The following Insurance & Reinsurance guidance note Produced in partnership with Dil-veer Kang of CMS, Charlotte Thompson of RPC and Marcus Bonnell and updated by Daniel Martin of HFW provides comprehensive and up to date legal information covering:
BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note.
Insurers must negotiate a patchwork system of financial and trade sanctions. In the UK, the primary responsibility for administering the financial sanctions framework is taken by HM Treasury, acting through the Office of Financial Sanctions Implementation (OFSI). The Department for International Trade's Export Control Joint Unit administers trade sanctions.
The trade and financial sanctions regime incorporates decisions of the United Nations Security Council in addition to restrictions imposed by the EU. The sanctions are implemented in the UK either by a UK statutory instrument (SI) and/or an EC Regulation (the latter of which is directly applicable in the UK). There are also a limited number of UK originated financial restrictions which are equivalent in effect to financial sanctions, such as those imposed under the Terrorist Asset-Freezing etc Act 2010 and the Anti-terrorism, Crime and Security Act 2001.
During the implementation period, EU sanctions will continue to apply in the UK and UN sanctions will continue to be implemented through EU law.
After 31 December 2020
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