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ARTICLE · 10 MARCH 2017

UK & Europe

Clyde & Co
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UK and Europe based Clyde & Co lawyers answer important questions in the Reinsurance industry.

European UnionInsurance
Ivor Edwards
Ivor Edwards
William Hogarth
William Hogarth
Yannis Samothrakis
Yannis Samothrakis
Henning Schaloske
Henning Schaloske
Kathrin Feldmann
Kathrin Feldmann
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UK

(1) What are the rules and procedures for setting up a new reinsurance company in your country?

To establish a new reinsurance company, an authorisation application must be made to the Prudential Regulatory Authority ("PRA") for permission to carry out regulated activities under Part 4A of the Financial Services and Markets Act 2000 ("FSMA"). This must include: a regulatory business plan; financial projections; details of financial resources; details of systems, controls and compliance arrangements; and details of personnel, including key individuals who will be performing "controlled functions" and of the controllers of the applicant. It must also contain an address in the UK for service of any notice or other document under the FSMA. The PRA leads and manages the application process, coordinating with the Financial Conduct Authority ("FCA").

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