| 1 | A guide to PLC Financial Services' Solvency II materials A guide to PLC Financial Services' EU and UK materials on the Solvency II Directive (2009/138/EC) (also known as "Solvency 2"). Among other things, it links to materials on: Solvency II. The amendments to Solvency II that are to be made by the proposed Omnibus II Directive (also known as "Omnibus 2" or "OMDII"). UK transposition and implementation of Solvency II, including the proposed PRA and FCA regime for Solvency II firms. | Practice note: overview | Maintained |
| 2 | An overview of the EU financial services supervisory ... This practice note provides an overview of the EU financial services supervisory framework that formally came into effect on 1 January 2011. The framework is known as the European System of Financial Supervision (ESFS). It consists of: The European Systemic Risk Board (ESRB). The European Supervisory Authorities (ESAs) (which have replaced the previous level 3 "Lamfalussy" committees): the European Banking Authority (EBA); the European Securities and Markets Authority (ESMA); and the European Insurance and Occupational Pensions Authority (EIOPA). The Joint Committee of the ESAs. The 27 EU member state national supervisors. For a quick guide to the ESFS, see Quick guide, EU financial services supervisory framework. The reform of the EU financial services supervisory framework, which resulted in the ESFS, was tracked in Reform of the EU financial services supervisory framework: key developments tracker. This tracker includes key source materials, together with related PLC Financial Services coverage. | Practice note: overview | Maintained |
| 3 | Construction insurance: quick guide A quick guide summarising the different types of insurance that may be required or maintained in connection with a construction and engineering project, focusing on types of insurance rather than the law affecting insurance. This is one of a series of quick guides, see Quick guides. | Practice note: overview | Maintained |
| 4 | Flood Risk Searches This practice note provides a summary of the various types of flood searches that can be carried out in respect of a property, explains in detail what is covered by a flood search and indicates when it may be sensible to order one. | Practice note: overview | Maintained |
| 5 | Hot topics, Proposed Regulation on key information ... This note provides an overview of the European Commission's proposed Regulation on key information documents (or KIDs) for investment products, which will introduce a new pan-European pre-contractual product disclosure document for packaged retail investment products (PRIPs). The proposed Regulation is sometimes referred to as the PRIPs Regulation. The development of the KID forms an important part of the Commission's wider package of reforms on the regulation of PRIPs. For more information on the other strands of the Commission's work and the background to its proposals, see Practice note, Hot topics: Packaged retail investment products (PRIPs). | Practice note: overview | Maintained |
| 6 | Hot topics: European Commission review of the Insurance ... This resources document outlines the European Commission's review of the Insurance Mediation Directive (2002/92/EC). It tracks expected developments in this area and also sets out the milestones for potential future development in this area. The key primary source material table in this document contains links to key primary source material and related PLC Financial Services Legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 7 | Hot topics: Packaged retail investment products (PRIPs) This practice note considers the European Commission's proposals on the regulation of packaged retail investment products (PRIPs). The Commission intends to address concerns relating to the way PRIPs are marketed and sold to retail investors and plug holes and inconsistencies in the current complex patchwork of regulation by introducing measures relating to pre-contractual product disclosures and sales practices for PRIPs. The Commission published its legislative proposal for a Regulation on key information documents (or KIDs) for PRIPs in July 2012. For an overview of the proposed Regulation, see Practice note, Hot topics, Proposed Regulation on key information documents for PRIPs. The key primary source material table in this note contains links to key primary source material and related PLC Financial Services legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 8 | Hot topics: UK transposition and implementation of Solvency II A high-level overview of the UK transposition and implementation of the Solvency II Directive (2009/138/EC) (commonly known as "Solvency II" or "Solvency 2"). Solvency II fundamentally reforms capital requirements for insurers and reinsurers. It establishes a more sophisticated, risk-based set of capital requirements across the EU. It also imposes higher standards of risk management and governance in firms, as well as a greater level of transparency for both supervisors and the public. For a guide to PLC Financial Services' EU and UK Solvency II materials, see Practice note, A guide to PLC Financial Services' Solvency II materials. | Practice note: overview | Maintained |
