Brexit

UK gov taskforce urges urgent reform to “restrictive” EU capital rules

A UK government taskforce has recommended sweeping reforms to the European Union’s capital rules, describing Solvency II as “one of the world’s most restrictive prudential regimes”.

PRA: ‘considerable volume’ of EU firms seeking post-Brexit authorisation

The Bank of England has said it will take a case-by-case approach to new insurer authorisations under its Temporary Permissions Regime (TPR) with the central bank highlighting a “considerable volume” of applicants post-Brexit.

LMG calls on policymakers to boost market competitiveness post-Brexit

The London Market Group (LMG) has called on UK policymakers and regulators to use Britain’s exit from the European Union to rethink capital rules, boost the (re)insurance sector’s competitiveness and bring in foreign investment.

Bank of England mulls easing barriers to entry for new insurers

The Bank of England is considering making it easier for start-up insurance companies or international insurers to operate in the UK, in an attempt to improve competition in the wake of Brexit.

UK and EU reach financial services regulation pact

The UK and the EU have moved a step closer to a post-Brexit deal for the City after the two sides agreed to create a forum for cooperation on financial services regulation.

Bank of England dismisses any “radical departure” from EU capital rules

The Bank of England has told insurers that its post-Brexit review of EU capital rules will not lead to any “radical departure” or reduction in capital requirements, arguing that there is “no appetite” for a drastic overhaul of regulation.

Insurers to save £2bn as UK scraps controversial Vnuk law following EU exit

The UK government has announced plans to ditch an “over-the-top” insurance law penned by the EU in a move it says should save the insurance sector £2bn ($2.8bn) in overall costs.

Market welcomes EU’s draft data adequacy decision

The EU has deemed British data protection laws to be sufficient to support the continued flow of information between the UK and the bloc, a decision that has been welcomed by UK insurers.

Post-Brexit capital reforms could free up £95bn: ABI

Insurers have urged the UK government to pursue sweeping reforms to European capital requirements, arguing that changes could allow the sector to redeploy £95bn ($133.8bn) for reinvestment and provide broader benefits for the economy and customers.

Bank of England sees no “persuasive evidence” EU capital rules are too high

The Bank of England has told insurers not to expect any big reduction in capital requirements following the UK’s post-Brexit review of Solvency II, adding that it had not yet received “persuasive evidence” that current levels are too high.

Liiba puts Brexit and Covid-19 at centre of 2021 agenda

The London and International Insurance Brokers’ Association (Liiba) has set out its plans for 2021 with the body pledging to work closely to support members’ Brexit solutions in the year ahead.

Lloyd’s broker W Denis creates Lithuania branch to serve EU

Lloyd’s broker W Denis has created a Lithuanian branch in response to the UK’s exit from the EU.

Eiopa’s post-Brexit MoUs with UK authorities take effect

The European Insurance and Occupational Pensions Authority’s memoranda of understanding with several UK authorities have come into effect.

French watchdog warns UK insurers on post-Brexit obligations

France’s financial watchdog has ordered UK insurance firms to provide policyholders with explicit details of how they will continue to operate in, or withdraw from, the French market following the end of the Brexit transition period.

Finding a path to equivalence

When the UK’s trade deal with the EU was announced on Christmas Eve, one notable omission was an announcement on financial services.

Industry slams “no use to us” Brexit trade deal

The UK (re)insurance sector has voiced concerns that the post-Brexit trade deal will be of “no use” to the financial services sector once UK firms lose their European passporting rights on 1 January.

BaFin issues new rules as UK (re)insurers lose EU passporting rights

Germany’s Federal Financial Supervisory Authority (BaFin) has issued new rules preventing UK-headquartered (re)insurers from carrying out cross-border activities in Germany after the Brexit transition period ends.

BaFin: Brexit trade deal has only “limited” financial services impact

The German regulator warned this morning that the last-minute post-Brexit trade deal, penned by the EU and the UK on Christmas Eve, has only a “limited” application to financial services.

London P&C stocks gain in first session since Brexit trade deal and US stimulus bill

London-listed (re)insurance stocks rose sharply this morning as the UK’s blue-chip benchmark looks set to hit its highest level since early March in the first session since the post-Brexit trade deal was confirmed and news of a fresh $900bn stimulus bill in the US.