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Draft Insurance Distribution (Amendment) (EU exit) Regulations 2019

Wednesday, 21 November 2018 22:16

The Treasury has published the draft text of a statutory instrument, covering insurance distribution legislation, to be laid under the EU (Withdrawal) Act. Downloads: Insurance Distribution (Amendment) (EU exit) Regulations 2019: explanatory information...Request free trial

The Treasury has published the draft text of a statutory instrument, covering insurance distribution legislation, to be laid under the EU (Withdrawal) Act.

Downloads:

Insurance Distribution (Amendment) (EU exit) Regulations 2019: explanatory information

Insurance Distribution (Amendment) (EU exit) Regulations 2019: draft statutory instrument

PDF, 247KB, 8 pages

Details

This SI addresses deficiencies in retained EU law relating to the Insurance Distribution Directive (IDD) that arise from the UK leaving the EU. The IDDwill not be retained EU law as it is a directive that has already been implemented in the UK through domestic legislation and FCA rules.

This SI fixes deficiencies in the EU directly applicable delegated regulations that have been made under the IDD by transferring functions from EU entities to appropriate UK bodies, replacing cross-references to EU legislation with the relevant UK measures which implemented those provisions, and removing other EU references which are no longer appropriate.

The draft SI itself is provided, alongside an explanatory policy note. HM Treasury intends to lay this SI before Parliament before exit.