| 9 | Insurance conduct of business regime: an overview This is one of a suite of three notes, produced by Pollyanna Deane, a partner, and Katherine Lamb, an associate, in Simmons & Simmons LLP's Corporate & Commercial Group, which provide an overview of the FSA's insurance conduct of business requirements in the Conduct of Business sourcebook (COBS) and the Insurance: Conduct of Business sourcebook (ICOBS). This note: Explains the background to insurance conduct of business regulation. Helps subscribers to identify whether to apply COBS or ICOBS in any particular situation. Explains how these requirements are likely to change as a result of developments at both the UK and EU levels. Sets out a number of overarching concepts that are helpful to bear in mind when considering the intention behind these requirements. This note is in the process of being updated by its authors to reflect the new UK regulatory structure that came into effect on 1 April 2013. The other notes in the suite, both of which provide an overview of relevant FSA requirements in table format, are Practice notes, Insurance conduct of business regulation: COBS overview and Insurance conduct of business regulation: ICOBS overview. | Practice note: overview | Maintained |
| 10 | Insurance in construction and engineering projects This note outlines the types of insurance relevant to construction and engineering projects and gives guidance on dealing with insurers. | Practice note: overview | Maintained |
| 11 | Insurance sector hot topics: resources overview An overview of the key hot topics for the UK insurance industry, which links to separate hot topics practice notes for each of the topical issues identified. Each of the separate hot topics practice notes outlines a particular topic, tracks its development and sets out the milestones for future development. In addition, each of the separate notes contains links to key primary source material and related PLC Financial Services Legal updates. For information on the hot topics affecting the financial services sector generally, see Practice note, Financial Services hot topics: resources overview. | Practice note: overview | Maintained |
| 12 | Insurance toolkit A toolkit to guide users through PLC's UK and multi-jurisdictional insurance materials. PLC's UK web services provide some general insurance materials, together with materials on the regulation of the insurance sector in the UK. In addition, some of our UK web services offer sector-specific insurance materials and current awareness updates on insurance-related developments that fall within their scope. PLC Cross-border provides a multi-jurisdictional guide to insurance and reinsurance law in 22 countries. | Practice note: overview | Maintained |
| 13 | Reform of European financial supervisory framework: key ... This resources document contains links to key primary source material and related PLC Financial Services legal updates relating to the reform of the EU financial services supervisory framework up to the 1 January 2011. This is the date that the new framework, known as the European System of Financial Supervision (ESFS), became operational. This resources document is not intended to be an exhaustive list of all relevant material. | Practice note: overview | 01-Jan-2011 |
| 14 | Regulated Activities Order: overview An overview of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO), including its specified activities, specified investments, exclusions, exemptions and overrides. | Practice note: overview | Maintained |
| 15 | Remuneration tracker: key European developments This resources document identifies and tracks the progress of key regulatory developments at European level relating to remuneration policies and practices in the financial services sector. It contains links to key primary source material and related PLC Financial Services content relating to these developments. However, it is not intended to be an exhaustive list of all European materials relevant to remuneration policies and practices in the financial services sector. For the full range of remuneration materials available to PLC Financial Services subscribers, including trackers, practice notes and articles, see Practice note, A guide to PLC Financial Services' remuneration materials. | Practice note: overview | Maintained |
