Tag Archives: Brexit

Brexit – PRA consults on approach to UK branches of incoming insurers

On 20 December 2017, the Treasury, PRA and FCA clarified their approach to EEA-headquartered financial services firms wishing to carry on business in the UK post-Brexit. More recent evidence to the House of Commons Treasury Committee (“TC”) sheds further light on the … Continue reading

Leave a Comment

Filed under Insurers, Legal/Regulatory

Brexit – EIOPA publishes opinion on cross-border legacy business

An opinion published by EIOPA on 21 December 2017 raises concerns for UK insurers who have policyholders in EEA states other than the UK. This will include, for example, every life company with annuitants living in an EEA state*, perhaps because they moved … Continue reading

Leave a Comment

Filed under Insurers, Legal/Regulatory, Miscellaneous

Delay to IDD start date/Guidance on UK approach to Brexit

Delay to IDD start date The EU Commission published draft legislation today (in the form of a proposed Directive and a proposed Delegated Regulation) to delay the IDD start date to 1 October 2018.  It has agreed to requests for … Continue reading

1 Comment

Filed under Insurers, Intermediaries, Legal/Regulatory

Brexit and cross-border insurance contracts

On 14 September 2017, the UK Parliament published a letter from Nicky Morgan, Chair of the Treasury Committee, to Philip Hammond, Chancellor of the Exchequer, on insurers’ ability, post-Brexit, to service insurance contracts sold under passporting arrangements with a duration that … Continue reading

Leave a Comment

Filed under Insurers, Legal/Regulatory

LEGISLATING FOR THE UK’S WITHDRAWAL FROM THE EU

The European Union (Withdrawal) Bill was published by the Government in July 2017 and is the key piece of UK domestic legislation that will implement Brexit. Repeal of the European Communities Act: The principal purpose of the Bill is to … Continue reading

Leave a Comment

Filed under Insurers, Intermediaries, Legal/Regulatory

EIOPA opinion on supervisory convergence in light of the UK withdrawing from the EU

The European Insurance and Occupational Pensions Authority (EIOPA) has published an opinion on supervisory convergence in light of the UK withdrawing from the EU.

Leave a Comment

Filed under Insurers, Legal/Regulatory

EIOPA to publish guidance on sound principles for authorisation and supervision post-Brexit

EIOPA has published an interview given by Gabriel Bernardino, EIOPA Chair, which contains comments on the implications of Brexit for the insurance industry.

Leave a Comment

Filed under Insurers, Legal/Regulatory

Legislating for the UK’s withdrawal from the EU – the Government’s White Paper on the Great Repeal Bill

On 30 March 2017 the UK Government published its White Paper on the Great Repeal Bill: Legislating for the United Kingdom’s withdrawal from the European Union. The principal purpose of the Great Repeal Bill will be to repeal the European … Continue reading

Leave a Comment

Filed under Insurers, Intermediaries, Legal/Regulatory

Exiting the EU – the die is cast

On Wednesday 29 March 2017, the UK Prime Minister, Theresa May, gave notice under Article 50 of the Treaty on European Union (TEU)(“Article 50”) of the UK’s intention to leave the EU. This means, almost certainly, that two years from … Continue reading

Leave a Comment

Filed under At a Glance, Insurers, Intermediaries, Legal/Regulatory

Treasury Committee inquiry into Solvency II – the case for change

The House of Commons Treasury Committee (“TC”) is looking at the case for changing, or even replacing, Solvency II in a post-Brexit world.  Its inquiry provides firms and industry bodies with perhaps their best opportunity to influence the future content … Continue reading

Leave a Comment

Filed under At a Glance, Insurers, Legal/Regulatory