Question ID: 2246
Regulation Reference: (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII)
Topic: Own Risk and Solvency Assessment (ORSA)
Article: 123(7-9)
Status: Final
Date of submission: 04 Feb 2021
Question
It is is unclear how the SCR for exposure to, for instance flood risk, in the UK should be handled post-Brexit.
Background of the question
In the context of Brexit, the UK will no longer be an EEA country and will thus no longer be included in Annex VIII. However, the UK is, currently, still a region listed in Annex VII.
EIOPA answer
Annex VII does not only include EEA countries, bus also other third countries such as the Swiss Confederation. Regions and flood risk factors continues to apply.