The following Insurance & Reinsurance guidance note provides comprehensive and up to date legal information covering:
BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance, see Practice Note: Impact of Brexit: Solvency II—quick guide.
This Practice Note examines outsourcing in the insurance sector. The related documents pod on the right includes links to a suite of Practice Notes providing comprehensive practical guidance on commercial outsourcing generally.
The scope of this Practice Note is limited to outsourcing requirements applicable to firms subject to Solvency II requirements. For non-Solvency II firms, see: Non-Solvency II firms.
Many of the rules concerning outsourcing in the insurance sector derive from Directive 2009/138/EC (Solvency II) and the Regulation (EU) 2015/35 (Commission Delegated Regulation). While Solvency II requires implementation into national law, the Commission Delegated Regulation is directly effective and did not need separate implementation.
Equally, while EU instruments lay down baseline rules and requirements, national measures, including Financial Services and Markets Act 2000 (FSMA 2000), the PRA Rulebook and the FCA Handbook, lay down further requirements.
Furthermore, since insurers are dual regulated firms, they will need to comply with both the rules and guidance set out by the
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