Featured Product

    EIOPA Issues Recommendations for Insurers in Light of No-Deal Brexit

    February 19, 2019

    EIOPA issued recommendations for the insurance sector in light of UK withdrawing from EU without a withdrawal agreement. The recommendations, which are addressed to national competent authorities, provide guidance on the treatment of UK insurance undertakings and distributors with regard to cross-border services in EU after the withdrawal of UK from EU without a withdrawal agreement. The recommendations will apply as of the date following that on which the EU acquis ceases to apply to, and in, UK.

    The recommendations provide guidance on the supervisory treatment of residual insurance business, with the objective to minimize the detriment to policyholders with cross-border insurance contracts. National competent authorities should ensure an orderly run-off of the insurance business, including the appropriate supervision. UK insurance undertakings without authorization should not conclude new insurance contracts. Furthermore, the recommendations provide guidance on the application of relevant legal provisions with regard to the cross-border insurance of UK insurance undertakings. Certain recommendations are also related to the orderly run-off, authorization of third-country branches, lapse of authorization, portfolio transfer, change in the habitual residence or establishment of the policyholder, cooperation between the national competent authorities, communication to policyholders and beneficiaries, and distribution activities.

    Enhanced cooperation between national competent authorities is necessary to address issues arising from the unauthorized cross-border insurance. EIOPA will facilitate the necessary cooperation through the establishment of cooperation platforms. UK insurance undertakings should disclose the consequences for their rights and obligations to the policyholders and beneficiaries of contracts affected by Brexit. Guidance on the application of the legal framework for insurance intermediation regarding UK distributors after Brexit is also part of the recommendations. 

     

    Related Links

    Keywords: Europe, EU, UK, Insurance, Brexit, Cross-Border Activities, Supervisory Convergence, EIOPA

    Related Articles
    News

    ECB Allows Temporary Relief in Leverage Ratio Amid COVID-19 Pandemic

    ECB published a decision allowing the euro area banks under its direct supervision to exclude certain central bank exposures from the leverage ratio.

    September 21, 2020 WebPage Regulatory News
    News

    ESAs Launch Survey on Templates for Product Disclosures Under SFDR

    ESAs launched a survey seeking feedback on the presentational aspects of product templates under the Sustainable Finance Disclosure Regulation (SFDR or Regulation 2019/2088).

    September 21, 2020 WebPage Regulatory News
    News

    ECB Proposes Integrated Reporting Framework to Reduce Burden for Banks

    ECB published input of the European System of Central Banks (ESCB) into the EBA feasibility report on reducing the reporting burden for banks in EU.

    September 21, 2020 WebPage Regulatory News
    News

    ECB Finalizes Methodology to Assess CCR and A-CVA Risk of Banks

    ECB finalized the guide on assessment methodology for the internal model method for calculating exposure to counterparty credit risk (CCR) and the advanced method for own funds requirements for credit valuation adjustment (A-CVA) risk.

    September 18, 2020 WebPage Regulatory News
    News

    EBA Provides Opinion on Definition of Credit Institution in CRR

    EBA published an Opinion addressed to EC to raise awareness about the opportunity to clarify certain issues related to the definition of credit institution in the upcoming review of the Capital Requirements Directive and Regulation (CRD and CRR).

    September 18, 2020 WebPage Regulatory News
    News

    APRA Consults on Alignment of Daily Liquidity Report for Banks

    APRA is consulting on updates to ARS 210.0, the reporting standard that sets out requirements for provision of information on liquidity and funding of an authorized deposit-taking institution.

    September 17, 2020 WebPage Regulatory News
    News

    FED Releases Scenarios for Second Round of Stress Tests on Banks

    FED released hypothetical scenarios for a second round of stress tests for banks.

    September 17, 2020 WebPage Regulatory News
    News

    FED to Temporarily Revise FR Y-14 Reports to Conduct Stressed Analysis

    FED is proposing to temporarily revise the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes necessary to conduct stressed analysis in connection with the re-submission of capital plans, using data as of June 30, 2020.

    September 17, 2020 WebPage Regulatory News
    News

    FED Revises Information Collection Under Market Risk Capital Rule

    FED adopted a proposal to extend for three years, with revision, the information collection under the market risk capital rule (FR 4201; OMB No. 7100-0314).

    September 17, 2020 WebPage Regulatory News
    News

    EBA Seeks Input on ESG Disclosure Practices of Banks

    EBA published a voluntary online survey seeking input from credit institutions on their practices and future plans for Pillar 3 disclosures on the environmental, social, and governance (ESG) risks.

    September 17, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5809