Corporate Insurance Newsletter - June 2012

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

Regulatory

FSA Q&A Solvency II

On 23 April 2012, the FSA published a new webpage that brings together the most up-to-date questions and answers (Q&As) from its Solvency II programme. More

Changes to the Conduct of Business Sourcebook

Article, by Andy Tromans and Samantha Jones of Clyde & Co, explores the FSA's final rules on "protecting with-profits policyholders", which was published on March 7, almost a year after it published its controversial consultation paper on the subject. The article highlights the sense of back-paddling within the policy statement, particularly in relation to mutual insurers, observing that the FSA may not now have the appetite to impose a very broad definition of policyholder interests on with-profits mutuals. More

Result of ECJ gender ruling is confusion.com

Written by Geraldine Quirk. With less than 12 months to go before the ECJ ruling on gender discrimination comes into effect, there is still a considerable amount of confusion and uncertainty in the market regarding how insurance companies should respond. At a recent seminar hosted at our offices in London, we set out to explore the background to the ruling, analyse the legislation and consider how you should best assess the risks that it presents. More

What does the European Court ruling on gender (Test Achats) mean for me?

The ABI has put together a useful guide in relation to the Test Achats ruling. The European Court has ruled that insurers can no longer consider whether you are a man or a woman when pricing insurance policies from 21 December 2012. The main policies to be affected are those which use gender as a factor in pricing for risk: motor insurance, annuities and life insurance. More

Solvency II and the road to 2014: The impact on insurers and reinsurers

Written by Jon Turnbull and Geraldine Quick for The International Comparative Legal Guide to: Insurance & Reinsurance. The Solvency II Directive (2009/138/EC) provides the framework for a comprehensive overhaul of the existing system of regulation, covering authorisation; corporate governance; supervisory reporting and public disclosure; risk assessment and management; and solvency and reserving.

This article appeared in the 2012 edition of The International Comparative Legal...