EIOPA published an Opinion addressed to national supervisory authorities about the duty of insurance undertakings and insurance intermediaries to inform customers about the possible impact of the withdrawal of the UK from EU. The Opinion is addressed to national supervisory authorities responsible for the supervision of insurance undertakings and insurance intermediaries.
National supervisory authorities are required to ensure that insurance undertakings and insurance intermediaries take appropriate contingency measures to ensure the continuity of services for cross-border insurance contracts between the UK and other member states of EU. Customers should be made aware in a timely manner of the implications of the contingency measures both for existing and for new contracts concluded before the withdrawal date. Also, potential new customers should be properly informed about the impact on their contractual rights and on the provision of insurance services that may emerge from the withdrawal of the UK. Enhanced cooperation and continuous dialogue between the national supervisory authorities should be established
Keywords: Europe, EU, Insurance, Consumer Protection, Brexit, Disclosures, Opinion, EIOPA
Previous ArticleESRB Publishes Risk Dashboard for June 2018
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.