Insight and Intelligence on the London & International Insurance Markets 24 Apr 2018

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IUA requests PRA slack for EU branches after Brexit

  • Laura Board 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...

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