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

    OCC Revises Minimum Threshold for Banks to Conduct Stress Tests

    OCC issued the final rule that amends its company-run stress testing requirements under the 12 CFR 46 in Code of Federal Regulations.

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Update Management Interlock Rules Under DIMIA

    US Agencies (FDIC, FED, and OCC) issued a final rule that increases the thresholds in the major assets prohibition for management interlocks for purposes of the Depository Institution Management Interlocks Act (DIMIA).

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Rules to Closely Match Bank Risk Profiles

    US Agencies (OCC, FED, and FDIC) finalized rules that tailor the regulations for domestic and foreign banks to more closely match their risk profiles.

    October 10, 2019 WebPage Regulatory News
    News

    CPMI-IOSCO and FSB on Governance Arrangements for OTC Derivatives

    CPMI and IOSCO published a report that identifies key criteria, functions, and bodies for the governance arrangements.

    October 09, 2019 WebPage Regulatory News
    News

    EIOPA Launches Field Test on Templates Under 2020 Solvency II Review

    EIOPA, as part of the 2020 Solvency II reporting and disclosure review, launched a field test on the revised and newly proposed reporting templates.

    October 09, 2019 WebPage Regulatory News
    News

    US Agencies Adopt Rule on Appraisals for Real Estate Transactions

    US Agencies (FDIC, FED, and OCC) adopted the final rule to amend regulations requiring appraisals of real estate for certain transactions

    October 08, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Amendments to Simplify Volcker Rule

    US Agencies (CFTC, FDIC, FED, OCC, and SEC) finalized amendments to the regulations implementing section 13 of the Bank Holding Company Act, also known as the Volcker Rule.

    October 08, 2019 WebPage Regulatory News
    News

    EC Report Explores Application and Challenges of Blockchain Technology

    The Joint Research Center of EC published a report exploring the challenges and impact of distributed ledger technologies.

    October 08, 2019 WebPage Regulatory News
    News

    BIS and SNB Sign Agreement on Innovation Hub Center in Switzerland

    BIS and SNB signed an operational agreement on the BIS Innovation Hub Center in Switzerland.

    October 08, 2019 WebPage Regulatory News
    News

    ECB Issues Results of Sensitivity Analysis of Liquidity Risk for Banks

    ECB published results of 2019 stress test on sensitivity analysis of liquidity risk.

    October 07, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3958