General matters relating to insurance regulation

This Overview is a guide to the Financial Services content within the General matters relating to insurance regulation subtopic, with links to the appropriate materials. The subtopic deals with a range of matters that are relevant to the regulation and supervision of insurers and insurance intermediaries. It seeks to describe a contract of insurance and sets out some general principles of insurance. The prudential and conduct requirements that affect insurers are principally dealt with in separate subtopics.

General principles of insurance contract law

Practice Note: What is a contract of insurance? covers the legal framework and regulatory guidance to be considered in determining whether an arrangement constitutes a contract of insurance and the possible consequences of carrying on activities relating to an insurance contract without the requisite regulatory permissions.

There are many different types of insurance, and the common law does not require a contract of insurance to be in any particular form. For more information about the general principles of insurance contract law, see Practice Note: General principles of insurance contract law. This Practice Note explains various principles concerned with insurance. It discusses

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Latest Financial Services News

OFSI publishes threat assessment on cryptoasset sanctions compliance risks

The Office of Financial Sanctions Implementation (OFSI) has published a threat assessment examining sanctions compliance risks in the UK cryptoasset sector from January 2022 to May 2025. Key developments include the March 2025 disruption of designated Russian exchange Garantex, resulting in the seizure of $US 26m in illicit assets, and the February 2025 North Korean cyber attack on Bybit exchange that resulted in the theft of $US 1.5bn in cryptoassets. The assessment outlines compliance vulnerabilities and provides detailed guidance for UK cryptoasset firms on reporting obligations.

Financial Services—other developments (21/7/2025)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

FMI supervision—BoE and FCA report on 2025 MoU review

The Bank of England (BoE) and the Financial Conduct Authority (FCA) have published a joint statement following their annual review of the memorandum of understanding (MoU) on the supervision of financial market infrastructure (FMI). The MoU, updated in 2024 to reflect changes introduced by the Financial Services and Markets Act 2023 (FSMA 2023), sets out arrangements for cooperation between the regulators, including information sharing and efforts to reduce duplication of regulatory activity. As part of the 2025 review, the BoE and FCA invited feedback from central counterparties, recognised investment exchanges and recognised central securities depositories based on their 2024 interactions. Respondents reported coordinated engagement across policy and supervisory matters and referred to joint work on operational resilience, including consultations on operational incident and third-party reporting. The statement also refers to collaboration on initiatives such as the Digital Securities Sandbox and T+1 settlement. The BoE and FCA stated that they intend to continue coordinated supervision and to consider any areas for improvement identified by firms.

FCDO announces reduction in Russian crude Oil Price Cap mechanism

The Foreign, Commonwealth & Development Office (FCDO) has announced that the UK and EU will reduce the Russian crude oil price cap from $60 to $47.60 per barrel, effective 2 September 2025. The measure maintains existing caps on refined products. A 45-day wind-down period until 17 October 2025 applies to trades contracted before the implementation date that comply with the current $60 cap. The action modifies the December 2022 price cap mechanism that prohibits G7 companies from providing shipping and insurance services for Russian oil sold above the cap price.

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