| 16 | Remuneration tracker: key international developments This resources document identifies and tracks the progress of key regulatory developments at international level relating to remuneration policies and practices in the financial services sector. It contains links to primary source material and PLC Financial Services content relating to these developments. However, it is not intended to be an exhaustive list of all international materials relevant to remuneration policies and practices in the financial services sector. For the full range of remuneration materials available to PLC Financial Services subscribers, including trackers, practice notes and articles, see Practice note, A guide to PLC Financial Services' remuneration materials. | Practice note: overview | Maintained |
| 17 | Remuneration tracker: key UK developments This resources document identifies and tracks the progress of key financial services regulatory developments at UK level relating to remuneration policies and practices in the financial services sector. It contains links to key primary source material and PLC Financial Services content relating to these developments. However, it is not intended to be an exhaustive list of all UK materials relevant to remuneration policies and practices in the financial services sector. For an overview of the full range of remuneration materials available to PLC Financial Services subscribers, including trackers, practice notes and articles, see Practice note, A guide to PLC Financial Services' remuneration materials. | Practice note: overview | Maintained |
| 18 | Remuneration tracker: market practice materials This resources document covers UK, European and international market practice initiatives in response to regulatory measures and concerns relating to financial services sector firms' remuneration policies and practices. It contains links to primary source material and related PLC Financial Services content. However, it is not intended to be an exhaustive list of all market practice materials relevant to remuneration policies and practices in the financial services sector. For the full range of remuneration materials available to PLC Financial Services subscribers, including trackers, practice notes and articles, see Practice note, A guide to PLC Financial Services' remuneration materials. | Practice note: overview | Maintained |
| 19 | Solvency II resources This resources document contains links to the key source materials in relation to the Solvency II project, together with related PLC Financial Services coverage. It is not intended to be an exhaustive list of all Solvency II materials published by interested parties. The Solvency II Directive (2009/138/EC) (also known as "Solvency 2") fundamentally reforms the capital requirements for insurers and reinsurers. It establishes a more sophisticated, risk-based set of capital requirements across the EU, together with a modernised supervisory system. It is designed to provide more uniform levels of consumer protection and promote competition in the insurance market. For PLC Financial Services subscribers interested in insurance and reinsurance, the following multi-jurisdictional guide is available, Insurance and Reinsurance Handbook. This guide brings together a range of information on current cross-border issues and includes country-specific Q&A guides. Each jurisdiction is described in a separate chapter, written by one of the leading firms on the subject in that jurisdiction. | Practice note: overview | Maintained |
| 20 | 2012 Budget: financial services implications and measures This note provides an overview of the new and ongoing initiatives and measures outlined by the government in the Budget of 21 March 2012 (2012 Budget) that will impact specifically on the UK financial services industry. It also includes reference to the relevant legislation that has been enacted through the Finance Act 2012 to give effect to these measures, as well as related initiatives announced in the 2012 Autumn Statement. For links to tailored PLC practice area updates on the 2012 Budget and comments from leading tax practitioners on what they consider to be the key points of interest for business, see PLC 2012 Budget. | Practice notes | 11-Dec-2012 |
| 21 | Acquisitions Directive An overview of the regime under the Acquisitions Directive (2007/44/EC), sometimes referred to as the Qualifying Holdings Directive or the Change of Control Directive. The Acquisitions Directive was intended to improve the supervisory approval process for mergers and acquisitions in the banking, insurance and securities sectors. The note also considers developments in EU legislation relating to qualifying holdings and changes of control since the adoption of the Acquisitions Directive. For information on the UK implementation of the Acquisitions Directive, see Practice note, UK implementation of the Acquisitions Directive. | Practice notes | Maintained |
