Insurance EuropeInsurance Europe
Brexit

On 31 January 2020, the United Kingdom (UK) left the European Union.

Now that the UK has left the EU, it will no longer be directly covered by the EU’s regulatory framework for financial services, which allowed a substantial number of EU27-based consumers to access financial services products in the UK, and vice versa.

There is currently no clear view of the future relationship between the EU27 and the UK. Therefore, Insurance Europe is calling for both the EU and UK to take steps to limit any disruption that Brexit could cause to insurers and their customers.

 

Insurance Europe Brexit transition protocol

During the Brexit transition period (1 February to 31 December 2020, unless extended), the UK and EU27 will negotiate their future relationship.

The ABI, IUA and Lloyd’s are long-standing and valued full members of Insurance Europe, but during this negotiation period there may be areas in which the other Insurance Europe members need to discuss positions without the presence of its UK members in order to avoid conflicts of interest.

Insurance Europe’s Executive Committee has therefore agreed a protocol under which the UK recuses itself or is requested to recuse itself from certain discussions in Insurance Europe’s working bodies. Access to related internal Insurance Europe documents will be restricted in the same way. Our UK members are happy with this approach.

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Contacts
Olav Jones
Olav Jones
Deputy director general/Director, economics & finance
James Padgett
James Padgett
Policy advisor, international affairs