This is further complicated by increasingly intrusive regulation in relation to both capital and relationships with customers and counterparties. Our Corporate Insurance team comprises legal experts in insurance market issues, with particular expertise in working with clients’ own management, legal, compliance, risk and audit teams to manage their commercial and regulatory challenges and objectives.
We advise on all the practical, legal and regulatory aspects of insurer and intermediary business, such as capital / prudential matters, conduct, governance and risk management, including in relation to the successful acquisition, continuation, development and disposal of underwriting, claims, marketing, distribution and treasury activities.
Our Corporate Insurance team’s expertise includes the effective management of all phases and features in the life cycle of an insurance business and its service lines, including: conception and ideas protection; product design and development; financing, authorisation and start up; senior appointments; international licensing and cross-border business; outsourcing; acquisitions and disposals; and restructuring, run-off and legacy issues.
Our corporate advice includes company and partnership formation, mergers and acquisitions (public and private); schemes of arrangement and portfolio transfers; and joint ventures and group reorganisations for domestic and international businesses. We have also advised on the implications for UK businesses of trading with or through innovative structures, such as protected or independent cell companies.
We advise on the full range of insurance market commercial operations and related compliance issues, including in relation to delegated authorities, telematics and UK and EU insurance law and regulatory changes, such as from Solvency II, the Insurance Distribution Directive (‘IDD’ or ‘IMD 2’ as was) and the Senior Insurance Managers Regime (‘SIMR’). We also help businesses whose principal focus is outside the insurance market’s ‘perimeter’ to deal compliantly with products and processes which could involve insurance law or regulatory considerations.
Our regulatory work involves helping insurance market businesses on both Financial Conduct Authority (‘FCA’) and Prudential Regulation Authority (‘PRA’) supervision and enforcement matters, including internal and external investigations, notifications and skilled persons reports.
We are highly experienced in London Market matters, including broker service agreements, consortiums, coverholders and managing general agents (‘MGAs’), lineslips, service companies and syndicates. We have in particular acted in relation to Lloyd’s bye-laws and processes, including approvals, investigations and disciplinary proceedings.
In addition we have a well-established team of experts in the Transaction Insurance market able to advise buyers or sellers on policy terms and underwriters and brokers on due diligence, policy wording, product developments and claims.
It is more than three months since the Financial Conduct Authority (FCA) published its terms of reference ("Terms") for a market study into the wholesale insurance broker market – in effect, the London Market.
The Financial Conduct Authority (FCA)'s terms of reference for its wholesale insurance broker market study, published in November 2017, are clear on possible conduct by brokers which the FCA may intervene to regulate. They are much less clear on the dynamics of the market and why intervention should be the favoured route.
The FCA has published its terms of reference (ToR) for a market study into the wholesale insurance broker market to assess how effectively competition is working in the wholesale insurance broker sector, as well as how brokers influence competition in the underwriting sector. This article was written for Thomson Reuters Accelus Regulatory Intelligence.
Date: 31 January 2017