Home Insurance Law UK insurance coverage regulation: looking forward to 2024

UK insurance coverage regulation: looking forward to 2024

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UK insurance coverage regulation: looking forward to 2024

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Our newest annual evaluation of the UK insurance coverage regulatory panorama displays the massive quantity of regulatory change that has occurred over the past 12 months and that’s set to proceed in 2024.

Milestones reached in 2023 included the primary deadline for implementing the FCA’s new Client Obligation and the passing of the Monetary Providers and Markets Act 2023, laying the foundations for the introduction of a brand new UK Solvency II regime.

We additionally see main developments on the horizon throughout the ESG and tech areas, together with an growing give attention to operational resilience and the usage of crucial third events, the usage of AI expertise by insurers and intermediaries, and the introduction of recent anti-greenwashing guidelines.

We discover these adjustments, and plenty of extra, throughout the context of our 5 key themes for 2024:

  • Publish-Brexit reform of the UK regulatory framework
  • PRA give attention to capital administration
  • Company and product governance
  • Digitisation and operational resilience
  • “Inexperienced” initiatives

To entry our full publication, please click on right here.

 

Geoffrey Maddock

Barnaby Hinnigan

Grant Murtagh

Alison Matthews

James Bourne

Julia Danskin

Tim Coorey

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