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Brexit

Insurance

Major implications

 

Brexit will have an impact on the insurance sector. The extent of the impact will depend on the negotiations between the UK Government and the EEA. An important question is whether the passporting system will be continued. This system allows UK insurers, reinsurers and insurance intermediaries to underwrite insurance policies and provide insurance services in the EEA and EU insurers, reinsurers and intermediaries to conduct insurance business in the UK.

To do

 

Insurers, reinsurers and insurance intermediaries who want to continue to have access to the UK or to the EEA market will need to consider:

  • Restructuring the insurance operations
  • Checking whether the insurance organisation is compliant
  • Obtaining additional licences to carry on business
  • Establishing new companies or redomiciling an existing company
  • Providing for the required capital
  • Putting in run-off or transfer insurance portfolios
  • Contacting insurance regulators
  • Putting in place a contingency plan
  • Analysing the impact on policyholders, services, products and policy wordings
  • Examining provisions in existing key commercial contracts (including distribution, outsourcing, IP licensing, IT and financing agreements, and standard terms and conditions)

The timing is March 2019. Therefore we recommend that insurance businesses engage now in an exercise of identifying issues and considering options related to Brexit.

 

If you have any questions, send us an e-mail (brexit@lydian.be)
or contact Sandra Lodewijckx, + 32 2 787 90 33 or
sandra.lodewijckx@lydian.be
or Hugo Keulers, + 32 11 26 00 40 or
hugo.keulers@lydian.be  

 

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