Financial Services Regulation and Compliance - Insurance Nov 2019
CBI introduces enhanced measures to increase transparency of information provided to customers
On 1 November 2019, the Central Bank of Ireland (CBI) introduced enhanced measures to increase transparency of information provided to customers following the amendments to the Non-Life Insurance (Provision of Information) (Renewal of Policy of Insurance) Regulations 2007. The new rules require insurers to:
- provide policy holders with details of the premium paid for private motor insurance renewals in the previous year on the same page of any renewal notice
- provide a quotation for each motor policy option available to the customer
- extend the renewal notification period from 15 to 20 working days for motor, health, damage to property and general liability insurance
CBI to conduct review of differential pricing in the motor and home insurance industries
In January 2020, the CBI will commence a review of differential pricing in the motor and home insurance industries in order to assess the risks of differential pricing. Firms are expected to assess whether their pricing practises conform with the Consumer Protection Code. The review will be conducted in three phases beginning with a six month market analysis, followed by a six month quantative analysis and consumer insight exercise, and finishing with conclusions and recommendations.
EIOPA publishes the second annual European Insurance Overview Report.
On 19 November 2019, the European Insurance and Occupational Pensions Authority (EIOPA) published its second annual European Insurance Overview Report (the Report). The Report is part of EIOPA's statistical services and provides an easy to use and accessible overview of the European insurance market based on annually reported Solvency II information. The aim of the report is to provide objective, factual and data driven information.
EIOPA Chairman delivers keynote speech on leading the future in insurance and pensions
On 19 November 2019 the Chairman of EIOPA, Gabriel Bernardino, delivered a speech on leading the future in insurance and pensions. Key topics included climate change and cyber security. The Chairman urged insurance groups to mitigate the impact of their actions on the environment by developing insurance products, adjusting the design and pricing of products and engaging with public authorities. While the positive role of technology was acknowledged, the development of a strong cyber resilience framework, including an incident reporting framework will be key to preventing cyber-attacks. Finally, the Chairman referenced the Solvency II review, acknowledging that proportionality is being addressed alongside the objective of delivering a more appropriate recognition of illiquidity.
EIOPA publishes monthly technical information
EIOPA published technical information on the symmetric adjustment of the equity capital charge, and relevant risk free interest rate term structures, for Solvency II purposes with reference to the end of October 2019 in both cases.
For more information on this topic please contact any member of A&L Goodbody's Financial Regulation team.
Date published: 10 December 2019