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

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PRA eases Brexit subsidiary requirement for EEA carriers

  • Laura Board 28 March 2018
  • The Prudential Regulation Authority (PRA) has eased post-Brexit requirements for European Economic Area (EEA) carriers operating in the UK, in a lobbying victory for the insurance industry.

    The PRA has since December been consulting on a proposal to supervise most EEA commercial carriers as third-country branches after Brexit, instead of making them become separately capitalised and controlled subsidiaries.

    However, industry representatives including the International Underwriting Association (IUA) were concerned that the PRA had set the bar too low for what...

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