General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
December 21, 2017

EIOPA issued an Opinion on service continuity in light of the withdrawal of the UK from the EU. The Opinion underlines the importance of sufficient preparation so that undertakings can continue to service contracts following the UK’s withdrawal from EU and prevent insurance activities without authorization. The Opinion is addressed to insurance undertakings and national supervisory authorities.

The Opinion recommends steps to be taken by insurance undertakings and national supervisory authorities to ensure service continuity of cross-border business between the UK and the 27 EU member states (EU27). Steps will depend on the particular situation of the affected undertaking. They may include:

  • Transfer of contracts of UK undertakings with policyholders in the EU27 to an insurance subsidiary established in an EU27 member state
  • Transfer of insurance contracts of EU27 undertakings with UK policyholders to an insurance subsidiary established in the UK
  • Establishment of a third-country branch in the UK or in the EU27 member state of the policyholder
  • For UK undertakings in the legal form of a European company, the change of domicile of the company to an EU27 member state

Additionally, insurance undertakings are advised to have contingency plans for the eventuality that there is no political agreement between the EU and the UK at the date of withdrawal. Supervisory authorities are also recommended to take appropriate steps to ensure that insurance undertakings are adequately prepared and have, for example, conducted realistic impact assessments and developed adequate contingency plans, allowing sufficient time to implement the plans. EIOPA will monitor, in close cooperation with national supervisory authorities, the development and implementation of the contingency plans.

 

Related Links

Keywords: Europe, EU, Insurance, Brexit, Opinion, Service Continuity, EIOPA

Related Insights
News

EBA Finalizes Guidelines on the STS Criteria in Securitization

EBA published the final guidelines that provide a harmonized interpretation of the criteria for a securitization to be eligible as simple, transparent, and standardized (STS) on a cross-sectoral basis throughout EU.

December 12, 2018 WebPage Regulatory News
News

OSFI Sets Domestic Stability Buffer for D-SIBs at 1.75%

OSFI set the level for the Domestic Stability Buffer at 1.75% of total risk-weighted assets, as calculated under the Capital Adequacy Requirements (CAR) Guideline.

December 12, 2018 WebPage Regulatory News
News

FSI Publishes Paper on Proportionality in Insurance Solvency Rules

FSI published a paper on proportionality in the application of insurance solvency requirements.

December 11, 2018 WebPage Regulatory News
News

BCBS Updates Framework for Pillar 3 Disclosure Requirements

BCBS published the updated framework for Pillar 3 disclosure requirements.

December 11, 2018 WebPage Regulatory News
News

EBA Issues Revised List of Validation Rules for Reporting

EBA revised the list of validation rules in its implementing technical standards on supervisory reporting.

December 11, 2018 WebPage Regulatory News
News

IMF Reports Assess the Stability of Financial System in Brazil

IMF published a report on the results of the Financial System Stability Assessment (FSSA) on Brazil.

December 11, 2018 WebPage Regulatory News
News

FED Governor Examines Pros of Imposing Capital Buffers on Large Banks

At the Peterson Institute for International Economics in Washington D.C., the FED Governor Lael Brainard summarized the financial stability outlook, highlighted areas where financial imbalances seem to be building, and touched on the related policy implications.

December 07, 2018 WebPage Regulatory News
News

US Agencies Propose Rule on Appraisals for Real Estate Transactions

US Agencies (FDIC, FED, and OCC) proposed a rule to increase the threshold level at or below which appraisals would not be required for the residential real estate transactions from USD 250,000 to USD 400,000. Comments will be accepted for 60 days from publication in the Federal Register.

December 07, 2018 WebPage Regulatory News
News

EBA Single Rulebook Q&A: First Update for December 2018

This week one answer was published as part of the Single Rulebook Questions and Answers (Q&A).

December 07, 2018 WebPage Regulatory News
News

FED Updates Reporting Form and Instructions for FR Y-14Q

FED published the updated reporting form FR Y-14Q for Capital Assessment and Stress Testing, along with the associated instructions.

December 06, 2018 WebPage Regulatory News
RESULTS 1 - 10 OF 2325