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UK insurers must take final Brexit preparedness steps, sector chiefs told by BOE, FCA

( October 21, 2020, 12:21 GMT | Official Statement) -- MLex Summary: UK insurers should take the final steps to ensure they are ready for the end of Brexit transition period in a little over two months’ time, the country’s financial regulators said today. The Bank of England’s Prudential Regulation Authority and the Financial Conduct Authority wrote to chief executives of insurers, setting out key areas requiring final preparations as EU legislation ceases to apply next year. Issues include contingency planning and continuity of cross-border business, insurance business transfers and arrangements for data transfer in the absence of the EU granting the UK a positive decision on data adequacy.  The letter is attached....

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