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Brexit and Other News for Insurers
6 September 2016
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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.
James C. Scoville
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