Featured Product

    FCA Consults on Implementation of Insurance Distribution Directive

    September 25, 2017

    FCA published the third consultation paper, CP17/33, on implementation of the Insurance Distribution Directive (IDD). This consultation follows on from CP17/7 and CP17/23 with further proposals on how FCA plans to implement the IDD in the UK. CP17/33 will interest firms (including insurance and reinsurance companies and insurance intermediaries), customers in the insurance market, and bodies representing these groups. It will also be of interest to designated professional bodies whose members conduct insurance distribution activities. Comments are requested by November 25, 2017 and the policy statement will be issued in January 2018.

    The IDD replaces the Insurance Mediation Directive. It aims to enhance consumer protection when buying insurance—including general insurance, life insurance, and insurance-based investment products— and to support competition between insurance distributors by creating a level playing field. CP17/33 covers changes to FCA’s rules to reflect the requirements of the IDD delegated acts for:

    • Life insurance distribution business: Inducement requirements for insurance-based investment products (IBIPs), suitability and appropriateness requirements for IBIPs, disclosure requirements for IBIPs and mandatory occupational pensions
    • All insurance distribution business, including life and non-investment business: Conflicts of interest, product oversight and governance, changes to the Perimeter Guidance, regulatory processes, and additional changes (including consequential amendments) to other parts of the handbook 

     

    Related Link: CP17/33 (PDF)

    Comment Due Date: November 25, 2017

    Keywords: Europe, UK, Insurance, IDD, CP17/33, CP17/7, CP17/23, IBIP, FCA

    Related Articles
    News

    SEC Finalizes Capital and Margin Requirements for Security-Based Swaps

    SEC adopted a package of rules and rule amendments to establish capital, margin, and segregation requirements for security-based swaps, under Title VII of the Dodd-Frank Act.

    August 22, 2019 WebPage Regulatory News
    News

    ECB Revises Prudential Provisioning Expectations for New NPEs

    ECB is revising its supervisory expectations for prudential provisioning of new non-performing exposures (NPEs) specified in the “Addendum to the ECB Guidance to banks on non-performing loans” (Addendum)

    August 22, 2019 WebPage Regulatory News
    News

    CFTC Proposes to Revise Information Collection on Margin Requirements

    CFTC is requesting comments on the burdens associated with certain aspects of the Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants (final rule).

    August 21, 2019 WebPage Regulatory News
    News

    FASB to Delay Effective Date for Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant all insurance companies that issue long-duration contracts, such as life insurance and annuities, additional time to apply the standard that addresses this area of financial reporting.

    August 21, 2019 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.9

    EBA published phase 2 of its technical package on the reporting framework 2.9, which includes validation rules, Data Point Model (DPM) data dictionary, and XBRL taxonomies.

    August 21, 2019 WebPage Regulatory News
    News

    FSB Publishes Responses to Its Consultation Related to SME Financing

    FSB published responses received to the consultation on a report on the evaluation of the effects of financial regulatory reforms on small and medium-sized enterprise (SME) financing.

    August 21, 2019 WebPage Regulatory News
    News

    APRA Revises Related Entities Standard for Banks

    APRA published a strengthened prudential standard APS 222 on associations with related entities, with the aim to mitigate contagion risk within banking groups.

    August 20, 2019 WebPage Regulatory News
    News

    EBA and ESMA Issue Joint Response to EC Letter on Crypto-Assets

    EBA and ESMA issued a joint response to the EC letter, from July 19, 2019, on crypto-assets.

    August 20, 2019 WebPage Regulatory News
    News

    FSB on Responses to Consultation on Wind-Down of Trading Portfolios

    FSB published responses received to the consultation on the solvent wind-down of the derivatives and trading book portfolio of a global systemically important bank (G-SIB).

    August 19, 2019 WebPage Regulatory News
    News

    FSB Publishes Responses to Consultation on Resolvability Disclosures

    FSB published responses received to the consultation on disclosures for resolution planning and resolvability of banks.

    August 19, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3681