| 22 | Advice and suitability: FCA and FSA enforcement action A tracker providing details of FSA final notices relating to advice and suitability failings in firms that result, in whole or in part, from breaches of Principle 9 of the FSA's Principles for Businesses. The tracker also lists some of the common themes arising from thoseenforcement cases. | Practice notes | Maintained |
| 23 | Consultation responses: FSA consultation paper on FSCS ... This tracker sets out links to the key responses to the FSA's July 2012 consultation paper on its review of the Financial Services Compensation Scheme (FSCS) funding model (CP12/16). | Practice notes | 25-Oct-2012 |
| 24 | Consultation responses: retail distribution review A responses tracker linking to key, publicly available responses to the FSA's consultations on its proposals to implement the findings of its retail distribution review (RDR). | Practice notes | 16-Apr-2012 |
| 25 | Directors' and officers' liability insurance An outline of the use and terms of directors' and officers' liability insurance. | Practice notes | Maintained |
| 26 | Environmental insurance A practice note on the different types of environmental insurance available. | Practice notes | Maintained |
| 27 | EU financial services supervisory framework: a quick guide This is a quick guide to the EU financial services supervisory framework that formally came into effect on 1 January 2011. The framework is known as the European System of Financial Supervision (ESFS). It consists of: The European Systemic Risk Board (ESRB). The European Supervisory Authorities (ESAs) (which have replaced the previous level 3 "Lamfalussy" committees): the European Banking Authority (EBA); the European Securities and Markets Authority (ESMA); and the European Insurance and Occupational Pensions Authority (EIOPA). The Joint Committee of the ESAs. The 27 EU member state national supervisors. For a more detailed overview of the ESFS, see Practice note, An overview of the EU Financial Services supervisory framework. The reform of the EU financial services supervisory framework, which resulted in the ESFS, was tracked in Reform of European financial services supervisory framework: key developments tracker. This tracker includes key source materials, together with related PLC Financial Services coverage. | Practice notes | Maintained |
| 28 | FCA confirmed industry guidance An outlines the FCA's framework for confirming industry guidance, including: The status and significance of FCA confirmed industry guidance in the supervisory and enforcement context. The process followed by the FCA to confirm industry guidance, and the confirmation criteria. Guidance that has been confirmed. | Practice notes | Maintained |
| 29 | Financial Conglomerates Directive An overview of the key provisions of the Financial Conglomerates Directive (2002/87/EC) (FICOD), also referred to as the FCD or the Financial Groups Directive (FGD). The note also considers amendments made to FICOD since its adoption and likely future revisions to FICOD. | Practice notes | Maintained |
| 30 | Financial Transaction Tax Directive: legislation tracker A practice note charting developments relating to the Financial Transaction Tax Directive in chronological order. | Practice notes | Maintained |
| 31 | FSA regulation and registration of friendly societies An overview of the regulation and registration of friendly societies by the FSA under the Financial Services and Markets Act 2000 (FSMA), the Friendly Societies Act 1974 and the Friendly Societies Act 1992. | Practice notes | 31-Mar-2013 |
| 32 | FSA Retail Distribution Review: pre-consultation stage An outline of the pre-consultation stage of the FSA's Retail Distribution Review (RDR). It includes a summary of the following FSA policy documents: - FSA Discussion Paper: A review of retail distribution (DP 07/1). - FSA Retail Distribution Review: Interim Report. - FSA Feedback Statement: Retail Distribution Review, including feedback on DP07/1 and the Interim Report (FS08/6). In June 2009, the FSA published Consultation Paper 09/18 entitled, 'Distribution of retail investments: Delivering the RDR' (CP09/18). CP09/18 sets out the FSA's detailed proposals to implement the findings from the RDR and amend its regulatory requirements to deliver changes to the way investments are distributed to retail consumers in the UK. For more information on the proposals in CP09/18, see Practice note, Hot topics: RDR implementation proposals. | Practice notes | 15-Dec-2008 |
