The implications of Brexit for the Insurance sector

The chances of a no-deal Brexit are becoming more likely every day. This could have a huge impact on the insurance sector, due to the level of regulation and interconnection between the UK and the EU financial systems.

On October 29^th, CMS lawyers from the UK and the Netherlands discussed some of the key implications of Brexit for insurance market players active in the Netherlands and working with the UK's insurance market. The recording of the webinar can be found below, for your ease we have divided it intro six chapters.

Chapter 1-4 is presented by Pippa Tasker, CMS UK
Chapter 5-6 is presented by Leonard Böhmer, CMS NL

Should you have any questions, or if you are interested to hear more about 'the small escape' for insurers, do not hesitate to contact us

Brexit status update

• Where are we now – a relationship based on equivalence?
• What does equivalence mean for the insurance sector? 
• A brief reminder of passporting today

Impact on EEA firms passporting into the UK

• Two routes to continue doing business after Brexit without interruption
• Explanation and comparison of the two routes

Regulatory requirements to continue doing business after Brexit

• Rules to comply with
• Transitional relief (reporting & capital requirements)
• UK regulatory requirements to all EEA firms

Authorization FAQ’s

• How to become authorized in the UK in the long run

Impact of a hard Brexit in the Netherlands

• Contingency plans
• Transferring data
• Relationship between brokers in NL vs. UK
• Informal transfer of insurance books
• Presence in the Netherlands

Small escape for insurers