Insurance & Reinsurance—EU permissions regimes
Produced in partnership with Francis Walters of HFW and HFW
Insurance & Reinsurance—EU permissions regimes

The following Insurance & Reinsurance practice note produced in partnership with Francis Walters of HFW and HFW provides comprehensive and up to date legal information covering:

  • Insurance & Reinsurance—EU permissions regimes

Insurance & Reinsurance—EU permissions regimes

This Practice Note considers the permissions regimes for UK (re)insurers and (re)insurance intermediaries in certain EU jurisdictions, including France, Germany, Italy, Malta, Netherlands and the Republic of Ireland following the end of the Brexit implementation period.

For information concerning the Financial Conduct Authority and Prudential Regulation Authority/Bank of England temporary permissions regime and temporary marketing permissions regime, which will come into force at the end of the implementation period following the UK’s withdrawal from the EU, see Practice Note: Brexit and financial services—the temporary permissions regime (TPR). For links to further guidance on the implications of Brexit for the insurance sector, see: Brexit—Insurance & Reinsurance—overview.

France
Produced in partnership with Iris Vögeding, HFW, Paris.
The French authorities did not set up a temporary permission regime in the event of a no-deal Brexit, and passporting rights will cease as from the day one of a no-deal Brexit. However, under article L 310-2-3 of the French Insurance Code (as amended by Ordinance n° 2020/1595 of 16 December 2020), insurers and reinsurers are obliged to perform their obligations under ongoing contracts, despite the loss of their passporting rights.
However, these contracts cannot be renewed and a new premium may not be charged. The premium previously agreed upon can still be charged, and its amount adjusted in accordance with the contract terms.

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