INSURANCE BULLETIN OCTOBER 2017 EDITION 3 Andrew Bandurka, Partner,[email protected] USA: Middle East: UK: PUBLICATIONS EVENTS AND HFW 4. confidentialcomplete survey our short survey: Our 3. CLIENT FEEDBACK of reinsurance contracts life-cycle Worldwide: DEVELOPMENTS MARKET 2. distributioninsurance directive (IDD) –EIOPA guidelines final EU: REGULATION LEGISLATION1. AND Insurance Bulletin:In this week’s Complex insurance-based investment products (IBIP) investment products the and Complex insurance-based HFW attending the Onshore EnergyConference, London attending Onshore the HFW HFW attending ARIAS US 2017 HFW Fall Conference We care what our clients would you think. Please Blockchain technology promises efficiencies across the the across Blockchain efficiencies promises technology HFW attending DIFC the Annual Gala Legal 2017, HFW Dubai “ difficult to understand.” that can make aproduct features spot regulators sales of IBIP’s and will help “execution-only” of use appropriateregulate the The Guidelines will ASSOCIATE ALOM NAZIM INSURANCE BULLETIN OCTOBER 2017 EDITION 3 guidelines directive (IDD) –EIOPA final the insurance distribution investment products (IBIP) and EU: LEGISLATION the purpose of Guidelines the to is purpose the EIOPA’s chairman explained that to customer. the document issued included in key the information to has be comprehension alert a customers, for to understand of an IBIP risks are difficult associated 2018,From January the where “execution-only”. via sold being from precluded complex labelledis as therefore and automatically that mean aproduct of profit-sharingpresence would not treated. mere The be should products investment traditional pooled and and fees surrender charges and Guidelines product consider how “execution-only”. via sold be The thatfeatures of cannot aproduct are maturity before product the ability the or tocustomer surrender way of example, by charges paid the By to acustomer for understand. features thatproduct are difficult criteria in which identifying will assist GuidelinesThe include an assessment involved. risks the and of product the knowledge customer’s the any verify or advice provide not distributorinsurance does insurer the onlineor or where and completed telephone via are typically sales Execution-only participation. life policiessharing/ with profit include unit-linked life or polices Examples market fluctuations. by whichand are affected also value surrender or amaturity offer which IBIPs are products insurance trillion market. funds in Europe’s 10 mis-selling of products from arising to consumers risks the at minimising aimed are and IBIPs of sales to execution-only apply (8) and and of IDD 30(7) Articles to pursuant developed have been (Guidance). IDD the Guidelines The complex under on IBIP guidelines final its (EIOPA)Authority published Pensions Occupational and Insurance European the February, consultation in Following its 1 . REGULATION AND Complex insurance-based of reinsurance contracts reinsurance of life-cycle the across efficiencies technology promises Worldwide: MARKET2. DEVELOPMENTS E T LondonAssociate, ALOM NAZIM only%E2%80%9D sales.pdf %E2%80%9Cexecution-on Releases/EIOPA Guidelines publishes eiopa.europa.eu/Publications/Press at release press supporting the guidelines_execution_only.pdf Reports/Final_Report_IDD_ https://eiopa.europa.eu/Publications/ at full read guidelinesThe can be understand. that to can difficult make aproduct will help features regulators spot of IBIPs“execution-only” and sales will regulate appropriate the of use Guidelines The readily understood. can be risks associated and products to consider carefully if theirneed will brokers and insurers channels, distribution using that,ensure when Zurich Insurance Group. Insurance Zurich UnipolSai, Willis Re, XL Catlin and Tokio Trust Marine Holdings, Re, Re, TakafulSwiss Emarat, TigerRisk, Insurance, Nipponkoa Japan Sompo Re, SCOR, Sava SAHAM Assurance, QBE Re, PartnerRe, RGA, Navigators, LocalTapiola, Mapfre Re, Munich Re, Mutual Insurance, Liberty Assurance, Hannover Re, JLTMarsh, Re, Leadway Re, Re, Gen Generali, Carpenter & Guy Allianz, Chubb, Aon, Everest Covéa, AIG, AIA, Ageas, Achmea, Aegon, of B3i comprise now members the Including participants, new the members. of the of calibre the diversity and especially in view have expected, would that most sooner technology of this groundbreaking industry the adoption by may herald project expansion and deployment of this rapid The companies. 23 by afurther innovative in project its of participants Initiative, number the grown B3i, has Blockchain the month, Industry last at Monte the Rendezvous Carlo reinsurance blockchainits prototype market of Having beta-testing begun
[email protected] +44 (0)20+44 8760 7264 Blockchain Blockchain . and and https:// The preliminary aim of the project 3. CLIENT FEEDBACK is to use a blockchain to facilitate the administration of reinsurance Our survey contracts throughout their lifecycle, from contract formation and We care what our clients think. administration to claims handling. By Please go to https://www. establishing a single, trusted, updated surveymonkey.co.uk/r/JGB886X to and error resistant blockchain based complete our short confidential repository for the relevant information, survey on the bulletin. it is hoped that this technology will eventually eliminate the need for 4. HFW PUBLICATIONS AND participants to maintain their own EVENTS records, thereby reducing duplication of effort in the market and the risk of UK: HFW attending the errors and inconsistencies as between Onshore Energy Conference, different participants’ data. London
The promise of blockchain technology On 1 November, Partners Nigel Wick does of course offer more than and Jonathan Bruce will attend the merely consolidating information Onshore Energy Conference, London. and the scope for further innovation should not be underestimated. Middle East: HFW attending While B3i continues to consider the DIFC Annual Legal Gala new use cases and to expand the 2017, Dubai existing project beyond property and casualty reinsurance, it is suggested On 2 November, Partner John Barlow that the prospect of automatic and will attend the DIFC Annual Legal near-instant premium and claims Gala 2017, Dubai. transactions may be closer at hand than ever before. USA: HFW attending ARIAS US 2017 Fall Conference EDWARD RUSHTON Senior Associate, London From 2 to 3 November, Partners T +44 (0)20 7264 8346 Christopher Foster and Costas E [email protected] Frangeskides will attend the ARIAS US 2017 Fall Conference in New York, USA.
HFW has over 450 lawyers working in offices across Australia, Asia, the Middle East, Europe and the Americas. For further information about our Insurance/reinsurance capabilities, please visit http://www.hfw.com/Insurance-Reinsurance-Sectors
hfw.com
© 2017 Holman Fenwick Willan LLP. All rights reserved. Whilst every care has been taken to ensure the accuracy of this information at the time of publication, the information is intended as guidance only. It should not be considered as legal advice. Holman Fenwick Willan LLP is the Data Controller for any data that it holds about you. To correct your personal details or change your mailing preferences please contact Souhir Jemai on +44 (0)20 7264 8415 or email [email protected]
Beirut Brussels Dubai Geneva Hong Kong Houston Kuwait London Melbourne Paris Perth Piraeus Riyadh São Paulo Shanghai Singapore Sydney