Insurance

HM Treasury written question – answered on 9th January 2018.

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Photo of Lord Taylor of Warwick Lord Taylor of Warwick Non-affiliated

To ask Her Majesty's Government what measures they are taking to ensure that insurance providers can lawfully operate and fulfil their contractual obligations after Brexit.

Photo of Lord Bates Lord Bates The Minister of State, Department for International Development

The government is working to ensure continuity of cross-border contracts in all financial services sectors, including insurance. Much of the detail of the arrangements remains a matter for the negotiation process.

However, on 20 December 2017 the government announced that, if necessary, it will bring forward secondary legislation which will enable European Economic Area (EEA) firms and funds operating in the UK to obtain a “temporary permission” to continue their activities in the UK for a limited period after EU withdrawal.

Alongside the temporary permissions regime, the government will also bring forward secondary legislation, if necessary, to ensure that contractual obligations such as insurance contracts which are not covered by the regime can continue to be met.

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