French regulators agree to simplify licensing procedures
Saturday, 10 01 2016, Category: Insurance and Reinsurance, Country: France
Regulators in France have agreed to simplify and speed up the licensing procedures for UK-based insurers that wish to continue to do business in EU countries post-Brexit.
The move has been made by the Autorité de contrôle prudentiel et de resolution (ACPR), the French Prudential Supervision and Resolution Authority, which monitors the activities of banks and insurance companies in France, and the Autorité des marchés financiers (AMF), the French stock market regulator.
As a result of Brexit, UK insurers which use the passport mechanism to carry out business in EU countries under the ‘freedom to provide services’ or under the right of establishment may be hindered from doing so.
Source: Intelligent Insurer