Following the Brexit trade agreement which came into force on 1 January 2021, members of 3VB have written a series of notes, edited by David Simpson, considering the impact of the UK’s exit from the EU on the regulation of financial services in the UK. This note is authored by Robert Purves and looks at the effect of Brexit on the insurance and reinsurance industry.
As a result of Brexit, insurers and reinsurers that are established and regulated in the UK have lost the passporting rights that permitted them to conduct insurance business in EEA Member States on a services or establishment basis under Solvency II. This note, outlines in detail the options now available to the UK (re)insurance firms/groups and EEA (re)insurers. Read the note in full here.