may have little or no resource-hungry examination of the distribution of assets, very ability to alter the probably followed by a further need for legal advice, as is suggested priorities of creditors. in paragraph 1.19. Supervisors need to understand how the branch assets will be distributed in a of the undertaking 66. LICI UK Guideline 3 - 1. The host regulatory authority has to satisfy themselves of this Noted 1.16 requirement. The UK Branch returns and financial data will provide this information if/as may be required. 2. The branch assets would be solely used for paying branch liabilities ( claims of branch policy holders ). Branch would maintain the required solvency for the branch liabilities. 3. Please advise if any other information is required by the host regulator from the TCB in this connection 67. This comment was submitted as confidential by the stakeholder. 68. This comment was submitted as confidential by the stakeholder. 69. Insurance Europe Guideline 4 - This paragraph should be deleted as it goes beyond the requirements Partially agreed 1.17 set by the Directive. EIOPA has reduced the burden of requiring each insurance undertaking to provide a legal opinion and instead has provided for supervisory authorities to rely on opinions from other sources to avoid duplication of costs. 70. IUL Guideline 4 - As suggested in our response to 1.16, there may be more simple and Partially agreed
resource-hungry examination of the distribution of assets, very probably followed by a further need for legal advice, as is suggested in paragraph 1.19. may have little or no ability to alter the priorities of creditors. Supervisors need to understand how the branch assets will be distributed in a of the undertaking 66. LICI UK Guideline 3 - 1.16 1. The host regulatory authority has to satisfy themselves of this requirement. The UK Branch returns and financial data will provide this information if/as may be required. 2. The branch assets would be solely used for paying branch liabilities ( claims of branch policy holders ). Branch would maintain the required solvency for the branch liabilities. 3. Please advise if any other information is required by the host regulator from the TCB in this connection Noted 67. This comment was submitted as confidential by the stakeholder. 68. This comment was submitted as confidential by the stakeholder. 69. Insurance Europe Guideline 4 - 1.17 This paragraph should be deleted as it goes beyond the requirements set by the Directive. Partially agreed EIOPA has reduced the burden of requiring each insurance undertaking to provide a legal opinion and instead has provided for supervisory authorities to rely on opinions from other sources to avoid duplication of costs. 70. IUL Guideline 4 - As suggested in our response to 1.16, there may be more simple and Partially agreed
Final%20Report%20on%20the%20public%20consulation%20CP-14-048%20Guidelines%20on%20third%20country%20branches.docx