UK Insurance Horizon Scanner - March and April 2023 edition

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.

31

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.

2023

Q1 2023

Senior Managers and Certification Regime: HMT expected to launch a Call for Evidence.

Q1 2023

Senior Managers and Certification Regime: FCA and PRA expected to issue a joint discussion paper.

Q1 2023

GI pricing intervention: FCA having discussions with firms about  data request.

Q1 2023

Multi-occupancy buildings: Consultation paper due.