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London market plots a course

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London market plots a course

The London Market Group has published a “road map” for the U.K. specialty commercial insurance sector once the country leaves the European Union.

The LMG, which represents Lloyd’s of London insurers, other London market insurers and London market brokers, in March published the plan, which it said was intended to inform the U.K. government’s negotiations on Brexit with regard to the insurance market.

The road map states that the U.K. must aim to retain regulatory equivalence with Solvency II, the EU-wide risk-based capital regulatory regime with which U.K. regulations currently comply.

A trade deal must be struck that allows U.K. insurers to retain access to the EU market, according to the road map.

That deal must enable U.K. insurers to accept business brought to them by EU-based brokerages — with no obligation to meet capital requirements imposed by that home state — and include a reciprocal arrangement for EU firms, the LMG said.

The LMG also urged the government to act speedily on negotiations to enable London-based insurers and reinsurers to retain their competitive advantage and renew contracts covering EU risks in London.

It also said a swift resolution of negotiations would give greater certainty to EU insurers with headquarters in the U.K.

Timely resolution of talks also would give EU buyers certainty that their policies could be renewed in London, it said.

 

 

 

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