Insurance & Reinsurance

Recent Articles

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  26.01.2023

  Romania

  Ro­mani­an reg­u­la­tion brings great­er clar­ity to the AML leg­al frame­work in the fin­an­cial sec­tor

  On 10 January 2023, Financial Supervisory Authority (FSA) Regulation no. 18/2022 amending and supplementing FSA Regulation no. 13/2019 on prevention and combating of money laundering (ML) and terrorism financing (TF) was published in the Official Gazette. The new Regulation will go into force in February 2023. The new legislation brings additional clarity to the framework applicable to the prevention and combating of ML/TF in the financial sectors under FSA supervision. The Regulation implements provisions from the EBA Risk Factors Guidelines (JC/2017/37), the ESAs Risk‐Based Supervision...

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  19.01.2023

  United Kingdom

  Court of Ap­peal rules on ex­clu­sion for losses caused by “pol­lu­tion or con­tam­in­a­tion”

  The Court of Appeal has ruled that a policy exclusion for damage caused by pollution or contamination did not exclude cover for material damage and business interruption resulting from a fuel leak at a petrol filling station. As the damage to an underground fuel pipe was the proximate cause of the loss and not the pollution or contamination itself, the Court found that the exclusion applied only when pollution or contamination was the proximate cause. Background BLG, a 24-hour petrol filling station operator, made an insurance claim for material damage and business interruption arising out of a...

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  29.12.2022

  Romania

  Com­pet­i­tion probes in Ro­mani­an in­sur­ance sec­tor lead to fines of EUR 29m

  The Romanian Competition Council (RCC) finalised two major investigations in the insurance and a related sector and issued fines totalling EUR 29m. The fines were announced on 27 and 28 December, respectively. After the first investigation, the RCC sanctioned three insurance companies and an insurance broker with over EUR 3m in fines for anti-competitive conduct in Romania's aviation-insurance market. As a result of the investigation, the RCC found that the companies had agreed to share aviation-insurance market tenders offered by big clients in Romania, therefore eliminating competition between...

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  28.12.2022

  United Kingdom

  FCA out­lines plans for the in­tro­duc­tion of a reg­u­lat­ory gate­way for firms which ap­prove fin­an­cial pro­mo­tions

  Following HM Treasury’s proposal to prohibit authorised firms from approving financial promotions from unauthorised persons, unless they have successfully passed through a new “regulatory gateway” process operated by the Financial Conduct Authority (FCA) (see our summary here), the FCA has now published its own consultation paper (CP 22/27) on this topic. CP 22/27 outlines the FCA’s plans to operationalise the regulatory gateway once the relevant legislation currently set out in the Financial Services and Markets Bill (see our summary here) has been made. Background Under...

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  23.12.2022

  EU

  EIOPA re­leases an­nu­al re­port on sanc­tions un­der IDD in 2021

  On 20 December, the European Insurance and Occupational Pensions Authority (EIOPA) released the annual report on sanctions imposed by national competent authorities under the Insurance Distribution Directive (IDD) in 2021. According to the Report, in 2021 national competent authorities (NCAs) in 18 reporting member states imposed sanctions under the IDD framework, which resulted in a total of 1,621 sanctions. Fines of an aggregate value of EUR 351,175 were reported (except for Germany for which the overall amount of the fines imposed in 2021 was not provided). The top three countries by the highest...

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  23.11.2022

  Belgium

  Bel­gi­um reg­u­lates the mar­ket­ing of in­sur­ance policies for the pur­chase of mul­ti­me­dia devices

  NL FR

  The Financial Services and Markets Authority (FSMA) imposes (via a Regulation) restrictive conditions on the commercialisation, vis-à-vis consumers, of certain insurance contracts on multimedia devices. This Regulation was issued after a seller of multimedia devices offered its consumers a supposedly free insurance policy when purchasing a multimedia device. To do so, the consumer had to provide his account number (under the guise of a cashback offer) and sign documents. It turned out, however, that the consumer had subscribed to a long-term insurance policy that became payable after the...

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