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ARTICLE · 12 JANUARY 2021

Insurance Regulatory Update January 2021

Arthur Cox
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This issue includes: Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Act 2020...

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Arthur Cox
Arthur Cox
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This issue includes: Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Act 2020; Government Reforms to Insurance Sector; High Court considers jurisdiction of the FSPO; EIOPA supervisory practices for breaches of SCR; and EIOPA report on administrative sanctions imposed under the IDD.

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Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Act 2020

On 10 December, the Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Act 2020 was enacted. The Act deals with certain matters consequent on the UK leaving the post-Brexit transition period on 31 December 2020. On that date, UK and Gibraltar based insurers and intermediaries lost their passporting rights to the EEA as the UK exited the Solvency II and Insurance Distribution Directive frameworks. Part 10 of the Act provides for a 15 year temporary run-off regime ("TRR") for UK and Gibraltar based insurers and

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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