Following the UK’s exit from the European Union on 31 January 2020 (Brexit), Wakam S.A. (an EEA-based Insurance company) was able to transact business in the UK under a Temporary Permissions Regime, which allowed EEA-based firms to operate in the UK for a limited period while seeking full authorisation. For INSHUR policies that limited period comes to an end on 1st December 2024.
As part of the full authorisation Wakam have set up a new UK based insurance company called Wakam UK Limited (registered in England and Wales with company number 14778827). This company has been Authorised by the Prudential Regulation Authority and is regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Firm Reference Number 995565.
As of the 1st December 2024 Wakam S.A. can no longer offer renewal or new business terms for INSHUR customers. As of the 1st October 2024 all new and renewal terms must be underwritten by Wakam UK Limited (subject to meeting their underwriting criteria).
Details of the Temporary Permissions Regime, and Wakam UK Limited’s authorisation are available on the FCA’s website.