Brexit—impact on insolvent insurers
Brexit—impact on insolvent insurers

The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:

  • Brexit—impact on insolvent insurers
  • The Brexit vote
  • Relevant Brexit Statutory Instruments
  • Transitional provisions
  • Other issues arising

The Brexit vote

On 23 June 2016, the UK voted to leave the European Union (EU) by 52% to 48%, with a turnout of 72%, sending shock waves across the markets and economies worldwide (see: LNB News 24/06/2016 1).

We look at some of the likely issues for R&I lawyers and professionals relating to insolvent insurers.

This Practice Note is part of a suite of documents considering the impact of Brexit including:

  1. Brexit—impact on Recast Regulation on Insolvency

  2. Brexit—impact on winding up

  3. Brexit—impact on company voluntary arrangements

  4. Brexit—impact on administration

  5. Brexit—impact on schemes of arrangement

  6. Brexit—impact on insolvent insurers

  7. Brexit—impact on insolvent credit institutions

Relevant Brexit Statutory Instruments

Pre Brexit:

The EU Directive on the Reorganisation and Winding-up of Insurance Undertakings (2001/17/EC) (IWUD) is implemented in the UK by the Insurers (Reorganisation and winding up) regulations 2004, SI 2004/353 and applies to both EU and EEA Member States (see Practice Note: Insurers (Reorganisation and Winding-Up) Regulations).

Post exit day: On 15 January 2019, the Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019, SI 2019/38 (Insurers and Credit Institutions Regulations) were laid before Parliament to address the deficiencies which will arise from the withdrawal of the UK from the EU (mainly effective from exit day, as defined in sections 20(1)–(5) of the European Union (Withdrawal) Act