| 1 | An overview of the EU financial services supervisory ... This practice note provides an overview of the EU financial services supervisory framework that formally came into effect on 1 January 2011. The framework is known as the European System of Financial Supervision (ESFS). It consists of: The European Systemic Risk Board (ESRB). The European Supervisory Authorities (ESAs) (which have replaced the previous level 3 "Lamfalussy" committees): the European Banking Authority (EBA); the European Securities and Markets Authority (ESMA); and the European Insurance and Occupational Pensions Authority (EIOPA). The Joint Committee of the ESAs. The 27 EU member state national supervisors. For a quick guide to the ESFS, see Quick guide, EU financial services supervisory framework. The reform of the EU financial services supervisory framework, which resulted in the ESFS, was tracked in Reform of the EU financial services supervisory framework: key developments tracker. This tracker includes key source materials, together with related PLC Financial Services coverage. | Practice note: overview | Maintained |
| 2 | Flood Risk Searches This practice note provides a summary of the various types of flood searches that can be carried out in respect of a property, explains in detail what is covered by a flood search and indicates when it may be sensible to order one. | Practice note: overview | Maintained |
| 3 | Hot topics: European Commission review of the Insurance ... This resources document outlines the European Commission's review of the Insurance Mediation Directive (2002/92/EC). It tracks expected developments in this area and also sets out the milestones for potential future development in this area. The key primary source material table in this document contains links to key primary source material and related PLC Financial Services Legal updates. It is not intended to be an exhaustive list of all relevant materials published by interested parties. | Practice note: overview | Maintained |
| 4 | Insurance in construction and engineering projects This note outlines the types of insurance relevant to construction and engineering projects and gives guidance on dealing with insurers. | Practice note: overview | Maintained |
| 5 | Insurance sector hot topics: resources overview An overview of the key hot topics for the UK insurance industry, which links to separate hot topics practice notes for each of the topical issues identified. Each of the separate hot topics practice notes outlines a particular topic, tracks its development and sets out the milestones for future development. In addition, each of the separate notes contains links to key primary source material and related PLC Financial Services Legal updates. For information on the hot topics affecting the financial services sector generally, see Practice note, Financial Services hot topics: resources overview. | Practice note: overview | Maintained |
| 6 | Insurance toolkit A toolkit to guide users through PLC's UK and multi-jurisdictional insurance materials. PLC's UK web services provide some general insurance materials, together with materials on the regulation of the insurance sector in the UK. In addition, some of our UK web services offer sector-specific insurance materials and current awareness updates on insurance-related developments that fall within their scope. PLC Cross-border provides a multi-jurisdictional guide to insurance and reinsurance law in 22 countries. | Practice note: overview | Maintained |
| 7 | Regulated Activities Order: overview An overview of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO), including its specified activities, specified investments, exclusions, exemptions and overrides. | Practice note: overview | Maintained |
| 8 | Solvency II resources This resources document contains links to the key source materials in relation to the Solvency II project, together with related PLC Financial Services coverage. It is not intended to be an exhaustive list of all Solvency II materials published by interested parties. The Solvency II Directive (2009/138/EC) (also known as "Solvency 2") fundamentally reforms the capital requirements for insurers and reinsurers. It establishes a more sophisticated, risk-based set of capital requirements across the EU, together with a modernised supervisory system. It is designed to provide more uniform levels of consumer protection and promote competition in the insurance market. For PLC Financial Services subscribers interested in insurance and reinsurance, the following multi-jurisdictional guide is available, Insurance and Reinsurance Handbook. This guide brings together a range of information on current cross-border issues and includes country-specific Q&A guides. Each jurisdiction is described in a separate chapter, written by one of the leading firms on the subject in that jurisdiction. | Practice note: overview | Maintained |
| 9 | Acquisitions Directive An overview of the regime under the Acquisitions Directive (2007/44/EC), sometimes referred to as the Qualifying Holdings Directive or the Change of Control Directive. The Acquisitions Directive was intended to improve the supervisory approval process for mergers and acquisitions in the banking, insurance and securities sectors. The note also considers developments in EU legislation relating to qualifying holdings and changes of control since the adoption of the Acquisitions Directive. For information on the UK implementation of the Acquisitions Directive, see Practice note, UK implementation of the Acquisitions Directive. | Practice notes | Maintained |
| 10 | Directors' and officers' liability insurance An outline of the use and terms of directors' and officers' liability insurance. | Practice notes | Maintained |
| 11 | Environmental insurance A practice note on the different types of environmental insurance available. | Practice notes | Maintained |
