In this section of the technical resource we include a helpful guide to the Solvency II Directive, which will significantly change the supervision of insurers and reinsurers across Europe. We maintain a blog providing regular updates as we move toward the new regime.

In April 2013, the PRA and the FCA took over as the prudential and conduct regulators of the UK financial services industry and have adopted distinct supervisory approaches. The technical resource includes an in-depth look at the background to the reformed regulatory structure, the roles of the regulatory bodies and interaction between them.

Insurance product governance is a key issue in the current regulatory landscape and we include a section dedicated to governance issues throughout the product lifespan, from design and distribution to claims and complaints handling.

We also focus on the Insurance Distribution Directive (previously known as IMD2) which is likely to have a significant impact on insurance distribution across Europe. The IDD legislative process was delayed as the European parties negotiated a final text, however, agreement was reached in July 2015. IDD is likely to come into force in 2017.

Insurance contract law reform continues to be an area of interest; the Insurance Act 2015 marks the most significant change in insurance contract law for over a century. We include articles on the Law Commissions review of problematic areas of insurance law such as misrepresentation and non-disclosure, insurable interest and warranties. We also consider how the Consumer Rights Act 2015 will impact the insurance industry.