The UK has voted to leave the EU. By voting Brexit, the UK now faces significant implications whilst terms are negotiated.
Brexit contingency planning for insurers
With the vote to leave the EU, contingency planning has now moved to the top of the agenda.
We have created four checklists to help with this process.
Download them here:
Brexit checklist - Contingency planning for UK insurers
Brexit checklist - European based Insurer with services into UK
Brexit checklist - Lloyds Managing Agents
Brexit checklist - EU/EEA insurers who provide insurance in the UK using 'provision of services' passporting rights
Planning for the unknown? - passporting rights
Are you currently operating as an insurer on a branch basis using the EEA passporting rights?
Now the UK has voted to leave the EU, you will have some decisions to make:
Infographic - Operating from the UK into the EEA on a branch basis
Infographic - Operating from the EEA into the UK on a branch basis
The mechanics behind exiting the EU for insurers
Ahead of us lies the two-year exit period will be a complex process of negotiations.
Our useful diagram shows the stages that the UK will have to go through.
Brexit and the insurance industry - regulatory consequences
Now a reality, we take a closer look at the regulatory implications and consequences and comment on some associated risk management actions that industry participants need to address since the outcome of the referendum.
- What we already know and what we dont know
- Regulatory implications
- Risk management actions
What does Brexit mean for trade?
General Data Protection Regulation will still apply to UK companies dealing with the EU
In spite of a Brexit the EU General Data Protection Regulation will still apply to UK companies dealing with the EU, Businesses have two years to prepare for the new rules and would be well advised to start now. A raft of new guidance will be issued by EU bodies and national authorities in the coming months which should assist with preparations.
The possible employment law implications
The UK Parliament is set to regain its sovereignty. UK legislation will no longer have to follow the many EU directives that cover laws in the workplace. The UK is therefore be free to abolish or amend existing laws as it sees fit.
Read our thoughts on how this may operate in practice
The way in which the UK works with the EU has now changed as a result of the referendum.
The UK will exit the EU in two years. See our timeline which highlights the journey.
Planning for life after Brexit, regulatory implications for insurers
Planning for Life after Brexit, an article focuing on the regulatory implications and concequences of a Brexit has been published in Insurance Day.