In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation which are expected for March 2020. Continue reading
In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation which are expected for December 2019.
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By Geoff Maddock, corporate insurance partner
Commission view on authorisation
In July 2015 a Commission official expressed a controversial view on when third country insurance firms need authorisation. This was at a fully minuted meeting of the “Expert Group on Banking, Payments and Insurance”. The Commission said that a third-country insurance firm may only insure risks located in an EEA member State through a branch authorised by the competent supervisory authority of that member state.
I believe this opinion is wrong. If indeed it were right it would have a damaging effect on the London and probably other insurance markets. I give my reasons below. Continue reading
Earlier today, it was announced that yesterday’s trilogue discussions on the Omnibus II Directive (Omnibus II) had finished in agreement. The announcement puts to rest recent uncertainty about the future of the Solvency II Directive and sets in train a timetable bringing the new regime into force from the beginning of 2016. Continue reading