BoE warns high court of insurance Brexit fallout
UK central bank expects number of insurers filing court claims to be three to five times the “normal level” following Brexit
The Bank of England alerted the UK’s High Court to potential disruptions Brexit would bring to the insurance sector earlier this year, minutes from the latest meeting of its Financial Policy Committee have revealed.
A number of insurance policyholders could lose the permission required to collect premiums and pay out on claims on outstanding cross-border insurance contracts following Brexit, the BoE explains in minutes published today (December 5).
While the Prudential Regulation Authority and
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Financial Stability
China holds benchmark lending rates
One- and five-year loan prime rates unchanged after authorities pledge to loosen policy next year
Central banks need to foster trust – ECB report
Instilling public confidence helps in achieving policy objectives and maintaining independence
Fintechs’ share in Dutch NBFI lending doubled in two years – DNB study
However, €2.3 billion dispersed by firms still represents only 0.7% of all loans
FSB launches plan to rein in non-bank leverage
Limited data and uneven regulatory mandates pose major challenges
ECB raises capital requirements for eurozone banks
Geopolitics and macro-financial shocks remain top priority for next three years, annual review states
Assets held by risky non-banks grew to record high in 2023 – FSB
Surging asset prices caused sector to grow more than twice as fast as banks
Banks should be operationally ready for liquidity support – BIS
Institution calls on authorities to improve lenders’ preparedness for central bank liquidity
BoK vows to stabilise markets with ‘all available tools’
Central bank calls for bipartisan policy co-ordination following president’s impeachment