Domestically, the CBI published its first insurance quarterly newsletter of 2021; At European level, EIOPA advised the European Commission on insurer's KPIs on sustainability for non-financial reporting; launched a comparative study of non-life underwriting risks in internal models; and published Q&As on the Insurance Distribution Directive.
Financial RegulationThe adoption in December 2020 of the Trade and Cooperation Agreement between the European Union and the United Kingdom was welcomed because it avoided a No Deal Brexit.
BrexitTaxonomy Regulation, NFRD and sustainability reporting, Liquidity, MMF reform, Brexit and benchmarks, IOSCO, EU Commissioner Mairead McGuinness' vision for the financial services sector, AML
Asset Management & Investment FundsOutsourcing, Liquidity, CBI markets update, AML
Asset Management & Investment FundsMinister of State in the Department of Justice, James Browne, updated the cabinet this week on progress on the reform of Ireland's gambling laws.
Betting, Gaming & LicensingLong awaited and overdue reviews of defamation laws in the Republic of Ireland and Northern Ireland are expected to gather pace in the coming months.
Disputes
The Irish construction Professional Indemnity (PI) insurance market has been noticeably hardening in recent years. Having enjoyed quite a lengthy period of relatively stable market conditions, it is our experience that many insurance companies are now tightening their policy terms, increasing premiums and overall are seemingly more reluctant to underwrite the same level of risk.
ConstructionThe EBA published its opinion on the ML/TF risks that are affecting the EU's financial sector. This opinion sets out suggested actions addressed to national competent authorities (NCAs), based on the findings set out in the report annexed to the opinion.
Asset Management & Investment FundsDirector General for Financial Conduct, Derville Rowland, outlined the Central Bank of Ireland's (Central Bank) priorities for consumer and investor protection for 2021 at an online event on 16 March 2021. The priorities for consumer and investor protection for 2021 include a review of the Consumer Protection Code, a focus on the insurance industry and progressing enforcement cases.
Financial RegulationIn delivering its judgment in Ennis vs Allied Irish Bank plc1 , the Supreme Court provided useful guidance as to the tests to be applied when assessing whether new arguments and new evidence may, in certain circumstances, be adduced in an appeal against a summary judgment and / or an interlocutory order.
DisputesThe Supreme Court this week delivered judgment in two separate security for costs appeals.
DisputesDespite being announced on 24 December 2020 and signed on 30 December 2020, the TCA is still not in full force. For example, it is still only "provisional". The European Parliament and the European Council have yet to sign off on the document. It is expected that they will sign off by the end of April 2020. So, Brexit is not yet done!
Brexit
