Authorisation and approval

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FCA and PRA authorisation

Firms carrying out one or more regulated activities in the UK, as specified by the Financial Conduct Authority (FCA), must be directly authorised by the FCA. However, insurers must apply to the Prudential Regulation Authority (PRA) for authorisation which then seeks the consent of the FCA. Firms are then regulated by the PRA, from

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Latest Insurance & Reinsurance News

MoJ launches call for evidence on whiplash reform programme

The Ministry of Justice (MoJ) has launched a for evidence to support its post-implementation review of the whiplash reform programme. This call seeks feedback on the programme’s impact and effectiveness, including its influence on claimant choice, the fairness of compensation for whiplash injuries, and trends in the number and cost of such claims. The review will examine measures introduced under Part 1 of the Civil Liability Act 2018—including the statutory definition of a whiplash injury, the fixed tariff of damages for injuries lasting up to two years and the ban on seeking or offering to settle claims without medical evidence. The call for evidence closes on 22 December 2025.

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This week's edition of Insurance weekly highlights includes: Allseeds Switzerland SA v Intergrain SA; Evergreen marine sues Lloyd’s in US$725,000 cargo payment dispute; Ship owner disputes Amlin's use of 'draconian' pay first clause; FCA chief warns of UK cyber-insurance protection gap; £1.9bn Jaguar cyberattack UK's 'most economically damaging'; Equitas loses £3.8m dispute over RSA asbestos settlements; Companies hit with 1.85 million complaints in six months, FCA says; PRA finalises Matching Adjustment Investment Accelerator framework for insurers; European Commission adopts amendments to Solvency II regulation plus key cases and dates for your diary.

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The European Commission has adopted amendments to the Solvency II delegated regulation with the aim of encouraging long-term investments by enhancing the investment capacity of insurers. This will allow them to allocate more capital to financing the real economy, while maintaining the robustness of the legal framework and the protection of policyholders. The new rules taking effect on 30 January 2027.

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Law360, London: The owners and operators of the container ship Ever Forward, which ran aground after leaving Baltimore in 2022, have sued Lloyd's of London for approximately US$725,000.

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