The UK’s withdrawal from the European Union will mean an end to passporting rights. Insurers will need to find other means to secure market access.
The UK’s withdrawal from the European Union will mean an end to passporting rights. This not only affects UK insurers that access the European market, but also EEA insurers that access the UK market through either a UK branch or using a freedom of services (FOS) licence.
In January this year, the PRA released a consultation paper aimed primarily at providing some clarity to EEA firms that currently operate in the UK through either UK branches or on a FOS basis.
In light of the PRA’s recent paper, what are the options available to EEA insurers with UK business?