The European Insurance and Occupational Pensions Authority (EIOPA) has published a Supervisory Statement on the supervision of run-off undertakings. The statement is addressed to the competent authorities with responsibility for insurance supervision in the European Union. EIOPA acknowledges the potential benefit of run-off for the insurance market, enabling more efficient use of capital and orderly … Continue Reading
The Prudential Regulation Authority (PRA) has published a final policy statement on insurance business transfers (PS1/22). The policy statement follows a consultation that took place last year (CP16/21). A Statement of Policy has also been published entitled ‘The PRA’s approach to insurance business transfers’. The Statement of Policy takes effect from 12 January 2022. The … Continue Reading
The Financial Conduct Authority (FCA) is consulting on proposed updates to its Finalised Guidance, FG18/4: The FCA’s approach to the review of Part VII insurance business transfers, initially published in May 2018. The FCA is proposing to amend the guidance following its experience over the past few years and feedback from stakeholders, with the aim … Continue Reading
