No deal Brexit implications for the insurance sector
Produced in partnership with Margarita Kato and Carol-Ann Burton of HFW
No deal Brexit implications for the insurance sector

The following Insurance & Reinsurance practice note produced in partnership with Margarita Kato and Carol-Ann Burton of HFW provides comprehensive and up to date legal information covering:

  • No deal Brexit implications for the insurance sector
  • No deal Brexit and EU based insurers and insurance brokers in the UK
  • Portfolio transfers and no deal Brexit
  • No deal Brexit and third country insurance undertakings
  • Next steps—no deal Brexit and insurance

No deal Brexit implications for the insurance sector

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘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—Insurance & Reinsurance—overview.

Although already in the business of preparing for the worst, the insurance sector is one of many that now finds itself looking ahead to challenges if the UK leaves the EU without a deal in place.

No deal Brexit and EU based insurers and insurance brokers in the UK

The situation differs for those insurers that wish to continue writing new business in the UK as they currently do, and those exiting with a wish simply to service business as it runs off.

(Re)insurance companies who want to stay put and continue writing new business are required to register under the Temporary Permissions Regime (TPR), which is in itself a useful tool for any entity wanting to keep its options open. Registration under the TPR is being encouraged by the regulators, largely because it gives firms breathing space without an obligation to submit an

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