Laura Hodgson (UK)

Firm/Organization: Norton Rose Fulbright

Blogs: Financial services: Regulation tomorrow, Insurance law tomorrow

Latest Articles

FCA publishes CP19/23: Signposting to travel insurance for consumers with medical conditions

By Laura Hodgson (UK) on July 19, 2019

On 15 July 2019, the Financial Conduct Authority (FCA) published Signposting to travel insurance for consumers with medical conditions (CP19/23). CP19/23 continues the work undertaken by the FCA over the past few years on ensuring that vulnerable customers can access insurance. In June 2017 the FCA published a Call for Input on access to insurance (feedback to this was published in July 2018). The feedback found that some consumers struggle to get insurance cover for…

Financial services: Regulation tomorrow

Working Group on Sterling Risk-Free Reference Rates urges EIOPA to remove the recognised Solvency II barriers to IBOR transition

By Laura Hodgson (UK) on July 19, 2019

On 12 July 2019, the Working Group on Sterling Risk-Free Reference Rates published a letter from Tushar Morzaria, chair of the working group, to Gabriel Bernardino, EIOPA chair, encouraging EIOPA to go beyond monitoring the IBOR transition to now actively removing the recognised Solvency II barriers to this transition. The letter expressed concerns surrounding the requirement under Solvency II for insurers across Europe to value liabilities using “risk-free” discount rates which are typically derived from…

Financial services: Regulation tomorrow

EIOPA publishes Consultation Paper on the harmonisation of insurance guarantee schemes

By Laura Hodgson (UK) on July 19, 2019

On 12 July 2019, the European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper Proposals for Solvency II 2020 Review Harmonisation of National Insurance Guarantee Schemes.…

Financial services: Regulation tomorrow

Ogden rate announcement falls short of insurers’ expectations

By Laura Hodgson (UK) & Noleen John (UK) on July 19, 2019

On 15 July 2019, the Ministry of Justice announced changes to the Ogden rate. An increase in the rate from -0.75% to -0.25% fell short of insurers’ expectations who were hoping for a much greater discount, prompting warnings that premiums may rise as a result. The new rate will come into use on 5 August 2019.…

Financial services: Regulation tomorrow

Amendments to Solvency II Delegated Regulation published in the Official Journal

By Laura Hodgson (UK) on June 20, 2019

On 18th June 2019, Commission Delegated Regulation (EU) 2019/981 (the Amending Regulation), which amends the Solvency II Delegated Regulation ((EU) 2015/35), was published in the Official Journal of the EU. The European Commission adopted the Amending Regulation on 8 March 2019. The Amending Regulation will enter into force on 8 July 2019 (twenty days after publication in the Official Journal).…

Financial services: Regulation tomorrow

Government proposes to address ‘loyalty penalty’ with CMA fines for breaches of consumer laws

By Laura Hodgson (UK) on June 19, 2019

Secretary of State for Business, Energy and Industrial Strategy, Greg Clark MP, has written a letter to the chief executive of the Competition and Markets Authority (CMA), Dr. Andrea Coscelli, about government proposals to take action to prevent harm to customers arising from the ‘loyalty penalty’. In the letter Greg Clark commits to ensuring that both the UK Government and regulators take further action to address business practices resulting in loyalty penalties and states that…

Financial services: Regulation tomorrow

PRA publishes framework for assessing the financial impacts of physical climate change for the general insurance sector

By Laura Hodgson (UK) on May 24, 2019

On 22 May 2019, the Prudential Regulation Authority (PRA) published a report outlining a framework for practitioners to use to assess the financial impact to the liability side of the firm’s balance sheet caused by future climate change. The framework was developed by a cross-industry working group and is aimed at practitioners working with, or at, general insurance firms who are assessing the impact of climate change.…

Financial services: Regulation tomorrow

Speech by David Rule, Executive Director of Insurance Supervision, PRA, on ‘Model use and misuse’

By Laura Hodgson (UK) on May 15, 2019

David Rule, Executive Director of Insurance Supervision at the Prudential Regulation Authority (PRA), has delivered a speech on ‘Model use and misuse’ at the Association of British Insurers Prudential Seminar. The speech highlights PRA concerns about some uses of models. Models are used widely in insurance to mimic various scenarios so that insurers can estimate capital to provide a buffer against worst case scenario occurrences (in Solvency II, a ‘1 in 200’ scenario).…

Financial services: Regulation tomorrow

PRA updates Solvency II remuneration policy statement for category 1 and 2 firms

By Laura Hodgson (UK) on May 10, 2019

All UK Solvency II firms must comply with Article 275 of the Solvency II Delegated Regulation (EU) 2015/35 in respect of their remuneration policies. The Prudential Regulation Authority (PRA) asks UK Solvency II firms to complete a Remuneration Policy Statement to document remuneration policies and procedures. On 8 May 2019 the PRA published an updated Remuneration Policy Statement template for category 1 and 2 firms. A Solvency II staff table has also been updated. Completion…

Financial services: Regulation tomorrow

EIOPA publishes a report following its thematic review of the use of Big Data Analytics in motor and health insurance

By Laura Hodgson (UK) on May 8, 2019

The European Insurance and Occupational Pensions Authority (EIOPA) has published a report on the use of Big Data Analytics in motor and health insurance. The report reveals a trend for increasingly data-driven business models throughout the insurance value chain in both health and motor insurance.…

Laura Hodgson (UK)

FCA publishes CP19/23: Signposting to travel insurance for consumers with medical conditions

Working Group on Sterling Risk-Free Reference Rates urges EIOPA to remove the recognised Solvency II barriers to IBOR transition

EIOPA publishes Consultation Paper on the harmonisation of insurance guarantee schemes

Ogden rate announcement falls short of insurers’ expectations

Amendments to Solvency II Delegated Regulation published in the Official Journal

Government proposes to address ‘loyalty penalty’ with CMA fines for breaches of consumer laws

PRA publishes framework for assessing the financial impacts of physical climate change for the general insurance sector

Speech by David Rule, Executive Director of Insurance Supervision, PRA, on ‘Model use and misuse’

PRA updates Solvency II remuneration policy statement for category 1 and 2 firms

EIOPA publishes a report following its thematic review of the use of Big Data Analytics in motor and health insurance

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