Insight and Intelligence on the London & International Insurance Markets 24 Apr 2018
IUA requests PRA slack for EU branches after Brexit
- 23 February 2018
The International Underwriting Association (IUA) is seeking regulatory leeway on a proposed threshold after which European carriers with consumer-facing operations would have to convert their UK branches to subsidiaries for Brexit.
The Prudential Regulation Authority (PRA) has since December been consulting on a proposal to supervise European Economic Area (EEA) commercial carriers as third-country branches after Brexit, instead of making them become separately capitalised subsidiaries.
The proposal will relieve most of the 80 EEA carriers operating branches in the UK...
- If you are a non-subscriber but would like to be able to view this article, then please go to our Publications page for further information on joining our readership
- Login Free trial