This Practice Note provides a high level guide to the key regulatory and practical issues relating to outsourcing in the insurance sector. This outlines the legislation and other rules that apply to insurance outsourcing, including the Financial Services and Markets Act 2000 (FSMA 2000), the roles of the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), the Directive 2009/138/EC, Solvency II, European Commission Delegated Regulation (EU) 2017/653, Article 49 of Directive 2009/138/EC, and regulation by Lloyd’s of London. It also covers the impact of Brexit on outsourcing in insurance in the UK.
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