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The European Commission has adopted amendments (in the form of a regulation) to Delegated Regulation (EU) 2015/35 (the Solvency II Delegated Regulation) which implements various technical requirements of the Solvency II Directive (2009/138/EC).  The amending regulation has been introduced as part of the proposals for the Capital Markets Union (CMU).…
On 5 March 2019, the Bank of England (in the form of the Prudential Regulation Authority (PRA)), the Financial Conduct Authority (FCA) and the European Insurance and Occupational Pensions Authority (EIOPA) announced that they had agreed Memoranda of Understanding (MoUs) in respect of supervisory co-operation and information-sharing arrangements for UK and EU/EEA insurance firms.…
On 19 February 2019, the European Insurance and Occupational Pensions Authority (EIOPA) issued nine recommendations to the National Competent Authorities (NCAs) with responsibility for the supervision of insurance undertakings and insurance intermediaries in European Union (EU) Member States. The recommendations provide the NCAs with guidance on EIOPA’s expectations in relation to the treatment of UK authorised insurance undertakings and intermediaries that cover risks in their jurisdiction after the UK leaves the EU. The recommendations will…
On 30 January 2019, the FCA published General Insurance Value Measures reporting (CP19/8). In CP19/8 the FCA proposes to require firms to report general insurance (GI) value measures data to the FCA for publication. The FCA proposes to introduce these measures to address poor product value and quality and reduce the risk of sales of unsuitable GI products.…
Representatives of the governments of the UK and of Switzerland have signed a bilateral agreement to replicate the effect of an existing agreement in place between the European Union and Switzerland in respect of direct non-life insurance (the 1989 bilateral agreement between the European Economic Community and the Swiss Confederation concerning direct insurance other than the life insurance). The agreement will enable Swiss non-life insurance firms writing direct risks to establish branches in the UK…
On 8 January 2019, the Solvency 2 and Insurance (Amendments, etc.) (EU Exit) Regulations 2019 were published. These draft regulations aim to address deficiencies in “retained” EU law in relation to the prudential regulation of insurers and reinsurers after the UK has left the EU. The regulations change legislation to reflect the fact that the UK will no longer be in the EU.…
The European Insurance and Occupational Pensions Authority (EIOPA) has published a notice on its website to highlight the risks of firms having no contingency plans in place to ensure service continuity should the UK withdraw from the EU without an agreement. EIOPA acknowledges that insurers with the largest cross-border business have taken action but expresses concern about the 124 insurance undertakings that have no or insufficient contingency plans in place to ensure service continuity after…