Europe: EU / UK regulatory roundup
A round up of recent regulatory developments in the EU and UK.
In this edition of Insurance focus we review some of the developing regulatory approaches being taken in the European insurance market. Centre stage in terms of policy priorities are the use of personal information and in particular the use of what is known as ‘big data’ in underwriting and the growing adoption of product governance to control the risk of misselling and poor consumer outcomes.
We also consider the proposed amendment to the Insurance Act 2015 that will enable insureds to bring damages claims for late payment under insurance policies – a change to the long-standing principle under English law that insurance claims cannot give rise to damages for late payment.
In our case notes section we include an update on the Deepwater Horizon litigation and consider a recent new development on penalty clauses in English law.
Finally, in our international focus section we report on developments in the insurance market from Australia, China, Italy, Singapore and the United Kingdom.
On July 16, 2020, the Court of Justice of the European Union (CJEU) published its decision in the landmark case Data Protection Commissioner v Facebook Ireland Ltd, Maximilian Schrems and intervening parties, Case C-311/18 (known as the Schrems II case).
On July 7, 2020, the Commission de Surveillance du Secteur Financier (CSSF) issued an FAQ document on Circular 02/77 concerning the protection of investors in case of NAV calculation errors and the correction of the consequences resulting from non-compliance with the investment rules applicable to undertakings for collective investment (the FAQ).