PRA Warns Insurers To Mull Risks To UK Pensioners In France

Law360, London (November 13, 2019, 3:24 PM GMT) -- The Bank of England’s regulatory arm has warned insurers to seek legal advice after France rejected a proposal that would see cross-border insurance claims continue to be paid if the U.K. leaves the European Union without a deal or transition period.

The Prudential Regulation Authority and the Financial Conduct Authority are urging insurers to examine “as soon as possible” the risks its U.K. policyholders living abroad may face as a result of France’s decision to reject the rule proposed by the EU’s insurance regulator, the PRA said in a statement Monday.

“This should include consideration of whether you may wish to...

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