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Clifford Chance

Clifford Chance

Briefings

PRA consult on approach to insurance branch authorisation after Brexit

9 February 2018

On 20 December 2017, the Prudential Regulation Authority ("PRA") published a consultation on a draft supervisory statement "International insurers: the Prudential Regulation Authority’s approach to branch authorisation and supervision" (CP30/17). In CP30/17 the PRA seeks views on its proposed approach to the authorisation and supervision of third-country insurers that carry on business in the UK through a branch or subsidiary. The consultation closes on 27 February 2018.

This note considers the impact of the PRA proposals on insurers many of whom, as part of their contingency planning following the 23 June 2016 referendum vote for the UK to exit the EU ("Brexit"), may have existing or prospective insurance firms within their groups which are carrying out insurance business in the UK using either a services or establishment passport, and which will no longer be able to use these passporting rights post-Brexit (subject to any agreement reached between the UK and EU on single market access for financial services).

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