Prudential requirements for insurers and intermediaries

Top UK court won’t hear Excel business interruption test case

Law360, London: The UK Supreme Court has blocked an effort by insurers to overturn a landmark insurance test case ruling involving the Excel exhibition centre in London, with thousands of policyholders now in line for payouts for losses from the coronavirus (COVID-19) pandemic almost five years ago.

PRA corrects error in Solvency II standard formula mass lapse life underwriting risk rule

The Prudential Regulation Authority (PRA) has published a statement stating that it has identified and rectified an error in the recently published Solvency II restatement of assimilated law. The error was in rule 3B6.6(1) in the Solvency Capital Requirement - Standard Formula (SCR-SF) Part of the PRA Rulebook published in Policy Statement 15/24. The rule incorrectly included a reference to Regulated Activities Order (RAO) Schedule 1, Part II, class III ('Linked long-term') business, which should be subject to a 70% stress for mass lapse life underwriting risk. The rule instrument correcting the error will take effect on 31 December 2024.

Arsenal, Liverpool settle with insurers in COVID-19 dispute

Law360, London: Two Premier League clubs have hammered out a settlement with their insurers over a multimillion-pound lawsuit on coronavirus (COVID-19) business interruption claims.

EIOPA publishes strategic plan and work programme for 2024-2026

The European Insurance and Occupational Pensions Authority (EIOPA) has published its Single Programming Document for 2024-2026, outlining the organisation's strategic priorities and planned activities for the coming years, including the Annual Work Programme for 2024.EIOPAoutlines the evolving macro-economic, political, environmental, technological and sectoral context impacting its work. This includes factors like economic uncertainty, inflation, digitalisation trends, climate change effects, new regulations like the Digital Operational Resilience Act (DORA), Solvency II review, and the expected growth in EIOPA's tasks.