EIOPA calls upon national supervisory authorities to minimise the detriment to insurance policy holders and beneficiaries

In case of a no withdrawal agreement between the UK and the EU

Today, the European Insurance and Occupational Pensions Authority (EIOPA) issued Recommendations for the insurance sector in light of the United Kingdom (UK) withdrawing from the European Union without a withdrawal agreement.  The Recommendations addressed to National Competent Authorities (NCAs) provide guidance on the treatment of UK insurance undertakings and distributors with regard to cross-border services in the European Union after the withdrawal of the United Kingdom from the European Union without a withdrawal agreement. The Recommendations will apply as of the date following that on which the European Union's acquis ceases to apply to and in the United Kingdom.