A snapshot of key market and regulatory developments expected to impact the UK insurance sector over the next couple of months.
MARCH
Data collection: The next update to industry will be in March followed by a Transforming Data Collections Briefing event (virtual and in person) on 29 March 2023.
3
PRIIPS and UK retail disclosure: HM Treasury’s consultation on the proposals to repeal the PRIIPS Regulation and replace it with a new disclosure framework closes.
7
PRIIPs: closing date for FCA discussion paper DP22/6: Future Disclosure Framework.
11
Customers in financial difficulties: FCA’s consultation on updating insurance guidance for support of customers in financial difficulty closes.
17
Whiplash reforms: Deadline for submissions to the Justice Committee inquiry into how whiplash injuries resulting from road traffic accidents are processed following the reforms introduced in 2021.
31
Cyber: date by which Lloyd’s of London underwriters to start to include exclusion clauses for state-backed attacks within standalone cyber policies at inception or renewal of each policy.
Insolvency arrangements for insurers: PRA consultation paper CP3/23 “Dealing with insurers in financial difficulties” closes. Final rules and policy expected in June/July 2023.
APRIL
20
Insurer recovery and resolution: Deadline for responses to HM Treasury’s consultation on proposals to introduce an Insurer Resolution Regime. HMT is expected to publish a response later in 2023.
30
Crytoassets: HMT Consultation on future UK financial services regulatory regime for crytoassets closes.
Additional developments on the horizon for Q1 2023
2023
Q1 2023
Senior Managers and Certification Regime: HMT expected to launch a Call for Evidence.
Senior Managers and Certification Regime: FCA and PRA expected to issue a joint discussion paper.
GI pricing intervention: FCA having discussions with firms about data request.
Multi-occupancy buildings: Consultation paper due.
Dates are subject to change but the dates included in this table are correct as at the date of publication.
Authored by the Hogan Lovells London Insurance team.
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