This month's roundup of developments affecting the insurance industry sees implementation of the PRIIP Regulation being postponed, the FCA publish final guidance on fair treatment of long-standing life insurance customers and confirmation that the Insurance Block Exemption Regulation (IBER) will lapse in March 2017.  

You can read the issue in full here

Brexit

• ABI calls for ‘clear commitment’ to a transitional implementation period following Brexit
• ABI responds to Treasury Committee's Solvency II inquiry

General Update

• IBA publishes Key Facts on UK Insurance and Long Term Savings industry
• New LMA guide on uncertainty in catastrophe modelling 
• BIBA launches online portal on unrated non-life insurers
• Society of Lloyd's publishes cyber-attack strategy
• New Scheme from BIBA for businesses at risk of flood
• ABI identifies priority markets for trade expansion
• ABI launches new Trade Credit Insurance Guide
• EIOPA announces results of the 2016 EU-Wide Insurance Stress Test
• EIOPA consumer trends report: December 2016
• GFIA publishes Annual Report

Data Protection

• Study finds that 75,000 data protection officers will be needed in order to tackle GDPR

New Legislation & Consultations

• Insurance Block Exemption Regulation to expire on 31 March 2017
• FCA consults on review of FSCS funding
• PRA extends deadline for consultation on market turning event in GI sector 
• HM Treasury consultation on implementing new regulatory and tax framework for ILS
• PRA/FCA Joint consultation paper on ISPVs
• PRA consults on cyber insurance underwriting risk
• EU postpones PRIIPs Regulation 
• Joint Committee of ESAs responds to European Commission on proposed amendments to PRIIPs rules 
• Council of EU progress report on proposed EDIS Regulation and banking union
• EIOPA on European recovery and resolution framework for insurers
• Insurance Europe letter to EC on EU services card
• IAIS seeks feedback on draft stakeholder engagement plan

Regulatory Developments

• FCA final guidance on fair treatment of long-standing life insurance customers 
• FCA statement on PPI
• FCA thematic review on general insurance intermediaries' PII
• PRA policy statement on insurers' PRA fees and FSCS levies for 2017/18 
• EIOPA guidelines on dialogue between insurance supervisors and auditors
• FSB updates list of G-SIIs 
• IAIS paper on approach to supervising intermediaries' conduct 

Solvency II

• Companies Act 2006 (Distributions of Insurance Companies) Regulations 2016
• PRA FAQs on regulatory reporting under Solvency II 
• PRA consultation on Solvency II transitional measures 
• PRA consultation on firms investing in illiquid assets under Solvency II
• PRA policy statement on consolidating Solvency II directors' letters
• PRA on NSTs under Solvency II 
• EC adopts Implementing Regulation on calculation of technical provisions and basic own funds
• ECON comments on review of methodology to derive ultimate forward rate 
• EIOPA on symmetric adjustment of equity capital charge for Solvency II
• EIOPA technical information for Solvency II RFR term structures
• EIOPA consults on SCR standard formula under Solvency II
• EIOPA reports on LTG and equity risk measures under Solvency II
• EIOPA opinion on information related to use of transitional measures in calculating technical provisions 
• EIOPA reports on the use of limitations and exemptions from regular supervisory reporting

Fraud

• "Ghost broker" ordered to pay back £17k