ increasing focus on operational resilience. 
  • Our third feature discusses the latest pronouncements on climate change by both UK and European regulatory bodies and considers what this means for insurers. 
  • Our final article comprises a round-up of regulatory ‘hot topics’, drawing from both the Bank of England's executive director of insurance, David Rule’s ‘D to Z’ speech and a variety of other sources. This is intended to complement our usual overview of key future regulatory milestones.

Download our latest edition here: Illuminate - KPMG's insurance regulatory newsletter.

 

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