Clifford Chance

The sixth edition of the Regulatory Initiatives Grid (the “Grid”) was published at the end of February 2023. The Grid provides an overview of upcoming initiatives and their timelines to help UK insurers plan and prepare for compliance. This article highlights key regulatory initiatives for UK insurers taken from the ‘Insurance’ and ‘Multi-sector’ categories used in the Grid, along with the steps insurers should take in preparation for the mentioned reforms.

Some of the key initiatives outlined in the Grid include the evaluation of General Insurance (GI) pricing rules, implementation of Solvency UK reforms, and enhancement of insurance resolution measures. The Grid also highlights changes to insolvency arrangements, as well as incoming requirements for operational resilience and the Consumer Duty.