21st March 2018

Brexit-light at the end of the tunnel for UK financial services?

Responding to the news of a recommended Brexit transition deal, Association of British Insurers(ABI) director general Huw Evans comments “It is a relief to hear that the Government and the EC are recommending a transition deal is agreed at EU Council this week. With annual insurance contracts coming up for renewal it was critical to provide some temporary certainty to insurance customers on issues like driving in the EU and the EHIC. However, we still need to see agreement that EU and UK regulators can fully co-operate during this period so they can begin to solve issues like continuity of insurance contracts."
Insurance Newslink comments "Furthermore, there could be a light at the end of the tunnel for UK financial services as a subsequent EU annex to the draft guidelines says that "regarding financial services, the aim should be reviewed and improved equivalence mechanisms".
The insurance industry worldwide is very much aware of the word "equivalence" in connection with the EU Solvency II regime and other efforts by the International Association of Insurance Supervisors(IAIS) to foster a Multilateral Memoramdum of Understanding(MMoU) amongst countries worldwide on a range of regulatory developments."

IAIS Trends(131 articles)
ABI Trends(1,031 articles)
Solvency II Trends(1,488 mentions in Insurance Newslink)