As the UK parliament continues to wrangle over the best way forward for Brexit, rating agency AM Best said UK-domiciled insurers were “well prepared” for the outcome, “regardless of when or under what terms the UK leaves the EU”. Brexit, AM Best, Part VII transfers, EEA, UK-domiciled insurers, passporting rights, Germany, France, European Insurance and Occupational Pensions Authorit
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.