Rating agency AM Best has said that UK - domiciled insurers were “ well - prepared ” for Brexit , regardless of the conditions under which the UK enters the EU . Despite UK insurers not being able to service existing contracts in certain EEA contracts in the event of a no - deal agreement , the AM Best briefing said impacts will be offset in part by the UK government ’s temporary permission policy . Under the regime , UK insurers will be able to operate in the UK for up to five years after Brexit while applying for regulatory regulatory approval .
Rating agency AM Best has said that UK-domiciled insurers were “well-prepared” for Brexit, regardless of the conditions under which the UK leaves the EU. Despite UK insurers not being able to service existing contracts in certain EEA countries in the event of a no-deal Brexit, the AM Best briefing said impacts will be alleviated in part by the UK government’s temporary permission regime. Under the regime, EEA insurers will be able to operate in the UK for up to three years after Brexit while applying for UK regulatory approval.