Brexit for the insurance sector: No-deal regimes in the UK and Europe - A guide for insurers and insurance intermediaries

UK prime minister Boris Johnson maintains that he will bring the UK out of the EU with or without a deal at the end of October. It is unclear whether legislation that seeks to prevent a no-deal Brexit on 31 October will be effective. Even if it is, a subsequent election could see a UK government returned that is willing to leave without a deal at the end of a further extension to the negotiating period. The EU is said to be continuing to prepare for “no-deal” as the likely outcome, and the political position in the UK is unstable and hard to predict.  

The European insurance sector therefore has to continue to plan for a no-deal Brexit, under which firms with cross-border business would no longer be able to rely on EU or EEA home state authorisations in the UK, or UK authorisations in the EU. It is important for those firms to understand how that cross border business will be treated by UK and EU regulatory regimes which are being put in place in anticipation of no-deal.  

DLA Piper’s insurance regulatory specialists have prepared this guide to no-deal regimes in the UK and key European markets to help insurer and insurance intermediary firms with their contingency planning - we hope it will be a useful resource for those firms.