Edition Highlights:

  • The EU – US Insurance Project convened experts from the EU and the US Department of Treasury to discuss cyber security efforts in financial services.
  • The European Commission discusses the alignment of the rules for electronic communications services with the new EU’s General Data Protection Regulation (GDPR).
  • Commercial Bar Association reports on BREXIT impact on Financial Services (including insurance industry).

Current coverage period: Through Jan. 31, 2017

Note: Anticipated business impact for covered regulations is shown using the following rating legend:       (*Low) (** Medium) (*** High)

 

CURRENT REGULATIONS:

 

Insurance Europe(IE) (***):
Complexity and comprehension for insurance-based investment products (IBIPs)
Publication Date: January 13th 2017

Regulation Type: Response to Consultation

Category: Prudential

Insurance Europe has issued its response to proposals developed by the European Insurance and Occupational Pensions Authority (EIOPA) and the other European Supervisory Authorities (ESAs) on non-complex products and comprehension within the frameworks of the Insurance Distribution Directive and the packaged retail and insurance-based investment products (PRIIPs) Regulation.1

 

European Commission (EC) (**):
EU-US negotiations for a bilateral agreement on insurance and reinsurance measures
Publication Date: January 13th 2017

Regulation Type: Report

Category: Prudential
Representatives from the US and EU have concluded successful negotiations that have resulted in a written agreement covering three areas of prudential insurance oversight: (i) reinsurance; (ii) group supervision; and (iii) the exchange of insurance information between supervisors.2

 

UK Parliament (*):
UK Treasury Committee inquiry into EU Insurance Regulation
Publication Date: January 25th 2017

Regulation Type: Report

Category: Prudential
The Treasury Committee examines the Solvency II Directive with insurance and financial services providers.3

 

Commercial Bar Association (Combar) (***):
Brexit impact analysis on FS incl insurance
Publication Date: January 24th 2017

Regulation Type: Report

Category: Prudential
Commercial Bar Association (Combar) reports on BREXIT impact on Financial Services (including insurance industry) in a dedicated paper.4

 

European Insurance and Occupational Pensions Authority (EIOPA) (***):
The EU – U.S. insurance project addresses Cyber Risk
Publication Date: January 18th 2017
Regulation Type: News

Category: Prudential
The EIOPA announced that the EU – US Insurance Project convened specialists from the EU and the US Department of Treasury to discuss cyber security efforts in financial services. These specialists identified common priorities including the exchange of information and knowledge, monitoring emerging risk, protecting critical infrastructure and engaging with stakeholders.5

 

Financial Conduct Authority (FCA) (**):
Free trade in financial services and global regulatory standards: Friends not rivals
Publication Date: January 26th 2017

Regulation Type: Speeches

Category: Prudential
FCA Chief Executive Andrew Bailey gave a speech on free trade in financial services and global regulatory standards at the Economic Council Financial Markets Policy Conference.6

 

European Commission (EC) (***):

Digital Single Market – Stronger privacy rules for electronic communications
Publication Date: January 10th 2017
Regulation Type: Final Rule

Category: Compliance
European Commission proposes to align the rules for electronic communications services (lastly revised via ePrivacy Directive in 2009) with the EU’s new General Data Protection Regulation (GDPR).7

 

Insurance Europe (IE) (*):
Evaluation of first year of Solvency II
Publication Date: February 1st 2017
Regulation Type: Report

Category: Compliance
Insurance Europe has issued a statement looking back on the first year of the Solvency II Directive. The statement emphasizes that while the directive was successfully implemented, certain aspects of its design increase the possibility of negatively affecting consumers, as well as long-term investment more generally and the wider economy.8

 

European Insurance and Occupational Pensions Authority (EIOPA) (***):
Speech by Gabriel Bernardino at the Suddeutsche Zeitung Insurance Day 2017
Publication Date: January 25th 2017
Regulation Type: Speeches

Category: Compliance
EIOPA Chairman Gabriel Bernardino delivered a keynote speech on the impact of digitalization on the European insurance industry.9

 

Prudential Regulation Authority (PRA) (**):

The Promise of FinTech – Something New Under the Sun?
Publication Date: January 25th 2017
Regulation Type: Speeches
Category: Others
Mark Carney, Governor of the Bank of England and Chair of the Financial Stability Board delivered a speech on digitizing finance, financial inclusion and financial literacy.10

 

Prudential Regulation Authority (PRA) (**):
Digital finance – Reaping the benefits without neglecting the risks
Publication Date: January 25th 2017
Regulation Type: Speeches

Category: Others
Dr Jens Weidmann, President of the Deutsche Bundesbank and Chairman of the Board of Directors of the Bank for International Settlements delivered a speech on digitizing finance, financial inclusion and financial literacy.11

Visit www.accenture.com/RegulatoryCompliance for latest insights on regulatory remediation and compliance transformation.

