Key takeaways

• Following the result of the UK’s EU referendum, the FCA stated that firms should continue progressing their implementation plans for upcoming EU legislation.
• The PRA has updated its guidance on capital extractions for general insurance firms in run-off to reflect the Solvency II regime and place more emphasis on the ‎Own Risk and Solvency Assessment ("ORSA") and early engagement with the regulator.
• U.S.-EU negotiations continue toward a covered agreement on re/insurance measures and the European Commission has published its revised offer for financial services as part of the Transatlantic Trade and Investment Partnership negotiations.
• The IAIS has launched its second consultation as it seeks to develop a risk-based, group-wide global insurance capital standard.
• EIOPA has recommended extending the infrastructure asset class to enable more equity investments to receive beneficial Solvency II treatment.