Although the Brexit transition period ended on 31 December 2020, insurers were insulated from the full impact of the UK's withdrawal from the EU during 2021. This is set to change in 2022. PRA and FCA concessions to firms affected by Brexit fall away from 31 March 2022 and most firms that are currently in the UK's Temporary Permissions Regime will need to transition to full authorisation once notified of their "landing slot".
Solvency II reforms can now also be introduced in the UK without regard to the constraints of EU membership. Change on this front is likely this year. The EU has also been looking at Solvency II reforms since its 2020 review.
To read our full article discussing future changes to the Solvency II regime in the UK and the EU, please click here.
This article was first published on Thomas Reuters Regulatory Intelligence.
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