The following Financial Services Q&A produced in partnership with Clare Swirski, corporate insurance partner and Amera Dooley, PSL of Clifford Chance provides comprehensive and up to date legal information covering:
BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.
This Q&A considers the impact of Brexit on passporting in the insurance sector, what options are available to insurers to continue to access the European Economic Areas (EEA) and the factors for insurers to take into account in their contingency planning. This Q&A is produced in partnership with Clare Swirski at Clifford Chance.
The activity of providing insurance on a cross-border basis within the EEA is described as 'passporting' and, under Solvency II, a (re)insurance undertaking authorised in one Member State can provide (re)insurance into another Member State either by:
providing services only (ie with no permanent physical presence in the EEA state)—a right provided by Article 56 TEFU
setting up an establishment there, usually described as a 'branch'—a right provided under Article 49 TEFU
A (re)insurance undertaking that has 'passported' by one of
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