Skip to main content

Regulatory developments : global insurance sector

Vol. 27: September to October 2022

In the era of expanding globalisation, it is important for insurers need to be aware of regulatory developments not only in their home jurisdiction but also in other jurisdictions/regions.

The Deloitte Centre for Regulatory Strategy is a source of critical insight and advice, designed to help clients to anticipate change and respond with confidence to the strategic and aggregate impact of national and international regulatory policy.

Latest regulatory developments

Vol. 27: September to October 2022 (posted on 1 November 2022)

Volume 27 of the report contains 10 topics, including the following.

  1. ESRB issued a warning on vulnerabilities in the EU’s financial system.
  2. EIOPA issued a warning regarding bancassurance.
  3. EIOPA issued a supervisory statement on exclusions in insurance products.
  4. IOSCO expressed its view on sustainability-related assurance and ethics standards.
  5. EIOPA published its strategy for 2023 to 2026.

Past regulatory developments

Volume 26 of the report contains 8 topics, which include the following.

  1. Irish Central Bank published a draft guidance on climate change for insurers.
  2. Australian APRA released its consultation documents on contingency and resolution planning.
  3. NGFS published its updated climate scenarios.
  4. Canadian OSFI announced its interim approach to crypto-assets in its prudential regulation
  5. .Australian APRA published findings from a climate risk self-assessment survey.

See more details

Volume 25 of the report contains 10 topics, which include the following.

  1. U.K. PRA published a discussion paper on operational resilience relating to critical third-parties.
  2. Australian APRA released a draft of the regulation on operational resilience.
  3. EIOPA published a consultation paper on differential pricing practices.
  4. FSB issued its progress report on climate change.
  5. EIOPA finalised its guidance on the customers’ sustainability preferences.

See more details 

Volume 24 of the report contains 9 topics, which include the following.

  1. BCBS published its principles for the management and supervision of climate-related financial risks.
  2. U.K. PRA published a draft of the principles for model risk management.
  3. NGFS released its final report on climate data gaps.
  4. EIOPA released its June 2022 financial stability report.
  5. Malaysian BNM released a discussion paper on climate risk stress testing.

See more details 

Volume 23 of the report contains 10 topics, which include the following

  1. BoE published the results of its Climate Biennial Exploratory Scenario analysis.
  2. Canada OSFI issued a draft of its guideline on climate risk management.
  3. EBA published a discussion paper on the role of environmental risks in the prudential framework.
  4. NGFS released a report on climate-related risk differentials.
  5. U.S. SEC proposed amendments to rules in terms of ESG.

See more details 

Volume 22 of the report contains 13 topics, which include the following.

  1. HM Treasury published proposals for the review of Solvency II.
  2. EIOPA released a draft of the guidelines on the assessment of the customers’ sustainability preferences.
  3. U.K. PRA sets out its business plan for 2022/2023.
  4. EIOPA finalised its supervisory statement on the supervision of run-off insurers.
  5. FSB published a report on supervisory/regulatory approaches to climate-related risks for consultation.

See more details 

Volume 21 of the report contains 13 topics, which include the following.

  1. U.K. FCA revised the PRIIPs Regulation.
  2. EIOPA published a report on the costs and past performance of insurance products.
  3. Bank of England published a repot on crypto-assets and DeFi.
  4. NGFS published a statement on nature-related financial risks.
  5. ISSB published the Exposure Draft on disclosures of sustainability-related information and climate-related information, respectively.

See more details 

Volume 20 of the report contains 10 topics, which include the following.

  1. EC adopted a proposed Directive on corporate sustainability due diligence.
  2. FSB published a report on financial stability risks from crypto-assets.
  3. Canada OSFI updated guidelines on reinsurance.
  4. Australia APRA revised its prudential standard on asset concentration risks charges for reinsurance.
  5. France ACPR published a report on good practices of climate risk management.

See more details 

Volume 19 of the report contains 11 topics, which include the following.

  1. EIOPA published a report on the application of the Insurance Distribution Directive.
  2. Canada OSFI released the results of a pilot project on climate scenario analysis.
  3. IAIS published its roadmap for year 2022 to 2023.
  4. European Systemic Risk Board (ESRB) recommends establishing a systemic cyber incident coordination framework.
  5. Australia APRA released its policy and supervision priorities for 2022.

See more details 

Volume 18 of the report contains 12 topics, which include the following.

  1. U.K. PRA identified 6 top priority areas for insurance supervision in 2022.
  2. U.K FCA finalised rules on disclosures of climate-related risks and opportunities.
  3. Australia APRA proposes changes to align capital and reporting frameworks for insurance with AASB 17.
  4. EIOPA released its Financial Stability Report.
  5. World Economic Forum published ‘Global Risks Report 2022’.

See more details 

Volume 17 of the report contains 12 topics, which include the following.

  1. U.K. Treasury published Proposals for Reform of the financial services regulatory framework for consultation.
  2. NY DFS finalised its guidance on managing the financial risks from climate change.
  3. BCBS published a draft of the principles for the effective management and supervision of climate-related financial risks for consultation.
  4. IOSCO calls for oversight of ESG rating and data product providers.
  5. Australia APRA finalised its prudential practice guide on climate change financial risks.

See more details 

Volume 16 of the report contains 12 topics, which include the following.

  1. TCFD published three documents on climate disclosures, including an updated implementation guidance.
  2. U.K. PRA published a report on climate-related financial risk management and the role of capital requirements.
  3. NGFS released an interim report on biodiversity and financial stability.
  4. U.K. FCA launched a consultation on Sustainability Disclosure Requirements and investment labels.
  5. Canada OSFI released a draft of the Technology and Cyber Risk Management Guideline for consultation..

See more details 

Volume 15 of the report contains 10 topics, which include the following.

  1. EC adopted (a) proposals to amend the Solvency II Directive and (b) a proposal for a new Insurance Recovery and Resolution Directive.
  2. U.S. NAIC performed stress testing on U.S. insurers’ exposure to Collateralised Loan Obligations.
  3. The IMF published the Global Financial Stability Report ‘COVID-19, Crypto, and Climate: Navigating Challenging Transitions’.
  4. EIOPA set out its strategic priorities for 2022.
  5. EIOPA published its second report on recovery and resolution of insurers.

See more details 

Volume 14 of the report contains 8 topics, which include the following.

  1. Australia APRA published a supervisory plan for 2021 to 2025.
  2. UK FCA expects insurers to strengthen their product governance.
  3. European Commission released a report on the integration of ESG factors into banks’ risk management.
  4. US FIO issued a request for information on the insurance sector and climate-related financial risks.
  5. The central bank of the Netherlands published a report on BigTech firms and their impact on the Dutch financial sector.

See more details 

Volume 13 of the report contains 15 topics, which include the following.

  1. EC published a new strategy for sustainable finance.
  2. EIOPA stresses the importance of ORSA as a management tool.
  3. UK PRA launched a QIS for the Solvency II Review
  4. New Zealand Reserve Bank released a draft of the new solvency regulation
  5. NY DFS issued a report on management of financial risks from climate change by insurers.

See more details 

Did you find this useful?

Thanks for your feedback

If you would like to help improve Deloitte.com further, please complete a 3-minute survey