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:
IP COMPLETION DAY: The Brexit transition period ended at 11pm on 31 December 2020. At this time (referred to in UK law as ‘IP completion day’), transitional arrangements ended and significant changes began to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: 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.
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 application for full UK authorisation. As such, it leaves open the option of an exit but
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