Annual update on hot topics, trends and milestones in the insurance regulatory space.
The world continues to wait and see whether the 585 page Brexit withdrawal agreement will be notified by the UK and European parliament. If it is, we could hear a collective sigh of relief as we will largely see a continuation as if we were an EU Member without voting rights until the end of the implementation period on 31 December 2020 (extendable by up to two years if all outstanding matters have not been resolved before then).
While insurance groups are unlikely to reverse their moves to establish new European Economic Area (EEA) insurers, the extra time will make it easier to deal with legacy cross-border business. If the agreement is not signed, then ‘no deal’ preparations are well in hand, with consultations from both regulators about the amendment to their respective rules and further details of how the temporary permissions regime will work for EEA insurers wishing to retain UK market access, with similar temporary arrangements for UK insurers now beginning to be announced by some EEA regulators.
Moving away from Brexit, in this edition of Illuminate we cover other areas of insurance regulation:
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