Watchdog Eyes New Insurance Governance Rules Outside EU

By Ashish Sareen (August 1, 2022, 4:05 PM BST) -- The European Union's insurance watchdog set out proposed new rules on Monday on the use of governance arrangements in countries outside the bloc to help improve supervision and monitoring of compliance by insurers and intermediaries with relevant EU legislation.

The European Insurance and Occupational Pensions Authority said in a consultation paper that it is particularly concerned that insurers and their intermediaries could use so-called third-country branches to carry out regulated functions or activities. These activities include underwriting outside the jurisdiction of the EU.

The use of such third-party arrangements may impair risk management and effective decision-making, EIOPA said. It could also hinder the...

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