What do EIOPA's own "supervisory principles on relocations" (SPoRs) plus the proposal for a "recovery and resolution plan" (RRP) regime mean for (re)insurers?
On 11 July 2017, Frankfurt based EIOPA released an "Opinion on supervisory convergence in light of the United Kingdom withdrawing from the EU" (the EIOPA Opinion). This legal instrument is addressed to national supervisory authorities, in particular those within the EU-27, but also those within EEA-EFTA Member States. The EIOPA Opinion thus sets out a common "Supervisory Approach to the Relocations from the United Kingdom" and will affect BREXIT-proofing and relocation plans. This Client Alert is split into two parts, both of which are likely to have transformative effects for (re)insurers and their business beyond-BREXIT.
Part 1 of this Client Alert assesses the EIOPA Opinion, its SPoRs and how they compare to those SPoRs set by ESMA in its "General Opinion" from 31 May 2017 (the ESMA General Opinion) plus the statements from the ECB-SSM.
Part 2 of this Client Alert looks at the EIOPA's "Opinion to Institutions of the European Union on the harmonisation of Recovery and Resolution Frameworks for (re)Insurers across the Member States" (the EIOPA RRP Opinion) published on 5 July 2017.