InView Autumn/Winter 2015

Issue 2 | Autumn/Winter 2015
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5. TECHNOLOGY
Technological advances such as drones, autonomous vehicles, and the internet of things, are increasingly prevalent on the insurance
radar. Whilst these new technologies bring with them familiar risks, the size and scale with which those risks could manifest due to the
globalisation of our society could well prove costly for insurers.
Whilst insurers have a place at the forefront of this technological revolution and the potential for significant premium growth is
attractive, insurers should not underestimate the risks that such technologies bring.
6. SOLVENCY II DIRECTIVE (“THE DIRECTIVE”) AND THE SENIOR INSURANCE MANAGERS REGIME (“SIMR”)
The Directive comes into force on 01 January 2016 and introduces a new regulatory regime for the whole of Europe. Amongst other
things, the Directive is intended to improve consumer protection, ensure the fiscal stability of insurers, and modernise the governance
and supervision regimes.
The Prudential Regulation Authority (“PRA”) has recently issued the SIMR which also comes into force on 01 January 2016 to coincide
with Solvency II. This replaces the PRA’s approved person’s regime and codifies the regulatory focus on individual accountability,
creating rules for senior office holders and non-executive directors at insurance companies.
MAG
Weightmans’ Market Affairs Group (MAG) is responsible
for all forms of market affairs activity on behalf of the firm.
MAG can report and inform insurers on the latest market
developments and translate this into actions, objectives
and strategies providing real value.
If you would like to contact MAG please email:
marketaffairs@weightmans.com
Bavita Rai,
Innovation &
Client Affairs
0121 200 3499
David Johnson,
Political Affairs
020 7822 7146
Doug Keir,
Scottish Affairs
Kurt Rowe,
Market Affairs
0141 375 0869 020 7822 7132