Engage is here
Hogan Lovells | Global Insurance Blog
by Sandra Clark
4y ago
We have moved our content to the new Hogan Lovells platform Engage.  Engage gives you the latest legal and regulatory news and provides insights and analysis for your business, from across our global network, when you need it. If you have subscribed to this blog, you will receive a launch email for Engage on April 20 however, if you do not receive an email you can register here to continue receiving this content. We value your loyal readership and look forward to seeing you on Engage ..read more
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FCA publishes “Dear CEO” letter concerning Covid-19 and business interruption insurance for SMEs
Hogan Lovells | Global Insurance Blog
by Lydia Savill
4y ago
Insurers and business interruption insurance policies have been coming under increasing scrutiny as a result of the economic disruption to business as a result of Covid-19. Yesterday, the FCA published a “Dear CEO” letter to insurers setting out its expectations in relation to the assessment, settlement and payment of claims to SMEs under business interruption policies. Yesterday, the FCA published a “Dear CEO” letter to insurers, concerning Covid-19 and business interruption cover for SMEs. SMEs in all sectors are experiencing unprecedented disruption to their business as a result of Covid-19 ..read more
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Italian first measures in favor of insurance market operators against COVID-19 emergency
Hogan Lovells | Global Insurance Blog
by Silvia Lolli
4y ago
As a result of the health emergency caused by the widespread outbreak of the COVID-19 virus and disease, specific measures have been adopted in Italy starting from the beginning of March 2020 in order to contain the impact thereof at various levels and sectors of the economy. In particular, the Italian Government adopted Law Decree No. 18 of 17 March 2020 (the so called “Cura Italia Decree”) which provides a number of measures to strengthen the Italian healthcare system and provide economic support for families, workers and businesses as a consequence of the epidemiological emergency and Law D ..read more
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Mixed responses from European regulators as EIOPA urges insurers to hold back on dividend payments
Hogan Lovells | Global Insurance Blog
by Charles Rix
4y ago
On 2 April 2020, the European Insurance and Occupational Pensions Authority (EIOPA) urged all (re)insurers to temporarily suspend dividend distributions and share buybacks.  The response from insurance regulators in EU countries has been mixed.  In some countries the regulator has followed a similar approach.  However, the German regulator, BaFin, has stated that it considers the approach to be unnecessary for insurance companies. EIOPA’s statement EIOPA’s statement expresses the need for insurance companies to take all necessary steps to preserve their capital position while there is uncerta ..read more
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EIOPA, PRA and FCA regulatory reporting and public disclosure requirements in response to COVID-19
Hogan Lovells | Global Insurance Blog
by Jabeen Rizvi
4y ago
EIOPA published recommendations, on 20 March 2020, addressed to the EU insurance sector on supervisory flexibility regarding the deadline of supervisory and public disclosure by insurers, in light of the COVID-19 pandemic. In consideration of these recommendations, on 23 March 2020, the PRA published a statement on COVID-19 regulatory reporting amendments for UK insurers. It published a list of accepted delays relating to harmonised reporting under the Solvency II Directive (2009/138/EC) and PRA-owned reporting. The FCA has also issued a statement, on 21 March 2020, requesting all listed compa ..read more
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IAIS measures to provide operational relief to supervisors and insurers in light of COVID-19
Hogan Lovells | Global Insurance Blog
by Jabeen Rizvi
4y ago
The International Association of Insurance Supervisors (IAIS), on 27 March 2020, published a press release about the measures it is taking to address the impact of COVID-19 on the insurance sector. This includes using the framework it has developed for forward-looking risk to undertake a targeted assessment of the impact of COVID-19 on the global insurance sector and postponing the development of supporting material, with public consultations generally deferred by at least six months. It also includes reviewing timelines for the implementation of the holistic framework for the mitigation of sy ..read more
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COVID-19 webinar – Insurance coverage considerations
Hogan Lovells | Global Insurance Blog
by Hogan Lovells
4y ago
Thursday, 02 April 2020, 15:30 (BST) One of a series of live webinars to help clients to respond to the impact of the global coronavirus pandemic on their business. Businesses who suffer losses stemming from the COVID-19 pandemic will want to understand how their insurance arrangements will respond to this crisis. In 30 minutes, our insurance experts will cover how the following classes of insurance are likely to respond and provide general guidance to companies on how to assess and manage their loss with insurance considerations in mind: Business interruption Liability Credit Event cancellati ..read more
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Engage is coming
Hogan Lovells | Global Insurance Blog
by Hogan Lovells
4y ago
We are changing how we share our blogs, newsletters, client alerts, publications and other pieces of legal news and analysis with you.  We are bringing them all together into one place: Hogan Lovells Engage. Engage gives you the latest legal and regulatory news and provides insights and analysis for your business, from across our global network, when you need it. This means that from 20 April all content from the Global Insurance Blog will move to Engage.   Be on the lookout for the launch email. We value your loyal readership and look forward to seeing you on Engage ..read more
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EIOPA statement on actions to mitigate the impact of Coronavirus on the EU insurance sector
Hogan Lovells | Global Insurance Blog
by Luis Alfonso Fernandez
4y ago
The European Insurance and Occupational Pensions Authority (EIOPA) issued on 17 March 2020 a statement addressed to the EU insurance sector acknowledging the significant consequences for financial services that the Coronavirus/COVID 19 situation may cause and informing about the actions that should be taken by insurers and that will be taken by EIOPA to help insurers to curb the impact of CoronaVirus/COVID-19 on the insurance business and to guarantee the policyholders protection. These actions are focused on two main business aspects: Business continuity and solvency and capital position. Bu ..read more
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EIOPA’s timely reminder of the impact of low interest rates on insurers
Hogan Lovells | Global Insurance Blog
by Charles Rix
4y ago
Insurance businesses in a low interest rate environment The Supervisory Statement released by the European Insurance and Occupational Pensions Authority (EIOPA) on Wednesday, 18 March is a timely reminder of the potential negative side effects of low or negative interest rates on both life and non-life insurers. EIOPA considers the current ultra-low interest rate environment to be one of the most important sources of systemic risk for insurers in the coming years.  Low interest rates put pressure on the profitability of insurance companies, in particular life insurers with expensive policy gua ..read more
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