HFW Insurance Bulletin 23 Feb. 2018

Insurance and Reinsurance, Marine Insurance — By on February 23, 2018 at 10:15 AM

Andrew Bandurka

Regulation and Legislation

Europe: Council of Europe agrees to delay the IDD

On 14 February 2018, the Council of the EU announced in a press release that the transposition deadline and application date of the Insurance Distribution Directive ((EU) 2016/97) (IDD) will be delayed.

The original transposition deadline (i.e. the deadline for Member States to pass legal measures to transpose the IDD into national law) and application date (i.e. the date from which firms would need to comply with the IDD) were 23 February 2018; the transposition deadline has now been delayed to 1 July 2018 and the application date has been delayed to 1 October 2018.

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William Reddie

UK: Association of British Insurers proposes template for trade with non-EU countries

The Association of British Insurers (ABI) has put forward a template for future trade agreements with non-EU countries, in an effort to assist UK insurers expand their operations to new countries after Brexit. The ABI’s proposals are contained in a document that has been offered to HM Treasury and the Department for International Trade. It is envisaged that the text within the document could be inserted straight into future trade agreements on financial services if/when they are agreed with other countries.

The terms proposed include:

  • Relaxing the rules on foreign ownership, to assist UK firms in achieving a minimum 51% ownership stake in companies, so that they have a controlling stake;

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