EIOPA and its Members agree on No-deal Brexit MoU with the Bank of England and the FCA
The European Insurance and Occupational Pensions Authority (EIOPA) and all National Competent Authorities (NCAs) of the European Economic Area (EEA) with competencies in insurance have agreed Memoranda of Understanding (MoUs) with the Bank of England in its capacity as the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) of the United Kingdom (UK).
The MoUs take effect should the UK leave the European Union (EU) without a withdrawal agreement, the so-called "No-deal" Brexit scenario.
The following MoUs were agreed:
- A Multilateral Memorandum of Understanding (MMoU) on supervisory cooperation, enforcement and information exchange between the EEA NCAs and the UK Authorities
- A Bilateral Memorandum of Understanding (MoU) between EIOPA and the UK Authorities on information exchange and mutual assistance in the field of insurance regulation and supervision
These MoUs ensure cooperation in the fields of insurance prudential and conduct supervision ('supervisory cooperation'), for mutual assistance and regular exchange of information with the aim:
- To maintain sound prudential and conduct supervision over (re)insurance undertakings and groups based either in the UK or in an EEA member state, with cross-border business activities in the EEA or the UK respectively
- To maintain financial stability of the financial markets within the EEA and/or the UK
The MoUs provide for the reciprocal flow of appropriate and reliable information to ensure risk-based and effective supervision of (a) cross-border (re)insurance establishments incorporated either in the UK or in an EEA member state, (b) cross-border groups, or (c) special purpose vehicles established in the UK or in an EEA member state.
Gabriel Bernardino, Chairman of EIOPA, said:
"These MoUs contribute to meet our primary objective of protecting policyholders and beneficiaries in the EEA member states and the UK, in case of "No-deal" Brexit scenario. They will ensure a continuous strong and close cooperation with our UK colleagues in any scenario."
The European Insurance and Occupational Pensions Authority (EIOPA) has issued the following Opinions and Statements linked with the withdrawal of the United Kingdom from the European Union:
- 19 February 2019 – EIOPA calls upon national supervisory authorities to minimise the detriment to insurance policyholders and beneficiaries in case of a no withdrawal agreement between the United Kingdom and the European Union
- 5 November 2018 – EIOPA calls for immediate action to ensure service continuity in cross-border insurance
- 28 June 2018 – Opinion addressed to national supervisory authorities about the duty of insurance undertakings and insurance intermediaries to inform customers about the possible impact of the withdrawal of the United Kingdom from the European Union
- 18 May 2018 – Opinion on the solvency position of insurance and reinsurance undertakings in light of the withdrawal of the United Kingdom from the European Union
- 21 December 2017 – Opinion on service continuity in light of the withdrawal of the United Kingdom from the European Union
- 11 July 2017 – Opinion on supervisory convergence in light of the United Kingdom withdrawing from the European Union
The National Competent Authorities (NCAs) of the Members States of the European Economic Area (EEA), i.e. of all 27 European Union Member States including Iceland, Liechtenstein and Norway will sign the Multilateral Memoranda of Understanding (MMoUs).
- EIOPA and its Members agree on No-deal Brexit Memoranda of Understanding with the Bank of England and the Financial Conduct Authority
Latest News from
ESMA clarifies endorsement of UK credit ratings in case of a no-deal Brexit18/03/2019 13:25:00
The ESMA recently issued a statement which sets out the implications for credit rating agencies (CRAs) based in the UK, including the endorsement of UK credit ratings, should the UK withdraw from the EU without a withdrawal agreement (no-deal Brexit).
The continuity of the EU peace & reconciliation programme in NI is crucial in the context of Brexit15/03/2019 14:37:00
The EESC has adopted in its February plenary session an opinion supporting the continuation of the European Peace and Reconciliation Programme (PEACE) in Northern Ireland after the UK's withdrawal from the EU.
EC welcomes agreement to better protect geographical indications15/03/2019 12:37:00
The European Parliament, the Council and the EC have reached a political agreement on the rules that lay down how the EU will operate as a member of the Geneva Act, a multilateral treaty for the protection of geographical indications managed by the World Intellectual Property Organization.
EU shapes its future space policy programme15/03/2019 10:43:00
The EU is designing its space policy programme for the years 2021-2027. EU ambassadors meeting in Coreper today confirmed the common understanding reached by the Romanian Presidency with the European Parliament on the draft regulation on an EU space programme.
SEAC concludes to restrict hazardous substances in tattoo inks15/03/2019 09:25:00
ECHA’s Committee for Socio-economic Analysis (SEAC) has adopted its opinion on the restriction proposal on hazardous substances in tattoo inks by consensus.
Commission welcomes agreement on the cross-border mobility of companies14/03/2019 16:37:00
The European Parliament and the Member States have reached a provisional agreement on new rules to make it easier for companies to merge, divide or move within the Single Market, while providing for strong safeguards.
European Parliament Plenary session14/03/2019 15:25:00
Statement by Michel Barnier at the European Parliament Plenary session.
Road Safety: new rules clear way for clean, connected and automated mobility on EU14/03/2019 13:37:00
The EC has adopted new rules stepping up the deployment of Cooperative Intelligent Transport Systems (C-ITS) on Europe's roads.