EU introduces updated rules for cross-border insurance

Law360, London (July 1, 2021, 4:58 p.m. BST) – The European Union insurance regulator has put in place several measures to improve cross-border cooperation between regulators and identify companies in difficulty.

The European Insurance and Occupational Pensions Authority announced on Wednesday that by changing the rules for cooperation between insurance regulators within the European Economic Area, national competent authorities such as regulators will be able to ask questions that people and businesses in the Relate to the framework of new “reporting obligations”.

Under the new requirements, which go into effect on Thursday, national competent authorities will have to report cases where a cross-border company has deteriorated financial conditions, the regulator said. You also will be…

Comments are closed.