Recent EU and UK Insurance Regulatory Developments
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Key Takeaways:
- The UK Parliament has introduced the Financial Services and Markets Bill, which proposes to, among other things, introduce a secondary competitiveness objective for the UK regulators. This follows HM Treasury’s earlier consultation on Solvency II reforms in the United Kingdom.
- The UK PRA recently proposed changes to its approach to regulation of third-country branches following Brexit, which have a focus on reducing branches’ regulatory burden.
- The FCA has produced updated rules on the Appointed Representatives Regime, which seek to prevent misconduct by Appointed Representatives.