Corporate Insurance Newsletter - July 2012

This update from Clyde & Co's Corporate Insurance Team summarises new developments as reported by the FSA, Lloyd's of London, ABI, BIBA and other sources, with links to the full documents where these are available.

Entering new insurance markets – Clyde & Co Report

The map of the insurance world is changing rapidly, with re/insurance businesses looking further afield for opportunities – whether that means investing in emerging markets, or looking for new opportunities in the mature economies. However, one thing is crystal clear: insurers are operating in a complex environment. As they look to expand their businesses, they are encountering a range of challenges – legal, regulatory and commercial – which require local knowledge and industry expertise in order to navigate safely through uncharted waters.

As a result, we have compiled a brief introduction– outlining the essential information around regulatory authorisation, capital requirements and the ability to do business – for the markets in Asia, Europe, Latin America, Middle East, North America and Russia.

To request a copy of the full report, please click here.

Insurance transfers in Europe – Book

Clyde & Co has produced a new book, Insurance Transfers in Europe, looking at some of the procedures available for transferring insurance portfolios across Europe. The book, edited by Clyde & Co partner Geraldine Quirk, contains contributions from lawyers in a host of jurisdictions including: Belgium, Denmark, France, Germany, Ireland, Italy, The Netherlands, Portugal, Spain, Sweden, and the UK

To obtain a free copy of the book, please click here to download an order form.

REGULATORY

EIOPA publishes the outcome of the public consultation on the ORSA

The European Insurance and Occupational Pensions Authority (EIOPA) published its Final Report on draft Guidelines for Own Risk and Solvency Assessment (ORSA). In the report it says that proportionality is a key feature of the Own Risk and Solvency Assessment (ORSA) and that insurer's assessment of the overall solvency needs should be forward-looking. Read more

EIOPA Publishes the outcome of the public consultation on solvency II

The European Insurance and Occupational Pensions Authority (Eiopa) has eased the regulatory reporting requirements for smaller insurers in its draft reporting guidelines for Solvency II. Eiopa has advised insurers to start using the proposed reporting templates and that these will improve efficiency. Read more

Regulating in a new era of professionalism – what does the FSA want to see...