References:

  1. “Complexity and comprehension for insurance-based investment products (IBIPs),” Insurance Europe, January 13, 2017. Access at: Complexity and comprehension for insurance-based investment products (IBIPs)
  2. “Joint Statement on U.S. – EU Negotiations for a Bilateral Agreement on Insurance and Reinsurance Measures,” European Commission, January 13, 2017. Access at: EU-US negotiations for a bilateral agreement on insurance and reinsurance measures
  3. “Oral evidence: EU Insurance Regulation, HC 852,” UK Parliament, January 25, 2017. Access at: UK Treasury Committee inquiry into EU Insurance Regulation
  4. “Commercial Bar Association, Brexit Report, Banking Sub-Group,” Commercial Bar Association, January 24, 2017. Access at: Brexit impact analysis on FS incl insurance
  5. “EU-U.S. Insurance Project Addresses Cyber Risk”. European Insurance and Occupational Pensions Authority, January 18, 2017. Access at:The EU – U.S. insurance project addresses Cyber Risk
  6. “Free trade in financial services and global regulatory standards: friends not rivals,” Financial Conduct Authority, Speech by Andrew Bailey, Chief Executive of the FCA, January 26, 2017. Access at: Free trade in financial services and global regulatory standards: Friends not rivals
  7. “Digital Single Market – Stronger privacy rules for electronic communications,”European Commission, January 10, 2017. Access at: Digital Single Market – Stronger privacy rules for electronic communications
  8. “Solvency II one year on: successfully implemented, but excessive conservativeness risks harming consumers, long-term investment and economy,” Insurance Europe, February 1, 2017. Access at: Evaluation of first year of Solvency II
  9. “The Future of the European Insurance Industry in a Digital Era: Turning Challenges into Opportunities,” European Insurance and Occupational Pensions Authority, Keynote speech by EIOPA Chairman Gabriel Bernardino, January 25, 2017. Access at:Speech by Gabriel Bernardino at the Suddeutsche Zeitung Insurance Day 2017
  10. “The Promise of FinTech – Something New Under the Sun,” Speech by Mark Carney, Governor of the Bank of England, Chair of the Financial Stability Board, Prudential Regulation Authority, January 25, 2017. Access at: The Promise of FinTech – Something New Under the Sun?
  11. “Jens Weidmann: Digital finance – Reaping the benefits without neglecting the risks,” Speech by Dr Jens Weidmann, President of the Deutsche Bundesbank and Chairman of the Board of Directors of the Bank for Internationals Settlements,” Prudential Regulation Authority, January 25, 2017. Access at: Digital finance – Reaping the benefits without neglecting the risks

About the Insurance Monthly Regulatory Tracker

The “Insurance Regulatory Insights” newsletter is the monthly initiative aimed at updating the Finance and Risk community with the most recent regulatory changes impacting insurance firms. We update our comprehensive regulatory database every month by tracking more than 40 regulatory and industry bodies covering North America, Europe and Asia Pacific. Every month, we will highlight approximately 10 regulations shortlisted on the basis of geography of coverage and anticipated business impacts. Our summaries highlight the Regulation Type and business processes affected by the regulatory reforms. This newsletter is planned to supplement the existing newsletter “Regulatory Insights” which provides a deeper analysis of business implications and Accenture’s point of view on a single or much smaller set of regulatory changes.

Disclaimer

This blog is intended for general informational purposes only, does not take into account the reader’s specific circumstances, may not reflect the most current developments, and is not intended to provide advice on specific circumstances. Accenture disclaims, to the fullest extent permitted by applicable law, all liability for the accuracy and completeness of the information in this blog and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, audit or tax advice. Readers are responsible for obtaining such advice from their own legal counsel or other licensed professional.

About Accenture:

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