Though the Brexit transition interval ended on 31 December 2020, insurers have been insulated from the complete impression of the UK’s withdrawal from the EU throughout 2021. That is set to vary in 2022. PRA and FCA concessions to corporations affected by Brexit fall away from 31 March 2022 and most corporations which can be presently within the UK’s Short-term Permissions Regime might want to transition to full authorisation as soon as notified of their “touchdown slot”.
Solvency II reforms can now even be launched within the UK with out regard to the constraints of EU membership. Change on this entrance is probably going this yr. The EU has additionally been Solvency II reforms since its 2020 evaluate.
To learn our full article discussing future modifications to the Solvency II regime within the UK and the EU, please click on right here.
This text was first printed on Thomas Reuters Regulatory Intelligence.
+44 20 7466 2765