Programme list

Given the scale and global reach of the London insurance market, the effects of Brexit on it are, potentially, more profound than for other parts of the financial services sector. Lawyers will play a key role in helping the insurance industry to navigate the many challenges posed by Brexit. This panel will discuss what, in practical terms, Brexit will mean for the UK insurance industry. • What is the difference between passporting and equivalence? • What type of contingency planning is being undertaken and to what extent are plans already being implemented? • Which jurisdictions are UK insurers and reinsurers considering as an alternative EEA base in the event of loss of existing passporting rights and what are their pros and cons? • What are the main structuring options for insurers and reinsurers establishing an alternative EEA base? • Will the life sector cope more easily than the non-life sector? • How are the challenges for the reinsurance sector different? • What does Brexit mean for implementation of and compliance with current and forthcoming EU directives and regulations? • What should UK insurers and reinsurers be doing now?

The English and Scottish Law Commissions spent nine years considering reforms to insurance law. They sought to balance the rights of insurers and policyholders though a combination of the introduction of a duty of fair presentation and proportionate remedies for breach of the duty in the Insurance Act 2015. A webinar, available to all registered attendees at the conference, will provide a comprehensive guide to the changes to law. The session will start with a high-level summary of the key changes to the law which serves as an introduction to a panel discussion on how the market has reacted to the new legislation. It will also discuss the challenges identified to date and opine on whether the UK’s got it right.

In recent years, the regulation of the insurance industry has undergone tremendous change. The adoption and implementation of Solvency II in Europe; the insurance-related provisions of the Dodd-Frank legislation in the US; and the global standards adopted by the FSB and IAIS have all resulted in an unprecedented set of new capital, reporting, governance, supervisory and other regulations applicable to the world’s largest insurers and reinsurers.

FinTech is currently transforming the financial services industry in very significant ways around the world and insurance is predicted to be the subject of the next big way of transformation with the adoption of InsurTech. Combining big data and data analytics with artificial intelligence and mobile access insurers and the new FinTech innovators can provide a very different experience to customers and develop new products such as on-demand or usage based insurance. On the life insurance and wealth side the use of robo advice is also significantly disrupting that area of the market. All of these developments will require radical changes to the value chains across the industry as well as the design of the products and the service provided to customers. This expert panel which represent the FinTech industry, legal issues and regulation will look at how law and regulation is dealing with this new innovation and how lawyers should approach this new area.

Cyber risk has quickly become a household topic throughout the world often focusing on headline grabbing news alerts – from massive hacks to cyber terrorism to cyber thefts by private and state actors. For the financial services and insurance as well as many other industries, cybersecurity deals with enterprise-wide operational risk, requiring protection of a company’s intellectual property, trade secrets, and customer data. This panel will focus on: • Responsibilities for identifying, assessing, and addressing cybersecurity concerns • Regulations and best practice guidance, impacting the insurance industry • The intersection of privacy laws and cybersecurity • Development of cyber risk preparedness plans and responding to cyber events.

Once an incident occurs and an investigation is necessary, it is too late to then try to understand the company’s cyber liability insurance coverage. Cyber policies vary widely, with dramatic differences in coverage. This panel will provide a comprehensive review of cyber liability insurance, including: • an overview of a typical cyber liability insurance policy • the typical structure for a cyber-insurance program • unique coverage issues • key provisions that are negotiated in a cyber-liability insurance policy • selection of the right policy limit and retention • claims handling requirements. The panel will discuss the usefulness of the cyber policy as one of several tools to address what many view as the inevitable security breach.