| 33 | FSMA threshold conditions: introduction An introduction to the threshold conditions set out in Schedule 6 to the Financial Services and Markets Act 2000 (FSMA). The threshold conditions are the minimum requirements that both PRA-authorised and FCA-authorised firms need to meet in order to become and remain authorised. | Practice notes | Maintained |
| 34 | General principles of insurance law This practice note explains the various doctrines and principles concerned with insurance, including: What constitutes an insurable interest. Subrogation. Joint insurance. Double insurance. Noting. For information about insurance as it relates to commercial property, see Practice note, Property insurance. | Practice notes | Maintained |
| 35 | Historic insurance practice notes This practice note contains links to PLC Financial Services' historic practice notes on insurance. Historic practice notes relate to legislation, rules, regulations and/or guidance (and relevant proposals) that are no longer applicable as they have been superseded. They may, however, be of interest if it is necessary to consider the legal or regulatory position at a previous time. | Practice notes | Maintained |
| 36 | Insurance and banking business transfers: the FSMA regime In this practice note, originally co-authored by Adam Levitt while he was a partner at Herbert Smith LLP, Geoffrey Maddock, a corporate partner at Herbert Smith Freehills LLP, and Barnaby Hinnigan, a senior associate at the firm, explain the regime for transferring insurance business and banking business contained in Part VII of the Financial Services and Markets Act 2000 (FSMA). The tax issues section of this note has been prepared by Howard Murray, a partner in Herbert Smith Freehills LLP's tax group. This note is in the process of being updated by its authors to reflect the new UK regulatory structure that came into effect on 1 April 2013. | Practice notes | Maintained |
| 37 | Insurance conduct of business regulation: COBS overview This is one of a suite of three notes, produced by Pollyanna Deane, a partner, and Katherine Lamb, an associate, in Simmons & Simmons LLP's Corporate & Commercial Group, which provide an overview of the FSA's insurance conduct of business requirements in the Conduct of Business sourcebook (COBS) and the Insurance: Conduct of Business sourcebook (ICOBS). This note provides an overview of key COBS requirements (as at 17 August 2012) in table format. It is not an exhaustive overview of all COBS requirements applicable to insurance business. However, it will be updated on a regular basis. This note is in the process of being updated by its authors to reflect the new UK regulatory structure that came into effect on 1 April 2013. The other notes in the suite are Practice notes, Insurance conduct of business regulation: an overview and Insurance conduct of business regulation: ICOBS overview. | Practice notes | 27-Mar-2013 |
| 38 | Insurance conduct of business regulation: ICOBS overview This is one of a suite of three notes, produced by Pollyanna Deane, a partner, and Katherine Lamb, an associate, in Simmons & Simmons LLP's Corporate & Commercial Group, which provide an overview of the FSA's insurance conduct of business requirements in the Conduct of Business sourcebook (COBS) and the Insurance: Conduct of Business sourcebook (ICOBS). This note provides an overview of key ICOBS requirements (as at 17 August 2012) in table format. It is not an exhaustive overview of all ICOBS requirements. However, it will be updated on a regular basis. This note is in the process of being updated by its authors to reflect the new UK regulatory structure that came into effect on 1 April 2013. The other notes in the suite are Practice notes, Insurance conduct of business regulation: an overview and Insurance conduct of business regulation: COBS overview. | Practice notes | 27-Mar-2013 |
| 39 | Insurance premium tax Insurance premium tax (IPT) is a tax (authorised under European Community law) on the premium paid under taxable insurance contracts. It was introduced by the Finance Act 1994. This note gives a general overview of IPT as it applies to practical issues commonly encountered by the practitioner. | Practice notes | Maintained |
| 40 | JCT Terrorism Cover Update December 2009 A note on the effect of the JCT's Terrorism Cover Update Issued December 2009 and on implementing it in practice. Note: the 2011 editions of the JCT's standard form contracts incorporate the update, so we no longer maintain this note. | Practice notes | 03-Oct-2011 |
| 41 | Key dates for corporate tax practitioners: 2012 A practice note listing key forthcoming dates in 2012 for corporate tax practitioners. | Practice notes | Maintained |
| 42 | Leases: Insurance A note on the insurance issues to be considered when drafting or negotiating leases. | Practice notes | Maintained |
