The UK vote to leave the EU raises novel political and legal questions which neither side of the referendum campaign appears to have considered in any meaningful way. Nonetheless, businesses are having to consider the implications of the vote as best they can while waiting for the outcome of negotiations over the UK’s exit.
Our “at a glance” guide highlights over two pages the key issues raised by the UK’s withdrawal from the EU for insurers and reinsurers.
Our more detailed guide “Access to the single market” – an explanation for the (reinsurance) sector explains the issues raised by Brexit for the (re)insurance market in greater depth. In particular, it considers Solvency II rules applying to third country branches and whether obtaining equivalence status under Solvency II would allow UK insurers to access EEA insurance markets once they lose their passporting rights. A particular issue for insurers post-Brexit is the ability to service cross-border business written before the passport is withdrawn.