| 12 | EU financial services supervisory framework: a quick guide This is a quick guide to the EU financial services supervisory framework that formally came into effect on 1 January 2011. The framework is known as the European System of Financial Supervision (ESFS). It consists of: The European Systemic Risk Board (ESRB). The European Supervisory Authorities (ESAs) (which have replaced the previous level 3 "Lamfalussy" committees): the European Banking Authority (EBA); the European Securities and Markets Authority (ESMA); and the European Insurance and Occupational Pensions Authority (EIOPA). The Joint Committee of the ESAs. The 27 EU member state national supervisors. For a more detailed overview of the ESFS, see Practice note, An overview of the EU Financial Services supervisory framework. The reform of the EU financial services supervisory framework, which resulted in the ESFS, was tracked in Reform of European financial services supervisory framework: key developments tracker. This tracker includes key source materials, together with related PLC Financial Services coverage. | Practice notes | Maintained |
| 13 | FSA regulation and registration of friendly societies An overview of the regulation and registration of friendly societies by the FSA under the Financial Services and Markets Act 2000 (FSMA), the Friendly Societies Act 1974 and the Friendly Societies Act 1992. | Practice notes | 31-Mar-2013 |
| 14 | FSA Retail Distribution Review: pre-consultation stage An outline of the pre-consultation stage of the FSA's Retail Distribution Review (RDR). It includes a summary of the following FSA policy documents: - FSA Discussion Paper: A review of retail distribution (DP 07/1). - FSA Retail Distribution Review: Interim Report. - FSA Feedback Statement: Retail Distribution Review, including feedback on DP07/1 and the Interim Report (FS08/6). In June 2009, the FSA published Consultation Paper 09/18 entitled, 'Distribution of retail investments: Delivering the RDR' (CP09/18). CP09/18 sets out the FSA's detailed proposals to implement the findings from the RDR and amend its regulatory requirements to deliver changes to the way investments are distributed to retail consumers in the UK. For more information on the proposals in CP09/18, see Practice note, Hot topics: RDR implementation proposals. | Practice notes | 15-Dec-2008 |
| 15 | General principles of insurance law This practice note explains the various doctrines and principles concerned with insurance, including: What constitutes an insurable interest. Subrogation. Joint insurance. Double insurance. Noting. For information about insurance as it relates to commercial property, see Practice note, Property insurance. | Practice notes | Maintained |
| 16 | Historic insurance practice notes This practice note contains links to PLC Financial Services' historic practice notes on insurance. Historic practice notes relate to legislation, rules, regulations and/or guidance (and relevant proposals) that are no longer applicable as they have been superseded. They may, however, be of interest if it is necessary to consider the legal or regulatory position at a previous time. | Practice notes | Maintained |
| 17 | Insurance and banking business transfers: the FSMA regime In this practice note, originally co-authored by Adam Levitt while he was a partner at Herbert Smith LLP, Geoffrey Maddock, a corporate partner at Herbert Smith Freehills LLP, and Barnaby Hinnigan, a senior associate at the firm, explain the regime for transferring insurance business and banking business contained in Part VII of the Financial Services and Markets Act 2000 (FSMA). The tax issues section of this note has been prepared by Howard Murray, a partner in Herbert Smith Freehills LLP's tax group. This note is in the process of being updated by its authors to reflect the new UK regulatory structure that came into effect on 1 April 2013. | Practice notes | Maintained |
| 18 | Insurance premium tax Insurance premium tax (IPT) is a tax (authorised under European Community law) on the premium paid under taxable insurance contracts. It was introduced by the Finance Act 1994. This note gives a general overview of IPT as it applies to practical issues commonly encountered by the practitioner. | Practice notes | Maintained |
| 19 | Leases: Insurance A note on the insurance issues to be considered when drafting or negotiating leases. | Practice notes | Maintained |
| 20 | Managing flood risk This practice note pulls together information on the various initiatives intended to help manage flood risk in England and Wales. It includes information on Planning Policy Statement 25 (PPS 25), flood risk maps, building to be flood resistant and flood resilient, and information on the Statement of Principles, issued by the Association of British Insurers, which provides guidance on when insurers will continue to provide insurance cover for flood damage in relation to properties in areas at particular risk from flooding. The note also covers the Pitt Review, which examined the issues arising from flood-related emergencies in the summer of 2007, the Floods Directive (2007/60/EC) and the Flood and Water Management Act 2010. Note: On 27 March 2012, PPS 25 was replaced by the National Planning Policy Framework. We will shortly be updating this note to reflect these changes. | Practice notes | Maintained |
| 21 | Negotiating insurance provisions in the JCT Design and Build ... A note on negotiating the insurance provisions of the JCT Design and Build Contract, 2005 edition (Revision 2, 2009) (DB05) and the JCT Design and Build Contract, 2011 edition (DB11). | Practice notes | Maintained |
| 22 | Negotiating insurance provisions in the JCT Minor Works ... A note on negotiating the insurance provisions of the JCT Minor Works Building Contract, 2011 edition (MW11). | Practice notes | Maintained |
| 23 | Negotiating insurance provisions in the JCT Standard Building ... A note on negotiating the insurance provisions of the JCT Standard Building Contract, 2005 edition (Revision 2, 2009) (SBC05) and the JCT Standard Building Contract, 2011 edition (SBC11). | Practice notes | Maintained |