| 43 | Managing flood risk This practice note pulls together information on the various initiatives intended to help manage flood risk in England and Wales. It includes information on Planning Policy Statement 25 (PPS 25), flood risk maps, building to be flood resistant and flood resilient, and information on the Statement of Principles, issued by the Association of British Insurers, which provides guidance on when insurers will continue to provide insurance cover for flood damage in relation to properties in areas at particular risk from flooding. The note also covers the Pitt Review, which examined the issues arising from flood-related emergencies in the summer of 2007, the Floods Directive (2007/60/EC) and the Flood and Water Management Act 2010. Note: On 27 March 2012, PPS 25 was replaced by the National Planning Policy Framework. We will shortly be updating this note to reflect these changes. | Practice notes | Maintained |
| 44 | Negotiating insurance provisions in the JCT Design and Build ... A note on negotiating the insurance provisions of the JCT Design and Build Contract, 2005 edition (Revision 2, 2009) (DB05) and the JCT Design and Build Contract, 2011 edition (DB11). | Practice notes | Maintained |
| 45 | Negotiating insurance provisions in the JCT Minor Works ... A note on negotiating the insurance provisions of the JCT Minor Works Building Contract, 2011 edition (MW11). | Practice notes | Maintained |
| 46 | Negotiating insurance provisions in the JCT Standard Building ... A note on negotiating the insurance provisions of the JCT Standard Building Contract, 2005 edition (Revision 2, 2009) (SBC05) and the JCT Standard Building Contract, 2011 edition (SBC11). | Practice notes | Maintained |
| 47 | Omnibus II: an overview This practice note provides an overview of the European Commission's proposed Omnibus II Directive, which was published in January 2011. In particular, it considers how Omnibus II (also known as "Omnibus 2" and "OMDII"), amends the Solvency II Directive (2009/138/EC). | Practice notes | Maintained |
| 48 | Outsourcing: tax Tax is likely to be one of the main concerns for the corporate parties to any outsourcing arrangement. This practice note explains the tax issues that may arise both during the commercial and tax structuring of an outsourcing involving the UK and when the outsourcing is "up-and-running" and the outsourced services are being provided by the relevant service provider. | Practice notes | Maintained |
| 49 | Passporting by Insurance Undertakings in the European ... In this practice note, Tim Goggin and Charles Rix, Partners in the Financial Institutions Group, Hogan Lovells, set out an overview of the procedures for the establishment of branches and the provision of services by insurance undertakings in the European Economic Area (EEA). | Practice notes | Maintained |
| 50 | Passporting into and out of the UK: an overview An overview of the procedures to be followed by firms wishing to establish branches or provide cross-border services in the European Economic Area (EEA) using passport rights under one of the single market directives. It focuses on the procedures that apply to firms wishing to passport into or out of the UK. | Practice notes | Maintained |
| 51 | Pollyanna Deane's insurance columns Every two months, Pollyanna Deane shares her views on topical insurance issues with PLC Financial Services subscribers. Pollyanna's comments can be accessed below. Pollyanna is a partner in Simmons & Simmons LLP's Corporate & Commercial Group (she was formerly a partner at Berwin Leighton Paisner LLP), and is also a member of PLC Financial Services' Consultation Board. | Practice notes | Maintained |
| 52 | Pool Re and insuring property against loss and damage ... This practice note explains the basic workings of the Pool Re reinsurance scheme, which enables insurance companies who are members of the scheme to offer full insurance cover for loss and damage to commercial property in Great Britain caused by acts of terrorism. | Practice notes | Maintained |
| 53 | PPI misselling: FCA and FSA enforcement action A tracker providing details of key final notices issued by the FCA and the FSA relating to the sale of payment protection insurance (PPI). The tracker also identifies the relevant regulatory requirements, and outlines common themes and lessons that may be drawn from the final notices. | Practice notes | Maintained |
| 54 | PRA supervisory model An overview of the approach that the PRA takes to the supervision of PRA-authorised firms (sometimes referred to as dual-regulated firms). This note is part of a series of notes relating to the new UK financial services regulatory structure. For more information, see Practice note, A guide to the new UK financial services regulatory structure: index. | Practice notes | Maintained |
