UK likely to have to apply for regulatory equivalence post Brexit

The United Kingdom would have to apply for regulatory equivalence for its insurers to access European Union markets post Brexit, according to the EU's latest draft proposal, The Royal Gazette reported citing media sources. The EU will consider offering the United Kingdom "improved equivalence" under which U.K. firms will get access to its market for as long as the EU considers British rules to be equivalent to the bloc's. Several insurers expect that the United Kingdom would lose "passporting" rights for financial services that enable Britain's insurers to serve clients across the EU.

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