UK:
The Status Of Instruments Issued Under RSA's LTIA And STIA Post 1 July 2018
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On 25 June 2018, the Financial Sector Conduct Authority and the
Prudential Authority published a joint communication which sets out
the status of all directives, board notices, insurance notices,
information letters and guidance notes
("Instruments") originally issued under
the Long-term and Short-term Insurance Acts, 1998, on or after 1
July 2018 (being the anticipated effective date of the Insurance
Act, 2017).
Inter alia, the joint communication confirms in
Annexure A thereto that:
- certain Instruments will remain in force and will be reassessed
during the course of 2018, including, Directive 55.A.i (LT,
ST&LL) dealing with the placement of insurance outside the
Republic and Information Letter 3/2008 (LT&ST) dealing with the
Prohibition on Inducements; and
- specific Instruments will be withdrawn or lapse on the
effective date of the Insurance Act, 2017, including Directive
159.A.i (LT&ST) dealing with outsourcing arrangements.
A copy of the relevant document can be accessed here.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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