| 24 | Outsourcing: tax Tax is likely to be one of the main concerns for the corporate parties to any outsourcing arrangement. This practice note explains the tax issues that may arise both during the commercial and tax structuring of an outsourcing involving the UK and when the outsourcing is "up-and-running" and the outsourced services are being provided by the relevant service provider. | Practice notes | Maintained |
| 25 | Passporting by Insurance Undertakings in the European ... In this practice note, Tim Goggin and Charles Rix, Partners in the Financial Institutions Group, Hogan Lovells, set out an overview of the procedures for the establishment of branches and the provision of services by insurance undertakings in the European Economic Area (EEA). | Practice notes | Maintained |
| 26 | Passporting into and out of the UK: an overview An overview of the procedures to be followed by firms wishing to establish branches or provide cross-border services in the European Economic Area (EEA) using passport rights under one of the single market directives. It focuses on the procedures that apply to firms wishing to passport into or out of the UK. | Practice notes | Maintained |
| 27 | Pool Re and insuring property against loss and damage ... This practice note explains the basic workings of the Pool Re reinsurance scheme, which enables insurance companies who are members of the scheme to offer full insurance cover for loss and damage to commercial property in Great Britain caused by acts of terrorism. | Practice notes | Maintained |
| 28 | Professional appointments: insurance This note describes a professional consultant's duties in relation to professional indemnity insurance, public (or third party) liability insurance and employer's liability insurance. | Practice notes | Maintained |
| 29 | Property insurance This Practice note deals with insurance issues that are specific to land and buildings. It examines insurance arrangements in relation to specific types of property transaction and includes a checklist for consideration when assessing insurance cover. For information on general insurance issues, see Practice note, General principles of insurance law. | Practice notes | Maintained |
| 30 | Prudential regulation of insurance companies A note considering the FSA's prudential rules applicable to UK authorised insurance companies, which are contained in GENPRU, INSPRU and SYSC (which replaced PRU from 31 December 2006). It: Explains the FSA's rules on risk management and the requirement to "self assess" and hold appropriate capital. Identifies, in particular, areas of legal risk management and issues relating to management of risk which may require legal advice or assistance. Summarises provisions relating to "internal contagion risk" and insurance group and financial conglomerate requirements. The rules are those in force from 31 December 2006. This note is in the process of being updated by its author to reflect the new UK regulatory structure that came into effect on 1 April 2013. Subscribers wishing to review the rules in force prior to 31 December 2006 should see Practice note, Prudential regulation of insurers prior to 31 December 2006, which this practice note supersedes. | Practice notes | Maintained |
| 31 | Reforming insurance contract law A practice note summarising the consultation process, begun in July 2006, to reform insurance contract law. | Practice notes | Maintained |
| 32 | Regulated activities: assisting in the administration and ... A discussion of the regulated activity of assisting in the administration and performance of a contract of insurance, which is set out in article 39A of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO), as well as the available exclusions and exemptions. The key issues to be considered when determining whether a person is carrying on the regulated activity of assisting in the administration and performance of a contract of insurance are highlighted in this note, in the form of questions, in a decision tree. | Practice notes | Maintained |
| 33 | Regulated activities: effecting and carrying out contracts of ... A discussion of the regulated activities of effecting contracts of insurance as principal and carrying out contracts of insurance as principal, which are set out in articles 10(1) and (2) respectively of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO), as well as the available exclusions. The key issues to be considered when determining whether a person is carrying on the regulated activities of effecting or carrying out contracts of insurance as principal are highlighted in this note, in the form of questions, in a decision tree. | Practice notes | Maintained |
| 34 | Regulation of insurance in the UK An overview of the regulatory treatment of insurance business in the United Kingdom. The following multi-jurisdictional guide is also available to PLC Financial Services' subscribers: Insurance and Reinsurance Handbook. This guide brings together a range of information on cross-border issues and includes country-specific Q&A guides. Each jurisdiction is described in a separate chapter, written by one of the leading firms on the subject in that jurisdiction. | Practice notes | Maintained |
| 35 | Transparency, disclosure and conflicts in the commercial ... An overview of the FSA's thematic work on transparency, disclosure and conflicts in the commercial insurance market, before it was replaced as a conduct regulator by the FCA on 1 April 2013. | Practice notes | 31-Mar-2013 |
| 36 | UK Implementation of the Reinsurance Directive An overview of the key provisions of the Reinsurance Directive (2005/68/EC) (RID), and the approach HM Treasury and the FSA took to implement this Directive in the UK by the 10 December 2007 deadline. Changes to the UK regulatory regime for reinsurers made after 10 December 2007 are outside the scope of this note. | Practice notes | 10-Dec-2007 |
| 37 | Use of inherited estates in the with-profits sector: FSA work An overview of the FSA's work, from 2007 to 2012, on the use of inherited estates in the with-profits sector. | Practice notes | 07-Mar-2012 |
| 38 | Warranty and indemnity insurance A consideration of the key features of warranty and indemnity insurance for buyers and sellers in private acquisitions. | Practice notes | Maintained |