The following Insurance & Reinsurance practice note Produced in partnership with a member of a leading accounting firm provides comprehensive and up to date legal information covering:
BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance, see Practice Note: Impact of Brexit: Solvency II—quick guide.
This Practice Note looks the regulatory framework imposed on insurers relating to credit risk and market risk deriving from the Insurance Core Principles (ICPs) issued by the International Association of Insurance Supervisors (IAIS) and Directive 2009/138/EC, Solvency II Directive (Solvency II) and Commission Delegated Regulation (EU) 2015/35, Solvency II Regulation (together the Solvency II regime).
A primary objective of insurance is to manage the risks to which the insuring community is subject by pooling those risks so that where a loss occurs, it is borne by the community rather than by the unlucky individual. The success of this function of risk intermediation in turn relies on insurance undertakings managing the risks that could, were they to crystallise, affect their ability to meet their obligations to members of the insuring community.
The risks to which insurance firms are exposed may be classified in different ways, but a reasonably consistent taxonomy has emerged for major-risk classes. The ICPs issued by the IAIS refer to underwriting risk, market risk,
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