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EU insurers' watchdog to issue Brexit guidance to regulators
May 25, 2017 / 1:19 PM / 6 months ago

EU insurers' watchdog to issue Brexit guidance to regulators

DUBLIN, May 25 (Reuters) - The European Union’s insurance watchdog will publish guidance for national regulators to ensure they do not undercut one another in attracting firms moving from London due to Brexit, its head of policy said on Thursday.

The risk of such arbitrage has recently crept onto the radar of politicians and regulators as financial services firms begin to outline plans to move operations to different member states following Britain’s vote last year to leave the EU.

“EIOPA (European Insurance and Occupational Pensions Authority) is closely monitoring the developments and will publish in due course its guidance for national authorities on sound principles for authorisation and supervision,” EIOPA’s head of policy Manuela Zweimuller told a conference.

“We will subsequently closely monitor their implementation.” (Reporting by Padraic Halpin, writing by Carolyn Cohn; Editing by Rachel Armstrong)

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