| 55 | Professional appointments: insurance This note describes a professional consultant's duties in relation to professional indemnity insurance, public (or third party) liability insurance and employer's liability insurance. | Practice notes | Maintained |
| 56 | Property insurance This Practice note deals with insurance issues that are specific to land and buildings. It examines insurance arrangements in relation to specific types of property transaction and includes a checklist for consideration when assessing insurance cover. For information on general insurance issues, see Practice note, General principles of insurance law. | Practice notes | Maintained |
| 57 | Prudential regulation of insurance companies A note considering the FSA's prudential rules applicable to UK authorised insurance companies, which are contained in GENPRU, INSPRU and SYSC (which replaced PRU from 31 December 2006). It: Explains the FSA's rules on risk management and the requirement to "self assess" and hold appropriate capital. Identifies, in particular, areas of legal risk management and issues relating to management of risk which may require legal advice or assistance. Summarises provisions relating to "internal contagion risk" and insurance group and financial conglomerate requirements. The rules are those in force from 31 December 2006. This note is in the process of being updated by its author to reflect the new UK regulatory structure that came into effect on 1 April 2013. Subscribers wishing to review the rules in force prior to 31 December 2006 should see Practice note, Prudential regulation of insurers prior to 31 December 2006, which this practice note supersedes. | Practice notes | Maintained |
| 58 | Reforming insurance contract law A practice note summarising the consultation process, begun in July 2006, to reform insurance contract law. | Practice notes | Maintained |
| 59 | Regulated activities: assisting in the administration and ... A discussion of the regulated activity of assisting in the administration and performance of a contract of insurance, which is set out in article 39A of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO), as well as the available exclusions and exemptions. The key issues to be considered when determining whether a person is carrying on the regulated activity of assisting in the administration and performance of a contract of insurance are highlighted in this note, in the form of questions, in a decision tree. | Practice notes | Maintained |
| 60 | Regulated activities: effecting and carrying out contracts of ... A discussion of the regulated activities of effecting contracts of insurance as principal and carrying out contracts of insurance as principal, which are set out in articles 10(1) and (2) respectively of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO), as well as the available exclusions. The key issues to be considered when determining whether a person is carrying on the regulated activities of effecting or carrying out contracts of insurance as principal are highlighted in this note, in the form of questions, in a decision tree. | Practice notes | Maintained |
| 61 | Regulation of insurance in the UK An overview of the regulatory treatment of insurance business in the United Kingdom. The following multi-jurisdictional guide is also available to PLC Financial Services' subscribers: Insurance and Reinsurance Handbook. This guide brings together a range of information on cross-border issues and includes country-specific Q&A guides. Each jurisdiction is described in a separate chapter, written by one of the leading firms on the subject in that jurisdiction. | Practice notes | Maintained |
| 62 | Solvency II and the regulation of insurance across Europe ... In this practice note, Ian Poynton and James Smethurst, partners in Freshfields Bruckhaus Deringer LLP's Financial Institutions Group, outline progress on the Solvency II project and consider how it may evolve over the next few years. The final text of the level 1 Solvency II Directive (2009/138/EC) was published in the Official Journal of the European Union on 17 December 2009. Please note that this practice note reflects the legal position as at February 2010. For information on developments since then, see Practice notes, Solvency II: an overview and Solvency II resources. | Practice notes | 08-Feb-2010 |
| 63 | Solvency II: an overview This practice note provides a high-level overview of the regime under the Solvency II Directive (2009/138/EC) (also known as "Solvency 2"). It includes a timeline outlining the key steps in the ongoing EU work on the Solvency II project, as well as a glossary of the main technical terms relating to the Solvency II regime. The Directive fundamentally reforms capital requirements for insurers and reinsurers. It establishes a more sophisticated, risk-based set of capital requirements across the EU, together with a modernised supervisory system. It is designed to provide better and more uniform levels of consumer protection and promote competition in the insurance market. | Practice notes | Maintained |
