This month's roundup of developments affecting the insurance industry sees the government announce it will "trigger Brexit" by the end of March 2017, the Treasury Select Committee launch an inquiry into the Solvency II Directive and the PRA and FCA issue a number of consultations on various topics including the Senior Insurance Managers Regime, whistleblowing, market turning events, non executive directors and PPI (again).
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Brexit
- Government to "trigger Brexit" by end March 2017
- Brexit priorities from ABI
- FCA reports on authorised firms holding single market passports
- Treasury Select Committee launches Solvency II inquiry
General Update
- ABI and BIBA on Driveless Cars
- Targets for Women in Finance Charter published by ABI
- ABI on IPT increase
- FOS report on the impact of PPI mis-selling
- Insurance Europe launches digitalisation showcase
Data Protection
- Information Commissioner upbeat about UK data protection laws post Brexit
New Legislation & Consultations
- PRA Consultation on amendments to SIMR
- PRA consultation on whistleblowing
- PRA consultation on "market turning events" in GI sector
- FCA consultation on non-executive directors
- Further FCA consultation on PPI rules and guidance
- Consultations on 2017/18 regulatory fees and levies
- EBA consultation on minimum PI cover under PSD2
- Insurance Europe responds to ESMA's proposals on clearing obligations
- Insurance Europe responds to OECD consultation on attribution of profits
- Insurance Europe responds to consultation on FICOD
Regulatory Developments
- FCA feedback on Big Data in retail GI sector
- CMA reminder on PMI Order
- EIOPA survey on guidelines on assessment of complex insurance based investment products under IDD
Solvency II
- EC Implementing Regulation laying down ITS on equity risk sub-module
- Amendments to FSMA 2000
- PRA supervisory statement on changes to internal models
- PRA policy statement on public disclosure requirement
Fraud
- ABI checklist on counter fraud measures
- £500k false insurance scam uncovered
