Insurance Academy: Insolvency regime for insurers - and recent developments

The Financial Services and Markets Act 2023 has introduced a number of important changes for insurers in financial difficulty. These rules arrive at the same time as the Treasury is developing its proposals for an insurer resolution regime. An understanding of the consequences should an insurer get into financial difficulty is important for anyone working in the insurance market.

In this webinar we will provide an overview and reminder of the applicable insolvency regime for UK insurers, deliver an update on the recent changes introduced by the Financial Services and Markets Act 2023 (including in relation to the court’s power to write down liabilities, the moratorium on contractual termination for certain service and financial contracts, restrictions on policyholder surrender rights, pay as paid clauses and on the enforcement of security) and discuss the prospective implementation of an insurer resolution regime.