15 August

Welcome to July’s regulatory roundup, where we provide you with the latest updates on key developments in the insurance industry. From the latest on Velonetic’s Blueprint Two project to the FCA ‘s initiatives on insurance regulation and consumer protection, we’ve summarized the essential news and insights you need to stay informed. Additionally, learn about the new Sustainability Data Standard launched by the LMA and IUA, aimed at simplifying the disclosure process for sustainability data. Dive in to keep your business ahead of the curve!

Velonetic Update on Blueprint Two Phase One Digital Services

Velonetic provides an update on the replan of the Blueprint Two project, detailing a revised timeline for phase one digital services. The replan addresses issues like system integration and user acceptance testing, with customer testing now expected to commence in late Q4 2024. Full details will be shared by the end of August.

FCA’s Discussion on Commercial Insurance Regulation

The FCA released a discussion paper exploring potential regulatory frameworks for commercial and bespoke insurance. This initiative seeks feedback on how to enhance regulatory practices, focusing on complex and high-value insurance contracts.

Read our thoughts on this: FCA’s discussion paper on how it applies customer protection and competitiveness for specialty insurers.

FCA Review: Aligning Regulatory Requirements with Consumer Duty

The FCA is reviewing its existing regulations following the introduction of the Consumer Duty, which aims to improve consumer outcomes. The review invites feedback on whether current rules should be modified or removed to better align with the new standards. The focus is on reducing regulatory burdens while ensuring robust consumer protection. Stakeholders are encouraged to contribute their views to guide the FCA’s adjustments.

For more details, visit the FCA’s official page.

LMA and IUA Launch Sustainability Data Standard

The Lloyd’s Market Association (LMA) and the International Underwriting Association (IUA) have introduced the Sustainability Data Standard, a set of 22 standardized questions for underwriters to use when requesting sustainability data from clients. This initiative aims to simplify and streamline the process for insureds, reducing the burden of inconsistent data requests across different insurers. The resource is designed to evolve with regulatory changes and is available on the LMA and IUA websites.

DQPro is a data monitoring and controls platform designed for the evolving needs of business teams in the London and Specialty insurance market. Currently over 40% of the London Market use DQPro to quickly deploy, centralize and automate the key checks required on their data for business and regulatory needs.