Bank of England warns courts of surge in applications from insurers due to Brexit

Central bank the Bank of England has warned U.K. courts of a potential deluge of applications from insurers seeking to avoid Brexit-related disruption, City A.M. reported. The bank said that it is concerned about insurers' plans to either secure new authorizations for existing entities or transfer contracts to a new entity with the correct permissions. As the process of transferring insurance contracts could take up to18 months "given the volume of these applications was expected to be three to five times the normal level, there was a risk that transfers would not be completed in time," the bank added.

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