Regulatory Alerts2025-05-13
Added · Updated
PS25/21: Simplifying the insurance rules
The rules for determining which regulations apply to commercial insurance are updated by replacing the 'Contracts of large risks' definition with 'Contracts of Commercial and other risks', aligning thresholds with the DISP eligible complainant definition and splitting the concept into 'Specialist risks contracts' and 'Larger commercial customers'. Product governance requirements are amended to allow firms the option to appoint a single lead firm for co-manufactured products and to remove the mandatory 12-month product review frequency, requiring firms instead to determine review intervals based on risk. The compulsory 15-hour minimum Continuing Professional Development requirement for employees is removed, and Employers’ Liability notification and annual reporting requirements are eliminated. These final rules come into effect immediately upon publication.
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