Assisting European insurer with Application for UK Authorisation
The Client’s Needs
The client is an EEA insurer with permissions to carry on insurance business in the UK under the Temporary Permissions Regime (TPR) on a freedom of service and freedom of establishment basis. The client wished to carry on trading in the UK after the TPR has expired and required assistance with its authorisation applications to the PRA and FCA.
ICSR were engaged to:
- Assist the client to apply for temporary permissions under the TPR arrangements;
- Provide advice on the application process and key issues likely to be encountered with the UK regulators during any application; and
- Assist with and advise on the completion of the applications and various supporting documents including the regulatory Business Plan.
ICSR supported the client on making its successful last minute application to the PRA for admission to the TPR regime, and then advised the firm on the preparation of its full application for authorisation including:
- Completion of controller forms and all application forms for the firm;
- Completion of the applications for senior management functions holders;
- Completion of the regulatory Business Plan including advising on capital requirements, submission of financial statements and other supporting financial information and the Target Operating Model for the new branch including resourcing, governance, control and risks issues as well as the development of the scheme of operations for the proposed branch.
ICSR deployed a Director to provide the advice and a senior compliance consultant to provide the compliance support.
The client successfully obtained permissions under the TPR and has filed and is progressing with its applications for authorisation.
As a large international insurance company looking to expand our business in the UK, we engaged ICSR to assist with the establishment and development of our services here. Throughout the process, ICSR have provided timely and precise assistance and were especially supportive in moments of pressing deadlines and stressful time limitations. With a wide scope of expertise and in-depth understanding of the specifics of the market regulations, we have discovered in ICSR a valuable partner in our efforts to meet requirements and provide our clients with effective solutions.