PRA: EIOPA recommendations for the insurance sector in the light of Brexit

PRA has published a statement on the announcement by ACPR, the French regulatory authority, that it does not intend to comply with EIOPA’s recommendation with regard to insurance policies originally sold in the UK by UK insurers to policyholders now resident/established in France. The statement notes that PRA and FCA are encouraging firms to seek legal advice and consider any risk arising from the ACPR approach to affected policyholders as soon as possible