Brexit

Brexit—insurance regulation

Following the UK’s withdrawal from the EU, UK (re)insurers and (re)insurance intermediaries no longer benefit from the EEA’s passporting regime.

The regulation of insurance may be duplicated when an insurance business carries out business in a range of different countries. A recognition of equivalence by one state, A, of another state, B, may to a greater or lesser extent reduce that burden. For information under the equivalence regime under the Directive 2009/138/EC, Solvency II Directive. For further information, see Practice Note: EU and UK regimes for determining equivalence of third country insurance regulation regimes.

The UK has onshored nearly all direct EU legislation pertaining to the regulation of insurance and amended it, together with existing domestic UK legislation giving effect to EU law, to address particular deficiencies, such as to correct references to the UK being a Member State and to refer to UK supervisory