| 64 | Solvency II: FSA Handbook application table This practice note contains a table that indicates how the FSA proposed to apply the relevant parts of its Handbook to different categories of insurer once it had transposed the Solvency II Directive (2009/138/EC). The table is based on a table and notes set out in chapter 9 of the FSA's second consultation paper on transposing Solvency II (known as both "CP12/13 and "CP2"), which was published on 11 July 2012. The PRA and FCA will take over the majority of the FSA's functions on 1 April 2013. The FSA's Handbook will be split between the PRA and the FCA to form two new Handbooks. Most provisions of the FSA Handbook will be incorporated into the PRA Handbook, the FCA Handbook or both, in line with each new regulator's responsibilities and objectives. Insurers will be authorised and regulated for prudential purposes by the PRA, and also regulated for conduct purposes by the FCA. As a result, they will need to consider both the PRA and the FCA Handbooks. | Practice notes | 10-Jul-2012 |
| 65 | Solvency II: PRA and FCA Handbook transposition table This practice note contains a transposition table that explains how the PRA and FCA are expected to transpose the Solvency II Directive (2009/138/EC) (also known as "Solvency 2") into their respective Handbooks. The table gives a brief description of each of the Solvency II Articles and identifies the PRA or FCA Handbook provisions that are proposed to transpose each Article. | Practice notes | Maintained |
| 66 | Solvency II: the proposed PRA and FCA regime An overview of the proposed PRA and FCA regime for insurers and reinsurers falling within the scope of the Solvency II Directive (2009/138/EC) (also known as "Solvency 2"), which also outlines the key amendments the PRA and FCA are expected to make to their respective Handbooks to transpose Solvency II. | Practice notes | Maintained |
| 67 | Tax legislation tracker: archive A document containing items formerly found in PLC Tax legislation trackers but that are now in force. | Practice notes | Maintained |
| 68 | Tax legislation tracker: miscellaneous A document tracking the development of certain notable pieces of proposed new miscellaneous legislation relating to tax. | Practice notes | Maintained |
| 69 | Threshold conditions for PRA-authorised firms A note on the threshold conditions that PRA-authorised firms must satisfy in order to become and remain authorised under the Financial Services and Markets Act 2000 (FSMA). | Practice notes | Maintained |
| 70 | Transparency, disclosure and conflicts in the commercial ... An overview of the FSA's thematic work on transparency, disclosure and conflicts in the commercial insurance market, before it was replaced as a conduct regulator by the FCA on 1 April 2013. | Practice notes | 31-Mar-2013 |
| 71 | UK Implementation of the Reinsurance Directive An overview of the key provisions of the Reinsurance Directive (2005/68/EC) (RID), and the approach HM Treasury and the FSA took to implement this Directive in the UK by the 10 December 2007 deadline. Changes to the UK regulatory regime for reinsurers made after 10 December 2007 are outside the scope of this note. | Practice notes | 10-Dec-2007 |
| 72 | Understanding Takaful: Ethical and Fair Islamic Insurance This note examines takaful, a Sharia-compliant mechanism for insuring certain losses, and its similarities to, and differences with, conventional insurance and insurance products. This note also discusses the parties involved in a takaful transaction and the structures typically used to implement and document a takaful transaction. | Practice notes | Maintained |
| 73 | Use of inherited estates in the with-profits sector: FSA work An overview of the FSA's work, from 2007 to 2012, on the use of inherited estates in the with-profits sector. | Practice notes | 07-Mar-2012 |
| 74 | Warranty and indemnity insurance A consideration of the key features of warranty and indemnity insurance for buyers and sellers in private acquisitions. | Practice notes | Maintained |
| 75 | What is a contract of insurance? An outline of the factors and principles to be considered in determining whether an arrangement constitutes a contract of insurance. This is an important issue as, with certain limited exceptions, the carrying on of activities relating to contracts of insurance falls within the scope of the Financial Services and Markets Act 2000 (FSMA). | Practice notes | Maintained |