Clare Douglas

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On 10 January 2019, the Prudential Regulation Authority released Consultation Paper (CP) 1/19, setting out certain proposed changes to Supervisory Statement (SS) 17/13 “Credit risk mitigation”. SS 17/13 was produced to provide clarification on the PRA’s expectations with respect to the recognition of credit risk mitigation in the calculation of certain risk-weighted exposure amounts. The PRA has been reviewing firm practice in the capitalisation of certain secured financing transactions including non-recourse loans (that is, where…
On 21 November 2018, HM Treasury published a draft version of the Insurance Distribution (Amendment) (EU Exit) Regulations 2019, together with an explanatory information document. The purpose of the Regulations is to correct deficiencies in retained EU law relating to the Insurance Distribution Directive ((EU) 2016/97) (IDD) that arise from the UK leaving the EU, to ensure that the UK’s standalone insurance distribution regime will work effectively. The IDD will not be retained…
The Insurance Act 2015 (the “Act“) comes into force tomorrow.  It represents a fundamental departure from existing insurance law.   The changes impact on a number of key areas which are summarised in the following document: click here. The Act will impact on insurers, insureds, brokers and reinsurers. Whatever your involvement in the insurance market, it will be necessary to be aware of its terms. The terms of the Act will apply automatically but it…
Currently, there is no legal obligation on insurers to pay claims in a timely manner. This can have severe implications for insureds (and SMEs in particular), which the Enterprise Bill (published yesterday) seeks to remedy. BIS acknowledged that: “late payment is a major problem for businesses. Any unnecessary delay in payment can have significant impacts on a business’ ability to continue or re-start trading after an insured loss“. FCA rules do require claims to be…
With the Insurance Act 2015 receiving Royal Assent on 12 February 2015, we take a look at the consequential amendments to the Third Parties (Rights Against Insurers) Act 2010 (the “2010 Act”). These amendments were aimed at rectifying the failure to include certain insolvency circumstances in the original 2010 Act (which due to these defects was not brought into force after Royal Assent) and it is hoped that the act may finally come into effect…
The new Insurance Bill is set to reform business insurance law in the UK. Currently making its way through Parliament; yesterday saw its final reading in the House of Commons. With an extensive consultation process and detailed technical review of the Bill already having been carried out, the Bill was considered in a Committee of the whole House on 3 February 2015, immediately followed by the report stage and third reading. So it is time…