Europe: EU / UK regulatory roundup
A round up of recent regulatory developments in the EU and UK.
In this edition of Insurance focus Tyler Dillard in our London office considers the revolution of the sharing economy and reflects on how insurers have an opportunity to benefit from this growing market.
Following the announcement that the European Commission is minded not to renew the Insurance Block Exemption regulation, Mark Tricker in our London office considers the challenges that the insurance market might face without the benefit of the competition safe-harbour.
From our Amsterdam office, Floortje Nagelkerke, Nikolai de Koning and Recep Altun consider the scrutiny of ‘integrity risk’ being undertaken by the Dutch Central Bank.
In our quarterly review of cases we include two recent cases from Australia that consider section 54 of the Insurance Contracts Act 1984; we review ‘Wellington Motions’ under the law of Quebec; from Texas we consider the scope of the Prompt Payments Act and finally, we consider the likely impact of a recent German Supreme Court case on brokers’ role in the payment of claims.
In our regular international focus section we provide updates from both the London and Australian markets.
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).