The Prudential Regulatory Authority, the FCA and European Insurance and Occupational Pensions Authority (EIOPA) have announced that they have agreed Memoranda of Understanding (MoUs) regarding supervisory cooperation and information-sharing arrangements with respect to UK and EU insurance companies.
The MoUs cover supervisory cooperation and exchange of information between the UK authorities and EU insurance supervisors in the event the UK leaves the EU/EEA without a withdrawal agreement and implementation period.
The agreements are:
- a multilateral MoU with EU and EEA National Competent Authorities covering supervisory cooperation, enforcement and information exchange between UK and EU/EEA national supervisors; and
- an MoU with EIOPA covering information exchange and mutual assistance between the UK authorities and EIOPA in the field of insurance regulation and supervision.
