MoUs with UK authorities in the area of insurance take effect

Written by Adam Cadle

08/01/2021

Memoranda of understanding (MoUs) between EIOPA and all NCAs of the EEA with competencies in insurance, and the BoE in its capacity as the PRA and the FCA of the UK, have now taken effect.

Originally agreed on 5 March 2019, the MOUs have come into play following the departure of the UK from the EU.

The following MoUs were agreed:
• A multilateral MoU on supervisory cooperation, enforcement and information exchange between the EEA NCAs and the UK Authorities.
• A bilateral MoU between EIOPA and the UK Authorities on information exchange and mutual assistance in the field of insurance regulation and supervision.

These MoUs ensure cooperation in the fields of insurance prudential and conduct supervision, for mutual assistance and regular exchange of information.

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