Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 31 n° 259

Best’s Briefing: U.K. Insurers Rated by AM Best Well Prepared for Brexit

Posted by fidest press agency su mercoledì, 20 marzo 2019

The terms and timing of the United Kingdom’s withdrawal from the European Union (EU) remain uncertain following the vote in the House of Commons on March 12, 2019 rejecting the deal agreed with the EU by Prime Minister Theresa May’s government, and the subsequent vote in favour of requesting an extension of Article 50. If an extension is granted by the EU, Brexit will be delayed beyond March 29, 2019.In a week of significant activity, the U.K. Parliament also voted to reject a no-deal Brexit under any circumstances. Although U.K. insurers have welcomed this outcome, the industry is frustrated that the terms of an orderly withdrawal are still not agreed. Nevertheless, AM Best notes in a new briefing, “U.K. Insurers Rated by AM Best Well Prepared for Brexit”, that regardless of when or under what terms the U.K. leaves the EU, rated U.K.-domiciled insurers are generally well prepared.When the U.K. withdraws from the EU, and at the end of any transition period, passporting rights that currently exist between the U.K. and the European Economic Area (EEA) are expected to cease, and U.K.-domiciled insurers will no longer be able to issue insurance contracts in the EEA. It is also possible that if there is no trade deal encompassing financial services, U.K. insurers will not be able to service existing contracts in certain EEA countries by settling and paying claims. Companies domiciled in other EU countries that conduct insurance business in the U.K. also will be affected by a loss of passporting rights. However, the impact will be cushioned by the U.K. government’s Temporary Permissions Regime, which will allow EEA insurers to operate in the U.K. for a maximum of three years post Brexit while they seek authorisation from U.K. regulators.

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