UK financial regulator calls for quick transition deal on insurance rules post Brexit

Andrew Bailey, chief executive of U.K.'s financial regulator the Financial Conduct Authority, said that a transition deal is needed "pretty damn quick" to avoid "skirmishes" with the European Union over whose insurance rules should be followed after Brexit, Reuters reported. Mr. Bailey said that "absolute clarity" was needed in a transition agreement on whether Britain carries on applying European Union rules or not during that period. Meanwhile, several insurers are establishing new hubs in Frankfurt, Paris, Luxembourg and Dublin to maintain links with EU customers after Brexit. 

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