The Bank of England, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have agreed to Memoranda of Understandings (MoUs) with European insurance supervisors to ensure cooperation if the UK leaves the EU without a withdrawal agreement.
The agreements, which were supported by the European Insurance and Occupational Pensions Authority (EIOPA) and other EU authorities, will provide for information-sharing arrangements with respect to UK and EU/EEA insurance companies.
They include a multilateral MoU with EU and EEA National Competent Authorities (NCAs) covering supervisory cooperation, enforcement and information exchange between UK and EU/EEA national supervisors.
Additionally, an MoU with EIOPA will cover information exchange and mutual assistance between the UK authorities and EIOPA in the field of insurance regulation and supervision.
“We have agreed MOUs with EIOPA and EU member states which will ensure our continued cooperation in carrying out our supervisory responsibilities,” said Sam Woods, Deputy Governor and Chief Executive of the Prudential Regulation Authority.
“We have enjoyed a strong working relationship with our European partners for many years and I am confident that this will continue,” he continued.
Andrew Bailey, Chief Executive of the Financial Conduct Authority, also commented: “I am pleased we have been able to agree these MoUs, which will allow for continued close cooperation in the event the UK leaves the EU without a withdrawal agreement.
“EU and UK insurance markets will remain interconnected in any scenario and therefore continued cooperation with our EU counterparts is of the upmost importance.”
