EU regulator to monitor UK insurers applying for licenses post Brexit: Official

Gabriel Bernardino, chairman of regulator European Insurance and Occupational Pensions Authority, said that U.K.-based insurers applying for licenses to operate in the European Union after Brexit will be scrutinized for any attempts to game the system, Reuters reported. Insurance specialists said that some insurers have been seeking jurisdictions which are less strict when it comes to "reinsuring" or outsourcing the insurance risk back to London or another non-EU jurisdiction. EIOPA is going to monitor how national authorities adhere to the Brexit licensing guidelines, Mr. Bernardino said.

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