Insurance: EU Countries

Treasury written question – answered on 9th September 2019.

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Photo of Antoinette Sandbach Antoinette Sandbach Independent, Eddisbury

To ask the Chancellor of the Exchequer, what assessment he has made of the potential effect on insurance payments from EU insurers to UK policyholders of the UK leaving the EU without a deal.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

Government has legislated to ensure that all UK insurance policies with EU insurance companies can continue to be serviced by those EU companies after Brexit.

We have introduced legislation for a Temporary Permissions Regime for EEA firms currently passporting into the UK to continue operations in the UK for a time-limited period while they apply for full UK authorisation.

Government has also legislated for a Financial Services Contracts Regime, allowing for the orderly wind down of the UK regulated activities of remaining firms who do not enter the TPR, those whose applications for full UK authorisation are not successful, and those that do not apply for it.

This action has largely mitigated the potential impacts on policyholders. This is reflected in the Bank of England’s Financial Stability Report, which describes a ‘low risk’ of disruption.

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