June 28, 2018

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

 

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Keywords: Europe, EU, Insurance, Consumer Protection, Brexit, Disclosures, Opinion, EIOPA