Three of the themes that EIOPA sees as its priorities were covered at its annual conference on 20 November. All of the topics were the subject of frank and spirited debate, with a range of different views being represented in the panel discussions. EIOPA should be commended for encouraging views that were contrary to its own … Read more
The Political Declaration setting out the Framework for the Future Relationship between the EU and the UK was published earlier today. On financial services (including insurance), the final declaration essentially contains the same three points as in last week’s outline political declaration (as discussed in our blog post of 15th November), although there is some … Read more
Yesterday’s announcements on the terms agreed for the UK’s withdrawal from the EU say relatively little about the future framework for cross-border trade in goods or services. More detail is expected on this next week. The final deal remains subject to approval by the European Council, the EU Parliament and, crucially, the UK Parliament. Nonetheless, … Read more
Press reports over the past couple of days suggest that a deal struck by the UK government would “give UK financial services companies continued access to European markets after Brexit” and that “UK financial companies will be able to operate as they now do in Europe“. There has not been any confirmation that a deal … Read more
We have assisted Airmic to produce a guide for policyholders on Continuity Clauses, which some in the insurance market are using to prepare for the impact of Brexit. The clauses aim to provide a level of contract continuity in the event that the UK leaves the EU without suitable transitional arrangements being put in place … Read more
Last week the Automated and Electric Vehicles Bill received Royal Assent. The new Automated and Electric Vehicles Act represents the first legislative step towards the UK Government’s aim of establishing the UK as a world leader in the development of driverless car technology and creating “the most advanced and regulatory framework for driverless cars in … Read more
Near-final rules for the extension of the Senior Managers & Certification Regime (SMCR) to all financial services firms, including insurers and insurance intermediaries, have been published today by the PRA and the FCA. The FCA has also confirmed that the extension of the SMCR to insurance intermediaries will take effect from 9 December 2019. Read more
EIOPA has published an opinion and FAQs emphasising the need for insurers and insurance intermediaries to explain to policyholders how Brexit will affect their insurance cover. At first sight, EIOPA’s comments appear to reinforce concerns that political compromise cannot be expected on policies written (or performed) on a cross-border basis before the UK’s withdrawal from … Read more
EEA insurers and reinsurers doing business in the UK under the insurance passport must prepare for the UK’s withdrawal from the EU. We consider, in our latest “At a Glance” guide, the impact of Brexit on the cross-border activities of EEA (re)insurers, including how firms might respond to the European Council’s recent agreement to a … Read more
