Emma RadmorePRA has published an update to its Modification by Consent which has been available for pure reinsurance third country branches since Brexit. The current MbC is due to expire on 31 December, and PRS is offering an update to extend it by one year to 31 December 2024. This will enable relevant firms to apply the current reliefs until the UK has implemented its Solvency II reforms.
Firms should contact their supervisor before 31 December if they wish to take advantage of the MbC.