EIOPA CALLS UPON NATIONAL SUPERVISORY AUTHORITIES TO MINIMISE THE DETRIMENT TO INSURANCE POLICYHOLDERS AND BENIFICIARIES IN CASE OF A NO WITHDRAWAL AGREEMENT BETWEEN THE UNITED KINGDOM AND THE EUROPEAN UNION

Page Content

Frankfurt, 19 February 2019 – Today, the European Insurance and Occupational Pensions Authority (EIOPA) issued Recommendations for the insurance sector in light of the United Kingdom (UK) withdrawing from the European Union without a withdrawal agreement.  The Recommendations addressed to National Competent Authorities (NCAs) provide guidance on the treatment of UK insurance undertakings and distributors with regard to cross-border services in the European Union after the withdrawal of the United Kingdom from the European Union without a withdrawal agreement. The Recommendations will apply as of the date following that on which the European Union’s acquis ceases to apply to and in the United Kingdom.